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Financial Performance & Scoring -- © 2004 Gaskins IPO Desktop/IPOdesktop |
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Updated MONDAY, 3-22 at 2:00 pm NYtime |
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Update includes Hornbeck Offshore (HOS) |
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. Opening Premium Star Ratings: |
for DekstopPass subscribers |
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. Business Model Rating Criteria |
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A = high growth market, potential leader; B = more competitive market; C='public venture capital' |
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. Calculations |
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. IPO Price to annualized Sales Ratio -- (Price / Sales) |
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Numerator |
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Denominator |
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IPO market capitalization… |
Annualized Sales (last quarter's revenues times 4) |
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(post-IPO # of shares times mid-point of IPO price range) |
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. IPO Price to annualized Earnings (loss) -- (Price / Earnings) |
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Numerator |
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Denominator |
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IPO market cap |
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Annualized Earnings (loss) from the last quarter |
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Signature Bank |
SBNY, 3-stars, B- |
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(regional bank) |
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New York, NY |
2001 |
2002 |
2003 |
DecQtr Est |
IPO Mkt |
Price / |
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Net interest income |
4.7 |
21.2 |
37.4 |
10.0 |
Cap (mm) |
Sales |
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Net Income |
-22.8 |
-12.0 |
2.5 |
0.8 |
$371 |
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Net Income % |
-485% |
-57% |
7% |
-6.0 |
@$15 |
9.3 |
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VALUATION RATIOS |
IPO Mrkt |
Price / |
Price / |
Price / |
Price / |
% offered |
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Cap (mm) |
Sales |
Earnings |
BookValue |
TangibleBV |
in IPO |
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SignatureBank (SBNY) |
371 |
9.3 |
120 |
1.7 |
1.7 |
19% |
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SCORECARD |
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Mgt |
Market |
Market Do- |
Proprie- |
Total |
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1-5, 5 is high |
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Growth |
mination |
tary |
rating |
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20 is perfect |
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3 |
2 |
2 |
1 |
8 |
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Spin-off |
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. From Bank Hapoalin, the largest bank in Israel,$58 billion in assets,$3.2 billion in equity (9/30/03) |
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. Formed in May 2001, as of December 30 had $1.9 billion in assets, $1.6 billion in deposits |
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Business |
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. Regional bank focused on privately owned businesses with less than $50 mm in revenues, |
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less than 1000 employees |
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. Targets owners & senior managers |
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. Has nine private client offices in the the geater New York metropolitan area |
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. SBNY also operates a licensed broker-dealer affiliate named Signature Securities Group. |
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Use of $64.1 mm in IPO Proceeds |
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. General corporate purposes |
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Compare and contrast: |
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The most recent companies from this industry sector to go public are listed below, |
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and their underlying industry index: |
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The Bancorp Bank (Nasdaq: TBBK), a Philadelphia-based commercial bank serving |
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the Philadelphia-Willington metropolitan area, priced its IPO at $12.50 a share on |
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Feb. 2, 2004. The stock closed Friday, March 5, 2004, at $15.81 a share -- up 26.5 |
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percent from its initial offering price. |
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The Stock: |
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Company is in its quiet period |
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52-week Price Range: |
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High: $16.22 Low: $15 Recent: $15.81 |
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Number of brokers following the company: None |
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Commercial Capital Bancorp (Nasdaq: CCBI), an Irvine, California-based a |
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diversified financial services holding company offering a variety of lending |
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and deposit products and services, priced its IPO at $3.998 a share (adjusted |
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for a 3 for 2 stock split and a 4 for 3 stock split) on Dec. 17, 2002. |
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The stock closed Friday, March 5, 2004, at $22.63 a share -- up 466.2 percent |
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from its initial offering price. |
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The Stock: |
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Estimated Consensus EPS: |
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52-week Price Range: |
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Dec./2003E: $0.66 |
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High: $22.65 Low: $4.17 Recent: $22.63 |
Dec./2004E: $1.13 |
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Number of brokers following the company: 5 |
Dec./2005E: $1.68 |
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Average rating: "Strong Buy" |
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Average price target: $27 a share |
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Harrington West Financial (Nasdaq: HWFG), a Solvang, California-based diversified, |
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community-based financial institution holding company, priced its IPO at $10 a share |
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(adjusted for a 6 for 5 stock split) on Nov. 6, 2002. The stock closed Friday, March 5, 2004, |
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at $16.57 a share -- up 65.7 percent from its initial offering price. |
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The Stock: |
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Estimated Consensus EPS: |
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52-week Price Range: |
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Dec./2003A: $1.36 |
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High: $17.11 Low: $9.39 Recent: $16.57 |
Dec./2004E: $1.80 |
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Number of brokers following the company: 2 |
Dec./2005E: $1.50 |
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Average rating: "Buy" |
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Average price target: $17 a share |
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Ratio comparison summary -- based on annualizing last reported quarter's results |
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NAME/symbol |
Mrkt |
Price / |
Price / |
Price / |
Price / |
Price |
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Cap (mm) |
Sales |
Earnings |
BookValue |
TangibleBV |
3-11-04 |
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Harrington Wst HWFG |
87 |
2 |
12 |
1.8 |
1.8 |
16.85 |
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Commercial Cap CCBI |
623 |
8 |
29 |
6.5 |
7.5 |
20.83 |
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The BankcorpBk TBBK |
159 |
13.7 |
71 |
1.7 |
1.7 |
16.20 |
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SignatureBank (SBNY) |
371 |
9.3 |
120 |
1.7 |
1.7 |
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DJ Banks, Ex S&L Index: |
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52-Week Percentage Change |
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52-Week High: 477.20 (3/8/04) |
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Banks, Ex S&L Index: up 32.2 percent |
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52-Week Low: 335.12 (4/1/03) |
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Nasdaq Composite: up 38.3 percent |
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Dec. 31, 2002: 353.06 |
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Dec. 31, 2093: 453.56 |
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Recent: 458.72 (3/19/04) |
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============================================= |
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