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IPO Report: ClubCorp Holdings (MYCC)

By  +Follow September 19, 2013 2:00PM
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Founded in 1957, ClubCorp Holdings ($MYCC) is a membership-based leisure business and a leading owner-operator of private golf, country, business, sports and alumni clubs in North America.

Nine other IPOs are scheduled for this week, 12 for next week. The full IPO calendar can be found at IPOpremium

MYCC is based in Dased in Dallas, TX, and  scheduled a $306 million IPO with a market capitalization of $1.046 billion at a price range mid-point of $17, for Friday, September 20, 2013.

MYCC's S-1 was filed September 9, 2013.  Manager, Joint Managers: Goldman; Jefferies; Citigroup; BofA Merrill Lynch.  Co-Managers: Wells Fargo / Stephens

Summary
Founded in 1957, MYCC is a membership-based leisure business and a leading owner-operator of private golf, country, business, sports and alumni clubs in North America.

Valuation

Valuation Ratios

Mrkt

Price /

Price /

Price /

Price /

% offered

Proforma for 6/12/13 24 wks

Cap (MM)

Sls

Erngs

BkVlue

TanBV

in IPO

ClubCorp Holdings

$1,046

1.5

153.8

4.2

-26.2

29%

             

Top line revenue is growing 4-5% per year. Operating income is in the 8% range, and the primary path to profitability seems to be to retire debt that has a 10% coupon.

Glossary

Conclusion
Internal growth appears limited, and MYCC has probably cherry-picked the best acquisition prospects in the US. The proposed market capitalization of $1 billion seems high based on the P/E multiple and the price-to-tangible book value, although the underlying real estate might provide an asset cushion. The rating is neutral to negative at the price range mid-point.

Business
Founded in 1957, MYCC are a membership-based leisure business and a leading owner-operator of private golf, country, business, sports and alumni clubs in North America.

The portfolio of 151 owned or operated clubs, with over 145,000 memberships, serves over 350,000 individual members.

MYCC is the largest owner of private golf and country clubs in the United States and owns the underlying real estate for 80 of 102 golf and country clubs (consisting of over 18 thousand acres of fee simple real estate).

Facilities are located in 23 states, the District of Columbia and two foreign countries.

Private equity owned
KSL owns 100% of MYCC pre-IPO
http://www.kslcapital.com/

Dividend policy
MYCCC expects to pay a quarterly cash dividend of $0.12 per share, or $0.48 per annum, starting in the first calendar quarter of 2014. At a price range mid-point of $17, $.48 per year is a 2.8% yield.

Use of Proceeds
MYCC intends on selling 10.9 million shares. A selling stockholder intends to sell 7.1 million shares.

MYCC expects to net $169 million from sale of 10.9 million shares. $145 million is allocated for debt repayment, $15 million is allocated to redemption premium, and $5 million is topay a one-time termination fee to an affiliate of KSL.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for mycc
4-traders.com
17 Sep 14 23:35:06
ClubCorp : Prices Incremental Term Loans http://t.co/6BV5EhcW4x $MYCC
HIR
16 Sep 14 07:01:26
$MYCC ClubCorp Holdings, Inc. Prices and Allocates $250 Million of Incremental Term Loans http://t.co/QkC5tPfHUQ
4-traders.com
15 Sep 14 21:45:14
ClubCorp : Declares Dividend http://t.co/jmx4YjtFTi $MYCC
Jason A. Moser
15 Sep 14 19:16:13
@gradontripp Ah yes, ClubCorp $MYCC. Here, check this deck out: https://t.co/u90mKnhMKy
Kevbeau68
15 Sep 14 15:53:08
RT @Briefingcom: $MYCC: ClubCorp Holdings prices and allocates $250 mln in additional senior secured term loans under its term loan... http…
Briefing.com
15 Sep 14 15:44:30
$MYCC: ClubCorp Holdings prices and allocates $250 mln in additional senior secured term loans under its term loan... http://t.co/eCgiMDCyz9
4-traders.com
15 Sep 14 13:45:03
ClubCorp : Prices and Allocates $250 Million of Incremental Term Loans http://t.co/VBOF135FWy $MYCC
VisualStock Resource
15 Sep 14 13:43:17
$MYCC - ClubCorp Holdings, Inc. Prices and Allocates $250 Million of Incremental Term Loans http://t.co/UR8UdXZxdF
NASDAQ
15 Sep 14 13:43:14
$MYCC - ClubCorp Holdings, Inc. Prices and Allocates $250 Million of Incremental Term Loans http://t.co/0ePE7DA320
Media Sentiment
12 Sep 14 15:54:49
$MYCC received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 302
Analyst Ratings
12 Sep 14 15:51:24
Want the latest upgrades & downgrades for $MYCC $BAMXY $WDGJF $NVIGF $MNGPF? Checkout ARN Daily http://t.co/nSJuDsYidj
CMCMFIN
12 Sep 14 14:59:11
RT @lcdnews: ClubCorp add-on leveraged loan enters trading above issue price $ http://t.co/sZG2lD91Wx $MYCC #golf #resorts #leveragedloan
LCD News
12 Sep 14 14:08:09
ClubCorp add-on leveraged loan enters trading above issue price $ http://t.co/sZG2lD91Wx $MYCC #golf #resorts #leveragedloan
Evener Investment
12 Sep 14 04:59:40
RT @MarketCurrents: ClubCorp Holdings declares $0.12 dividend http://t.co/YKoM7LAju0 #premarket $MYCC
MarketCurrents
12 Sep 14 04:53:44
ClubCorp Holdings declares $0.12 dividend http://t.co/YKoM7LAju0 #premarket $MYCC
4-traders.com
11 Sep 14 15:40:02
ClubCorp : Announces Quarterly Dividend of $0.12 http://t.co/day0sQuH0D $MYCC
VisualStock Resource
11 Sep 14 15:37:07
$MYCC - ClubCorp Holdings, Inc. Announces Quarterly Dividend of $0.12 http://t.co/a1T4ERKvIl
LCD News
11 Sep 14 15:07:13
ClubCorp firms $250M leveraged loan at 99.25 OID, backs Sequoia Golf buy; allocating tomorrow $ http://t.co/WnfilZYuH4 $MYCC #golf #resort
Day Trade Alerts
11 Sep 14 07:02:16
via #AlertTrade SHORT Seller Alert $MYCC - CLUBCORP HOLDINGS INC #ShortSeller #Stocks http://t.co/VS8RO1bzXJ
BNK Invest
10 Sep 14 14:20:17
$MYCC Crosses Above Key Moving Average Level $PEJ #stocks http://t.co/OH3XCwuhAa
				
				
By  +Follow September 19, 2013 2:00PM
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