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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
Stephens Inc
20 Oct 14 06:25:24
Morning Brief: Stephens releases research reports on $ADS $ATHN $BWLD $EXP $KSU $MYCC $MYGN $NOW $RGEN $UBNT $WIN http://t.co/BTpMubiFs0
CapitalCube
17 Oct 14 13:16:55
http://t.co/FgY86VBRZ5 for latest earnings analysis on $CYT, $ORB, $HCCI, $VAC, $SVU, $MYCC, $FCS, $JNJ
4-traders.com
17 Oct 14 09:55:10
ClubCorp : Delivers Record Third Quarter Results and Increases Portfolio by 30% Thursday, October 16, 2014 http://t.co/MUOLMZbnIZ $MYCC
Livevol Community
17 Oct 14 05:00:06
HIGH CALL VOLU $QEP 2491% $ORIG 1968% $JNK 1547% $EZU 1543% $HBAN 1446% $MYCC 1320% $HCP 1272% $IVZ 1130% http://t.co/gwzPxhnztr
InterCooler
17 Oct 14 04:49:49
ClubCorp Holdings $MYCC Releases Quarterly Earnings Results, Misses Expectations By $0.04 EPS http://t.co/b3ST3AyRov
Stocks News&Markets
16 Oct 14 14:09:05
$MYCC - Quarterly Report (10-q) http://t.co/NrSjUqeNYh
NASDAQ
16 Oct 14 14:08:46
$MYCC - Quarterly Report (10-q) http://t.co/mnnHkal2Bd
Instrumental Data
16 Oct 14 14:07:20
CLUBCORP HOLDINGS, INC. $MYCC 10-Q now available
HIR
16 Oct 14 09:52:05
$MYCC ClubCorp Delivers Record Third Quarter Results and Increases Portfolio by 30% http://t.co/f1bsGBisCN
Livevol Community
16 Oct 14 09:00:04
HIGH CALL VOLU $ORIG 1964% $HBAN 1066% $MYCC 645% $LLTC 394% $APD 386% $CHK 375% $BCS 347% $HSBC 330% http://t.co/gwzPxhnztr
Ticker Report
16 Oct 14 06:28:14
ClubCorp Holdings $MYCC Announces Quarterly Earnings Results, Misses Expectations By $0.04 EPS http://t.co/NqG1SQZPK7
WKRB News
16 Oct 14 06:19:05
ClubCorp Holdings $MYCC Releases Quarterly Earnings Results, Misses Estimates By $0.04 EPS http://t.co/kYadKYBufL
US Banking News
16 Oct 14 06:12:19
ClubCorp Holdings $MYCC Releases Quarterly Earnings Results, Misses Estimates By $0.04 EPS http://t.co/Jv0hZKjGqi
US Banking News
16 Oct 14 05:49:04
ClubCorp Holdings announces earnings. $0.05 EPS. Misses estimates. http://t.co/r0OvYBTXx7 $MYCC #MYCC
4-traders.com
16 Oct 14 04:35:28
ClubCorp : misses Street 3Q forecasts http://t.co/jma1v8sWpF $MYCC
Auto Binary option
16 Oct 14 04:26:47
RT @MarketCurrents: ClubCorp Q3 Net Income of 3.21M http://t.co/WLO2qrSC0c #premarket $MYCC
MarketCurrents
16 Oct 14 04:20:26
ClubCorp Q3 Net Income of 3.21M http://t.co/WLO2qrSC0c #premarket $MYCC
Stocks News&Markets
16 Oct 14 04:10:24
$MYCC - Current Report Filing (8-k) http://t.co/pJGWuUZR0s
NASDAQ
16 Oct 14 04:10:22
$MYCC - Current Report Filing (8-k) http://t.co/IGq1cKPRbL
Instrumental Data
16 Oct 14 04:07:28
CLUBCORP HOLDINGS, INC. $MYCC 8-K now available
4-traders.com
16 Oct 14 04:05:04
ClubCorp : Delivers Record Third Quarter Results and Increases Portfolio by 30% http://t.co/5Wfi8qeA5m $MYCC
Stocks News&Markets
16 Oct 14 04:04:32
$MYCC - ClubCorp Delivers Record Third Quarter Results and Increases Portfolio by 30% http://t.co/00MQEKg1f0
NASDAQ
16 Oct 14 04:04:29
$MYCC - ClubCorp Delivers Record Third Quarter Results and Increases Portfolio by 30% http://t.co/XwTrQQE50J
Stock Signaling
16 Oct 14 04:01:26
Upgrades: $OZRK $LPNT $FEYE $BIDU $CLD $LUV $KEY $SRC $JAH $MDCA $EROC $MYCC $RNDY $TXRH $WOOF http://t.co/Vtx6dLy0Nw #watchlist #wallstreet
Marassasta
16 Oct 14 02:43:10
RT @bored2tears: (1/2) #Earnings on deck: $ADS $BHI $BAX $BBT $BX $MYCC $CY $DHR $DAL $DOV $FCS $FITB $FCFS $FRC $GS $HOMB $HLSS #stocks
bored2tears
16 Oct 14 02:33:57
(1/2) #Earnings on deck: $ADS $BHI $BAX $BBT $BX $MYCC $CY $DHR $DAL $DOV $FCS $FITB $FCFS $FRC $GS $HOMB $HLSS #stocks
EarningsTrading
16 Oct 14 02:03:31
$MYCC Earnings out BMO EPS Estimate 0.1
HotKeyTrading
16 Oct 14 01:00:04
Upgraded: $LUV $KEY $JAH $MDCA $GSJK $MYCC $WPC $CMCM $SRC $EROC $RNDY $TXRH $WOOF $NUAN $CMI http://t.co/XQITF0lRKD #mkt #wallstreet #spy
4-traders.com
15 Oct 14 22:25:10
ClubCorp : CEO Eric Affeldt Garners Recognition on Golf Magazine's 'Most Powerful People in Golf' List http://t.co/PaFTfqeGNh $MYCC
Stock Signaling
15 Oct 14 19:01:17
Upgrades: $LUV $KEY $JAH $SRC $MDCA $EROC $GSJK $MYCC $RNDY $TXRH $CMCM $WPC $WOOF $GLW $NUAN http://t.co/Vtx6dLy0Nw #dow #trading #analyst
WKRB News
15 Oct 14 12:44:38
ClubCorp Holdings Raised to “Outperform” at Zacks $MYCC http://t.co/OwfdqGviIL
Ticker Report
15 Oct 14 12:41:55
ClubCorp Holdings Upgraded to Outperform at Zacks $MYCC http://t.co/4ZLE7FTXqu
US Banking News
15 Oct 14 12:24:00
ClubCorp Holdings Lifted to “Outperform” at Zacks $MYCC http://t.co/Ydj75yGJIm
US Consumer News
15 Oct 14 11:18:15
ClubCorp Holdings upgraded by Zacks to outperform. $20.30 PT. http://t.co/AnUOSZpTNo $MYCC #MYCC
Analyst Ratings
15 Oct 14 11:11:09
ClubCorp Holdings upgraded by Zacks to outperform. $20.30 PT. http://t.co/rTJnw1VmSI $MYCC #MYCC
bored2tears
15 Oct 14 10:28:52
(1/2) #Earnings tomorrow (10/16) morning: $ADS $BHI $BAX $BBT $BX $BSYBY $MYCC $CY $DHR $DAL $DOV $FCS $FITB $FCFS $FRC $GS
HIR
14 Oct 14 08:43:47
$MYCC ClubCorp CEO Eric Affeldt Tops Golf Inc. Magazine's 2014 "Most Powerful People in Golf" List http://t.co/MP3T2vRgt1
				
				
By  +Follow September 19, 2013 2:00PM
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