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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. To read our full disclosure, please go to: http://www.equities.com/disclaimer


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Results for mycc
Capital Market Labs
30 Mar 15 19:48:57
$SIX vs. $MYCC vs. $MTN vs. $FUN Compared Across 9 Critical Measures Chart: http://t.co/dGsKPlhzn1
dailystockplays.com
30 Mar 15 13:25:15
CMF Improving http://t.co/iur1Z20IbF $JBLU $KAR $WETF $CRMD $INFN $HEFA $DOX $BERY $SPR $WLK $MYCC $AAXJ $SIX $LAZ $HPT $MDAS $ALLE $SRS
Penny Stock Secret
30 Mar 15 08:15:33
This Guy Is Making Millions! Watch This Video Proof Here At http://t.co/NovWYe2RAx .. $MYCC $MYD $MYE
Stephens Inc
30 Mar 15 06:47:33
Morning Brief: Stephens releases research reports on $ADM $MYCC $HAL $MCD $NXTM $SMTC #SIResearch
Capital Market Labs
30 Mar 15 02:22:24
$MYCC vs. $SEAS vs. $ISCA vs. $SNOW Compared Across 9 Critical Measures Chart: http://t.co/HVBi2GQQ8c
The Legacy News
29 Mar 15 20:43:09
ClubCorp Holdings Research Coverage Started at Stifel Nicolaus $MYCC http://t.co/biNKmtFkJz
Sleek Money
29 Mar 15 20:35:23
ClubCorp Holdings Coverage Initiated at Stifel Nicolaus $MYCC http://t.co/JEe1bFrzUU
Breaking News
29 Mar 15 20:35:01
$MYCC: ClubCorp Holdings Receives New Coverage from Analysts at Stifel ...: http://t.co/cmyTr9gS6x
ProVesting
29 Mar 15 20:30:02
$MYCC: ClubCorp Holdings Coverage Initiated at Stifel Nicolaus (MYCC): http://t.co/HwiKu2ssLQ
US Consumer News
29 Mar 15 20:25:18
ClubCorp Holdings initiated by Stifel Nicolaus at buy. http://t.co/y1n0NvfBQJ $MYCC #MYCC
WKRB News
29 Mar 15 20:21:40
ClubCorp Holdings Research Coverage Started at Stifel Nicolaus $MYCC http://t.co/weCJOG8PP4
Analyst Ratings
29 Mar 15 20:19:59
ClubCorp Holdings initiated by Stifel Nicolaus at buy. http://t.co/DBGAY67SJe $MYCC #MYCC
Ticker Report
29 Mar 15 20:18:38
Stifel Nicolaus Initiates Coverage on ClubCorp Holdings $MYCC http://t.co/bUpXEANEfx
US Banking News
29 Mar 15 20:16:38
Stifel Nicolaus Initiates Coverage on ClubCorp Holdings $MYCC http://t.co/4CqVEy3ljA
ProTradersNews
29 Mar 15 20:15:02
$MYCC: ClubCorp Holdings Research Coverage Started at Stifel Nicolaus ...: http://t.co/wB4ZLFSR3K
Capital Market Labs
29 Mar 15 19:37:58
$MYCC vs. $SEAS vs. $FUN vs. $SNOW Compared Across 9 Critical Measures Chart: http://t.co/NGo5LaS2tx
Capital Market Labs
29 Mar 15 11:58:40
$MYCC vs. $SEAS vs. $TRK vs. $FUN Compared Across 9 Critical Measures Chart: http://t.co/n8b6Y80cm7
Capital Market Labs
29 Mar 15 09:22:12
$SIX vs. $MYCC vs. $LTM vs. $SEAS Compared Across 9 Critical Measures Chart: http://t.co/BEWMxEa37t
Sleek Money
29 Mar 15 05:05:09
Insider Selling: ClubCorp Holdings COO Sells $472,750.00 in Stock $MYCC http://t.co/a7iEOlBuUy
StockNewsWires
29 Mar 15 05:03:04
$MYCC: Insider Selling: ClubCorp Holdings COO Sells $472750.00 in Stock ...: http://t.co/Z0Ch6B3Vov
Capital Market Labs
28 Mar 15 21:22:15
$MYCC vs. $SNOW vs. $SEAS vs. $TRK Compared Across 9 Critical Measures Chart: http://t.co/OVyCoWDPEi
Capital Market Labs
28 Mar 15 19:12:44
$MYCC Revenue is Rising. Chart: http://t.co/PYBkBUOqib https://t.co/QN3BwQxDXx
dailystockplays.com
28 Mar 15 12:04:41
CMF Improving http://t.co/twAIypicq4 $HEFA $WETF $DISCK $KAR $TCEHY $ALLE $BERY $DOX $CRMD $AAXJ $RMBS $ASH $HPT $IHS $MDAS $MYCC $SYA $EPAM
Anton
28 Mar 15 12:01:27
RT @theflynews: On The Fly: Analyst Initiation Summary $ANET $SCHW $CSCO $MYCC $CFX $CNW $DLR $ETFC $DFT $FFIV $EQIX $FEYE $HT... http://t.…
ProVesting
28 Mar 15 10:45:03
$MYCC: Mark A. Burnett Sells 25000 Shares of ClubCorp Holdings Stock ...: http://t.co/usGPaK5Si4
Capital Market Labs
28 Mar 15 07:17:53
$MTN vs. $FUN vs. $SEAS vs. $MYCC Compared Across 9 Critical Measures Chart: http://t.co/mdoEw62IbT
Breaking News
28 Mar 15 05:15:02
$MYCC: Stifel Nicolaus Begins Coverage on ClubCorp Holdings (MYCC): http://t.co/Mbk6rMAtKl
WKRB News
28 Mar 15 05:01:44
Stifel Nicolaus Begins Coverage on ClubCorp Holdings $MYCC http://t.co/KvHh0AwNFQ
Capital Market Labs
28 Mar 15 00:57:55
$MTN vs. $LTM vs. $MYCC vs. $SEAS Compared Across 9 Critical Measures Chart: http://t.co/PEmNKmou4f
StockNewsWires
27 Mar 15 21:00:03
$MYCC: ClubCorp Holdings COO Mark A. Burnett Sells 25000 Shares (MYCC): http://t.co/2GZSEGWwm6
The Legacy News
27 Mar 15 19:42:28
ClubCorp Holdings COO Mark A. Burnett Sells 25,000 Shares $MYCC http://t.co/GtMoELawMJ
Capital Market Labs
27 Mar 15 19:02:15
$TRK vs. $CLUB vs. $SEAS vs. $MYCC Compared Across 9 Critical Measures Chart: http://t.co/Jz1SW67Zat
Capital Market Labs
27 Mar 15 17:57:49
$SIX vs. $FUN vs. $SEAS vs. $MYCC Compared Across 9 Critical Measures Chart: http://t.co/Nq03Ptm4Uu
deafdaytrader
27 Mar 15 17:22:50
$MYCC nice and might run more
StockNewsWires
27 Mar 15 15:44:02
$MYCC: New Insider Transaction on MYCC by Chief Operating Officer: http://t.co/oBnwTWuqnF
Insider Alerts
27 Mar 15 15:43:04
NEW insider transaction on $MYCC reported a moment ago: http://t.co/ezlTOghEPr
TipRanks
27 Mar 15 13:53:44
4-star analyst @WizClemson from Stifel Nicolaus rated $MYCC w/a BUY. Steven has a 62% success rate http://t.co/GLtdOqwqbs #NYSE #stocks
The Fly
27 Mar 15 07:03:58
On The Fly: Analyst Initiation Summary $ANET $SCHW $CSCO $MYCC $CFX $CNW $DLR $ETFC $DFT $FFIV $EQIX $FEYE $HT... http://t.co/CkBs4AhUYB
Nicklebie
27 Mar 15 06:45:41
RT @teevee: GNGs tda = $OXM $LIVE $NWBO $ROLL $MYCC
teevee
27 Mar 15 06:42:31
GNGs tda = $OXM $LIVE $NWBO $ROLL $MYCC
ProVesting
27 Mar 15 06:35:06
$MYCC: Insider Selling: ClubCorp Holdings CFO Sells $125392.00 in Stock ...: http://t.co/9Li53TlGiM
Sleek Money
27 Mar 15 06:34:22
Insider Selling: ClubCorp Holdings CFO Sells $125,392.00 in Stock $MYCC http://t.co/zsE50UqpNb
Large Void Bot
27 Mar 15 06:00:28
Popular: $OHRP, $AMZN, $BMRN, $DOW, $SDRL, $CONN, $SRC, $VJET, $KB, $SUNE, $JNUG, $PAR, $MYCC
dailystockplays.com
27 Mar 15 05:31:40
Analyst Initiate Buy http://t.co/fk5xO24GbO $BLOX $CNW $ETFC $FFIV $KNX $LH $MYCC $QTS $RKUS $SCHW $YHOO $ZAYO
Marlen
27 Mar 15 05:29:17
03/27/15 COVERAGE INITIATED: Tesla Motors $TSLA Argus Hold ClubCorp $MYCC Stifel Buy $23
BreakingStocksNews
27 Mar 15 05:06:04
$MYCC: ClubCorp Holdings Now Covered by Stifel Nicolaus (MYCC): http://t.co/Rn7ckukUYM
Sleek Money
27 Mar 15 05:05:21
ClubCorp Holdings Now Covered by Stifel Nicolaus $MYCC http://t.co/s9USHK0GOt
Livevol Community
27 Mar 15 05:00:05
HIGH PUT VOLU $PKX 12550% $CJES 5887% $CPHD 5536% $ENVA 3287% $MYCC 2978% $CDW 2612% $FINL 2213% $ALL 2153% http://t.co/gwzPxhnztr
Livevol Community
27 Mar 15 05:00:04
HIGH CALL VOLU $MCRL 3517% $BRFS 1908% $MYCC 1262% $XLNX 1231% $PX 1185% $MAR 870% $GME 693% $ZMH 692% http://t.co/gwzPxhnztr
Donald J Olive
27 Mar 15 04:25:52
RT @Briefingcom: $MYCC: Stifel starts at Buy
				
				
By  +Follow September 19, 2013 2:00PM
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