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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
Financial News
20 Aug 14 07:35:02
$MYCC: Why ClubCorp (MYCC) Stock Is Surging Today http://t.co/0d0Yt0sS28 http://t.co/GoOwnc5vUO
Market Headlines
20 Aug 14 06:34:52
$MYCC: [$$] ClubCorp to Buy Rival Sequoia Golf http://t.co/nR8ScfACkG http://t.co/fxllfNeChC
US Banking News
20 Aug 14 06:20:45
ClubCorp Holdings Gets Average Rating of Buy from Analysts $MYCC http://t.co/uX1lJprUBh
Ticker Report
20 Aug 14 05:43:02
ClubCorp Holdings $MYCC Posts Quarterly Earnings Results, Misses Expectations By $0.08 EPS http://t.co/HAhqgna0iL
US Banking News
20 Aug 14 05:12:41
ClubCorp Holdings $MYCC Posts Quarterly Earnings Results, Misses Expectations By $0.08 EPS http://t.co/fel9iVFxJX
US Banking News
20 Aug 14 01:23:30
ClubCorp Holdings announces earnings. $0.06 EPS. Misses estimates. http://t.co/12yRAagLNs $MYCC #MYCC
chartguy89
16 Aug 14 03:40:56
MYCC 17.98 Stock Charts $MYCC ClubCorp Holdings Inc. (NYSE) Last Updated: 08/16/2014 05:41:08 MYCC Stock Chart http://t.co/9nbnvqhD1p
Biz Headlines
15 Aug 14 07:34:50
$MYCC: ClubCorp Continues Momentum and Announces Record Second Quarter Results http://t.co/QEsnCMzuGh http://t.co/QFXUYg99t4
Evener Investment
15 Aug 14 05:59:42
RT @SeekingAlpha: ClubCorp Holdings Buys Some Growth Fuel With Sequoia Golf http://t.co/tw0SLgdwFz $MYCC
Seeking Alpha
15 Aug 14 05:57:40
ClubCorp Holdings Buys Some Growth Fuel With Sequoia Golf http://t.co/tw0SLgdwFz $MYCC
Stock Wars
14 Aug 14 09:00:01
U.S. Gainers: $OVTI +13.37%, $TRUE +8.04%, $MYCC +7.16%, http://t.co/Abscu8mCct #StockWars
Stephens Inc
14 Aug 14 06:25:08
Morning Brief: Stephens releases research reports on $FRSH $MYCC $PF $TFM http://t.co/BTpMubAOG8 #SIResearch
Thudder & Wicks
14 Aug 14 01:00:30
$MYCC #ClubCorp to acquire rival #Sequoia Golf http://t.co/4qdJZ3cpYY http://t.co/BdzyyDIrSC
wizzwatch
13 Aug 14 20:30:10
Top Above Average Volume Movers: $CSIQ, $AMTX, $FONR, $ITMN, $CDZI, $ASYS, $ICPT, $HART, $CBMG, $INSM, $GRUB, $ASPN, $P. $FLT, $MYCC, $YELP
Market Compass
13 Aug 14 16:34:52
$MYCC: Why ClubCorp (MYCC) Stock Is Surging Today http://t.co/QPduAZ7Hnr http://t.co/4ppyb2DUY7
12Stocks.com
13 Aug 14 16:04:04
SmallCap #Stocks Trend $ITMN $VLCCF $ATEC $CORT $NCFT $TNAV $AGIO $MYCC $ZLTQ $MDW $PTCT $YELP $ALNY more@ http://t.co/jIGfl7ofoU
12Stocks.com
13 Aug 14 13:01:42
SmallCap #Stocks Trend $ITMN $VLCCF $MYCC $AGIO $INSY $YELP $ALNY $DYAX $PTCT $LXFT $OVAS $TNAV $MNTA more@ http://t.co/jIGfl7ofoU
12Stocks.com
13 Aug 14 13:01:26
Smallcap #Stocks Performance $NPTN $ITMN $ICPT $INSM $CORT $PGNX $COCO $NOR $DWRE $VLCCF $CAS $MYCC more@ http://t.co/jIGfl7ofoU
4-traders.com
13 Aug 14 12:50:02
ClubCorp : Announces Agreement to Acquire Sequoia Golf Wednesday, August 13, 2014 http://t.co/Goe1mJUsVd $MYCC
Shiraz Lakhi
13 Aug 14 12:08:00
Breaking: Top CONSUMER #stocks trading UP on > 150% AVG VOLUME $KATE $MYCC $IRG $CZR $PZZI +more (hit "View Results") http://t.co/xne5EfKRVH
Business News
13 Aug 14 11:34:59
$MYCC: ClubCorp CEO gets his game face on to reinvent the company http://t.co/1KbGfMgBAJ http://t.co/vfiXE3cJFL
HIR
13 Aug 14 10:11:17
$MYCC ClubCorp Announces Agreement to Acquire Sequoia Golf http://t.co/fC2WTVHrBI
				
				
By  +Follow September 19, 2013 2:00PM
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