logo
Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?

Register
    

 


IPO Report: ClubCorp Holdings (MYCC)

By  +Follow September 19, 2013 2:00PM
Share:
Tickers Mentioned:

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


Liked What You Read? Join Equities.com as a contributor and get eyeballs on your content FOR FREE!

Results for mycc
clayton
27 Jul 15 23:49:46
MYCC 23.63 Clubcorp Holdings Inc $MYCC added to my watch list. Right now with MYCC I am watching the last pric http://t.co/ZewnMbW9DF
Analyst Actions
27 Jul 15 20:41:02
$MYCC: Analyst action by Stifel Nicolaus on ClubCorp Holdings: http://t.co/emwWVzXgoK http://t.co/sxbdr2hRzQ
dailystockplays.com
27 Jul 15 17:19:20
CMF Improving http://t.co/pDdPYgGNzD $AEO $FOLD $MYCC $CEMP $MDCO $CHAU $SKX $FNF $SABR $LBIO $XNPT $OUTR $AMED $FCSC $CVT $CDTI $VIRT $HUBS
zooey m
27 Jul 15 16:17:09
m_zooey: mediasentiment: $MYCC received a new alert. Find out why at http://t.co/6A03PDuOjo #stocks #daytrading #trading #mkt #NYSE #NAS…
Breaking News
27 Jul 15 16:15:04
$MYCC: Zacks Downgrades ClubCorp Holdings to Sell (MYCC): http://t.co/ZSw84kuAFb
zooey m
27 Jul 15 16:14:02
mediasentiment: $MYCC received a new alert. Find out why at http://t.co/6A03PDuOjo #stocks #daytrading #trading #mkt #NYSE #NASDAQ #mark…
Media Sentiment
27 Jul 15 16:12:54
$MYCC received a new alert. Find out why at http://t.co/nZwqReM0tj #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 521
Ticker Report
27 Jul 15 16:12:00
Zacks Downgrades ClubCorp Holdings to Sell $MYCC http://t.co/ZprkiOHiwH
MarketBeatCom
27 Jul 15 16:11:01
ClubCorp Holdings downgraded by Zacks to sell. http://t.co/aIbyy57EE4 $MYCC #MYCC
Dakota Financial
27 Jul 15 16:08:55
Zacks Downgrades ClubCorp Holdings to Sell $MYCC http://t.co/SlPFjq3paB
US Consumer News
27 Jul 15 16:00:47
ClubCorp Holdings downgraded by Zacks to sell. http://t.co/FjQWHt7iWB $MYCC #MYCC
SwingTradeBot
27 Jul 15 14:30:31
Scan results - Crossed Above 50 DMA today: $BECN $PRGO $WAB $MYCC $OMI $AMGN $PHG $MXIM $POR $PFE ... http://t.co/FO1EprIDu6
ProVesting
27 Jul 15 13:16:03
$MYCC: New SEC Filing for MYCC: Form 424B7 (No. 0001047469-15-006336): http://t.co/Od9zHwF0s3
SEC Filings
27 Jul 15 13:10:16
NEW SEC Filing for $MYCC filed a moment ago: http://t.co/WCHeJRNyi9 http://t.co/6Nka3Z2gNL
Analyst Actions
27 Jul 15 12:13:02
$MYCC: Analyst action by Stifel Nicolaus on ClubCorp Holdings: http://t.co/emwWVzXgoK http://t.co/q2obFUVXVx
TimeForGrowth
27 Jul 15 09:41:02
$MYCC: Wall Street analysts bullish on MYCC's earnings growth: http://t.co/GWwXPpyORW http://t.co/ylcoOHuDsa
StockNewsWires
27 Jul 15 08:09:10
$MYCC: ClubCorp Holdings Inc (NYSE:MYCC) Had Its TP Raised by ...: http://t.co/YPtOSL9j4m
Renaissance Capital
27 Jul 15 06:58:40
Can this stock lift? Planet Fitness sets terms for $203mm IPO $PLNT #PlanetFitness $MYCC #IPO http://t.co/dqcon098GM http://t.co/boG1Jm5yHa
wsnewspublishers
27 Jul 15 06:43:05
Pre-Market News Buzz on: http://t.co/OHhr7i68ym $ITW $AER $MYCC $ARMH
Renaissance Capital
27 Jul 15 06:18:09
Will its stock lift? Planet Fitness sets terms for $203 million IPO $PLNT #PlanetFitness $MYCC $IPO #IPO http://t.co/dqcomZRxic
StockNewsWires
27 Jul 15 05:43:04
$AEZS $MYCC $ARMH: Illinois Tool Works (NYSE:ITW), AerCap Holdings NV (NYSE:AER): http://t.co/JsFfkkbzsC
Breaking News
27 Jul 15 05:41:03
$ITW $MYCC $ARMH: Pre-Market News Buzz on: Illinois Tool Works (NYSE:ITW), AerCap ...: http://t.co/u8WH5Ea3Ls
FirstToMarkets
27 Jul 15 04:30:42
ClubCorp Holdings, Inc. Boost Price Target by Stifel Nicolaus (Ranked 42nd) to Buy with 29 PT $MYCC #MYCC http://t.co/GlXaOm3BTH
Ticker Report
27 Jul 15 04:26:33
ClubCorp Holdings Price Target Increased to $29.00 by Analysts at Stifel Nicolaus $MYCC http://t.co/bAzFTqsmLD
MarketBeatCom
27 Jul 15 04:25:29
ClubCorp Holdings's PT raised by Stifel Nicolaus to $29.00. buy rating. http://t.co/7vDGQoFvAa $MYCC #MYCC
Dakota Financial
27 Jul 15 04:23:53
ClubCorp Holdings Price Target Increased to $29.00 by Analysts at Stifel Nicolaus $MYCC http://t.co/uPyHnlq7qn
FirstToMarkets
27 Jul 15 04:15:07
ClubCorp Holdings, Inc. Boost Price Target by Stifel Nicolaus (Ranked 42nd) to Buy with 29 PT $MYCC #MYCC http://t.co/GlXaOm3BTH
thelidlives
26 Jul 15 12:22:35
Thank you $mycc for turning our club into a goat ranch. Must need cuts to make the quarter. http://t.co/UXSxTUnyvC
TimeForGrowth
26 Jul 15 10:55:02
$MYCC: Wall Street analysts bullish on MYCC's earnings growth: http://t.co/GWwXPpyORW http://t.co/Al2BE65tQ5
WKRB News
26 Jul 15 07:26:18
ClubCorp Holdings Stock Rating Reaffirmed by Stifel Nicolaus $MYCC http://t.co/I15hOzBNGT
Sleek Money
26 Jul 15 06:05:30
ClubCorp Holdings Earns “Buy” Rating from Sterne Agee CRT $MYCC http://t.co/YhwLHtu5dL
InvestWithConf
25 Jul 15 14:32:02
$MYCC is rated BUY, 19.7% upside by Wall Street analysts based on average ratings/targets http://t.co/LRaNiOEUxj http://t.co/sGyH25TCQx
Breaking News Now
25 Jul 15 08:23:06
$MYCC: ClubCorp Holdings Stock Rating Reaffirmed by Sterne Agee CRT ...: http://t.co/PyIt6ls5JK
Analyst Actions
25 Jul 15 01:33:01
$MYCC: Analyst action by Stifel Nicolaus on ClubCorp Holdings: http://t.co/emwWVzXgoK http://t.co/bKTEyzOlx0
Sleek Money
24 Jul 15 17:50:42
ClubCorp Holdings Sees Strong Trading Volume on Analyst Upgrade $MYCC http://t.co/juKeUJ3TR1
ProTradersNews
24 Jul 15 17:46:03
$MYCC: ClubCorp Holdings Sees Strong Trading Volume on Analyst ...: http://t.co/wBkqPTwuGU
StockNewsWires
24 Jul 15 17:38:01
$MYCC: ClubCorp Holdings's Buy Rating Reaffirmed at Stifel Nicolaus (MYCC): http://t.co/Lt2RtLz8To
ProVesting
24 Jul 15 17:36:02
$MYCC: ClubCorp Holdings Price Target Increased to $29.00 by Analysts at ...: http://t.co/tCQjGFivem
ProVesting
24 Jul 15 17:28:01
$MYCC: ClubCorp Holdings Sees Strong Trading Volume Following Analyst ...: http://t.co/eJbq3jG1jw
Dakota Financial
24 Jul 15 17:24:26
ClubCorp Holdings Sees Strong Trading Volume Following Analyst Upgrade $MYCC http://t.co/BRi07L8OoE
SwingTradeBot
24 Jul 15 14:36:44
Scan results - Slingshot Bullish today: $ALGN $MYCC $TRIP $CSII $ENTA $STT $SIVB $SUSQ $SCHW $CHSP ... http://t.co/ZvD8CggFTs
SwingTradeBot
24 Jul 15 14:35:41
Scan results - 1,2,3 Pullback Bullish today: $MYCC $VGR $SCMP $TPX $EA $TE $ENH $MPC $VSLR $SBY ... http://t.co/CGfue6aXuy
SwingTradeBot
24 Jul 15 14:30:53
Scan results - Fell Below 50 DMA today: $CPHD $CTCT $COF $ALGN $ESPR $MYCC $AAN $TRIP $PEB $CI ... http://t.co/6R6HNRYsYc
Ticker Report
24 Jul 15 14:27:08
ClubCorp Holdings Price Target Increased to $29.00 by Analysts at Stifel Nicolaus $MYCC http://t.co/sWu5BpFhoo
Dakota Financial
24 Jul 15 14:24:27
ClubCorp Holdings Price Target Increased to $29.00 by Analysts at Stifel Nicolaus $MYCC http://t.co/mUUU7G5RvI
FirstToMarkets
24 Jul 15 14:15:09
ClubCorp Holdings, Inc. Boost Price Target by Stifel Nicolaus (Ranked 46th) to Buy with 29 PT $MYCC #MYCC http://t.co/GlXaOm3BTH
MarketBeatCom
24 Jul 15 14:14:30
ClubCorp Holdings's PT raised by Stifel Nicolaus to $29.00. buy rating. http://t.co/Qhwdp41XyB $MYCC #MYCC
US Consumer News
24 Jul 15 14:01:15
ClubCorp Holdings's PT raised by Stifel Nicolaus to $29.00. buy rating. http://t.co/fT6LDbY5nw $MYCC #MYCC
American Business TV
24 Jul 15 10:26:41
ClubCorpHoldings, Inc. Announces Pricing Secondary Offering #Shares Of #CommonStock #NYSE $MYCC http://t.co/7uDVKpsW5C
Breaking News
24 Jul 15 07:47:04
$MYCC: ClubCorp Holdings Receives "Buy" Rating from Sterne Agee CRT ...: http://t.co/64hYkPCt6I
				
				
By  +Follow September 19, 2013 2:00PM
Share:

Comments

 

blog comments powered by Disqus

 Today's Must Reads

5 Small-Cap Energy with Hedges to Survive Oil's Bear Market


DraftKings and FanDuel: The New Face of Legalized Online Sports Betting

Is the Market Paying the Toll of Tech?

What Will Uber Look Like in the Future?


How Dodd-Frank Divides Political Parties Prior to 2016 Election

 

Apple (AAPL) is expected to announce its latest quarterly earnings next week. As the most valuable company by mark... in Equities.com's Hangs on LockerDome

About us

Equities.com is an advanced financial data portal and social network designed to connect self-directed investors with the world’s most innovative startup and small cap companies. Through our in-depth coverage of small cap markets, comprehensive research and stock valuation reports, state of the art issuer products, and world class events, Equities.com provides the social tools and insight that drive tomorrow’s investment relationships and opportunities.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.

Login or Register

LOG IN