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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.

Results for mycc
The Fly
19 Apr 14 17:42:04
$MYCC ClubCorp could climb higher, Barron's says: Full Story http://t.co/D5C8Md8nz3
Stock_Tracker
19 Apr 14 13:59:04
Clubcorp Holdings Inc (MYCC) 18.25 $MYCC ClubCorp Holdings Retires High Yield Notes and Anticipates Interest S http://t.co/KVd5RTZbvE
GavinGreenberg
19 Apr 14 06:18:35
$MYCC: This Weekends Barrons: Home Depot Shares Continue To Grow ~ Special Re... http://t.co/NNEmoT136x
Stock Herald
19 Apr 14 05:06:35
$MYCC: This Weekends Barrons: Home Depot Shares Continue To Grow ~ Special Re... http://t.co/9qrGRYCLM8
Informer
19 Apr 14 04:22:05
$MYCC: [$$] Why ClubCorp Could Stay on the Leaderboard http://t.co/3bJBEukbXo
Informer
19 Apr 14 04:02:17
$MYCC: This Weekends Barrons: Home Depot Shares Continue To Grow ~ Special Re... http://t.co/dIGwAkzrJo
GavinGreenberg
19 Apr 14 03:17:35
$MYCC: [$$] Why ClubCorp Could Stay on the Leaderboard http://t.co/yDmDoUIk5y
Stock Herald
19 Apr 14 02:18:04
$MYCC: [$$] Why ClubCorp Could Stay on the Leaderboard http://t.co/VAF1fNDWV6
Emmanuel Gromer
19 Apr 14 02:06:35
$MYCC This Weekend's Barron's: Home Depot Shares Continue To Grow ~ Special Report on Top 100 Financial Advisors ~ Aiming High With...
Stock Herald
19 Apr 14 02:02:37
$MYCC: This Weekends Barrons: Home Depot Shares Continue To Grow ~ Special Re... http://t.co/UodraqT8rt
Informer
19 Apr 14 01:36:05
$MYCC: This Weekends Barrons: Home Depot Shares Continue To Grow ~ Special Re... http://t.co/dIGwAkzrJo
StockNews24
19 Apr 14 01:21:15
$MYCC - This Weekends Barrons: Home Depot Shares Continue To Grow ~ Special Re... -> http://t.co/MQeJxiia06 #stock #stocks #stockaction
Emmanuel Gromer
19 Apr 14 01:05:05
$MYCC ClubCorp: A Stock Worthy of the Leaderboard http://t.co/NvEa6s0ETv
StockNews24
19 Apr 14 00:21:03
$MYCC - [$$] Why ClubCorp Could Stay on the Leaderboard -> http://t.co/8e2uxszWx6 #stock #stocks #stockaction
Emmanuel Gromer
19 Apr 14 00:05:05
$MYCC ClubCorp: A Stock Worthy of the Leaderboard http://t.co/Rdnl6z3ikn
Emmanuel Gromer
18 Apr 14 23:54:04
$MYCC [$$] Why ClubCorp Could Stay on the Leaderboard http://t.co/6pdM6cIMVM
Ticker Report
16 Apr 14 10:42:11
ClubCorp Holdings Price Target Increased to $27.00 by Analysts at Jefferies Group $MYCC http://t.co/7x3QZkdvra
US Banking News
15 Apr 14 18:05:36
ClubCorp Holdings Given New $27.00 Price Target at Jefferies Group $MYCC http://t.co/3nFX0LkL0n
Robin Cage
15 Apr 14 14:09:10
$MYCC 10:14 am ClubCorp retires high yiel http://t.co/a9CwWZM2yu
Ford Cadwell
15 Apr 14 06:18:33
$MYCC 10:14 am ClubCorp retires high yiel http://t.co/c87TB5IBLs
Media Sentiment
15 Apr 14 01:28:00
$MYCC received a new alert. Find out why at http://t.co/WHJp8eTsSr #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 15
Media Sentiment
15 Apr 14 01:27:32
$MYCC received a new alert. Find out why at http://t.co/WHJp8eTsSr #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 12
Zolmax News
15 Apr 14 01:20:20
ClubCorp Holdings Price Target Raised to $27.00 at Jefferies Group $MYCC http://t.co/mQgnCG2WMz
Analyst Ratings
15 Apr 14 01:16:54
ClubCorp Holdings's PT raised by Jefferies Group to $27.00. http://t.co/JD195pUgGZ $MYCC #MYCC
US Consumer News
15 Apr 14 01:16:17
ClubCorp Holdings's PT raised by Jefferies Group to $27.00. http://t.co/DF97hyvNjL $MYCC #MYCC
North Carter
14 Apr 14 04:59:34
$MYCC 10:14 am ClubCorp retires high yield no http://t.co/bwq6wOIqhT
Pearline Smiley
13 Apr 14 16:55:56
$MYCC 10:14 am ClubCorp retires high yiel http://t.co/QDCvocHoaE
Marius Jackson
12 Apr 14 15:39:47
$MYCC CLUBCORP HOLDINGS, INC. Files SEC form 8-K, Entry into a Material http://t.co/RJc2A5wRsf
HedgeChatter
12 Apr 14 07:09:22
Stocks on http://t.co/ekseL9qTvP with spike in tweets today: $CRCM $EFT $OVAS $SGNT $MYCC
Quinten Lennon
12 Apr 14 02:05:43
$MYCC CLUBCORP HOLDINGS, INC. Files SEC form 8-K, Entry into a Mater http://t.co/FTaa20JXUw
				
				
By  +Follow September 19, 2013 2:00PM
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