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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
HotKeyTrading
31 Oct 14 14:00:03
Coverage Initiated: $ACI $KATE $SWN $WLP $CDR $MYCC $ZAYO $VVTV $KITE $FMSA $DERM $HSNI $VSLR $W $AMZN http://t.co/XQITF0lRKD #analyst #dow
Ticker Report
31 Oct 14 11:45:25
ClubCorp Holdings Receives New Coverage from Analysts at CRT Capital $MYCC http://t.co/0IYdr0rcsm
HotKeyTrading
31 Oct 14 02:00:02
Coverage Initiated: $ACI $KATE $SWN $WLP $CDR $MYCC $ZAYO $VVTV $KITE $FMSA $DERM $HSNI $VSLR $W $AMZN http://t.co/XQITF0lRKD #nyse #stocks
US Consumer News
30 Oct 14 23:28:17
ClubCorp Holdings initiated by CRT Capital at buy. http://t.co/0rTy89I0GQ $MYCC #MYCC
Analyst Ratings
30 Oct 14 23:23:12
ClubCorp Holdings initiated by CRT Capital at buy. http://t.co/SAV4SPECdp $MYCC #MYCC
HotKeyTrading
30 Oct 14 14:00:04
Coverage Initiated: $ACI $KATE $SWN $WLP $CDR $MYCC $ZAYO $VVTV $KITE $FMSA $DERM $HSNI $VSLR $W $AMZN http://t.co/Vv2VEn80mr #analyst #spy
HotKeyTrading
30 Oct 14 02:00:04
Coverage Initiated: $CDR $MYCC $ZAYO $VVTV $KITE $FMSA $DERM $HSNI $VSLR $W $AMZN $FB $EBAY $GOOG $TGTX http://t.co/XQITF0lRKD #investors
HotKeyTrading
29 Oct 14 14:00:04
Coverage Initiated: $CDR $MYCC $ZAYO $VVTV $KITE $FMSA $DERM $HSNI $VSLR $W $AMZN $FB $EBAY $GOOG $TGTX http://t.co/XQITF0lRKD #stocks #spy
Ticker Report
29 Oct 14 06:59:00
ClubCorp Holdings COO Mark A. Burnett Sells 19,102 Shares $MYCC http://t.co/UpIX68fBcV
Briefing.com
29 Oct 14 05:48:31
$MYCC: CRT Capital starts at Buy
SIAnalystWire
29 Oct 14 04:14:18
CRT Capital Starts ClubCorp Holdings $MYCC at Buy http://t.co/RSZGvVMLvx
Analyst Ratings
29 Oct 14 04:01:58
Want the latest analyst ratings on $MYCC $SRPT $NDAQ $BCOR $RFP? Get Them Delivered to Your Inbox http://t.co/nSJuDsYidj
US Banking News
28 Oct 14 14:36:25
ClubCorp Holdings Research Coverage Started at CRT Capital $MYCC http://t.co/7ATRkxssqP
Ticker Report
28 Oct 14 14:29:25
ClubCorp Holdings Receives New Coverage from Analysts at CRT Capital $MYCC http://t.co/qt8Cm8gMvI
Sleek Money
28 Oct 14 14:19:53
ClubCorp Holdings Earns Buy Rating from Analysts at CRT Capital $MYCC http://t.co/Yg41X1FiJi
Analyst Ratings
28 Oct 14 14:19:29
ClubCorp Holdings initiated by CRT Capital at buy. http://t.co/enEe3Wzogk $MYCC #MYCC
US Consumer News
28 Oct 14 14:19:19
ClubCorp Holdings initiated by CRT Capital at buy. http://t.co/JdtTVWIOxj $MYCC #MYCC
wininstocks2014
27 Oct 14 23:00:09
MYCC 18.86 Stock Charts $MYCC ClubCorp Holdings Inc. (NYSE) Last Updated: 10/28/2014 01:00:11 MYCC Stock Chart http://t.co/OKQTcZSzus
HotKeyTrading
27 Oct 14 15:30:04
Insiders Selling: $ISRG $ORLY $DOV $EMC $NTGR $GD $SEIC $DAL $VRA $TUP $DPS $OHI $KIM $AVNR $MYCC http://t.co/Vv2VEn80mr #dow #swingtrading
InterCooler
27 Oct 14 14:49:13
ClubCorp Holdings COO Mark A. Burnett Sells 19,102 Shares $MYCC http://t.co/1IYDd4Iae2
Penny Stock Secret
27 Oct 14 11:02:13
The Hottest Way to Make Millions From Stock Market.Click HERE http://t.co/SVqoMkrw2z .. $MYCC $MYD $MYE
RetailInvestorConf.
27 Oct 14 08:42:14
IPOs and Transactions: October 20 – 24 > http://t.co/mUs9hMKTqk $MYCC $YIDI $RRMS $LBTYA $FGBI $FCB $TTMI $UPL
InterCooler
27 Oct 14 05:04:49
Insider Buying: ClubCorp Holdings Director Buys 5,300 Shares of Stock $MYCC http://t.co/m10jJtYYjj
HotKeyTrading
27 Oct 14 03:30:04
Insiders Selling: $OHI $KIM $AVNR $MYCC $REGN $HON $SLAB $MDP $PRE $LLTC $TSCO $OZRK $CPHD $CHRW $HAS http://t.co/XQITF0lRKD #investors
HotKeyTrading
27 Oct 14 03:00:07
Insiders Buying: $STJ $UAL $RGLS $MDP $USB $NXTM $CREE $CSL $TCS $MTG $BHI $LLTC $CACQ $VFC $MYCC http://t.co/Vv2VEn80mr #stocks #trading
HotKeyTrading
26 Oct 14 15:30:05
Insiders Selling: $OHI $KIM $AVNR $MYCC $REGN $HON $SLAB $MDP $PRE $LLTC $TSCO $OZRK $CPHD $CHRW $HAS http://t.co/XQITF0lRKD #stockmarket
HotKeyTrading
26 Oct 14 15:00:10
Insiders Buying: $UAL $RGLS $MDP $USB $NXTM $CREE $CSL $TCS $MTG $BHI $LLTC $CACQ $VFC $MYCC $HAS http://t.co/Vv2VEn80mr #stockpicks #stock
ClickMediaUK
26 Oct 14 03:48:12
RT @HotKeyTrading: Insiders Buying: $UAL $RGLS $MDP $USB $NXTM $CREE $CSL $TCS $MTG $BHI $LLTC $CACQ $VFC $MYCC $HAS http://t.co/XQITF0lRKD…
HotKeyTrading
26 Oct 14 03:30:04
Insiders Selling: $OHI $KIM $AVNR $MYCC $REGN $HON $SLAB $MDP $PRE $LLTC $TSCO $OZRK $CPHD $CHRW $HAS http://t.co/XQITF0lRKD #analyst #nyse
HotKeyTrading
26 Oct 14 03:00:07
Insiders Buying: $UAL $RGLS $MDP $USB $NXTM $CREE $CSL $TCS $MTG $BHI $LLTC $CACQ $VFC $MYCC $HAS http://t.co/XQITF0lRKD #trader #analytics
HotKeyTrading
25 Oct 14 15:30:05
Insiders Selling: $OHI $KIM $AVNR $MYCC $REGN $HON $SLAB $MDP $PRE $LLTC $TSCO $OZRK $CPHD $CHRW $HAS http://t.co/XQITF0lRKD #analytics
HotKeyTrading
25 Oct 14 15:00:08
Insiders Buying: $UAL $RGLS $MDP $USB $NXTM $CREE $CSL $TCS $MTG $BHI $LLTC $CACQ $VFC $MYCC $HAS http://t.co/XQITF0lRKD #stock #investors
HotKeyTrading
25 Oct 14 03:30:05
Insiders Selling: $KIM $AVNR $MYCC $REGN $HON $SLAB $MDP $PRE $LLTC $TSCO $OZRK $CPHD $CHRW $HAS $AZO http://t.co/XQITF0lRKD #swingtrading
HotKeyTrading
25 Oct 14 03:00:09
Insiders Buying: $UAL $RGLS $MDP $USB $NXTM $CREE $CSL $TCS $MTG $BHI $LLTC $CACQ $VFC $MYCC $HAS http://t.co/Vv2VEn80mr #trader #nyse #mkt
HotKeyTrading
24 Oct 14 15:30:07
Insiders Selling: $MYCC $REGN $HON $SLAB $MDP $PRE $LLTC $TSCO $OZRK $CPHD $CHRW $HAS $AZO $POOL $SWKS http://t.co/XQITF0lRKD #trading #dow
HotKeyTrading
24 Oct 14 15:00:12
Insiders Buying: $CSL $TCS $MTG $BHI $LLTC $CACQ $VFC $MYCC $HAS $GS $RARE $HA $PRTA $PEP $OTIC http://t.co/XQITF0lRKD #wallstreet #stock
Stocks News&Markets
24 Oct 14 14:07:20
$MYCC - Statement of Changes in Beneficial Ownership (4) http://t.co/0JevbhBAzW
NASDAQ
24 Oct 14 14:07:16
$MYCC - Statement of Changes in Beneficial Ownership (4) http://t.co/vioq4LroIO
Media Sentiment
24 Oct 14 10:20:21
$MYCC received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 408
4-traders.com
24 Oct 14 10:20:06
ClubCorp : Friday 10/24 Insider Buying Report: MYCC http://t.co/O4ZztuU2Ly $MYCC
SECFilings
24 Oct 14 09:17:12
$MYCC Director buys 5,300 shares at 18.99 a piece in the open market as the stock trades sideways. http://t.co/GGJdQ6rTpZ
Seeking Alpha
24 Oct 14 09:02:49
ClubCorp Holdings: On The Tee For Gains http://t.co/2krFPmUrfu $MYCC
Mr. Trader
24 Oct 14 05:18:50
RT @TheTradeXchange: Top Insider Purchases - $SHLD 10% Owner 259100 $35.05 $AGCO Director 75000 $44.52 $MYCC Director 5300 $18.98 $ATRA Dir…
TradeXchange
24 Oct 14 05:17:52
Top Insider Purchases - $SHLD 10% Owner 259100 $35.05 $AGCO Director 75000 $44.52 $MYCC Director 5300 $18.98 $ATRA Director 150000 $11.00
Ticker Report
24 Oct 14 04:43:52
Insider Buying: ClubCorp Holdings Director Purchases 5,300 Shares of Stock $MYCC http://t.co/tiBynn2ZIB
Stock Relay
23 Oct 14 23:34:08
wininstocks2014: Stock Charts: MYCC 18.86 Stock Charts $MYCC ClubCorp Holdings http://t.co/s9NOE7rYUq
wininstocks2014
23 Oct 14 23:31:19
MYCC 18.86 Stock Charts $MYCC ClubCorp Holdings Inc. (NYSE) Last Updated: 10/24/2014 01:31:20 MYCC Stock Chart http://t.co/PcNXMNUoUR
wininstocks2014
23 Oct 14 23:30:42
MYCC 18.86 Stock Charts $MYCC ClubCorp Holdings Inc. (NYSE) Last Updated: 10/24/2014 01:30:42 MYCC Stock Chart http://t.co/KsnPh15CyG
Sleek Money
23 Oct 14 16:38:30
Insider Buying: Douglas H. Brooks Acquires 5,300 Shares of ClubCorp Holdings Stock $MYCC http://t.co/BYNfOYpEYn
US Banking News
23 Oct 14 16:12:55
ClubCorp Holdings Director Douglas Brooks Buys $100,647 in $MYCC http://t.co/5dLdZXG4oU
				
				
By  +Follow September 19, 2013 2:00PM
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