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.


Liked What You Read? Join Equities.com and Connect With Your Favorite Financial Experts FOR FREE! Members of Equities.com gain access to our leading financial news and content, active social investment community, proprietary research tools including the 2014 Small-Cap Stars, E.V.A. reports and more.

Results for mycc
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
Stock Relay
23 Oct 14 19:40:29
$PCCC Stock Message Board Click Here: http://t.co/RJhHwZEzcA Also See: $I $WFM $BLW $MYCC ~
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 16:35:35
Insider Buying: ClubCorp Holdings Director Purchases 5,300 Shares of Stock $MYCC http://t.co/zqrD24MuOk
WKRB News
23 Oct 14 16:24:12
Insider Buying: ClubCorp Holdings Director Purchases 5,300 Shares of Stock $MYCC http://t.co/O4dTSxkPBV
US Banking News
23 Oct 14 16:12:55
ClubCorp Holdings Director Douglas Brooks Buys $100,647 in $MYCC http://t.co/5dLdZXG4oU
US Consumer News
23 Oct 14 16:12:53
ClubCorp Holdings Director Douglas Brooks Buys $100,647 in $MYCC http://t.co/zN8lzvkJ3O
Stock Relay
23 Oct 14 14:40:49
wininstocks2014: Stock Charts: MYCC 18.86 Stock Charts $MYCC ClubCorp Holdings http://t.co/FSqRjXbhMC
wininstocks2014
23 Oct 14 14:38:32
MYCC 18.86 Stock Charts $MYCC ClubCorp Holdings Inc. (NYSE) Last Updated: 10/23/2014 16:38:32 MYCC Stock Chart http://t.co/nlhl0w8i47
Stocks News&Markets
23 Oct 14 14:10:11
$MYCC - Statement of Changes in Beneficial Ownership (4) http://t.co/YKHMTvCSrm
Stocks News&Markets
22 Oct 14 14:34:06
$MYCC - Statement of Changes in Beneficial Ownership (4) http://t.co/6WihS3wwb7
NASDAQ
22 Oct 14 14:34:04
$MYCC - Statement of Changes in Beneficial Ownership (4) http://t.co/G1di8WYaYd
TheStreet Alerts
22 Oct 14 06:18:18
Clubcorp Holdings $MYCC Initiated As a Sell http://t.co/GUna4xrUPJ
Stocks News&Markets
21 Oct 14 13:37:15
$MYCC - Securities Registration Statement (simplified Form) (s-3) http://t.co/t1n6PokEh9
The Fly
21 Oct 14 13:36:08
$MYCC ClubCorp files to sell 32.77M shares of common stock for holders: Full Story http://t.co/0VgZotaoVq
Stephens Inc
20 Oct 14 06:25:24
Morning Brief: Stephens releases research reports on $ADS $ATHN $BWLD $EXP $KSU $MYCC $MYGN $NOW $RGEN $UBNT $WIN http://t.co/BTpMubiFs0
CapitalCube
17 Oct 14 13:16:55
http://t.co/FgY86VBRZ5 for latest earnings analysis on $CYT, $ORB, $HCCI, $VAC, $SVU, $MYCC, $FCS, $JNJ
4-traders.com
17 Oct 14 09:55:10
ClubCorp : Delivers Record Third Quarter Results and Increases Portfolio by 30% Thursday, October 16, 2014 http://t.co/MUOLMZbnIZ $MYCC
Livevol Community
17 Oct 14 05:00:06
HIGH CALL VOLU $QEP 2491% $ORIG 1968% $JNK 1547% $EZU 1543% $HBAN 1446% $MYCC 1320% $HCP 1272% $IVZ 1130% http://t.co/gwzPxhnztr
InterCooler
17 Oct 14 04:49:49
ClubCorp Holdings $MYCC Releases Quarterly Earnings Results, Misses Expectations By $0.04 EPS http://t.co/b3ST3AyRov
Stocks News&Markets
16 Oct 14 14:09:05
$MYCC - Quarterly Report (10-q) http://t.co/NrSjUqeNYh
NASDAQ
16 Oct 14 14:08:46
$MYCC - Quarterly Report (10-q) http://t.co/mnnHkal2Bd
Instrumental Data
16 Oct 14 14:07:20
CLUBCORP HOLDINGS, INC. $MYCC 10-Q now available
HIR
16 Oct 14 09:52:05
$MYCC ClubCorp Delivers Record Third Quarter Results and Increases Portfolio by 30% http://t.co/f1bsGBisCN
				
				
By  +Follow September 19, 2013 2:00PM
Share:

Comments

 

blog comments powered by Disqus

About us

Equities.com is the most advanced interactive online social ecosystem for the financial industry, serving as a resource center and next-generation communication platform that connects self-directed investors with public issuers, market experts, and professional service providers and vendors. Registered members can leverage our exclusive proprietary research tools such as the Small-Cap Stars, which outperformed 90% of all small-cap mutual funds, and robust do-it-yourself E.V.A. research reports. The Equities.com Issuer Dashboard is the ideal tool to communicate and manage investor awareness campaigns to the investment community, as well as to access valuable resources to help your company grow.

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