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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. To read our full disclosure, please go to: http://www.equities.com/disclaimer


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Results for mycc
Dakota Financial
4 Sep 15 15:09:12
ClubCorp Holdings Inc Announces Quarterly Dividend of $0.13 $MYCC http://t.co/ljChTBDBkp
Consumer News
4 Sep 15 15:08:17
ClubCorp Holdings Inc Announces Quarterly Dividend of $0.13 $MYCC http://t.co/VnjPQnOuem #acn
Ticker Report
4 Sep 15 15:06:31
ClubCorp Holdings Inc Announces Quarterly Dividend of $0.13 $MYCC http://t.co/S2ZDWq1RkV
US Banking News
4 Sep 15 15:05:27
ClubCorp Holdings Inc Announces Quarterly Dividend of $0.13 $MYCC http://t.co/KyWa54w90j
US Banking News
4 Sep 15 14:37:58
ClubCorp Holdings announces quarterly dividend of $0.13. Payable on 10/15/2015. 2.21% Yield. http://t.co/OTdKSbFDup $MYCC #MYCC
Consumer News
4 Sep 15 14:37:36
ClubCorp Holdings announces quarterly dividend of $0.13. Payable on 10/15/2015. 2.21% Yield. http://t.co/lZKajUPXZ3 $MYCC #MYCC
wsnewspublishers
4 Sep 15 08:39:54
Stocks in the Spotlight: http://t.co/giaBimnLUP $CSC $ANET $CSTM $MYCC
Seeking Alpha
3 Sep 15 14:07:05
ClubCorp declares $0.13 dividend http://t.co/Ip0qxidEfe $MYCC
Breaking News
3 Sep 15 14:07:05
ClubCorp declares $0.13 dividend http://t.co/NxiXTmFUMa $MYCC
Jason A. Moser
3 Sep 15 12:18:40
Was asked abt golf stocks on #Periscope, called out $MYCC. Been a year since I put this together; time to update it: https://t.co/RafRi90fuG
WKRB News
3 Sep 15 09:59:55
ClubCorp Holdings Stock Rating Upgraded by Zacks $MYCC http://t.co/GbIsNrhL1e
Trader Daily
3 Sep 15 08:35:04
Strong And Under The Radar Today: ClubCorp Holdings $MYCC $MYCC http://t.co/09VXhODoXT
Bluegrass Capital
3 Sep 15 08:26:40
ClubCorp $MYCC likely beneficiary of rising home sales trends http://t.co/dM0trgsbs6
InvestWithConf
3 Sep 15 08:01:02
$MYCC is rated BUY, 20.9% upside by Wall Street analysts based on average ratings/targets http://t.co/LRaNiOEUxj http://t.co/7Dll0btZ1Y
US Banking News
3 Sep 15 07:31:27
Investment Analysts’ Recent Ratings Updates for ClubCorp Holdings $MYCC http://t.co/W1DzthRJ66
Ticker Report
3 Sep 15 07:27:12
Investment Analysts’ Recent Ratings Updates for ClubCorp Holdings $MYCC http://t.co/X1xxWB6iA8
Dakota Financial
3 Sep 15 07:23:59
Investment Analysts’ Recent Ratings Updates for ClubCorp Holdings $MYCC http://t.co/ChXLFecw1W
Consumer News
3 Sep 15 07:20:05
Investment Analysts’ Recent Ratings Updates for ClubCorp Holdings $MYCC http://t.co/AA4Wblbw3g #acn
BreakingStocksNews
3 Sep 15 04:27:03
$AXON $MYCC: Hot Alert: Threshold Pharmaceuticals Inc. (NASDAQ:THLD), Axovant …: http://t.co/MPM5HPJwB5
Capital Market Labs
3 Sep 15 02:14:37
Interactive Chart -> http://t.co/H1SxBQxGom $MYCC Revenue is Increasing. http://t.co/QTl2r7ohp6
Sandro Piancone
2 Sep 15 08:25:35
RT @USEarningsCal: $CLFD $MYCC $CMS $KOFL.MX $CFX $CBAN $COLB $CMCSA $CEFC $CWBC $POM.PA $CNOB $CTCT $CLGX $COR $CSGN.VX $CSR.L $CUBI $CY $…
Sleek Money
2 Sep 15 04:21:25
ClubCorp Holdings Upgraded by Zacks to “Hold” $MYCC http://t.co/vLrMS2kJrR
The Legacy News
2 Sep 15 04:13:24
ClubCorp Holdings Upgraded by Zacks to “Hold” $MYCC http://t.co/N2lMk9LjTH
Consumer News
1 Sep 15 19:42:37
ClubCorp Holdings Raised to “Hold” at Zacks $MYCC http://t.co/0WxTSbzpVP #acn
Media Sentiment
1 Sep 15 17:04:51
$MYCC received a new alert. Find out why at http://t.co/nZwqReM0tj #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 538
US Banking News
1 Sep 15 17:00:07
ClubCorp Holdings Upgraded at Zacks $MYCC http://t.co/lvBZsjXBLD
Ticker Report
1 Sep 15 16:57:47
ClubCorp Holdings Upgraded at Zacks $MYCC http://t.co/AGPtA4HN9u
Dakota Financial
1 Sep 15 16:54:56
ClubCorp Holdings Upgraded at Zacks $MYCC http://t.co/gcbRnOUbKY
TimeForGrowth
1 Sep 15 15:49:02
$MYCC: Wall Street analysts bullish on MYCC's earnings growth: http://t.co/GWwXPpyORW http://t.co/0tLGxGs2cJ
dailystockplays.com
1 Sep 15 15:14:41
MACD Bullish http://t.co/iduAlD96tJ $VQT $LULU $SNDK $FTSL $ALTR $THRM $ULST $TLK $MSCC $CBF $PHDG $NGVC $OVTI $MYCC $CCU $NVEE $KATE $HPS
ProVesting
31 Aug 15 20:42:05
$MYCC: ClubCorp Holdings, Inc. Analyst Rating Update: http://t.co/xyo8z0vWn8
stockschamp
31 Aug 15 06:38:22
Gains Over 2500% In one Trade.. Subscribe Here! http://t.co/8WvnrVmkBS .. $MYCC $MYD $MYE
BreakingStocksNews
28 Aug 15 12:15:04
$MYCC: ClubCorp Holdings, Inc. (NYSE:MYCC) Given PT Range of $26-$31: http://t.co/iQvD5vpOZ1
WKRB News
28 Aug 15 12:07:23
Zacks Upgrades ClubCorp Holdings to Hold $MYCC http://t.co/rGgK3svvTW
Sleek Money
28 Aug 15 12:06:47
ClubCorp Holdings Stock Rating Reaffirmed by MKM Partners $MYCC http://t.co/nXBEiamPks
Amy
28 Aug 15 10:49:49
$MYCC Breakdown retest, watching for short http://t.co/Kyz9Cstepp
BreakingStocksNews
27 Aug 15 23:54:05
$MYCC: ClubCorp Holdings, Inc. (NYSE:MYCC) Price Target Update: http://t.co/nFDKFnt0RE
WKRB News
27 Aug 15 09:54:52
ClubCorp Holdings Given Buy Rating at MKM Partners $MYCC http://t.co/idQ2Q35DpM
				
				
By  +Follow September 19, 2013 2:00PM
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