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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
InvestWithConf
1 Jul 15 10:35:02
$MYCC is rated BUY, 13.4% upside by Wall Street analysts based on average ratings/targets http://t.co/LRaNiOEUxj http://t.co/mVwrTs15Uz
TimeForGrowth
1 Jul 15 08:03:03
$MYCC: Wall Street analysts bullish on MYCC's earnings growth: http://t.co/GWwXPpyORW http://t.co/CnJjQdBmLM
Breaking News Now
30 Jun 15 08:29:03
$MYCC: ClubCorp: Aggressive M&A To Hide Declines (MYCC): http://t.co/puI3r3qcnp
Long & Short Ideas
30 Jun 15 08:19:23
ClubCorp: Aggressive M&A To Hide Declines http://t.co/qJOhgbIY2l $MYCC
Seeking Alpha
30 Jun 15 08:19:23
ClubCorp: Aggressive M&A To Hide Declines http://t.co/dggfIUiR4Q $MYCC
Bruce H Snyder
29 Jun 15 12:23:03
$MYCC $0.13 div tomorrow. Jul 22.50 Calls on the fence for possible early assignment, due to wide bid/ask. Discuss w/ your broker. S=$23.72
thelidlives
29 Jun 15 09:42:47
$mycc Barrons really misses the mark
Money News 24h
29 Jun 15 08:32:19
ClubCorp is thriving with strategy focused on acquisitions and on sprucing up properties: http://t.co/v3lsuHm9fZ $MYCC …
Investing Insight
29 Jun 15 08:31:42
barronsonline: ClubCorp is thriving with strategy focused on acquisitions and on sprucing up properties: http://t.co/PY9CgswETW $MYCC
Barron's
29 Jun 15 08:19:03
ClubCorp is thriving with strategy focused on acquisitions and on sprucing up properties: http://t.co/gtoaCoVPM5 $MYCC
BNK Invest
29 Jun 15 07:32:56
Ex-Dividend Reminder: Walt Disney, ClubCorp Holdings and American Eagle Outfitters $DIS $MYCC $AEO #dividends http://t.co/wRu86Okqs0
Penny Stock Secret
29 Jun 15 07:31:18
The Most Accurate Stock Alert Service Made $240,000 Yesterday http://t.co/SVqoMkrw2z .. $MYCC $MYD $MYE
The Legacy News
29 Jun 15 05:27:37
ClubCorp Holdings to Issue Quarterly Dividend of $0.13 on July 15th $MYCC http://t.co/MfoelMyOZ8
TimeForGrowth
28 Jun 15 21:07:02
$MYCC: Wall Street analysts bullish on MYCC's earnings growth: http://t.co/GWwXPpyORW http://t.co/6wwJdHtspM
Retired Tennis Bum
28 Jun 15 15:22:20
@barronsonline $MYCC is loaded with a billion of debt, with $209 million of equity.
Breaking News
28 Jun 15 12:59:03
$MYCC: Company Shares of ClubCorp Holdings, Inc. Drops by -0.92%: http://t.co/JIhskqBa3w
Money News 24h
28 Jun 15 12:20:20
ClubCorp is likely to keep hitting it straight down the fairway, given its accomplishments since its IPO: http://t.co/v3lsuHm9fZ $MYCC …
Bryan Priest
28 Jun 15 12:19:48
RT @barronsonline: ClubCorp is likely to keep hitting it straight down the fairway, given its accomplishments since its IPO: http://t.co/gt…
Barron's
28 Jun 15 12:19:06
ClubCorp is likely to keep hitting it straight down the fairway, given its accomplishments since its IPO: http://t.co/gtoaCoVPM5 $MYCC
ZOZO
28 Jun 15 11:08:20
$MYCC ClubCorp stock 'still looks attractive' despite recent gains, Barron's
Money News 24h
27 Jun 15 09:21:19
ClubCorp appears to have significant upside as it links up with smaller golf and country-club operators: http://t.co/v3lsuHm9fZ $MYCC …
Barron's
27 Jun 15 09:08:02
ClubCorp appears to have significant upside as it links up with smaller golf and country-club operators: http://t.co/gtoaCoVPM5 $MYCC
Breaking News
27 Jun 15 06:09:03
$MYCC: ClubCorp Provides Investors With Interesting Prospects (MYCC): http://t.co/7Li6HulFZh
Long & Short Ideas
27 Jun 15 06:04:35
ClubCorp Provides Investors With Interesting Prospects http://t.co/xOLUbNC9oz $MYCC
Seeking Alpha
27 Jun 15 06:04:35
ClubCorp Provides Investors With Interesting Prospects http://t.co/xix4ImVrsn $MYCC
Breaking News
26 Jun 15 19:47:01
$GOOG $FB $TWTR $APPL $DIS $BRK.A $V $MYCC $LM: This Weekend's Barron's: Inflated Earnings in Silicon Valley ...: http://t.co/hqTQylOHOs
ProTradersNews
26 Jun 15 19:47:01
$MYCC: ClubCorp: Still Hitting It Straight Down the Fairway: http://t.co/ImyJbI6DQt
BreakingStocksNews
26 Jun 15 14:35:01
$MYCC: New Insider Transaction on MYCC by Director: http://t.co/VOm32QOZYc
Insider Alerts
26 Jun 15 14:34:07
NEW insider transaction on $MYCC reported a moment ago: http://t.co/ybyvnkR4p5
NASDAQ
26 Jun 15 14:34:06
$MYCC - Statement of Changes in Beneficial Ownership (4) http://t.co/5AdBdUW6UY
NASDAQ
26 Jun 15 14:34:06
$MYCC - Statement of Changes in Beneficial Ownership (4) http://t.co/b5FPUmJlSE
NASDAQ
26 Jun 15 14:34:05
$MYCC - Statement of Changes in Beneficial Ownership (4) http://t.co/Pf62r4gsDp
NASDAQ
26 Jun 15 14:34:04
$MYCC - Statement of Changes in Beneficial Ownership (4) http://t.co/RcImPXu3WK
NASDAQ
26 Jun 15 14:19:09
$MYCC - Current Report Filing (8-k) http://t.co/l5e6j1Er4Y
NASDAQ
26 Jun 15 13:54:01
$MYCC - ClubCorp Announces Corrected Stockholders of Record Date http://t.co/XmlrWYm9V7
Breaking News Now
26 Jun 15 04:59:04
$MYCC: ClubCorp Holdings, Inc. Price Target Update: http://t.co/2invTzLMsN
WKRB News
25 Jun 15 19:04:33
ClubCorp Holdings to Issue Dividend of $0.13 on July 15th $MYCC http://t.co/H9HvDOehXz
Dakota Financial
25 Jun 15 18:34:10
ClubCorp Holdings Plans Dividend of $0.13 $MYCC http://t.co/1jQhxN4Prz
Ticker Report
25 Jun 15 15:26:40
ClubCorp Holdings Plans Dividend of $0.13 $MYCC http://t.co/VHFSWDpbFD
ProTradersNews
25 Jun 15 15:25:02
$MYCC: ClubCorp Holdings Plans Dividend of $0.13 (MYCC): http://t.co/OBCVGBPRd9
Sleek Money
25 Jun 15 15:20:52
ClubCorp Holdings Plans Dividend of $0.13 $MYCC http://t.co/fdhWG2RDm9
Consumer News
25 Jun 15 13:34:12
ClubCorp Holdings announces dividend of $0.13. Payable on 7/15/2015. http://t.co/M0hFC11yrK $MYCC #MYCC
US Banking News
25 Jun 15 13:34:10
ClubCorp Holdings announces dividend of $0.13. Payable on 7/15/2015. http://t.co/3cEY8wryZe $MYCC #MYCC
Breaking News
25 Jun 15 13:20:48
ClubCorp declares $0.13 dividend http://t.co/4g8XBche5j $MYCC
NASDAQ
25 Jun 15 13:05:02
$MYCC - ClubCorp Announces Quarterly Dividend of $0.13 http://t.co/qVUSGAENhY
Sleek Money
23 Jun 15 09:35:41
ClubCorp Holdings Receives $24.55 Consensus PT from Analysts $MYCC http://t.co/Qy7JtoRc1Z
				
				
By  +Follow September 19, 2013 2:00PM
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