Annie’s (BNNY) and Vocera (VCRA) both IPO’d today.
BNNY trades 133% above Monday’s price range mid-point. VCRA trades 69% above Monday’s price range mid-point.
Looks like bubble territory, as in buyer beware. See comparisons between
- Monday’s price range mid-point
- Today’s IPO price and
- Today’s trading price.
|
Mrkt |
Price / |
Price / |
Price / |
Price increase |
|
| BNNY |
Cap (mm) |
Sales |
Earnings |
BookValue |
over original mid-point |
| original mid-point, $15 |
$252 |
1.9 |
20 |
4.5 |
|
| ipo price, $19 |
$319 |
2.3 |
25 |
5.8 |
27% |
| 1st day price, $32 |
$538 |
4.0 |
42 |
9.7 |
113% |
|
Mrkt |
Price / |
Price / |
Price / |
Price increase |
|
| VCRA |
Cap (mm) |
Sales |
Earnings |
BookValue |
over original mid-point |
| original mid-point, $13 |
$282 |
3.5 |
-113 |
4.5 |
|
| ipo price, $16 |
$347 |
4.3 |
-139 |
5.5 |
23% |
| 1st day price, $22 |
$477 |
6.0 |
-191 |
7.6 |
69% |
ANNIES FINANCIALS
| Annie’s | BNNY, C+, 7 |
Post IPO shares: 17mm |
||||
| Organic foods |
March fiscal |
Dec 9 mos’10 |
Dec 9 mos’11 |
|||
| Berkeley, CA |
2019 |
2010 |
2011 |
2011 |
2011 |
IPO Mkt |
| Revenues ($mm) |
$94 |
$96 |
$118 |
$81 |
$98 |
Cap (mm) |
| Gross profit % of revenue |
31% |
34% |
39% |
38% |
39% |
$252 |
| Pretax-profit |
$2 |
$6 |
$14 |
$9 |
$13 |
@$15 |
| Pretax-profit margin |
2% |
7% |
12% |
11% |
13% |
|
| Taxes |
$0 |
$0 |
-$6 |
-$6 |
$5 |
|
| Net profit, continuing operations |
$2 |
$6 |
$20 |
$15 |
$8 |
|
| Net profit % of revenue |
2% |
7% |
12% |
11% |
13% |
|
| Adj EBITDA |
$4 |
$9 |
$17 |
$11 |
$15 |
|
| Adj EBITDA % of revenue |
5% |
10% |
14% |
13% |
15% |
|
| Quarterly results |
Sept, ’10 |
Dec, ’10 |
March, ’11 |
June ’11 |
Sept ’11 |
Dec ’11 |
| Revenues ($mm) |
$32 |
$25 |
$37 |
$29 |
$39 |
$31 |
| Revenue increase over prior qtr |
-22% |
48% |
-22% |
34% |
-21% |
|
| Gross profit % |
38% |
38% |
41% |
41% |
36% |
41% |
| Net profit, continuing operations |
$10.5 |
$2.0 |
$5.1 |
$1.8 |
$3.6 |
$2.2 |
| Net profit % of revenue |
33% |
8% |
14% |
6% |
9% |
7% |
| Includes tax credit |
$6.2 |
|||||
| BNNY SCORECARD |
Mgt |
Market |
Market Do- |
Proprie- |
Total |
|
| 1-5, 5 is high |
Growth |
mination |
tary |
rating |
||
| 20 is perfect |
2 |
2 |
2 |
1 |
7 |
|
| Valuation Ratios |
IPO Mrkt |
Price / |
Price / |
Price / |
Price / |
% offered |
| 12 mos ended Dec 2011 |
Cap (mm) |
Sales |
Earnings |
BookValue |
TangibleBV |
in IPO |
| Annie’s (BNNY) |
$252 |
1.9 |
20 |
4.5 |
10.7 |
30% |
| COMPARE |
Gross Margin |
|||||
| Annie’s (BNNY) |
$286 |
2.1 |
22 |
5.2 |
10.7 |
39% |
| Hain Celestial Group (HAIN) |
$1,900 |
1.5 |
31 |
2.1 |
-25.7 |
28% |
| Kraft Foods (KFT) |
$67,560 |
1.2 |
19 |
1.9 |
-2.5 |
35% |
VOCERA FINANCIALS
| Vocera Communications | VCRA, C, 6.5 |
Post IPO shares: 22mm |
||||
| Mobile comm for hospitals |
Dec 31 fiscal |
|||||
| San Jose, CA |
2010 |
2010 |
2011 |
IPO Mkt |
||
| Revenues ($mm) |
$41 |
$57 |
$80 |
Cap (mm) |
||
| Product % of revenue |
63% |
63% |
63% |
$282 |
||
| Service % of revenue |
37% |
37% |
37% |
@$13 |
||
| Gross profit % of revenue |
61% |
63% |
60% |
|||
| Net income (loss) |
-$1 |
$1 |
-$3 |
|||
| Net income (loss) % of rev |
-2% |
2% |
-3% |
|||
| Adj EBITDA |
$1 |
$4 |
$3 |
|||
| Adj EBITDA % of revenue |
1% |
7% |
4% |
|||
| Quarterly results |
Sept, ’10 |
Dec, ’10 |
March, ’11 |
June ’11 |
Sept ’11 |
Dec’11 |
| Revenues ($mm) |
$15 |
$17 |
$18 |
$19 |
$20 |
$22 |
| Revenue increase over prior qtr |
14% |
10% |
4% |
7% |
6% |
|
| Gross margin |
63% |
60% |
63% |
60% |
60% |
59% |
| Net income (loss) |
$0.9 |
-$1.9 |
$0.2 |
-$1.5 |
-$0.9 |
-$0.2 |
| Net loss % of revenue |
6% |
-11% |
1% |
-8% |
-4% |
-1% |
| VCRA SCORECARD |
Mgt |
Market |
Market Do- |
Proprie- |
Total |
|
| 1-5, 5 is high |
Growth |
mination |
tary |
rating |
||
| 20 is perfect |
2 |
1.5 |
2 |
1 |
6.5 |
|
| Valuation Ratios |
IPO Mrkt |
Price / |
Price / |
Price / |
Price / |
% offered |
| 2011 year |
Cap (mm) |
Sales |
Earnings |
BookValue |
TangibleBV |
in IPO |
| Vocera Communications(VCRA) |
$282 |
3.5 |
-113 |
4.5 |
5.2 |
27% |
