IPOs, Initial Public Offerings: pre & post IPO

Annie’s & Vocera: bubbles?

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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%

 

 

 

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