Scaleable Solar with Enphase (ENPH) and BrightSource (BRSE) Report March 30, 2012 - Enphase turns so

One the household names in cruises is on the road now. The company is fairly brighton hotels large with revenues brighton hotels of $2.3B and $540M in EBITDA for the 12 months ended September 2012. The company is substantially remade in terms of management starting with the CEO Kevin Sheehan in 2007. All but three of the top dozen managers were hired by Sheehan. Overall they hail from a combination of cruise, travel brighton hotels and consumer finance businesses. The transition included the rationalization and focusing of the fleet with a branded experience. This is a classic private equity deal (led by Apollo and TPG) to turn around an ailing company in an established industry.
The market in North America is made up of just three large companies. It s capital intensive with long-lead times for new capacity. brighton hotels The company manages to collect consumer deposits for cruises on new ships up to 18 months before launch.
Like many of our readers we have not been on a cruise. However the industry has grown consistently over the last decade so it s clear that quite a few people do enjoy cruises. [North brighton hotels American demographics probably favor even better growth as an aging population finds air travel and long drives less appealing.]
Yield and revenue management for cruises is a critical part of the business. Avoiding having empty spots close to the date of sail is necessary to avoid heavy discounting. Growth has been fairly flat the last few years but is poised to accelerate brighton hotels with new ships coming online starting in 2Q2013 with the Breakaway ship sailing for the first time.
As far as differentiation goes Norwegian credits their freestyle cruising offering which allows patrons to dine and experience entertainment on their own schedule and inclinations brighton hotels instead of the old fashioned dinner and a show style of offering. The newer ships offer as many as 20 different dining options plus several branded entertainment options. The new Breakaway will offer three Broadway shows onboard as well.
The most obvious risk to the story is the consumer spending environment which impacts any high end consumer leisure activity. Although spending on cruises is probably more discretionary than other categories the longer lead times for bookings can help to smooth that out. Additional smaller factors include potential delays in the delivery of new ships and/or weather events that could delay or cancel planned cruises. Fuel costs are also a key element of the margins so have to be watched and managed.
Norwegian got sweet financing of 2.9% for their new ships which helps the balance sheet. Existing debt is close to $3B at much higher brighton hotels rates. Coverage of interest is more than adequate and there are no major near-term financings coming due according to management.
There will be over 200 million shares outstanding after the offering for a market brighton hotels capitalization of $3.4B. Combined with the debt this yields a TEV of $6.4B or 2.8x sales. Turns out that s the average for a few names we threw together in hospitality brighton hotels but a bit above the other cruise operators which trade at 2.2x sales. This comp group will probably come in handy as Sea World gets ready to market their IPO later this year.
Shutterstock (SSTK) IPO Note October 1, 2012 - Shutterstock provides rights-managed online images and video assets for commercial brighton hotels use. They also serve content providers with a way to monetize their content. Competes with iStockPhoto which is part of Getty Images. Getty was acquired by Carlyle for $3.3B. Our IV for SSTK is between $30 and $35.
Palo Alto Networks (PANW) IPO Note July 19, 2012 - Palo Alto Networks is another emerging leader in information security. In this case they are viewed brighton hotels as the best "application aware firewall" beating out established players like Cisco and Check Point. Our IV for 2013 is $45.
IPO Candygram July 5 2012  " Candy Apples " The month of June showed some improvement in overall performance and a few deals squeaked out in the last week. Our ecosystem overview, performance and pipeline tables brighton hotels are all included.
Ellie Mae (ELLI) IPO Note June 12, 2012 - Ellie Mae is using technology and a platform to streamline and automate the old clunky mortgage process for both originators and consumers. Our IV for 2013 is $20.80.
IPO Candygram June 4 2012  " Sour Patch Kids " The month of May was a rough time in the general market and for IPO names. Facebook management provided the "sour patch kids" theme this month. Our Ecosystem overview, multiple performance *new* and pipeline tables are all included.
Facebook (FB) IPO Note May 16, 2012 - Facebook prepares for liftoff this week. This note focuses on more on the larger forward execution measures. Shares brighton hotels should settle in between $50 and $60 - our IV figures for 2012 and 2013.
IPO Candygram May 3 2012   " Berries & Cream " The month of April was a bit slower as the market in general and IPO names in particular paused brighton hotels after three months of solid performance. May is already off to a busy start though. brighton hotels Our Ecosystem Overview, Multiple Performance *new* and Pipeline tables are all included.
Splunk IPO Research Note April 16, 2012 - Splunk is taking brighton hotels log file analysis out of the IT basement to help organizations manage applications, operations and even web and internet traffic. Our IV of $10.33 brighton hotels is below the increased pricing brighton hotels range.
Scaleable Solar with Enphase (ENPH) and BrightSource (BRSE) Report March 30, 2012 - Enphase turns solar panels from DC to AC with "micro inverters" and BrightSource turns solar energy into conventional steam power for utility electricity brighton hotels generation.
CafePress (PRSS) IPO Report March 19, 2012   - CafePress provides customized low-volume products which allows brighton hotels consumers to create their own goods. brighton hotels The company also offers a marketplace. A small offering and low share count should help the IPO. Our intrinsic brighton hotels valuation is $30.
Ceres (CERE) Pre-IPO Report   - Ceres is a bioengineering firm that creates high yield seeds. As a development stage company it's difficult to value but if they execute an IV of $65 or higher can be supported.