Research Reports

The following reports are in PDF files and may require a Toffee or higher subscription.

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 should settle in between $50 and $60 – our IV figures for 2012 and 2013.

Proofpoint (PFPT) IPO Note May 10, 2012 - Proofpoint provides enterprise information security solutions for email using a cloud-based SaaS approach. Our LTIV is $12.50.

Audience IPO Research Note April 30, 2012 - Audience provides the voice processing behind speech applications like Apple Siri and has a strong relationship with Samsung. Our IV is $35/share.

Tumi IPO Research Note April 18, 2012 - TUMI is a strong brand in travel and executive circles for briefcases and luggage. Well managed and very profitable. Our IV is $20-24/share.

Splunk IPO Research Note April 16, 2012 – Splunk is taking log file analysis out of the IT basement and using to to help organizations manage applications, operations and even begin to understand web and internet traffic better. Increased proposed pricing puts the valuation above our IV of $10.33.

Scaleable Solar with Enphase (ENPH) and BrightSource (BRSE) Report March 30, 2012 – Solar has been a difficult investment space but two new public companies are more interesting from a growth equity perspective. Enphase turns solar panels from DC to AC with “micro inverters” and BrightSource turns solar energy into conventional steam power for utility electricity generation. If you are interested in alternative energy and solar investing these are both worth a closer look.

CafePress (PRSS) IPO Report March 19, 2012 - CafePress provides customized low-volume products which allows consumers to create their own goods. The company also offers a marketplace solution for designers to offer products without having to make investments in inventory. It’s a niche that may or may not be secure. A small offering and low share count should help the IPO. Our intrinsic valuation is $30.

Bazaarvoice (BV) IPO Report February 29, 2012 - Bazaarvoice managed to price and trade up strongly in the aftermarket for reasons that elude us. There are few barriers to entry in their business and given the long path to profits our IV can only be pushed to $7 compared to the current trading price of $16.75.

Yelp (YELP) Pre-IPO Report February 28, 2012 - Yelp is a strong emerging consumer internet company that collects user-driven content around local businesses. They use the content to drive advertising and marketing revenue from the businesses but it’s a high-cost model. Our IV is $15.

Proto Labs (PRLB) Pre-IPO Report February 21, 2012 - Proto Labs specializes in turning 3D designs into manufactured parts in a fraction of the time that conventional approaches require. We see them as another great way to play the 3D segment of RealVR. Our IV is $32.

Ceres (CERE) Pre-IPO Report February 13, 2012 - Ceres is a bioengineering firm that creates special seeds that improve yields and crop efficiency. They focus on the less controversial area of energy (biofuel feedstocks) and are enjoying robust early adoption in Brazil. As a development stage company it’s difficult to value but if they execute an IV of $65 or higher can be supported based on their high gross margins, patent protection and large potential market.

BrightCove (BCOV) Pre-IPO Report February 8, 2012 - Brightcove is a video packaging and distribution platform for high-end customers. They are the technology leader in the space. This report is longer than usual since we published a full report for a client back in March of 2010. This version updates the content and benefits from a much better valuation analysis now that we have the real numbers. Our IV of $13 compares to the $10-12 filing range.

AVG Technologies (AVG) IPO Note January 31, 2012 - AVG is well known as the “free anti-virus software company” but they have leveraged their large installed base of 106 million active users to drive revenue and expand their product online. Our IV of $36 compares favorably to the $16-18 filing range.

Guidewire Software (GWRE) IPO Note January 25, 2012 - Guidewire is a software supplier with a suite of enterprise applications for the P&C segment of the insurance industry. The company has a strong solution, solid growth, profits and a good management team. Our IV at the time of the deal pricing is $15.

Verastem (VSTM) IPO Note January 20, 2012 - Verastem is a development stage biotechnology company based in Cambridge, MA that has strong science and profound ambition to help to cure cancer closer to the root of growth by targeting stem cells. It’s a strong management team and stellar advisory board. The fundamentals will take a decade to unfold but Verastem is a blue chip in the development stage biotechnology names.

Renewable Energy (REGI) IPO Note January 19, 2012 – Despite scale, rapid growth and profitability investors remain leery about the sustainability of biofuels which rely on government regulations for demand. If they can continue to execute though their valuation will be much higher than the $10 issue price.

Zynga (ZNGA) Pre-IPO Research Note December 14, 2011 - The leading social gaming company gets a cool reception from investors yet our IV estimate is $25/share.

Groupon Pre-IPO Coverage October 27 2011 - The controversial social coupon company that has demonstrated monster growth but huge losses in a self-described “land grab.” Both Amazon and Google appear to be strong competitors.

Ubiquiti Networks Pre-IPO Coverage October 13 2011 ($) – Ubiquiti is an unusual play on wireless networking started by an ex-Apple employee. The describe themselves as neither a wireless nor a hardware company although all their revenue comes from wireless hardware. Very high margins.

Trustwave Pre-IPO Report Final August 5 2011

Tangoe Pre-IPO Coverage July 26 2011

Skull Candy Pre-IPO Report July 18 2011

Pandora Updated IPO Preview June 7 2011

Test access for the LinkedIn IPO Preview May 18 2011

LinkedIn IPO Preview May 18 2011

R2 CSOD IPO Snapshot March 17 2011

Pandora Pre IPO March 15 2011

LinkedIn Pre IPO Note February 24 2011

Demand Media Crapification February 14 2011

NPTN Pre-IPO Report January 2011

IntraLinks_Pre_IPO_July_26 2010