Consumer

EverQuote or EverCrap?

Talk about marketing an IPO! The EverQuote ($EVER) IPO roadshow leaves you with the impression that this is a technology company that have made it easy for consumers to get insurance quotes in an online marketplace and buy coverage online. Their presentation is all about their large technology team and the incredible problem they have…

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The Spotify

The Spotify Deal Call it what you will (IPO, DPO, simple listing) but Spotify (NYSE: SPOT) will begin trading in the public markets on April 3rd. The shares have a trading and price history that the company includes in their prospectus – they place a high emphasis on “transparency” in their corporate culture. Spotify is…

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Cardlytics Gets Banks into the Online Ad Game

You know it had to come eventually – banks know what you buy with your debit and credit cards and that’s information that can be sold! It’s a bit sad as ads will intrude into yet another part of your routine. And again you didn’t ask for it, but you’ll be getting it all the…

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Can ADT Dance?

ADT Introduction ADT has been around for a long time – they were founded in 1874 and pioneered the current security monitoring business in 1920. They are the giant in the home and commercial security market with over 8 million customers and 18,000 employees in 200 locations. The company has a checkered history – they…

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Stitch Fix has sown up a good clothing business.

Stitch Fix (SFIX) is a service that aims to upgrade your wardrobe right at home. They have embellished the story by talking about “using AI and data science” to make “the future of retail” for clothing. The company is offering 10 million shares at $18-20 with Goldman Sachs and JP Morgan leading the charge. At…

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Funko Bobbleheads?

It’s hard to believe that Funko (FNKO), a company that makes bobbleheads, is going public – and they say the IPO market isn’t robust! Not only that but the deal is led by Goldman Sachs, JP Morgan and BofA with five other co-managers on the cover. [We have both the FNKO IPO slide deck and roadshow…

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Roku Ready – Updated

We sent out the ROKU notes below on September 27th but are providing a few UPDATES here: “Splitting the difference” turned out to be about right – it suggested $20/share and that’s where ROKU settled the first day of trading. Since then it’s moved up a bit more to $23. There are some reasons to…

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Redfin ignores the elephants.

Redfin (RDFN $12-14) is planning to come public this week. The company is basically an online platform for residential real estate sales. Elephant #1: Zillow Anyone familiar with this space would know that it’s dominated by Zillow (ZG) which has been an active consolidator in the space (they acquired their main competitor Trulia in 2014)….

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PetIQ is a good deal but has a few fleas

PetIQ (PETQ $14-16) is a small (~$350M sales) growth company doing an $85M IPO with Jefferies and William Blair as lead underwriters. The deal looks solid given that the company is gaining share in the large and growing market of pet medications, health and wellness products and flea and tick treatments. For the whole story…

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Trivago Feels Scammy

We like to take a look back at an IPO like Trivago (TRVG) six months after pricing and they have a quarter or two under their belt as a public company. This is also the time that IPO share lockups come off and investors evaluate their positions. Trivago (TRVG) came public late in 2016 and…

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