Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Value
$20.00
$22.00
5.500
4.500
6.0%
15.0%
15.0%
100.0%
Yes
$0.0
0.0
0.0
0.1
0.7
3.0
1.5
0.1
Issuer Assumptions
($ and shares in millions, except per share amounts)
Value
20.300
26.100
$20.00
2.900
$70.0
$95.0
$20.00
2.900
1 (shares in millions)
$18.00
$19.00
$23.00
20.300
26.100
46.400
46.400
20.300
26.100
46.400
46.400
20.300
26.100
46.400
46.400
20.300
26.100
46.400
0.378
46.778
20.300
26.100
46.400
0.138
46.538
20.300
26.100
46.400
0.264
46.664
$24.00
20.300
26.100
46.400
0.483
46.883
IPO Calculations
Filing Range
Midpoint
Low
High
$20.00
$21.00
$22.00
Shares offered
Primary shares issued
Secondary shares sold
Base deal shares issued/sold
Overallotment primary shares
Overallotment secondary shares
Total overallotment
Total shares issued/sold
5.500
4.500
10.000
1.500
1.500
11.500
5.500
4.500
10.000
1.500
1.500
11.500
5.500
4.500
10.000
1.500
1.500
11.500
46.400
7.000
53.400
46.538
7.000
53.538
46.664
7.000
53.664
$200.0
30.0
$230.0
$210.0
31.5
$241.5
$220.0
33.0
$253.0
$20.00
(1.20)
$18.80
$21.00
(1.26)
$19.74
$22.00
(1.32)
$20.68
Shares
Offering Size
Base deal
( + ) Overallotment
Total offering size
IPO Discount & Fees
Underwriting discount
IPO price per share
( ) Underwriting discount (6.0%)
Net IPO price per share
Offering expenses
SEC registration fee
FINRA Filing fee
Nasdaq listing fees and expenses
Transfer agent and registrar fees and expenses
Printing fees and expenses
Legal fees and expenses
Accounting fees and expenses
Miscellaneous
Total expenses
$0.0
0.0
0.0
0.1
0.7
3.0
1.5
0.1
$5.5
$0.0
0.0
0.0
0.1
0.7
3.0
1.5
0.1
$5.5
$0.0
0.0
0.0
0.1
0.7
3.0
1.5
0.1
$5.5
IPO Proceeds
Gross primary proceeds
( ) Underwriting discount
( ) Expenses
Net primary proceeds
Valuation
Market capitalization
$140.0
(8.4)
(5.5)
$126.1
$147.0
(8.8)
(5.5)
$132.7
$154.0
(9.2)
(5.5)
$139.3
IPO valuation
( + ) IPO discount
Fully distributed ("FD") valuation
$1,068.0
160.2
$1,228.2
$1,124.3
168.6
$1,292.9
$1,180.6
177.1
$1,357.7
2013E earnings
Implied 2013 IPO P/E multiple
Implied 2013 FD P/E multiple
$70.0
15.3x
17.5x
$70.0
16.1x
18.5x
$70.0
16.9x
19.4x
2014E earnings
Implied 2014 IPO P/E multiple
Implied 2014 FD P/E multiple
$95.0
11.2x
12.9x
$95.0
11.8x
13.6x
$95.0
12.4x
14.3x