AcelRx Pharmaceuticals (ACRX)
|
Valuation Ratios |
IPO Mrkt |
Price / |
Price / |
Price / |
Price / |
% offered |
|
annualizing Sept 9 mos |
Cap (mm) |
Sales |
Earnings |
BookValue |
TangibleBV |
in IPO |
|
China Cntry Drgn (CDM) |
$57 |
0.6 |
6 |
1.6 |
1.6 |
16% |
See financials below
|
BUSINESS |
|
. Repackages blocks of advertising time on certain channels on China Central Television ("CCTV").
. Assists customers in identifying the most appropriate advertising time slots for their television commercials based on the customer’s advertising goals and in developing a cost-effective advertising program to maximize their return on their advertising investment |
|
. Provides production services to help clients integrate market resources and find partners to assist with producing the commercials. |
|
CCTV -- As the largest television network in China, CCTV currently has 21 public channels and 19 pay television channels and reaches approximately 90% of the households in the PRC. |
|
GROWTH -- intends to increase purchases of advertising time aired on CCTV to help clients reach a diverse audience, using IPO proceeds to acquire larger blocks of time. |
|
COMPETITION |
|
. CCTV’s advertising time, particularly prime-time advertising time, is limited and is highly coveted by advertisers and advertising agencies.
. As a result, there is intense competition for such advertising time. In particular, we face intense competition for CCTV related advertising business from a number of domestic competitors, such as Walk-On Advertising Co., Ltd. (San Ren Xing) and Vision CN Communications Group (Tong Lu), Charm Communications, Inc. and China Mass Media Corp., which may have competitive advantages, such as significantly greater financial, marketing or other resources or stronger market reputation. |
|
USE OF PROCEEDS |
|
$7.2 million, from sale of 1.4mm shares |
|
20% to obtain more advertising time, 40% to obtain advertising time and cooperation rights on regional television stations; and 40% for general corporate purposes. |
|
China CenturyDrgnMedia |
CDM, C+, 7 |
|
|
|
|
Post IPO shares: 9mm |
|
TV ad agency |
|
|
|
|
|
|
|
Guangdong, CN |
2008 |
2008 |
2009 |
Sept9mos09 |
Sept9mos10 |
IPO Mkt |
|
Revenues ($mm) |
$17 |
$45 |
$74 |
$38 |
$70 |
Cap (mm) |
|
Gross margin % of rev |
7% |
10% |
12% |
11% |
11% |
$57 |
|
Net income (loss) |
$1 |
$5 |
$11 |
$4 |
$7 |
@$6.5 |
|
Net income % of rev |
7% |
10% |
15% |
11% |
10% |
|
|
Valuation Ratios |
IPO Mrkt |
Price / |
Price / |
Price / |
Price / |
% offered |
|
annualizing Sept 9 mos |
Cap (mm) |
Sales |
Earnings |
BookValue |
TangibleBV |
in IPO |
|
China Cntry Drgn (CDM) |
$57 |
0.6 |
6 |
1.6 |
1.6 |
16% |
|
SCORECARD |
|
Mgt |
Market |
Market Do- |
Proprie- |
Total |
|
1-5, 5 is high |
|
|
Growth |
mination |
tary |
rating |
|
20 is perfect |
|
2 |
2 |
2 |
1 |
7 |
|
