Bona Film Group Limited (BONA)
|
annualizing Sept 9 mos |
Cap (mm) |
Sales |
Earnings |
BookValue |
TangibleBV |
|
CTPrtnrs Exc Srch CTP |
$88 |
0.7 |
10 |
4.3 |
4.3 |
|
Heidrick & Struggles (HSII) |
$408 |
0.8 |
153 |
0.4 |
0.5 |
|
Korn/Ferry (KFY) |
$833 |
1.2 |
22 |
1.7 |
2.8 |
|
Small IPO which may not get much interest next week. |
|
BUSINESS |
|
. A leading provider of retained executive search services to clients on a global basis.
. Provide services through 15 offices in the Americas, Europe and Asia Pacific, as well as through our six associated offices in Latin America.
. Help clients build stronger leadership teams by facilitating the recruitment and hiring of "C-level" executives, other senior executives and board members. |
|
COMPETITION |
|
Most direct competition comes from the following five global retained executive search firms: Egon Zehnder International, Heidrick & Struggles International (NASDAQ: HSII), Korn/Ferry International (NYSE: KFY), Russell Reynolds Associates, Inc. and Spencer Stuart. |
|
USE OF PROCEEDS |
|
$22.6mm from sale of 1.9mm company shares. Shareholders intend to sell .4mm shares
. $4.5 million to cash out the value of performance units granted to consultants
. $4.3 million in tax costs resulting from conversion from a limited liability company to a "C" corporation
. $1.9mm to prepay in full a promissory note issued by CTP to the former chief executive officer and his family trust
. $1.6mm to prepay $1.6 million executive search consultants
. To hire executive search consultants and for general corporate purposes. |
|
CTPartners Ex Search |
CTP, C+, 6 |
|
|
|
|
Post IPO shares: 6.8mm |
|
Exec Search |
|
|
|
|
|
|
|
New York, NY |
2007 |
2008 |
2009 |
Sept9mos09 |
Sept9mos10 |
IPO Mkt |
|
Revenues ($mm) |
$121 |
$111 |
$76 |
$52 |
$89 |
Cap (mm) |
|
Comp & Benefits % of revenue |
72% |
75% |
63% |
63% |
70% |
$88 |
|
Net income |
$1.3 |
-$1.2 |
$4.8 |
$2.4 |
$6.8 |
@$13 |
|
Net income % of rev |
1% |
-1% |
6% |
5% |
8% |
|
|
Valuation Ratios |
IPO Mrkt |
Price / |
Price / |
Price / |
Price / |
% offered |
|
annualizing Sept 9 mos |
Cap (mm) |
Sales |
Earnings |
BookValue |
TangibleBV |
in IPO |
|
CTPrtnrs Exc Srch CTP |
$88 |
0.7 |
10 |
4.3 |
4.3 |
34% |
|
SCORECARD |
|
Mgt |
Market |
Market Do- |
Proprie- |
Total |
|
1-5, 5 is high |
|
|
Growth |
mination |
tary |
rating |
|
20 is perfect |
|
2 |
1 |
2 |
1 |
6 |
|
COMPARE & CONTRAST |
|
|
|
|
|
|
|
Valuation Ratios |
IPO Mrkt |
Price / |
Price / |
Price / |
Price / |
|
|
annualizing Sept 9 mos |
Cap (mm) |
Sales |
Earnings |
BookValue |
TangibleBV |
|
|
CTPrtnrs Exc Srch CTP |
$88 |
0.7 |
10 |
4.3 |
4.3 |
|
|
Heidrick & Struggles (HSII) |
$408 |
0.8 |
153 |
0.4 |
0.5 |
|
|
Korn/Ferry (KFY) |
$833 |
1.2 |
22 |
1.7 |
2.8 |
|
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