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老王学投资
老王学投资
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2021-10-01
$OVERSEA-CHINESE BANKING CORP(O39.SI)$
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2021-09-25
$OVERSEA-CHINESE BANKING CORP(O39.SI)$
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2021-09-25
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IPO opening reminder: Clearwater Analytics opens for trading at $23.8, up about 32% from IPO price
(Sept 24) Clearwater Analytics Holdings, Inc. opens for trading at $23.8, up about 32% from IPO pric
IPO opening reminder: Clearwater Analytics opens for trading at $23.8, up about 32% from IPO price
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老王学投资
老王学投资
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2021-09-22
$OVERSEA-CHINESE BANKING CORP(O39.SI)$
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2021-09-22
$OVERSEA-CHINESE BANKING CORP(O39.SI)$
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老王学投资
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2021-09-18
$OVERSEA-CHINESE BANKING CORP(O39.SI)$
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2021-09-18
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2021-09-18
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US IPO Week Ahead: Software, consumer products, and payment tech lead a diverse 14 IPO week
Summer may be over, but the IPO market is just heating up as 14 IPOs are slated to raise $5.3 billio
US IPO Week Ahead: Software, consumer products, and payment tech lead a diverse 14 IPO week
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2021-09-17
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S&P ends modestly lower as rising Treasury yields offset robust retail data
NEW YORK (Reuters) - The S&P 500 ended slightly down on Thursday, paring losses in late trading afte
S&P ends modestly lower as rising Treasury yields offset robust retail data
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2021-09-17
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href=\"https://laohu8.com/S/O39.SI\">$OVERSEA-CHINESE BANKING CORP(O39.SI)$</a>😭😭😭","listText":"<a href=\"https://laohu8.com/S/O39.SI\">$OVERSEA-CHINESE BANKING CORP(O39.SI)$</a>😭😭😭","text":"$OVERSEA-CHINESE BANKING CORP(O39.SI)$😭😭😭","images":[{"img":"https://static.tigerbbs.com/299af8492b9b48fcc9860695a429b13b","width":"720","height":"2323"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/861274155","isVote":1,"tweetType":1,"viewCount":1610,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":861274080,"gmtCreate":1632508037040,"gmtModify":1632714609491,"author":{"id":"3582026355722835","authorId":"3582026355722835","name":"老王学投资","avatar":"https://static.tigerbbs.com/6ed9b11b8a93052bca6dd0580975059d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582026355722835","authorIdStr":"3582026355722835"},"themes":[],"htmlText":"Like and comment please ","listText":"Like and comment please ","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/861274080","repostId":"1114004721","repostType":4,"repost":{"id":"1114004721","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1632496493,"share":"https://www.laohu8.com/m/news/1114004721?lang=&edition=full","pubTime":"2021-09-24 23:14","market":"us","language":"en","title":"IPO opening reminder: Clearwater Analytics opens for trading at $23.8, up about 32% from IPO price","url":"https://stock-news.laohu8.com/highlight/detail?id=1114004721","media":"Tiger Newspress","summary":"(Sept 24) Clearwater Analytics Holdings, Inc. opens for trading at $23.8, up about 32% from IPO pric","content":"<p>(Sept 24) <b><a href=\"https://laohu8.com/S/CWAN\">Clearwater Analytics Holdings, Inc.</a></b> opens for trading at $23.8, up about 32% from IPO price.</p>\n<p><img src=\"https://static.tigerbbs.com/076505c7b70dbe2ad6cfcae8c44f52cb\" tg-width=\"902\" tg-height=\"557\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Company & Technology</b></p>\n<p>Boise, Idaho-based Clearwater was founded to develop a SaaS platform to simplify investment accounting and analysis for asset managers, insurance companies and large corporations.</p>\n<p>Management is headed by Chief Executive Officer Sandeep Sahai, who has been with the firm since September 2016 and was previously CEO of Solmark, an investment partnership.</p>\n<p>The company’s primary offerings include:</p>\n<ul>\n <li><p>Investment accounting and reporting</p></li>\n <li><p>Performance measurement</p></li>\n <li><p>Compliance monitoring</p></li>\n <li><p>Risk analysis</p></li>\n</ul>\n<p>Clearwater has received at least $421 million in notes payable in equity investment from investors including Welsh Carson, Permira, Warburg Pincus and Dragoneer.</p>\n<p><b>Customer Acquisition</b></p>\n<p>The firm pursues client relationships with asset managers, insurance companies and large corporations via a direct sales and marketing force that is focused on the United States.</p>\n<p>CWAN also has international clients and will seek to expand its international presence post-IPO.</p>\n<p>Clearwater handles data on over $5.6 trillion in assets between more than 1,000 clients.</p>\n<p>Sales and Marketing expenses as a percentage of total revenue have varied as revenues have increased, as the figures below indicate:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n <tr>\n <td><p><b>Sales and Marketing</b></p></td>\n <td><p><b>Expenses vs. Revenue</b></p></td>\n </tr>\n <tr>\n <td><p>Period</p></td>\n <td><p>Percentage</p></td>\n </tr>\n <tr>\n <td><p>Six Mos. Ended June 30, 2021</p></td>\n <td><p>13.6%</p></td>\n </tr>\n <tr>\n <td><p>2020</p></td>\n <td><p>10.9%</p></td>\n </tr>\n <tr>\n <td><p>2019</p></td>\n <td><p>11.4%</p></td>\n </tr>\n </tbody>\n</table>\n<p>The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, dropped to 1.4x in the most recent reporting period, as shown in the table below:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n <tr>\n <td><p><b>Sales and Marketing</b></p></td>\n <td><p><b>Efficiency Rate</b></p></td>\n </tr>\n <tr>\n <td><p>Period</p></td>\n <td><p>Multiple</p></td>\n </tr>\n <tr>\n <td><p>Six Mos. Ended June 30, 2021</p></td>\n <td><p>1.4</p></td>\n </tr>\n <tr>\n <td><p>2020</p></td>\n <td><p>1.6</p></td>\n </tr>\n </tbody>\n</table>\n<p>The Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.</p>\n<p>CWAN’s most recent calculation was 41% during the six months ended June 30, 2021, so the firm has performed well in this regard, per the table below:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n <tr>\n <td><p><b>Rule of 40</b></p></td>\n <td><p><b>Calculation</b></p></td>\n </tr>\n <tr>\n <td><p>Recent Rev. Growth %</p></td>\n <td><p>24%</p></td>\n </tr>\n <tr>\n <td><p>EBITDA %</p></td>\n <td><p>17%</p></td>\n </tr>\n <tr>\n <td><p>Total</p></td>\n <td><p>41%</p></td>\n </tr>\n </tbody>\n</table>\n<p>The firm’s dollar-based net revenue retention rate for June 30, 2021 was 109%, a reasonably good result.</p>\n<p>The dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.</p>\n<p><b>Market & Competition</b></p>\n<p>According to a 2021 marketresearch reportby Market Primes, the global investment management software market was an estimated $3 billion in 2019 and is forecast to reach nearly $4.5 billion by 2025.</p>\n<p>This represents a forecast CAGR of 10.2% from 2019 to 2025.</p>\n<p>The main drivers for this expected growth are a desire by users to automate repetitive tasks so they can focus on maximizing portfolio performance and creating more sophisticated approaches.</p>\n<p>Also, assessing risks and exposures and being able to efficiently report and share the information with stakeholders will drive demand for more capable solutions.</p>\n<p>Major competitive or other industry participants include:</p>\n<ul>\n <li><p>SS&C</p></li>\n <li><p>State Street</p></li>\n <li><p>SAP</p></li>\n <li><p>BNY Mellon (Eagle)</p></li>\n <li><p>Simcorp</p></li>\n <li><p>BlackRock</p></li>\n <li><p>FIS</p></li>\n <li><p>Northern Trust</p></li>\n <li><p>Others</p></li>\n</ul>\n<p><b>Financial Performance</b></p>\n<p>Clearwater’s recent financial results can be summarized as follows:</p>\n<ul>\n <li><p>Strong topline revenue growth</p></li>\n <li><p>Increasing gross profit and gross margin</p></li>\n <li><p>A swing to operating profit and net profit</p></li>\n <li><p>Uneven cash used in operations</p></li>\n</ul>\n<p>Below are relevant financial results derived from the firm’s registration statement:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n <tr>\n <td><p><b>Total Revenue</b></p></td>\n </tr>\n <tr>\n <td><p>Period</p></td>\n <td><p>Total Revenue</p></td>\n <td><p>% Variance vs. Prior</p></td>\n </tr>\n <tr>\n <td><p>Six Mos. Ended June 30, 2021</p></td>\n <td><p>$ 117,770,000</p></td>\n <td><p>23.8%</p></td>\n </tr>\n <tr>\n <td><p>2020</p></td>\n <td><p>$ 203,222,000</p></td>\n <td><p>21.0%</p></td>\n </tr>\n <tr>\n <td><p>2019</p></td>\n <td><p>$ 168,001,000</p></td>\n </tr>\n <tr></tr>\n <tr>\n <td><p><b>Gross Profit (Loss)</b></p></td>\n </tr>\n <tr>\n <td><p>Period</p></td>\n <td><p>Gross Profit (Loss)</p></td>\n <td><p>% Variance vs. Prior</p></td>\n </tr>\n <tr>\n <td><p>Six Mos. Ended June 30, 2021</p></td>\n <td><p>$ 87,872,000</p></td>\n <td><p>28.8%</p></td>\n </tr>\n <tr>\n <td><p>2020</p></td>\n <td><p>$ 149,959,000</p></td>\n <td><p>24.1%</p></td>\n </tr>\n <tr>\n <td><p>2019</p></td>\n <td><p>$ 120,856,000</p></td>\n </tr>\n <tr></tr>\n <tr>\n <td><p><b>Gross Margin</b></p></td>\n </tr>\n <tr>\n <td><p>Period</p></td>\n <td><p>Gross Margin</p></td>\n </tr>\n <tr>\n <td><p>Six Mos. Ended June 30, 2021</p></td>\n <td><p>74.61%</p></td>\n </tr>\n <tr>\n <td><p>2020</p></td>\n <td><p>73.79%</p></td>\n </tr>\n <tr>\n <td><p>2019</p></td>\n <td><p>71.94%</p></td>\n </tr>\n <tr></tr>\n <tr>\n <td><p><b>Operating Profit (Loss)</b></p></td>\n </tr>\n <tr>\n <td><p>Period</p></td>\n <td><p>Operating Profit (Loss)</p></td>\n <td><p>Operating Margin</p></td>\n </tr>\n <tr>\n <td><p>Six Mos. Ended June 30, 2021</p></td>\n <td><p>$ 20,544,000</p></td>\n <td><p>17.4%</p></td>\n </tr>\n <tr>\n <td><p>2020</p></td>\n <td><p>$ (20,418,000)</p></td>\n <td><p>-10.0%</p></td>\n </tr>\n <tr>\n <td><p>2019</p></td>\n <td><p>$ 25,697,000</p></td>\n <td><p>15.3%</p></td>\n </tr>\n <tr></tr>\n <tr>\n <td><p><b>Net Income (Loss)</b></p></td>\n </tr>\n <tr>\n <td><p>Period</p></td>\n <td><p>Net Income (Loss)</p></td>\n </tr>\n <tr>\n <td><p>Six Mos. Ended June 30, 2021</p></td>\n <td><p>$ 3,200,000</p></td>\n </tr>\n <tr>\n <td><p>2020</p></td>\n <td><p>$ (44,230,000)</p></td>\n </tr>\n <tr>\n <td><p>2019</p></td>\n <td><p>$ 7,732,000</p></td>\n </tr>\n <tr></tr>\n <tr>\n <td><p><b>Cash Flow From Operations</b></p></td>\n </tr>\n <tr>\n <td><p>Period</p></td>\n <td><p>Cash Flow From Operations</p></td>\n </tr>\n <tr>\n <td><p>Six Mos. Ended June 30, 2021</p></td>\n <td><p>$ (16,352,000)</p></td>\n </tr>\n <tr>\n <td><p>2020</p></td>\n <td><p>$ (6,486,000)</p></td>\n </tr>\n <tr>\n <td><p>2019</p></td>\n <td><p>$ (230,029,000)</p></td>\n </tr>\n </tbody>\n</table>\n<p>As of June 30, 2021, Clearwater had $41 million in cash and $450 million in total liabilities.</p>\n<p>Free cash flow during the twelve months ended June 30, 2021, was negative ($38 million).</p>\n<p>Valuation Metrics</p>\n<p>Below is a table of the firm’s relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n <tr>\n <td><p><b>Measure [TTM]</b></p></td>\n <td><p><b>Amount</b></p></td>\n </tr>\n <tr>\n <td><p>Market Capitalization at IPO</p></td>\n <td><p>$3,472,178,130</p></td>\n </tr>\n <tr>\n <td><p>Enterprise Value</p></td>\n <td><p>$3,470,109,130</p></td>\n </tr>\n <tr>\n <td><p>Price / Sales</p></td>\n <td><p>15.37</p></td>\n </tr>\n <tr>\n <td><p>EV / Revenue</p></td>\n <td><p>15.36</p></td>\n </tr>\n <tr>\n <td><p>EV / EBITDA</p></td>\n <td><p>-141.93</p></td>\n </tr>\n <tr>\n <td><p>Earnings Per Share</p></td>\n <td><p>-$0.23</p></td>\n </tr>\n <tr>\n <td><p>Float To Outstanding Shares Ratio</p></td>\n <td><p>12.96%</p></td>\n </tr>\n <tr>\n <td><p>Proposed IPO Midpoint Price per Share</p></td>\n <td><p>$15.00</p></td>\n </tr>\n <tr>\n <td><p>Net Free Cash Flow</p></td>\n <td><p>-$38,024,000</p></td>\n </tr>\n <tr>\n <td><p>Free Cash Flow Yield Per Share</p></td>\n <td><p>-1.10%</p></td>\n </tr>\n <tr>\n <td><p>Revenue Growth Rate</p></td>\n <td><p>23.83%</p></td>\n </tr>\n </tbody>\n</table>\n<p><b>Commentary</b></p>\n<p>CWAN intends to go public to pay down debt and will have a net of $55 million in debt post-IPO.</p>\n<p>The firm’s financials show strong topline revenue growth and gross profit growth and a rebound to operating profit and net income after negative results in 2020.</p>\n<p>Free cash flow for the twelve months ended June 30, 2021, was a decidedly unimpressive negative ($38 million).</p>\n<p>Sales and Marketing expenses as a percentage of total revenue have varied as revenue has increased; its Sales and Marketing efficiency rate dropped slightly to 1.4x in the most recent six-month period.</p>\n<p>CWAN's dollar-based net retention rate was 109% for June 30, 2021, a positive result and its Rule of 40 performance was good as well.</p>\n<p>The market opportunity for selling investment management software is large and expected to grow substantially in the years ahead, but the firm has extensive competition.</p>\n<p>Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 40.5% since their IPO. This is a middle-tier performance for all major underwriters during the period.</p>\n<p>The primary risk to the company’s outlook is the degree of competition and specialization present in various submarkets in which it competes, as well as the ability for some larger prospects to develop solutions in-house.</p>\n<p>As for valuation, compared to competitor Simcorp, the CWAN IPO is much more highly priced on a revenue multiple basis. In my view, this is justified as the firm is growing revenue at a significantly higher rate of growth.</p>\n<p>After a difficult period during 2020 where the firm produced operating losses, 2021 has seen a return to operating and net profits with impressive growth as well.</p>\n<p>Given CWAN’s growth trajectory and the investment management software industry’s strong growth potential in the years ahead, the IPO is worth a close look.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>IPO opening reminder: Clearwater Analytics opens for trading at $23.8, up about 32% from IPO price</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIPO opening reminder: Clearwater Analytics opens for trading at $23.8, up about 32% from IPO price\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-09-24 23:14</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(Sept 24) <b><a href=\"https://laohu8.com/S/CWAN\">Clearwater Analytics Holdings, Inc.</a></b> opens for trading at $23.8, up about 32% from IPO price.</p>\n<p><img src=\"https://static.tigerbbs.com/076505c7b70dbe2ad6cfcae8c44f52cb\" tg-width=\"902\" tg-height=\"557\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Company & Technology</b></p>\n<p>Boise, Idaho-based Clearwater was founded to develop a SaaS platform to simplify investment accounting and analysis for asset managers, insurance companies and large corporations.</p>\n<p>Management is headed by Chief Executive Officer Sandeep Sahai, who has been with the firm since September 2016 and was previously CEO of Solmark, an investment partnership.</p>\n<p>The company’s primary offerings include:</p>\n<ul>\n <li><p>Investment accounting and reporting</p></li>\n <li><p>Performance measurement</p></li>\n <li><p>Compliance monitoring</p></li>\n <li><p>Risk analysis</p></li>\n</ul>\n<p>Clearwater has received at least $421 million in notes payable in equity investment from investors including Welsh Carson, Permira, Warburg Pincus and Dragoneer.</p>\n<p><b>Customer Acquisition</b></p>\n<p>The firm pursues client relationships with asset managers, insurance companies and large corporations via a direct sales and marketing force that is focused on the United States.</p>\n<p>CWAN also has international clients and will seek to expand its international presence post-IPO.</p>\n<p>Clearwater handles data on over $5.6 trillion in assets between more than 1,000 clients.</p>\n<p>Sales and Marketing expenses as a percentage of total revenue have varied as revenues have increased, as the figures below indicate:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n <tr>\n <td><p><b>Sales and Marketing</b></p></td>\n <td><p><b>Expenses vs. Revenue</b></p></td>\n </tr>\n <tr>\n <td><p>Period</p></td>\n <td><p>Percentage</p></td>\n </tr>\n <tr>\n <td><p>Six Mos. Ended June 30, 2021</p></td>\n <td><p>13.6%</p></td>\n </tr>\n <tr>\n <td><p>2020</p></td>\n <td><p>10.9%</p></td>\n </tr>\n <tr>\n <td><p>2019</p></td>\n <td><p>11.4%</p></td>\n </tr>\n </tbody>\n</table>\n<p>The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, dropped to 1.4x in the most recent reporting period, as shown in the table below:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n <tr>\n <td><p><b>Sales and Marketing</b></p></td>\n <td><p><b>Efficiency Rate</b></p></td>\n </tr>\n <tr>\n <td><p>Period</p></td>\n <td><p>Multiple</p></td>\n </tr>\n <tr>\n <td><p>Six Mos. Ended June 30, 2021</p></td>\n <td><p>1.4</p></td>\n </tr>\n <tr>\n <td><p>2020</p></td>\n <td><p>1.6</p></td>\n </tr>\n </tbody>\n</table>\n<p>The Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.</p>\n<p>CWAN’s most recent calculation was 41% during the six months ended June 30, 2021, so the firm has performed well in this regard, per the table below:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n <tr>\n <td><p><b>Rule of 40</b></p></td>\n <td><p><b>Calculation</b></p></td>\n </tr>\n <tr>\n <td><p>Recent Rev. Growth %</p></td>\n <td><p>24%</p></td>\n </tr>\n <tr>\n <td><p>EBITDA %</p></td>\n <td><p>17%</p></td>\n </tr>\n <tr>\n <td><p>Total</p></td>\n <td><p>41%</p></td>\n </tr>\n </tbody>\n</table>\n<p>The firm’s dollar-based net revenue retention rate for June 30, 2021 was 109%, a reasonably good result.</p>\n<p>The dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.</p>\n<p><b>Market & Competition</b></p>\n<p>According to a 2021 marketresearch reportby Market Primes, the global investment management software market was an estimated $3 billion in 2019 and is forecast to reach nearly $4.5 billion by 2025.</p>\n<p>This represents a forecast CAGR of 10.2% from 2019 to 2025.</p>\n<p>The main drivers for this expected growth are a desire by users to automate repetitive tasks so they can focus on maximizing portfolio performance and creating more sophisticated approaches.</p>\n<p>Also, assessing risks and exposures and being able to efficiently report and share the information with stakeholders will drive demand for more capable solutions.</p>\n<p>Major competitive or other industry participants include:</p>\n<ul>\n <li><p>SS&C</p></li>\n <li><p>State Street</p></li>\n <li><p>SAP</p></li>\n <li><p>BNY Mellon (Eagle)</p></li>\n <li><p>Simcorp</p></li>\n <li><p>BlackRock</p></li>\n <li><p>FIS</p></li>\n <li><p>Northern Trust</p></li>\n <li><p>Others</p></li>\n</ul>\n<p><b>Financial Performance</b></p>\n<p>Clearwater’s recent financial results can be summarized as follows:</p>\n<ul>\n <li><p>Strong topline revenue growth</p></li>\n <li><p>Increasing gross profit and gross margin</p></li>\n <li><p>A swing to operating profit and net profit</p></li>\n <li><p>Uneven cash used in operations</p></li>\n</ul>\n<p>Below are relevant financial results derived from the firm’s registration statement:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n <tr>\n <td><p><b>Total Revenue</b></p></td>\n </tr>\n <tr>\n <td><p>Period</p></td>\n <td><p>Total Revenue</p></td>\n <td><p>% Variance vs. Prior</p></td>\n </tr>\n <tr>\n <td><p>Six Mos. Ended June 30, 2021</p></td>\n <td><p>$ 117,770,000</p></td>\n <td><p>23.8%</p></td>\n </tr>\n <tr>\n <td><p>2020</p></td>\n <td><p>$ 203,222,000</p></td>\n <td><p>21.0%</p></td>\n </tr>\n <tr>\n <td><p>2019</p></td>\n <td><p>$ 168,001,000</p></td>\n </tr>\n <tr></tr>\n <tr>\n <td><p><b>Gross Profit (Loss)</b></p></td>\n </tr>\n <tr>\n <td><p>Period</p></td>\n <td><p>Gross Profit (Loss)</p></td>\n <td><p>% Variance vs. Prior</p></td>\n </tr>\n <tr>\n <td><p>Six Mos. Ended June 30, 2021</p></td>\n <td><p>$ 87,872,000</p></td>\n <td><p>28.8%</p></td>\n </tr>\n <tr>\n <td><p>2020</p></td>\n <td><p>$ 149,959,000</p></td>\n <td><p>24.1%</p></td>\n </tr>\n <tr>\n <td><p>2019</p></td>\n <td><p>$ 120,856,000</p></td>\n </tr>\n <tr></tr>\n <tr>\n <td><p><b>Gross Margin</b></p></td>\n </tr>\n <tr>\n <td><p>Period</p></td>\n <td><p>Gross Margin</p></td>\n </tr>\n <tr>\n <td><p>Six Mos. Ended June 30, 2021</p></td>\n <td><p>74.61%</p></td>\n </tr>\n <tr>\n <td><p>2020</p></td>\n <td><p>73.79%</p></td>\n </tr>\n <tr>\n <td><p>2019</p></td>\n <td><p>71.94%</p></td>\n </tr>\n <tr></tr>\n <tr>\n <td><p><b>Operating Profit (Loss)</b></p></td>\n </tr>\n <tr>\n <td><p>Period</p></td>\n <td><p>Operating Profit (Loss)</p></td>\n <td><p>Operating Margin</p></td>\n </tr>\n <tr>\n <td><p>Six Mos. Ended June 30, 2021</p></td>\n <td><p>$ 20,544,000</p></td>\n <td><p>17.4%</p></td>\n </tr>\n <tr>\n <td><p>2020</p></td>\n <td><p>$ (20,418,000)</p></td>\n <td><p>-10.0%</p></td>\n </tr>\n <tr>\n <td><p>2019</p></td>\n <td><p>$ 25,697,000</p></td>\n <td><p>15.3%</p></td>\n </tr>\n <tr></tr>\n <tr>\n <td><p><b>Net Income (Loss)</b></p></td>\n </tr>\n <tr>\n <td><p>Period</p></td>\n <td><p>Net Income (Loss)</p></td>\n </tr>\n <tr>\n <td><p>Six Mos. Ended June 30, 2021</p></td>\n <td><p>$ 3,200,000</p></td>\n </tr>\n <tr>\n <td><p>2020</p></td>\n <td><p>$ (44,230,000)</p></td>\n </tr>\n <tr>\n <td><p>2019</p></td>\n <td><p>$ 7,732,000</p></td>\n </tr>\n <tr></tr>\n <tr>\n <td><p><b>Cash Flow From Operations</b></p></td>\n </tr>\n <tr>\n <td><p>Period</p></td>\n <td><p>Cash Flow From Operations</p></td>\n </tr>\n <tr>\n <td><p>Six Mos. Ended June 30, 2021</p></td>\n <td><p>$ (16,352,000)</p></td>\n </tr>\n <tr>\n <td><p>2020</p></td>\n <td><p>$ (6,486,000)</p></td>\n </tr>\n <tr>\n <td><p>2019</p></td>\n <td><p>$ (230,029,000)</p></td>\n </tr>\n </tbody>\n</table>\n<p>As of June 30, 2021, Clearwater had $41 million in cash and $450 million in total liabilities.</p>\n<p>Free cash flow during the twelve months ended June 30, 2021, was negative ($38 million).</p>\n<p>Valuation Metrics</p>\n<p>Below is a table of the firm’s relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:</p>\n<table>\n <colgroup></colgroup>\n <tbody>\n <tr>\n <td><p><b>Measure [TTM]</b></p></td>\n <td><p><b>Amount</b></p></td>\n </tr>\n <tr>\n <td><p>Market Capitalization at IPO</p></td>\n <td><p>$3,472,178,130</p></td>\n </tr>\n <tr>\n <td><p>Enterprise Value</p></td>\n <td><p>$3,470,109,130</p></td>\n </tr>\n <tr>\n <td><p>Price / Sales</p></td>\n <td><p>15.37</p></td>\n </tr>\n <tr>\n <td><p>EV / Revenue</p></td>\n <td><p>15.36</p></td>\n </tr>\n <tr>\n <td><p>EV / EBITDA</p></td>\n <td><p>-141.93</p></td>\n </tr>\n <tr>\n <td><p>Earnings Per Share</p></td>\n <td><p>-$0.23</p></td>\n </tr>\n <tr>\n <td><p>Float To Outstanding Shares Ratio</p></td>\n <td><p>12.96%</p></td>\n </tr>\n <tr>\n <td><p>Proposed IPO Midpoint Price per Share</p></td>\n <td><p>$15.00</p></td>\n </tr>\n <tr>\n <td><p>Net Free Cash Flow</p></td>\n <td><p>-$38,024,000</p></td>\n </tr>\n <tr>\n <td><p>Free Cash Flow Yield Per Share</p></td>\n <td><p>-1.10%</p></td>\n </tr>\n <tr>\n <td><p>Revenue Growth Rate</p></td>\n <td><p>23.83%</p></td>\n </tr>\n </tbody>\n</table>\n<p><b>Commentary</b></p>\n<p>CWAN intends to go public to pay down debt and will have a net of $55 million in debt post-IPO.</p>\n<p>The firm’s financials show strong topline revenue growth and gross profit growth and a rebound to operating profit and net income after negative results in 2020.</p>\n<p>Free cash flow for the twelve months ended June 30, 2021, was a decidedly unimpressive negative ($38 million).</p>\n<p>Sales and Marketing expenses as a percentage of total revenue have varied as revenue has increased; its Sales and Marketing efficiency rate dropped slightly to 1.4x in the most recent six-month period.</p>\n<p>CWAN's dollar-based net retention rate was 109% for June 30, 2021, a positive result and its Rule of 40 performance was good as well.</p>\n<p>The market opportunity for selling investment management software is large and expected to grow substantially in the years ahead, but the firm has extensive competition.</p>\n<p>Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 40.5% since their IPO. This is a middle-tier performance for all major underwriters during the period.</p>\n<p>The primary risk to the company’s outlook is the degree of competition and specialization present in various submarkets in which it competes, as well as the ability for some larger prospects to develop solutions in-house.</p>\n<p>As for valuation, compared to competitor Simcorp, the CWAN IPO is much more highly priced on a revenue multiple basis. In my view, this is justified as the firm is growing revenue at a significantly higher rate of growth.</p>\n<p>After a difficult period during 2020 where the firm produced operating losses, 2021 has seen a return to operating and net profits with impressive growth as well.</p>\n<p>Given CWAN’s growth trajectory and the investment management software industry’s strong growth potential in the years ahead, the IPO is worth a close look.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CWAN":"Clearwater Analytics Holdings, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114004721","content_text":"(Sept 24) Clearwater Analytics Holdings, Inc. opens for trading at $23.8, up about 32% from IPO price.\n\nCompany & Technology\nBoise, Idaho-based Clearwater was founded to develop a SaaS platform to simplify investment accounting and analysis for asset managers, insurance companies and large corporations.\nManagement is headed by Chief Executive Officer Sandeep Sahai, who has been with the firm since September 2016 and was previously CEO of Solmark, an investment partnership.\nThe company’s primary offerings include:\n\nInvestment accounting and reporting\nPerformance measurement\nCompliance monitoring\nRisk analysis\n\nClearwater has received at least $421 million in notes payable in equity investment from investors including Welsh Carson, Permira, Warburg Pincus and Dragoneer.\nCustomer Acquisition\nThe firm pursues client relationships with asset managers, insurance companies and large corporations via a direct sales and marketing force that is focused on the United States.\nCWAN also has international clients and will seek to expand its international presence post-IPO.\nClearwater handles data on over $5.6 trillion in assets between more than 1,000 clients.\nSales and Marketing expenses as a percentage of total revenue have varied as revenues have increased, as the figures below indicate:\n\n\n\n\nSales and Marketing\nExpenses vs. Revenue\n\n\nPeriod\nPercentage\n\n\nSix Mos. Ended June 30, 2021\n13.6%\n\n\n2020\n10.9%\n\n\n2019\n11.4%\n\n\n\nThe Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, dropped to 1.4x in the most recent reporting period, as shown in the table below:\n\n\n\n\nSales and Marketing\nEfficiency Rate\n\n\nPeriod\nMultiple\n\n\nSix Mos. Ended June 30, 2021\n1.4\n\n\n2020\n1.6\n\n\n\nThe Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.\nCWAN’s most recent calculation was 41% during the six months ended June 30, 2021, so the firm has performed well in this regard, per the table below:\n\n\n\n\nRule of 40\nCalculation\n\n\nRecent Rev. Growth %\n24%\n\n\nEBITDA %\n17%\n\n\nTotal\n41%\n\n\n\nThe firm’s dollar-based net revenue retention rate for June 30, 2021 was 109%, a reasonably good result.\nThe dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.\nMarket & Competition\nAccording to a 2021 marketresearch reportby Market Primes, the global investment management software market was an estimated $3 billion in 2019 and is forecast to reach nearly $4.5 billion by 2025.\nThis represents a forecast CAGR of 10.2% from 2019 to 2025.\nThe main drivers for this expected growth are a desire by users to automate repetitive tasks so they can focus on maximizing portfolio performance and creating more sophisticated approaches.\nAlso, assessing risks and exposures and being able to efficiently report and share the information with stakeholders will drive demand for more capable solutions.\nMajor competitive or other industry participants include:\n\nSS&C\nState Street\nSAP\nBNY Mellon (Eagle)\nSimcorp\nBlackRock\nFIS\nNorthern Trust\nOthers\n\nFinancial Performance\nClearwater’s recent financial results can be summarized as follows:\n\nStrong topline revenue growth\nIncreasing gross profit and gross margin\nA swing to operating profit and net profit\nUneven cash used in operations\n\nBelow are relevant financial results derived from the firm’s registration statement:\n\n\n\n\nTotal Revenue\n\n\nPeriod\nTotal Revenue\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 117,770,000\n23.8%\n\n\n2020\n$ 203,222,000\n21.0%\n\n\n2019\n$ 168,001,000\n\n\n\nGross Profit (Loss)\n\n\nPeriod\nGross Profit (Loss)\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 87,872,000\n28.8%\n\n\n2020\n$ 149,959,000\n24.1%\n\n\n2019\n$ 120,856,000\n\n\n\nGross Margin\n\n\nPeriod\nGross Margin\n\n\nSix Mos. Ended June 30, 2021\n74.61%\n\n\n2020\n73.79%\n\n\n2019\n71.94%\n\n\n\nOperating Profit (Loss)\n\n\nPeriod\nOperating Profit (Loss)\nOperating Margin\n\n\nSix Mos. Ended June 30, 2021\n$ 20,544,000\n17.4%\n\n\n2020\n$ (20,418,000)\n-10.0%\n\n\n2019\n$ 25,697,000\n15.3%\n\n\n\nNet Income (Loss)\n\n\nPeriod\nNet Income (Loss)\n\n\nSix Mos. Ended June 30, 2021\n$ 3,200,000\n\n\n2020\n$ (44,230,000)\n\n\n2019\n$ 7,732,000\n\n\n\nCash Flow From Operations\n\n\nPeriod\nCash Flow From Operations\n\n\nSix Mos. Ended June 30, 2021\n$ (16,352,000)\n\n\n2020\n$ (6,486,000)\n\n\n2019\n$ (230,029,000)\n\n\n\nAs of June 30, 2021, Clearwater had $41 million in cash and $450 million in total liabilities.\nFree cash flow during the twelve months ended June 30, 2021, was negative ($38 million).\nValuation Metrics\nBelow is a table of the firm’s relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:\n\n\n\n\nMeasure [TTM]\nAmount\n\n\nMarket Capitalization at IPO\n$3,472,178,130\n\n\nEnterprise Value\n$3,470,109,130\n\n\nPrice / Sales\n15.37\n\n\nEV / Revenue\n15.36\n\n\nEV / EBITDA\n-141.93\n\n\nEarnings Per Share\n-$0.23\n\n\nFloat To Outstanding Shares Ratio\n12.96%\n\n\nProposed IPO Midpoint Price per Share\n$15.00\n\n\nNet Free Cash Flow\n-$38,024,000\n\n\nFree Cash Flow Yield Per Share\n-1.10%\n\n\nRevenue Growth Rate\n23.83%\n\n\n\nCommentary\nCWAN intends to go public to pay down debt and will have a net of $55 million in debt post-IPO.\nThe firm’s financials show strong topline revenue growth and gross profit growth and a rebound to operating profit and net income after negative results in 2020.\nFree cash flow for the twelve months ended June 30, 2021, was a decidedly unimpressive negative ($38 million).\nSales and Marketing expenses as a percentage of total revenue have varied as revenue has increased; its Sales and Marketing efficiency rate dropped slightly to 1.4x in the most recent six-month period.\nCWAN's dollar-based net retention rate was 109% for June 30, 2021, a positive result and its Rule of 40 performance was good as well.\nThe market opportunity for selling investment management software is large and expected to grow substantially in the years ahead, but the firm has extensive competition.\nGoldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 40.5% since their IPO. This is a middle-tier performance for all major underwriters during the period.\nThe primary risk to the company’s outlook is the degree of competition and specialization present in various submarkets in which it competes, as well as the ability for some larger prospects to develop solutions in-house.\nAs for valuation, compared to competitor Simcorp, the CWAN IPO is much more highly priced on a revenue multiple basis. In my view, this is justified as the firm is growing revenue at a significantly higher rate of growth.\nAfter a difficult period during 2020 where the firm produced operating losses, 2021 has seen a return to operating and net profits with impressive growth as well.\nGiven CWAN’s growth trajectory and the investment management software industry’s strong growth potential in the years ahead, the IPO is worth a close look.","news_type":1,"symbols_score_info":{"CWAN":0.9}},"isVote":1,"tweetType":1,"viewCount":2729,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":869363168,"gmtCreate":1632251788854,"gmtModify":1632801776929,"author":{"id":"3582026355722835","authorId":"3582026355722835","name":"老王学投资","avatar":"https://static.tigerbbs.com/6ed9b11b8a93052bca6dd0580975059d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582026355722835","authorIdStr":"3582026355722835"},"themes":[],"htmlText":"<a 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please ","listText":"Like and comment please ","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/887918209","repostId":"1171558890","repostType":4,"repost":{"id":"1171558890","kind":"news","pubTimestamp":1631921912,"share":"https://www.laohu8.com/m/news/1171558890?lang=&edition=full","pubTime":"2021-09-18 07:38","market":"us","language":"en","title":"US IPO Week Ahead: Software, consumer products, and payment tech lead a diverse 14 IPO week","url":"https://stock-news.laohu8.com/highlight/detail?id=1171558890","media":"renaissancecap...","summary":"Summer may be over, but the IPO market is just heating up as 14 IPOs are slated to raise $5.3 billio","content":"<p>Summer may be over, but the IPO market is just heating up as 14 IPOs are slated to raise $5.3 billion in the week ahead. The diverse group includes software, consumer products, payment technology, and more.</p>\n<p>The largest deal of the week,<b>Freshworks</b>(FRSH) plans to raise $855 million at a $9.6 billion market cap. The company’s core product is its customer support software, and it also offers IT service management software and a nascent competitor to CRM solutions. While losses are expected to increase with S&M spending, Freshworks has delivered solid growth and 100%+ net dollar-based revenue retention as of 6/30/21.</p>\n<p>Canadian consumer products company <b>Knowlton Development</b>(KDC) plans to raise $800 million at a $3.1 billion market cap. Over the past three years, Knowlton has been responsible for co-developing 9,000+ products across a variety of categories, and its products are sold by its brand partners in 70+ countries. Despite using offering proceeds to pay down debt, Knowlton will be leveraged post-IPO.</p>\n<p>Restaurant payment processor <b>Toast</b>(TOST) plans to raise $685 million at a $17.9 billion market cap. Toast provides a suite of integrated payment and software solutions that are designed to streamline restaurant operations. The company grew ARR over 100% in the 1H21, though it has historically been unprofitable, and growth could slow as tailwinds from restaurants reopening abate.</p>\n<p>Global money transfer firm <b>Remitly Global</b>(RELY) plans to raise $487 million at a $7.5 billion market cap. Remitly provides digital financial services for immigrants and their families in over 135 countries, and it has expanded its core cross-border remittance product to over 1,700 corridors worldwide. The company has demonstrated growth and margin improvement, though it remains unprofitable.</p>\n<p>Software firm <b>Clearwater Analytics</b>(CWAN) plans to raise $450 million at a $3.7 billion market cap. Clearwater provides its 1,000+ clients with cloud-native software that allows them to simplify their investment accounting operations, and the company has a 100% recurring revenue model. A new investor and certain existing shareholders intend to purchase $150 million worth of shares in the IPO.</p>\n<p>Food company <b>Sovos Brands</b>(SOVO) plans to raise $350 million at a $1.5 billion market cap. Formed by Advent International, Sovos Brands offers a select group of acquired premium food brands. According to the company, its largest brand of products, Rao's, included the #1 selling SKU in the pasta and pizza sauce category. Profitable with solid growth, Sovos will be leveraged post-IPO.</p>\n<p>Customer engagement software provider <b>EngageSmart</b>(ESMT) plans to raise $349 million at a $4.1 billion market cap. The company provides software that simplifies online workflows like paperless billing, electronic payment processing, scheduling, and client communication. While growth may slow post-pandemic, EngageSmart has a sticky customer based and a long track record of profitability.</p>\n<p>Hiring solutions provider <b>Sterling Check</b>(STER) plans to raise $300 million at a $2.1 billion market cap. Sterling is one of the leading US providers of background checks for corporate and government customers. The company serves more than 50% of the Fortune 100, often with exclusive contracts, though it operates in a highly competitive market.</p>\n<p>Jewelry retailer <b>Brilliant Earth Group</b>(BRLT) plans to raise $250 million at a $1.4 billion. Brilliant Earth is a digital-first jewelry company and a global leader in ethically sourced fine jewelry. The company has sold to consumers in all US states and over 50 countries, and has served over 370,000 customers through its e-commerce platform and 13 showrooms.</p>\n<p>Online fashion platform <b>a.k.a. Brands</b>(AKA) plans to raise $250 million at a $2.3 billion market cap. a.k.a. acquires digitally-focused fashion brands oriented toward millennial and Gen Z consumers, starting with its acquisition of Princess Polly in 2018. The company has successfully expanded Princess Polly and has a long runway to grow its brands in the US, but its M&A strategy carries execution risk.</p>\n<p>COVID-19 test maker <b>Cue Health</b>(HLTH) plans to raise $200 million at a $2.4 billion market cap. Cue’s first commercially available diagnostic test for use with its Cue Health Monitoring System is its COVID-19 Test Kit, which has been authorized by two EUAs. Cue has five additional Test Kits in late-stage technical development, for which it expects to begin seeking FDA authorization or clearance in the 2H22.</p>\n<p>London-listed crypto mining company <b>Argo Blockchain</b>(ARBK) plans to raise $138 million at an $855 million market cap. Argo states that it is a leading blockchain technology company focused on large-scale mining of Bitcoin and other cryptocurrencies. Argo has a fleet of more than 21,000 purpose-built computers (mining machines) and can generate more than 1,075 petahash per second.</p>\n<p>Personalized supplements seller <b>Thorne Healthtech</b>(THRN) plans to raise $126 million at an $892 million market cap. The company’s vertically integrated brands, Thorne and Onegevity, provide actionable insights and personalized data, products, and services. Profitable with strong growth, Thorne has a base of more than 3 million customers.</p>\n<p>Canadian bank <b>VersaBank</b>(VBNK) plans to raise $50 million at a $269 million market cap. VersaBank is a Canadian Schedule I chartered bank and states that it is one of the world's first fully digital financial institutions. As of July 31, 2021, VersaBank had $1.8 billion in assets, $1.6 billion in loans, $1.5 billion in deposits, and $202 million in stockholders' equity.</p>","source":"lsy1619493174116","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US IPO Week Ahead: Software, consumer products, and payment tech lead a diverse 14 IPO week</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS IPO Week Ahead: Software, consumer products, and payment tech lead a diverse 14 IPO week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-18 07:38 GMT+8 <a href=https://www.renaissancecapital.com/IPO-Center/News/86272/US-IPO-Week-Ahead-Software-consumer-products-and-payment-tech-lead-a-divers><strong>renaissancecap...</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summer may be over, but the IPO market is just heating up as 14 IPOs are slated to raise $5.3 billion in the week ahead. The diverse group includes software, consumer products, payment technology, and...</p>\n\n<a href=\"https://www.renaissancecapital.com/IPO-Center/News/86272/US-IPO-Week-Ahead-Software-consumer-products-and-payment-tech-lead-a-divers\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TOST":"Toast, Inc.","CWAN":"Clearwater Analytics Holdings, Inc.","RELY":"Remitly Global, Inc.","THRN":"Thorne Healthtech","STER":"Sterling Check Corp.","SOVO":"Sovos Brands, Inc.","HLTH":"Cue Health Inc.","ESMT":"EngageSmart Inc.","ARBK":"Argo Blockchain Plc","BRLT":"Brilliant Earth Group, Inc.","AKA":"a.k.a. Brands Holding Corp.","FRSH":"Freshworks"},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/86272/US-IPO-Week-Ahead-Software-consumer-products-and-payment-tech-lead-a-divers","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171558890","content_text":"Summer may be over, but the IPO market is just heating up as 14 IPOs are slated to raise $5.3 billion in the week ahead. The diverse group includes software, consumer products, payment technology, and more.\nThe largest deal of the week,Freshworks(FRSH) plans to raise $855 million at a $9.6 billion market cap. The company’s core product is its customer support software, and it also offers IT service management software and a nascent competitor to CRM solutions. While losses are expected to increase with S&M spending, Freshworks has delivered solid growth and 100%+ net dollar-based revenue retention as of 6/30/21.\nCanadian consumer products company Knowlton Development(KDC) plans to raise $800 million at a $3.1 billion market cap. Over the past three years, Knowlton has been responsible for co-developing 9,000+ products across a variety of categories, and its products are sold by its brand partners in 70+ countries. Despite using offering proceeds to pay down debt, Knowlton will be leveraged post-IPO.\nRestaurant payment processor Toast(TOST) plans to raise $685 million at a $17.9 billion market cap. Toast provides a suite of integrated payment and software solutions that are designed to streamline restaurant operations. The company grew ARR over 100% in the 1H21, though it has historically been unprofitable, and growth could slow as tailwinds from restaurants reopening abate.\nGlobal money transfer firm Remitly Global(RELY) plans to raise $487 million at a $7.5 billion market cap. Remitly provides digital financial services for immigrants and their families in over 135 countries, and it has expanded its core cross-border remittance product to over 1,700 corridors worldwide. The company has demonstrated growth and margin improvement, though it remains unprofitable.\nSoftware firm Clearwater Analytics(CWAN) plans to raise $450 million at a $3.7 billion market cap. Clearwater provides its 1,000+ clients with cloud-native software that allows them to simplify their investment accounting operations, and the company has a 100% recurring revenue model. A new investor and certain existing shareholders intend to purchase $150 million worth of shares in the IPO.\nFood company Sovos Brands(SOVO) plans to raise $350 million at a $1.5 billion market cap. Formed by Advent International, Sovos Brands offers a select group of acquired premium food brands. According to the company, its largest brand of products, Rao's, included the #1 selling SKU in the pasta and pizza sauce category. Profitable with solid growth, Sovos will be leveraged post-IPO.\nCustomer engagement software provider EngageSmart(ESMT) plans to raise $349 million at a $4.1 billion market cap. The company provides software that simplifies online workflows like paperless billing, electronic payment processing, scheduling, and client communication. While growth may slow post-pandemic, EngageSmart has a sticky customer based and a long track record of profitability.\nHiring solutions provider Sterling Check(STER) plans to raise $300 million at a $2.1 billion market cap. Sterling is one of the leading US providers of background checks for corporate and government customers. The company serves more than 50% of the Fortune 100, often with exclusive contracts, though it operates in a highly competitive market.\nJewelry retailer Brilliant Earth Group(BRLT) plans to raise $250 million at a $1.4 billion. Brilliant Earth is a digital-first jewelry company and a global leader in ethically sourced fine jewelry. The company has sold to consumers in all US states and over 50 countries, and has served over 370,000 customers through its e-commerce platform and 13 showrooms.\nOnline fashion platform a.k.a. Brands(AKA) plans to raise $250 million at a $2.3 billion market cap. a.k.a. acquires digitally-focused fashion brands oriented toward millennial and Gen Z consumers, starting with its acquisition of Princess Polly in 2018. The company has successfully expanded Princess Polly and has a long runway to grow its brands in the US, but its M&A strategy carries execution risk.\nCOVID-19 test maker Cue Health(HLTH) plans to raise $200 million at a $2.4 billion market cap. Cue’s first commercially available diagnostic test for use with its Cue Health Monitoring System is its COVID-19 Test Kit, which has been authorized by two EUAs. Cue has five additional Test Kits in late-stage technical development, for which it expects to begin seeking FDA authorization or clearance in the 2H22.\nLondon-listed crypto mining company Argo Blockchain(ARBK) plans to raise $138 million at an $855 million market cap. Argo states that it is a leading blockchain technology company focused on large-scale mining of Bitcoin and other cryptocurrencies. Argo has a fleet of more than 21,000 purpose-built computers (mining machines) and can generate more than 1,075 petahash per second.\nPersonalized supplements seller Thorne Healthtech(THRN) plans to raise $126 million at an $892 million market cap. The company’s vertically integrated brands, Thorne and Onegevity, provide actionable insights and personalized data, products, and services. Profitable with strong growth, Thorne has a base of more than 3 million customers.\nCanadian bank VersaBank(VBNK) plans to raise $50 million at a $269 million market cap. VersaBank is a Canadian Schedule I chartered bank and states that it is one of the world's first fully digital financial institutions. As of July 31, 2021, VersaBank had $1.8 billion in assets, $1.6 billion in loans, $1.5 billion in deposits, and $202 million in stockholders' equity.","news_type":1,"symbols_score_info":{"AKA":0.9,"ARBK":0.9,"BRLT":0.9,"CWAN":0.9,"ESMT":0.9,"FRSH":0.9,"HLTH":0.9,"KDC":0.9,"RELY":0.9,"SOVO":0.9,"STER":0.9,"THRN":0.9,"TOST":0.9}},"isVote":1,"tweetType":1,"viewCount":1319,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":885760670,"gmtCreate":1631834966290,"gmtModify":1631889008225,"author":{"id":"3582026355722835","authorId":"3582026355722835","name":"老王学投资","avatar":"https://static.tigerbbs.com/6ed9b11b8a93052bca6dd0580975059d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582026355722835","authorIdStr":"3582026355722835"},"themes":[],"htmlText":"Like and comment please ","listText":"Like and comment please ","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/885760670","repostId":"1105376345","repostType":4,"repost":{"id":"1105376345","kind":"news","pubTimestamp":1631833833,"share":"https://www.laohu8.com/m/news/1105376345?lang=&edition=full","pubTime":"2021-09-17 07:10","market":"us","language":"en","title":"S&P ends modestly lower as rising Treasury yields offset robust retail data","url":"https://stock-news.laohu8.com/highlight/detail?id=1105376345","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 ended slightly down on Thursday, paring losses in late trading afte","content":"<p>NEW YORK (Reuters) - The S&P 500 ended slightly down on Thursday, paring losses in late trading after unexpectedly strong retail sales data underscored the strength of the U.S. economic recovery.</p>\n<p>The three major indexes spent much of the day in negative territory as rising U.S. Treasury yields pressured market-leading tech stocks, and the rising dollar weighed on exporters.</p>\n<p>Amazon.com Inc, buoyed by solid online sales in the Commerce Department’s report, helped push the Nasdaq into positive territory.</p>\n<p>“Looking at today, clearly we had positive news from retail sales and it looks as if the massive slowdown in the economy is not materializing as a lot of people expected,” said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.</p>\n<p>“It’s a nice reminder that the economy is still taking two steps forward for each step back even amid the COVID concerns,” Detrick added.</p>\n<p>Economically sensitive transports and microchips were among the outperformers.</p>\n<p>Data released before the opening bell showed an unexpected bump in retail sales as shoppers weathered Hurricane Ida and the COVID Delta variant, evidence of resilience in the consumer, who contributes about 70% to U.S. economic growth.</p>\n<p>“Once again, it shows the U.S. consumer continues to spend and continues to help this economy grow,” Detrick said.</p>\n<p>The Dow Jones Industrial Average fell 63.07 points, or 0.18%, to 34,751.32; the S&P 500 lost 6.95 points, or 0.16%, at 4,473.75; and the Nasdaq Composite added 20.40 points, or 0.13%, at 15,181.92.</p>\n<p>Eight of the 11 major sectors in the S&P 500 ended lower, with materials suffering the largest percentage drop.</p>\n<p>The consumer discretionary spending sector posted the biggest gain, with Amazon.com doing the heavy lifting.</p>\n<p>Apparel company Gap Inc gained 1.6%. Online marketplace Etsy Inc and luxury accessory company Tapestry Inc rose 3.1% and 1.9%, respectively.</p>\n<p>Ford Motor Co rose 1.4% after it announced plans to boost production of its F-150 electric pickup model.</p>\n<p>Declining issues outnumbered advancing ones on the NYSE by a 1.27-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio favored advancers.</p>\n<p>The S&P 500 posted nine new 52-week highs and one new low; the Nasdaq Composite recorded 82 new highs and 94 new lows.</p>\n<p>Volume on U.S. exchanges was 9.37 billion shares, compared with the 9.44 billion average over the last 20 trading days.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P ends modestly lower as rising Treasury yields offset robust retail data</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P ends modestly lower as rising Treasury yields offset robust retail data\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-17 07:10 GMT+8 <a href=https://www.reuters.com/article/usa-stocks/us-stocks-sp-ends-modestly-lower-as-rising-treasury-yields-offset-robust-retail-data-idUSL1N2QI2MB><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - The S&P 500 ended slightly down on Thursday, paring losses in late trading after unexpectedly strong retail sales data underscored the strength of the U.S. economic recovery.\nThe ...</p>\n\n<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-ends-modestly-lower-as-rising-treasury-yields-offset-robust-retail-data-idUSL1N2QI2MB\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-ends-modestly-lower-as-rising-treasury-yields-offset-robust-retail-data-idUSL1N2QI2MB","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105376345","content_text":"NEW YORK (Reuters) - The S&P 500 ended slightly down on Thursday, paring losses in late trading after unexpectedly strong retail sales data underscored the strength of the U.S. economic recovery.\nThe three major indexes spent much of the day in negative territory as rising U.S. Treasury yields pressured market-leading tech stocks, and the rising dollar weighed on exporters.\nAmazon.com Inc, buoyed by solid online sales in the Commerce Department’s report, helped push the Nasdaq into positive territory.\n“Looking at today, clearly we had positive news from retail sales and it looks as if the massive slowdown in the economy is not materializing as a lot of people expected,” said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.\n“It’s a nice reminder that the economy is still taking two steps forward for each step back even amid the COVID concerns,” Detrick added.\nEconomically sensitive transports and microchips were among the outperformers.\nData released before the opening bell showed an unexpected bump in retail sales as shoppers weathered Hurricane Ida and the COVID Delta variant, evidence of resilience in the consumer, who contributes about 70% to U.S. economic growth.\n“Once again, it shows the U.S. consumer continues to spend and continues to help this economy grow,” Detrick said.\nThe Dow Jones Industrial Average fell 63.07 points, or 0.18%, to 34,751.32; the S&P 500 lost 6.95 points, or 0.16%, at 4,473.75; and the Nasdaq Composite added 20.40 points, or 0.13%, at 15,181.92.\nEight of the 11 major sectors in the S&P 500 ended lower, with materials suffering the largest percentage drop.\nThe consumer discretionary spending sector posted the biggest gain, with Amazon.com doing the heavy lifting.\nApparel company Gap Inc gained 1.6%. Online marketplace Etsy Inc and luxury accessory company Tapestry Inc rose 3.1% and 1.9%, respectively.\nFord Motor Co rose 1.4% after it announced plans to boost production of its F-150 electric pickup model.\nDeclining issues outnumbered advancing ones on the NYSE by a 1.27-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio favored advancers.\nThe S&P 500 posted nine new 52-week highs and one new low; the Nasdaq Composite recorded 82 new highs and 94 new lows.\nVolume on U.S. exchanges was 9.37 billion shares, compared with the 9.44 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1068,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":885760391,"gmtCreate":1631834939713,"gmtModify":1631886242879,"author":{"id":"3582026355722835","authorId":"3582026355722835","name":"老王学投资","avatar":"https://static.tigerbbs.com/6ed9b11b8a93052bca6dd0580975059d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582026355722835","authorIdStr":"3582026355722835"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/O39.SI\">$OVERSEA-CHINESE BANKING CORP(O39.SI)$</a>👍👍👍","listText":"<a href=\"https://laohu8.com/S/O39.SI\">$OVERSEA-CHINESE BANKING CORP(O39.SI)$</a>👍👍👍","text":"$OVERSEA-CHINESE BANKING CORP(O39.SI)$👍👍👍","images":[{"img":"https://static.tigerbbs.com/53833afe79d3b591cecf1eb3a4024ce2","width":"720","height":"1280"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/885760391","isVote":1,"tweetType":1,"viewCount":1263,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}