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Weekly Filings August 7-14, 2014

Spin Offs:

Vectrus, Inc. (VEC) updates the financial information as it spins off from Excelis, Inc. (XLS). It also filed to be traded on the NYSE.  While XLS appears to improve margins and have extra cash for operations, VEC will be a pure play on defense spending. Given the current state of world affairs, there might be value there. The planned spin off is now planned for September 27, 2014.

Ashford, Inc. continues to be split from Ashford Hospitality Trust. (AHT).

Keysight Technologies, Inc. continues to be separated from Agilent Technologies (A).

Enova continues to spin off from Cash America International (CSH). The update focused on adding China as a pilot program.

Mergers:

Symmetry Medical, Inc. (SMA) and Tecomet, Inc. propose merger with cash and stock.

Bally Technologies, Inc. (BYI) and Scientific Games Corporation (SGMS) will merge for cash.

Fortegra Financial Corporation (FRF) and Tiptree Financial, Inc. (TIPT) will merge for cash.

STR Holdings, Inc. (STRI) and Zhen Fa New Energy will merge for cash.

Franklin Financial Corporation (FRNK) and Towne Bank (TOWN) will merge for equity.

Bank of Kentucky Financial Corporation (BKYF) and BB&T (BBT) will merge for cash and stock.

Fidelity National Financial Inc (FNF) and Remy International Inc will merge for cash and equity.

Albemarle Corporation (ALB) and Rockwood Holdings (ROC) will merge for cash and stock.

Cape Bancorp (CBNJ) and Colonial Financial Services (COBK) will merge for cash and equity.

Alliance Data Systems Corporation (ADS) and Conversant (CNVR) will merge for cash and stock.

Poage Bancshares (PBSK) and Commonwealth Bank will merge in an stock transaction.

IPOs:

Alibaba Group Holding (BABA) has filed the paperwork to be traded.  This section is to find stub stocks and BABA has two: Yahoo and Softbank. Softbank just acquired Sprint, which increased its size to the point of a sizable holding discount to be unrealistic. Yahoo; however, appears to have little intrinsic value. The pricing on BABA based on early demand looks to be under priced as well. This could lead to favorable valuation of Yahoo once the ownership of Yahoo Japan and BABA are subtracted. The question remains if that differential will be realized. If so a synthetic short of BABA and acquisition of Yahoo may be in order.

Tokai Pharmaceutical (TKAI) will trade on the NASDAQ at $15 with a history of negative income and cash flows.

Ecopetrol (EC), a Colombian government majority owned business, issued debt.

Barclays also issued debt.

Affirmed Therapeutics (AFMD) will trade on the NASDAQ at $13 with a history of income and cash losses. Novo Nordisk (NVO) will own 9.9% of the company post IPO.

ReWalk Robotics (RWLK) will be on the NASDAQ at $16 with a history of losses.

Invesco Mortgage Capital REIT (IVR) is issuing preferred shares.

Middlefield Bancorp (MBCN) is being upgraded to the NASDAQ.

Bank of America (BAC) issued debt.

Nxt-ID (NXTD) is upgrading stock and warrants with its history of losses to the NASDAQ.

Weekly Filings August 2-6, 2014

Spin Offs: 

Kimball Electronics continues to separate two bad businesses.

ADP’s spinoff of its dealer services division is now being called CDK Global, Inc (CDK). There is an update to show that it will now be $825 in dividend will be paid to ADP. To pay for the dividend a $250 million loan facility and a $750 million bridge loan will be issued. Additionally, there will be $300 million revolving credit facility. Once the spin off is completed, the bridge loan will be replaced with senior notes. The financial statements were also updated to reflect the additional quarter of activity. An update the prior analysis with a specific focus on the cash flows to service this debt will be posted soon.

Mergers:

Heritage Financial Group, Inc. (HBOS) and Alarion Financial Services, Inc. (ARFS) will merge for equity.

Omniamerican Bancorp, Inc (OABC) and Southside Bancshares, Inc. (SBSI) will merge for cash and stock.

Cole Corporate Income Trust, Inc. and Select Income REIT (SIR) will merge for stock and cash.

Lamar Advertising Company (LAMR) is reorganizing with Lamar Advertising REIT to become the La mar REIT.

IPOs:

Paragon Shipping, Inc (PRGN) issued debt at 8.275% due in 2021.

Medifast Inc. (MED) issued a rights agreement, which will take further understanding.

FlexShares Trust is issuing new securities related to an MBS fund.

Dragonwave Inc. (DRWI) is issuing warrants for the company that has a history of income and cash losses.

Patriot Transportation and FRP

Patriot Transportation Holding (PATR) is splitting into two companies. At $335 million market capitalization and 10,389 in average (three months) volume, this is not a company that would be appropriate for institutional or high net worth investors. It is classified and best known as a transportation company, operating under the title Florida Rock and Tank, Inc. It is spinning off to what is creatively titled, New Patriot Transportation Holding (PATI). The company has been involved for a number of years in real estate and mining operations. These companies will remain under PATR, but be renamed FRP Holding and trade under FRPH.

Transportation  Per Share TTM 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
Revenue         13.02    126,571          112,120          103,476          97,801       89,637       91,420       105,087        89,366       126,252       112,824          99,424
COGS         11.21    108,917            93,600            87,619          81,930       73,778       73,282          89,219        65,021          98,264          88,218          76,312
Admin Expenses           0.19        1,822              1,765              1,631            1,574          1,480          1,617            1,665          1,711            1,700            1,700            1,700
EBITDA           1.63      15,832            16,755            14,226          14,297       14,379       16,521          14,203        22,634          26,288          22,906          21,412
Depreciation           0.88        8,505              7,401              6,750            6,269          6,143          6,670            5,840          5,663            8,769            8,166            8,200
Taxes           0.30        2,878              3,648              2,841            3,051          3,130          3,743            3,178          6,449            6,657            5,601            5,021
Net Income           0.46        4,449              5,706              4,635            4,977          5,106          6,108            5,185        10,522          10,862            9,139            8,191

 

PATI separates its revenue under the spin off documents into fuel surcharges and transportation revenues, which are both essentially the same items and have been consolidated here to keep with the continuity of reporting done in earlier periods.  As in other analysis done here, the latest data was used to ensure the most accurate information and comparable to other periods. The shares for the per share amounts were 9,718, which is the last reported share numbers. The split is expected to be a one for one share distributions to existing shareholders and will be all stock available will be distributed. Additionally, administrative costs were not reporting for the period 2006 and earlier, so 1,700 was used as an estimate. This was consolidated in the COGS amounts and the overall expense remains the same as what was reported. Unlike other spin offs, there will be no new debt the new entity will undertake and give back as a dividend prior to the distribution. In fact, nearly all of the management is leaving for the new entity as it will be clear from all prior obligations. To ensure it is properly capitalized, it will be given a line of credit with Wells Fargo for $25 million at 1.5% over Libor with potential reductions to the rate based on the debt to equity ratio.

 

 PATI

Current assets:
Cash and cash equivalents

0.01

Cash held in escrow
Accounts receivable, net of allowance for doubtful accounts of $227 and $162, respectively

                    0.85

Real estate tax refund receivable

                        –

Inventory of parts and supplies

                    0.09

Deferred income taxes

                    0.02

Prepaid tires on equipment

                    0.21

Prepaid taxes and licenses

                    0.03

Prepaid insurance

                    0.00

Prepaid expenses, other

                    0.01

Real estate held for sale, at cost

                        –

Total current assets

1.23

Property, plant and equipment, at cost

                 10.16

Less accumulated depreciation and depletion

                 (5.68)

Net property, plant and equipment

4.48

Real estate held for investment, at cost

(1.20)

Investment in joint ventures

                        –

Goodwill

                    0.35

Unrealized rents

                        –

Other assets, net

                    0.00

Total assets

4.87

Current liabilities:
Accounts payable

                    0.46

Federal and state income taxes payable

                        –

Accrued payroll and benefits

                    0.41

Accrued insurance

                    0.12

Accrued liabilities, other

                    0.04

Long-term debt due within one year

                        –

Total current liabilities

1.04

Long-term debt, less current portion

                    1.05

Deferred income taxes

                    0.95

Accrued insurance

                    0.10

Other liabilities

                    0.04

Shareholders’ equity:
Common stock, $.10 par value; 25,000,000 shares authorized, 9,657,419 and 9,564,220 shares issued

                        –

Capital in excess of par value

                    3.28

Retained earnings

                        –

Accumulated other comprehensive income, net

                    0.01

Total shareholders’ equity

3.29

Total liabilities and shareholders’ equity

6.47

 

PATI has almost not average revenue growth with strong cyclical swings. They state that 82% of revenues relates to petroleum transportation and the ten largest customer accounts for 54.2% of revenue. It has averaged 18% EBITDA with variance from 14-25% and 7% net income with variance from 4-12%. One would assume the reason that most of the management team is leaving and the spinoff is planned is to take advantage of the hypothesized upswing in transportation business. That said, the trailing twelve months does not show things are increasing, but instead are decreasing from the prior year-end. There seems to be little growth potential, but increasing in volume from existing clients. This would make sense as it is an established business with competitors providing a commodity like service. As the current margins are slightly lower than historical averages, using a valuation with current numbers would be a more conservative valuation. Looking at the following competitors, the valuation appears to be around $10 per share for this business line, which gives it a slightly lower multiple that it has now.

PATR

QLTY

PTSI

MRTN

Market Cap

345.82

391.46

296.38

673.30

P/S

2.13

0.4

0.73

1.00

P/E

24.58

N/A

41.02

24.00

EV/EBITDA

11.41

11.25

6.96

6.19

Profit Margin

9.24%

-0.59%

2.49%

4.31%

ROA

3.97%

5.95%

2.83%

5.04%

ROE

7.48%

N/A

8.05%

7.95%

 

The mining and real estate operations will remain with the original business, and although management has not stated by management, the hope would be that management would create a more focused strategy as a REIT for these operations. For the analysis here, there will be a separation between mining and real estate for valuation purposes with an expectation that the real estate operations will continue and the mining operations will be dissolved or remain not the primary focus of the operations. Prior to 2007 interest and administrative expenses were not reported and estimates were used for the following chart.

Mining  Per Share  TTM 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
Revenue           0.55                 5,317                       5,302                  4,483                 4,261          4,510          5,067            5,585          6,680            6,643            6,143            5,822
COGS           0.05                    476                           458                      466                    643             711             905                851          1,181                998                801            1,289
Admin Expenses           0.08                    769                           731                      674                    650             588             551                480              400                400                350                350
EBITDA           0.42                 4,072                       4,113                  3,343                 2,968          3,211          3,611            4,254          5,099            5,245            4,992            4,183
Interest Expense           0.01                    118                             59                        40                       37                39                74                  71                70                  70                  70                  70
Depreciation           0.01                    122                           105                      112                    111             103             134                193              150                235                227                248
Taxes           0.15                 1,496                       1,540                  1,213                 1,072          1,166          1,293            1,516          1,854            1,877            1,784            1,469
Net Income           0.24                 2,336                       2,409                  1,978                 1,748          1,903          2,110            2,474          3,025            3,063            2,911            2,396

 

The mining operation is primarily driven by one land lease, which accounts for approximately 74% of mining revenues. These mining operations substantially involve Vulcan Materials Company (VMC), who also has representation on the board. FRPH owns the land and has long term leases with VMC extracting sand to make concrete. VMC and FRPH then have a profit sharing of the sand extracted with FRPH holding the land for development purposes after the mining is completed. There will be substantial costs to be able to develop the land due to typical sand mining using open pit extraction although the contract states the mining will not deter development. The company states these pits will be used as water attractions. The residual land value of these tracks is excluded from valuation of the mining. Using the average sand extracted, average profit per ton, average profit margin, and 80% of estimated reserves (only current mining operations) to make the calculation more conservative, there can be a calculation of the value of the operation. These amounts have only been disclosed for the last three years, which have been years lower than prior extraction amounts. There was no upward adjustment for that fact to keep the valuation conservative. These values were discounted at 10%, which is several basis points higher than the company’s weighted average cost of capital due to the risky nature of the mining operation and joint venture. Given these values, the mining operation at $1.00 per ton, 4,700,000 tons, 269,508,000 tons in reserve, which implies 60 years of extraction, would result in $2.03 per share of value. This is less than the $3.12 per share the mining operation has as asset book value, which is a strong sign the operation needs to be discontinued.

Real Estate  Per Share  TTM 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
Revenue           2.60              25,228                     22,352                19,555              18,044       17,191       18,066          18,499        15,660          14,479          12,069          10,543
COGS           0.89                 8,621                       6,784                  8,329                 6,948          7,012          6,803            6,755          3,183            2,560            1,705                636
Admin Expenses           0.12                 1,152                       1,094                  1,012                    975             883             826                720              794                790                790                790
EBITDA           1.59              15,455                     14,474                10,214              10,121          9,296       10,437          11,024        11,683          11,129            9,574            9,117
Gain on Land Sold           0.69                 6,745                       7,333                         –                        –                 –                 –            3,111                 –                   –                   –                   –
Interest Expense           0.14                 1,352                       2,461                  2,598                 3,309          3,889          3,408            4,480          3,808            3,885            3,206            3,837
Depreciation           0.68                 6,622                       6,141                  5,729                 5,222          5,053          5,081            4,688          4,527            4,506            4,086            3,782
Taxes           0.47                 4,604                       4,123                      717                    604             135             740                705          1,272            1,040                867                569
Net Income           0.99                 9,622                       9,082                  1,170                    986             219          1,208            4,262          2,076            1,698            1,415                929

 

The real estate valuations are typically based on FFO amounts, and average a multiple of 16x. FFO being net income with depreciation added back and gain on sales taken out, which would result in $0.81 per share for the trailing twelve months. This would imply a value of $12.96. There is some question as to that being the most appropriate valuation as the company has not been run as a REIT previously. This means there will most likely be some change to the portfolio to offer investors a more focused investment product. Additionally, there will be a change of leverage for the entity to engage in future real estate development. It is hard to imagine with all the costs of restructuring, which will not just be legal, but include restructuring of debt to allow for cash dividends, the future real estate growth would overcome the approximate 30% deficit with the current stock price. The current price given the above would imply an FFO growth of 48%, which would require more cash capital for growth than currently available. This means there is a potential shorting position available for those that do not agree with the one analyst following this stock according to Yahoo.

 

 FRPI

Current assets:
Cash and cash equivalents

                0.05

Cash held in escrow

                0.02

Accounts receivable, net of allowance for doubtful accounts of $227 and $162, respectively

                0.07

Real estate tax refund receivable

                0.04

Inventory of parts and supplies

                    –

Deferred income taxes

                0.01

Prepaid tires on equipment

                    –

Prepaid taxes and licenses

                0.00

Prepaid insurance

                0.01

Prepaid expenses, other

                0.00

Real estate held for sale, at cost

                0.45

Total current assets

0.65

Property, plant and equipment, at cost

             27.83

Less accumulated depreciation and depletion

             (6.86)

Net property, plant and equipment

             20.98

Real estate held for investment, at cost

                1.96

Investment in joint ventures

                1.40

Goodwill

                    –

Unrealized rents

                0.49

Other assets, net

                0.97

Total assets        26.45
Current liabilities:
Accounts payable

                0.39

Federal and state income taxes payable

                0.03

Accrued payroll and benefits

                0.05

Accrued insurance

                    –

Accrued liabilities, other

0.05

Long-term debt due within one year

0.47

Total current liabilities

0.99

Long-term debt, less current portion

4.41

Deferred income taxes

1.46

Accrued insurance

                    –

Other liabilities

                0.41

Shareholders’ equity:
Common stock, $.10 par value; 25,000,000 shares authorized, 9,657,419 and 9,564,220 shares issued

0.10

Capital in excess of par value

                1.54

Retained earnings

15.94

Accumulated other comprehensive income, net

(0.00)

Total shareholders’ equity

17.58

Total liabilities and shareholders’ equity

24.85

 

 

 

 

Weekly Filings July 24-August 1, 2014

Spin Offs:

New Senior Investment Group continues their spin off.

Vectrus (VEC) continues to be spun off from Excelis (XLS).

Kimberly Clark continues its spin off of Halyard Health (HYH). Details of the stock option plans, tax distributions, and retirement plans were updated. Proforma adjustments and updated to recognize six months of activity instead of three were added, but no change to the original analysis was deemed necessary. There appears to be little investment opportunity here.

ADP continues its spin off of its Dealer Services division. The separation agreement, transition service agreement, etc. No change to the financial statements were made.

KLX, Inc. (KLXI) is a spin off from BE Aerospace (BEAV). It is the aerospace fastener and consumables segment as Aerospace Solutions Group and Energy Technical Services. It will issue debt to pay BEAV a dividend, which does not appear to be much of an issue for the company unless the inventory is not realizable.

Mergers:

SP Bancorp, Inc. (SPBC) and Green Bancorp (GNBC) are proposing merging for cash.

National Property Investors 6 will sell to DRA Fund VIII LLC for cash.

Burger King Worldwide (BKW) and Tim Horton, Inc. (THI) propose merging for cash and stock.

There were no changes in merger consideration types for previously disclosed mergers.

IPOs:

Global Ship Lease, Inc. (GSL) is going to the NYSE for preferred shares, common shares and warrants. It has a positive history of cash flows and income.

Liberty TripAdvisor Holdings (LTRPA) of TripAdvisor website fame is spinning off from Liberty Ventures (LVNTA),  Liberty via the CEO will still own 28% of the company. It has a history of positive income and cash flows.

Volt Information Science Inc (VISI) is issuing preferred stock. It has income losses and negative cash flows.

Fibrocell Science, Inc. (FCSC) is issuing more stock to fund the negative cash flows and income.

Aurinia Pharmaceuticals (IPHAF) is being upgraded to the NASDAQ.

Blue Earth, Inc. (BBLU) is upgraded to the NASDAQ.

Northern Trust Company (NTRS) is issuing preferred shares.