LendingClub PT Boosted to $31 From $19, Buy Reiterated : BTIG
2014-12-15 13:28:40.508 GMT
By Laura Kaster
(Bloomberg) -- LendingClub new $31 PT based on 0.8x FY16
est. loan originations of $13.7b, discounted back by 10%; $19 PT
was based on 15x FY18 est. adj. Ebitda, which was “overly
conservative,” BTIG analyst Mark Palmer writes in a note.
* $31 PT implies 26% upside from Friday’s $24.69 closing price
* Believes “significant” valuation premium warranted given
“remarkable” growth potential
* Sees LC likely using significant portion of est. $751m
balance-sheet cash to make accretive acquisitions
* LC up 1.9% premkt to $25.15 on 43k shrs
* NOTE: Dec. 11, LC Opens at $24.75/Shr, IPO Priced at $15
* NOTE: Tomorrow On Deck Capital sees pricing 10m-shr IPO at
$16-$18 via BofA, Deutsche Bank, Morgan Stanley
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To contact the reporter on this story:
Laura Kaster in New York at +1-212-617-9604 or
lkaster2@bloomberg.net
To contact the editor responsible for this story:
Arie Shapira at +1-212-617-1488 or
ashapira3@bloomberg.net
2014-12-15 13:28:40.508 GMT
By Laura Kaster
(Bloomberg) -- LendingClub new $31 PT based on 0.8x FY16
est. loan originations of $13.7b, discounted back by 10%; $19 PT
was based on 15x FY18 est. adj. Ebitda, which was “overly
conservative,” BTIG analyst Mark Palmer writes in a note.
* $31 PT implies 26% upside from Friday’s $24.69 closing price
* Believes “significant” valuation premium warranted given
“remarkable” growth potential
* Sees LC likely using significant portion of est. $751m
balance-sheet cash to make accretive acquisitions
* LC up 1.9% premkt to $25.15 on 43k shrs
* NOTE: Dec. 11, LC Opens at $24.75/Shr, IPO Priced at $15
* NOTE: Tomorrow On Deck Capital sees pricing 10m-shr IPO at
$16-$18 via BofA, Deutsche Bank, Morgan Stanley
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Laura Kaster in New York at +1-212-617-9604 or
lkaster2@bloomberg.net
To contact the editor responsible for this story:
Arie Shapira at +1-212-617-1488 or
ashapira3@bloomberg.net