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2021-07-01
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Torrid Holdings Readies $156 Million U.S. IPO
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":151777218,"tweetId":"151777218","gmtCreate":1625110533534,"gmtModify":1633944665967,"author":{"id":3575583933895528,"idStr":"3575583933895528","authorId":3575583933895528,"authorIdStr":"3575583933895528","name":"vendetta","avatar":"https://static.tigerbbs.com/293cdcaaf74ac93685022689dd99fe3e","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":8,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>Pls like</p></body></html>","htmlText":"<html><head></head><body><p>Pls like</p></body></html>","text":"Pls like","highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/151777218","repostId":1106529543,"repostType":4,"repost":{"id":"1106529543","kind":"news","pubTimestamp":1625109764,"share":"https://www.laohu8.com/m/news/1106529543?lang=&edition=full","pubTime":"2021-07-01 11:22","market":"us","language":"en","title":"Torrid Holdings Readies $156 Million U.S. IPO","url":"https://stock-news.laohu8.com/highlight/detail?id=1106529543","media":"seekingalpha","summary":"Summary\n\nTorrid Holdings has filed proposed terms for a $156 million IPO.\nThe firm sells apparel and","content":"<p><b>Summary</b></p>\n<ul>\n <li><b><a href=\"https://laohu8.com/S/CURV\">Torrid Holdings</a> </b>has filed proposed terms for a $156 million IPO.</li>\n <li>The firm sells apparel and intimates to plus-sized women in the U.S.</li>\n <li>CURV has rebounded sharply after the 2020 pandemic period and has produced impressive growth while generating profit and envious free cash flow.</li>\n <li>The IPO is worth a close look.</li>\n</ul>\n<p><b>Quick Take</b></p>\n<p>Torrid Holdings (CURV) has filed to raise $156 million in an IPO of its common stock, according to an S-1/Aregistration statement.</p>\n<p>The firm provides apparel and intimate wear for plus-sized women via an omni-channel approach.</p>\n<p>CURV is producing impressive financial results in a large market and the IPO looks to be fairly priced, so is worth consideration.</p>\n<p><b>Company & Customers</b></p>\n<p>City of Industry, California-based Torrid was founded to create a direct-to-consumer [DTC] platform and related omni-channel structure for the design and sale of plus-sized apparel and intimates to women in the United States.</p>\n<p>Management is headed by Chief Executive Officer Elizabeth Munoz, who has been with the firm since June 2010 and was previously president of Lucky Brand and held various design related roles at Bongo Jeans.</p>\n<p>Torrid has received at least $50 million in equity investment from investors including Sycamore Partners.</p>\n<p>The firm pursues an omni-channel approach to attracting and retaining customers but is primarily a direct-to-consumer-centric [DTC] company.</p>\n<p>Management says the company is the largest DTC company for plus-size apparel and intimates in North America and served 3.2 million active customers in 2020.</p>\n<p>Selling, G&A expenses as a percentage of total revenue have risen sharply as revenues have increased, as the figures below indicate:</p>\n<p><img src=\"https://static.tigerbbs.com/d6c8434a0bbc4c7323f5c058d73670f8\" tg-width=\"554\" tg-height=\"276\" referrerpolicy=\"no-referrer\"></p>\n<p>The Selling, G&A efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Selling, G&A spend, swung to a positive 1.5x in the most recent reporting period, as shown in the table below:</p>\n<p><img src=\"https://static.tigerbbs.com/3df116fa96800f0111d084c450502dbc\" tg-width=\"555\" tg-height=\"224\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Market & Competition</b></p>\n<p>According to a 2018 marketresearch reportby Credence Research, the global market for plus-sized women's clothing was an estimated $165 billion in 2017 and is forecast to reach $243 billion by 2026.</p>\n<p>This represents a forecast CAGR of 4.4% from 2018 to 2026.</p>\n<p>The main drivers for this expected growth are a growth in the demand by plus-sized women for similar levels of luxury as women in other categories have access to.</p>\n<p>Also, the Asia Pacific region is expected to produce the highest demand through 2026.</p>\n<p>Major competitive or other industry participants include:</p>\n<ul>\n <li>Specialty retailers</li>\n <li>DTC Brands</li>\n <li>Local, National and International Retail Chains</li>\n <li>Online clothing retailers and ecommerce websites</li>\n</ul>\n<p><b>Financial Performance</b></p>\n<p>Torrid’s recent financial results can be summarized as follows:</p>\n<ul>\n <li>Sharply rebounding topline revenue growth</li>\n <li>Increasing gross profit but uneven gross margin</li>\n <li>Variable but strong operating profit</li>\n <li>Sharply increasing cash flow from operations</li>\n</ul>\n<p>Below are relevant financial results derived from the firm’s registration statement:</p>\n<p><img src=\"https://static.tigerbbs.com/5a961ead07c4ac87b664ef3f695d5a89\" tg-width=\"551\" tg-height=\"557\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/075c927d64b20f423d95d3f2a7c2a45b\" tg-width=\"550\" tg-height=\"557\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b8a407d72e8199dedf8b317dbb967083\" tg-width=\"550\" tg-height=\"557\" referrerpolicy=\"no-referrer\"></p>\n<p>As of May 1, 2021, Torrid had $191 million in cash and $721 million in total liabilities.</p>\n<p>Free cash flow during the twelve months ended May 1, 2021, was $210.2 million.</p>\n<p><b>IPO Details</b></p>\n<p>Torrid has registered 8 million shares from selling the shareholder at a proposed midpoint price of $19.50 per share.</p>\n<p>Assuming a successful IPO, the company’s enterprise value at IPO would approximate $2.5 billion, excluding the effects of underwriter over-allotment options.</p>\n<p>Excluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 7.27%. A figure under 10% is generally considered a ‘low float’ stock which can be subject to significant price volatility.</p>\n<p>The company will not be selling any shares in the IPO, with all proceeds going to owner Sycamore Partners. This is an unusual characteristic that I haven't seen before in an IPO. Usually at least some of the IPO proceeds go to the company for its future expansion plans or to pay down debt.</p>\n<p>Management’s presentation of the company roadshow isavailable here.</p>\n<p>Listed bookrunners of the IPO are Morgan Stanley, BofA Securities, Goldman Sachs, Jefferies, Baird, Cowen, William Blair, and Telsey Advisory Group.</p>\n<p><b>Valuation Metrics</b></p>\n<p>Below is a table of relevant capitalization and valuation figures for the company:</p>\n<p><img src=\"https://static.tigerbbs.com/7844c81a924f9d87954da01417e7ae68\" tg-width=\"553\" tg-height=\"641\" referrerpolicy=\"no-referrer\"></p>\n<p>As a reference, a potential public comparable to Torrid would be another U.S. direct to consumer apparel company, FIGS (FIGS); below is a comparison of their primary valuation metrics:</p>\n<p><img src=\"https://static.tigerbbs.com/37bec2935aae135548e1f47a777fe24e\" tg-width=\"552\" tg-height=\"376\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Commentary</b></p>\n<p>Torrid is seeking to go public so its primary shareholder may sell 8 million shares, a portion of its shareholdings</p>\n<p>The company’s financials show a sharp rebound in revenue in the first quarter of the current fiscal year after a meaningful drop in activity during the 2020 pandemic period.</p>\n<p>CURV is profitable and free cash flow for the twelve months ended May 1, 2021, was a very impressive $210.2 million.</p>\n<p>Selling, G&A expenses as a percentage of total revenue have risen as revenue has increased; its Selling, G&A efficiency rate swung into positive territory in the most recent reporting period.</p>\n<p>The market opportunity for selling plus-size apparel and intimates is quite large and is expected to grow at a moderate rate through 2026.</p>\n<p>Morgan Stanley is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 31.5% since their IPO. This is a mid-tier performance for all major underwriters during the period.</p>\n<p>The primary risk to the company’s outlook is competition from other major online players who have omni-channel capabilities moving more forcefully into this adjacent space.</p>\n<p>As for valuation, compared to another DTC apparel company, FIGS, the IPO appears reasonably valued, with lower revenue multiples despite similarly strong performance across major metrics.</p>\n<p>CURV appears to be back to strong growth, although there may be some pent-up demand in its most recent reporting period.</p>\n<p>Despite that, the company is producing impressive financial results in a large market that it is specializing in and the IPO looks to be fairly priced, so is worth consideration.</p>\n<p>Expected IPO Pricing Date: June 30, 2021.</p>","source":"seekingalpha","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\" 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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\">\nTorrid Holdings Readies $156 Million U.S. IPO\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-01 11:22 GMT+8 <a href=https://seekingalpha.com/article/4437206-torrid-holdings-readies-156-million-us-ipo><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nTorrid Holdings has filed proposed terms for a $156 million IPO.\nThe firm sells apparel and intimates to plus-sized women in the U.S.\nCURV has rebounded sharply after the 2020 pandemic period...</p>\n\n<a href=\"https://seekingalpha.com/article/4437206-torrid-holdings-readies-156-million-us-ipo\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CURV":"Torrid Holdings"},"source_url":"https://seekingalpha.com/article/4437206-torrid-holdings-readies-156-million-us-ipo","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1106529543","content_text":"Summary\n\nTorrid Holdings has filed proposed terms for a $156 million IPO.\nThe firm sells apparel and intimates to plus-sized women in the U.S.\nCURV has rebounded sharply after the 2020 pandemic period and has produced impressive growth while generating profit and envious free cash flow.\nThe IPO is worth a close look.\n\nQuick Take\nTorrid Holdings (CURV) has filed to raise $156 million in an IPO of its common stock, according to an S-1/Aregistration statement.\nThe firm provides apparel and intimate wear for plus-sized women via an omni-channel approach.\nCURV is producing impressive financial results in a large market and the IPO looks to be fairly priced, so is worth consideration.\nCompany & Customers\nCity of Industry, California-based Torrid was founded to create a direct-to-consumer [DTC] platform and related omni-channel structure for the design and sale of plus-sized apparel and intimates to women in the United States.\nManagement is headed by Chief Executive Officer Elizabeth Munoz, who has been with the firm since June 2010 and was previously president of Lucky Brand and held various design related roles at Bongo Jeans.\nTorrid has received at least $50 million in equity investment from investors including Sycamore Partners.\nThe firm pursues an omni-channel approach to attracting and retaining customers but is primarily a direct-to-consumer-centric [DTC] company.\nManagement says the company is the largest DTC company for plus-size apparel and intimates in North America and served 3.2 million active customers in 2020.\nSelling, G&A expenses as a percentage of total revenue have risen sharply as revenues have increased, as the figures below indicate:\n\nThe Selling, G&A efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Selling, G&A spend, swung to a positive 1.5x in the most recent reporting period, as shown in the table below:\n\nMarket & Competition\nAccording to a 2018 marketresearch reportby Credence Research, the global market for plus-sized women's clothing was an estimated $165 billion in 2017 and is forecast to reach $243 billion by 2026.\nThis represents a forecast CAGR of 4.4% from 2018 to 2026.\nThe main drivers for this expected growth are a growth in the demand by plus-sized women for similar levels of luxury as women in other categories have access to.\nAlso, the Asia Pacific region is expected to produce the highest demand through 2026.\nMajor competitive or other industry participants include:\n\nSpecialty retailers\nDTC Brands\nLocal, National and International Retail Chains\nOnline clothing retailers and ecommerce websites\n\nFinancial Performance\nTorrid’s recent financial results can be summarized as follows:\n\nSharply rebounding topline revenue growth\nIncreasing gross profit but uneven gross margin\nVariable but strong operating profit\nSharply increasing cash flow from operations\n\nBelow are relevant financial results derived from the firm’s registration statement:\n\nAs of May 1, 2021, Torrid had $191 million in cash and $721 million in total liabilities.\nFree cash flow during the twelve months ended May 1, 2021, was $210.2 million.\nIPO Details\nTorrid has registered 8 million shares from selling the shareholder at a proposed midpoint price of $19.50 per share.\nAssuming a successful IPO, the company’s enterprise value at IPO would approximate $2.5 billion, excluding the effects of underwriter over-allotment options.\nExcluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 7.27%. A figure under 10% is generally considered a ‘low float’ stock which can be subject to significant price volatility.\nThe company will not be selling any shares in the IPO, with all proceeds going to owner Sycamore Partners. This is an unusual characteristic that I haven't seen before in an IPO. Usually at least some of the IPO proceeds go to the company for its future expansion plans or to pay down debt.\nManagement’s presentation of the company roadshow isavailable here.\nListed bookrunners of the IPO are Morgan Stanley, BofA Securities, Goldman Sachs, Jefferies, Baird, Cowen, William Blair, and Telsey Advisory Group.\nValuation Metrics\nBelow is a table of relevant capitalization and valuation figures for the company:\n\nAs a reference, a potential public comparable to Torrid would be another U.S. direct to consumer apparel company, FIGS (FIGS); below is a comparison of their primary valuation metrics:\n\nCommentary\nTorrid is seeking to go public so its primary shareholder may sell 8 million shares, a portion of its shareholdings\nThe company’s financials show a sharp rebound in revenue in the first quarter of the current fiscal year after a meaningful drop in activity during the 2020 pandemic period.\nCURV is profitable and free cash flow for the twelve months ended May 1, 2021, was a very impressive $210.2 million.\nSelling, G&A expenses as a percentage of total revenue have risen as revenue has increased; its Selling, G&A efficiency rate swung into positive territory in the most recent reporting period.\nThe market opportunity for selling plus-size apparel and intimates is quite large and is expected to grow at a moderate rate through 2026.\nMorgan Stanley is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 31.5% since their IPO. This is a mid-tier performance for all major underwriters during the period.\nThe primary risk to the company’s outlook is competition from other major online players who have omni-channel capabilities moving more forcefully into this adjacent space.\nAs for valuation, compared to another DTC apparel company, FIGS, the IPO appears reasonably valued, with lower revenue multiples despite similarly strong performance across major metrics.\nCURV appears to be back to strong growth, although there may be some pent-up demand in its most recent reporting period.\nDespite that, the company is producing impressive financial results in a large market that it is specializing in and the IPO looks to be fairly priced, so is worth consideration.\nExpected IPO Pricing Date: June 30, 2021.","news_type":1},"isVote":1,"tweetType":1,"viewCount":5,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":7,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/151777218"}
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