I knew it_老虎社区_美港股上老虎

2021-09-23

I knew it

a.k.a. Brands opens for trading at $9.5, down 13.64% from IPO price<blockquote>a.k.a. Brands 开盘价为 9.5 美元，较 IPO 价格下降 13.64%</blockquote>

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Brands opens for trading at $9.5, down 13.64% from IPO price<blockquote>a.k.a. Brands 开盘价为 9.5 美元，较 IPO 价格下降 13.64%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154932699","media":"Tiger Newspress","summary":"(Sept 22) a.k.a. Brands Holding Corp. opens for trading at $9.5, down 13.64% from IPO price.\n\nCompan","content":"(Sept 22)&nbsp;<a href=\"https://laohu8.com/S/AKA\">a.k.a. Brands Holding Corp.</a> opens for trading at $9.5, down 13.64% from IPO price.<blockquote>（9月22日）<a href=\"https://laohu8.com/S/AKA\">又名品牌控股公司。</a>开盘价为 9.5 美元，较 IPO 价格下降 13.64%。</blockquote> <img src=\"https://static.tigerbbs.com/2655ceafc9d04ddedb23eed6e4de700b\" tg-width=\"968\" tg-height=\"556\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Company &amp; Technology<blockquote>公司与技术</blockquote> San Francisco, California-based a.k.a. Brands was founded to develop a portfolio of digitally-focused, DTC consumer apparel and fashion brands with a global reach.<blockquote>总部位于加利福尼亚州旧金山的 a.k.a. Brands 成立的目的是开发一系列以数字为中心的 DTC 消费服装和时尚品牌，并覆盖全球。</blockquote> Management is headed by Chief Executive Officer Jill Ramsey, who has been with the firm since May 2020 and was previously Chief Product and Digital Revenue Officer at Macy's.<blockquote>管理层由首席执行官吉尔·拉姆齐 (Jill Ramsey) 领导，她自 2020 年 5 月起加入该公司，此前曾担任梅西百货首席产品和数字收入官。</blockquote> The company’s primary offerings include:<blockquote>该公司的主要产品包括：</blockquote> <ul> <li>Princess Polly</li> <li>Culture Kings</li> <li>Petal &amp; Pup</li> <li>Rebdolls</li> </ul> Below is the a.k.a. platform as it currently stands:<blockquote><ul><li>波莉公主</li><li>文化之王</li><li>花瓣与小狗</li><li>蕾丝娃娃</li></ul>以下是目前的 a.k.a. 平台：</blockquote> <img src=\"https://static.tigerbbs.com/f7ce425ad6f03482b7316d1970a64a8e\" tg-width=\"1280\" tg-height=\"1058\" referrerpolicy=\"no-referrer\">a.k.a. Brands has received at least $330 million in equity investment from investors including New Excelerate, Beard Entities and Bryett Enterprises Trust.<blockquote>a.k.a. Brands 已从 New Excelerate、Beard Entities 和 Bryett Enterprises Trust 等投资者那里获得了至少 3.3 亿美元的股权投资。</blockquote> Customer Acquisition<blockquote>客户获取</blockquote> The company focuses its marketing efforts on Millennials and Gen Z consumers who 'seek fashion inspiration on social media and primarily shop online and via mobile devices.'<blockquote>该公司将营销重点放在千禧一代和 Z 世代消费者身上，他们“在社交媒体上寻找时尚灵感，主要通过在线和移动设备购物”。</blockquote> So, a.k.a. leverages its data to provide relevant social content and make other digital marketing strategy efforts to reach consumers directly online.<blockquote>因此，a.k.a.利用其数据提供相关的社交内容，并采取其他数字营销策略，直接在线接触消费者。</blockquote> Selling expenses as a percentage of total revenue have risen as revenues have increased, as the figures below indicate:<blockquote>销售开支占总收入的百分比随著收入增加而上升，如下图所示：</blockquote> <img src=\"https://static.tigerbbs.com/09de0dff45009ec1618d62f05ee32627\" tg-width=\"614\" tg-height=\"307\" referrerpolicy=\"no-referrer\">The Selling efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Selling spend, was stable in the most recent reporting period, as shown in the table below:<blockquote>销售效率率（定义为每1美元的销售支出产生多少美元的额外新收入）在最近一个报告期内保持稳定，如下表所示：</blockquote> <img src=\"https://static.tigerbbs.com/3ce88e3f54fea202f724c03c0a3157be\" tg-width=\"610\" tg-height=\"242\" referrerpolicy=\"no-referrer\">For a.k.a.’s largest property, Princess Polly, user engagement measured by average number of pages per visit on that website has remained relatively flat over the last two years, with a recent slight increase to a current blended average desktop/mobile of 7.28 pages per visit, as the chart shows below:<blockquote>对于 a.k.a. 最大的酒店 Princess Polly，以每次访问该网站的平均页面数衡量的用户参与度在过去两年中一直保持相对持平，最近略有上升，目前桌面/移动设备的平均每次访问页面数为 7.28 页，如下图所示：</blockquote> <img src=\"https://static.tigerbbs.com/8faa1fea511d6ca9aedc0d4323baa69b\" tg-width=\"1010\" tg-height=\"497\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> (Source:Similarweb)<blockquote>（来源：Similarweb）</blockquote> According to a marketresearch reportby BlueCart, the global market for DTC (direct-to-consumer) sales is expected to reach $20 billion globally in 2021.<blockquote>根据BlueCart的市场研究报告，2021年全球DTC（直接面向消费者）销售市场预计将达到200亿美元。</blockquote> This represents a forecast potential increase of 15% over results in 2020.<blockquote>这意味着预测比 2020 年的结果潜在增长 15%。</blockquote> The main drivers for this expected growth are an increase in consumer openness to hearing directly from manufacturers via online channels.<blockquote>这一预期增长的主要驱动力是消费者越来越愿意通过在线渠道直接听取制造商的意见。</blockquote> Also, there is a growing desire by businesses to gain an edge through greater data-driven insights stemming from direct relationships with their customers rather than working through 3rd party distributors and retail outlets.<blockquote>此外，企业越来越希望通过与客户的直接关系而不是通过第三方分销商和零售店合作来获得更多数据驱动的洞察力来获得优势。</blockquote> Major competitive or other industry participants by type include:<blockquote>按类型划分的主要竞争或其他行业参与者包括：</blockquote> <ul> <li>Ecommerce companies</li> <li>In-person stores</li> </ul> Financial Performance<blockquote><ul><li>电子商务公司</li><li>面对面商店</li></ul>财务表现</blockquote> a.k.a. Brands’ recent financial results can be summarized as follows (includes 55% stake in Culture Kings Group):<blockquote>a.k.a. Brands 近期的财务业绩可概括如下（包括 Culture Kings Group 55% 的股份）：</blockquote> <ul> <li>Sharply growing topline revenue</li> <li>Growing gross profit</li> <li>Increasing gross margin</li> <li>Uneven operating profit and margin</li> <li>Variable cash flow from operations</li> </ul> Below are relevant financial results derived from the firm’s registration statement:<blockquote><ul><li>营收急剧增长</li><li>毛利增长</li><li>增加毛利率</li><li>营业利润及利润率不均</li><li>经营活动产生的可变现金流量</li></ul>以下是公司注册声明中的相关财务业绩：</blockquote> <img src=\"https://static.tigerbbs.com/3a4b8f665d53cacb759e02e61c0e0fac\" tg-width=\"610\" tg-height=\"616\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7f24f3b6311e665efae356978c984a91\" tg-width=\"611\" tg-height=\"618\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/eeba7aa58d9c2188ca35f7d3ddbfd57a\" tg-width=\"610\" tg-height=\"620\" referrerpolicy=\"no-referrer\">As of June 30, 2021, a.k.a. Brands had $34.3 million in cash and $277.8 million in total liabilities.<blockquote>截至 2021 年 6 月 30 日，a.k.a. Brands 拥有 3430 万美元现金和 2.778 亿美元总负债。</blockquote> Free cash flow during the twelve months ended June 30, 2021, was $28.7 million.<blockquote>截至2021年6月30日的12个月内，自由现金流为2870万美元。</blockquote> IPO Details<blockquote>IPO详情</blockquote> AKA intends to sell 13.9 million shares of common stock at a proposed midpoint price of $18.00 per share for gross proceeds of approximately $250 million, not including the sale of customary underwriter options.<blockquote>AKA 打算以每股 18.00 美元的拟议中间价出售 1,390 万股普通股，总收益约为 2.5 亿美元，不包括出售惯例承销商期权。</blockquote> No existing shareholders have indicated an interest to purchase shares at the IPO price.<blockquote>没有现有股东表示有兴趣以IPO价格购买股份。</blockquote> Assuming a successful IPO at the midpoint of the proposed price range, the company’s enterprise value at IPO (ex- underwriter options) would approximate $2.3 billion.<blockquote>假设在拟议价格范围的中点成功进行首次公开募股，公司在首次公开募股时的企业价值（不包括承销商期权）将约为 23 亿美元。</blockquote> Excluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 10.72%. A figure under 10% is generally considered a ‘low float’ stock which can be subject to significant price volatility.<blockquote>撇除承销商期权及私募股份或限制性股票（如有）的影响，流通股与流通股的比率将约为10.72%。低于 10% 的数字通常被认为是 “低流通量 ”股票，可能会受到大幅价格波动的影响。</blockquote> Per the firm’s most recent regulatory filing, it plans to use the net proceeds as follows (in conjunction with a planned new senior secured credit facility):<blockquote>根据该公司最新提交的监管文件，该公司计划按以下方式使用净收益（与计划中的新高级担保信贷额度结合使用）：</blockquote> <img src=\"https://static.tigerbbs.com/0b37cb842c1d92125dec5e45108e3378\" tg-width=\"1280\" tg-height=\"289\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> (Source)<blockquote>（来源）</blockquote> Management’s presentation of the company roadshow isavailable here.<blockquote>管理层对公司路演的介绍可在此处查看。</blockquote> Regarding outstanding legal proceedings, management believes that any legal claims against it would not be material to its operations or financial condition.<blockquote>就未决法律诉讼而言，管理层相信任何针对其的法律申索不会对其营运或财务状况造成重大影响。</blockquote> Listed bookrunners of the IPO are BofA Securities, Credit Suisse, Jefferies and other investment banks.<blockquote>此次IPO的上市账簿管理人包括美国银行证券、瑞士信贷、杰富瑞等投资银行。</blockquote> Valuation Metrics<blockquote>估值指标</blockquote> Below is a table of the firm’s relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:<blockquote>下表列出了该公司首次公开募股时的相关资本和估值指标，不包括承销商期权的影响：</blockquote> <img src=\"https://static.tigerbbs.com/83589d7d85d1719f3237ee2bc10b5d23\" tg-width=\"612\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Commentary<blockquote>评论</blockquote> AKA is going public to pay down debt and for its future expansion plans.<blockquote>AKA 将上市是为了偿还债务和未来的扩张计划。</blockquote> AKS’ financials show sharply growing topline revenue and gross profit, increasing gross margin but uneven operating profit and margin and variable cash flow from operations<blockquote>AKS 的财务数据显示，营收和毛利润急剧增长，毛利率不断提高，但营业利润和利润率不均衡，运营现金流也不稳定。</blockquote> Free cash flow for the twelve months ended June 30, 2021, was $28.7 million.<blockquote>截至2021年6月30日的12个月的自由现金流为2870万美元。</blockquote> Selling expenses as a percentage of total revenue have risen as revenue has increased and its Selling efficiency rate was stable at an impressive 2.3x.<blockquote>随着收入的增加，销售费用占总收入的百分比也有所上升，其销售效率稳定在令人印象深刻的 2.3 倍。</blockquote> The market opportunity for selling fashionable clothing direct to consumer [DTC] aimed at younger demographics is large and expected to grow substantially in the years ahead.<blockquote>面向年轻人群的直接向消费者销售时尚服装[DTC]的市场机会很大，预计在未来几年将大幅增长。</blockquote> Being a mobile-first DTC firm, AKA is well-positioned to adjust to a market that is focused on using online, mobile-phone app purchase modalities.<blockquote>作为一家移动优先的DTC公司，AKA处于有利地位，可以适应专注于使用在线手机应用程序购买模式的市场。</blockquote> BofA Securities is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 11.5% since their IPO. This is a mid-tier performance for all major underwriters during the period.<blockquote>美国银行证券是主承销商，该公司在过去 12 个月内牵头的 IPO 自 IPO 以来的平均回报率为 11.5%。这是期内所有主要承销商的中级表现。</blockquote> The primary risk to the company’s outlook is the high rate of change in consumer tastes and preferences, which can make it challenging and costly to react to changes in a compressed time period.<blockquote>公司前景面临的主要风险是消费者口味和偏好的高变化率，这使得在压缩的时间内应对变化具有挑战性和成本高昂。</blockquote> As for valuation, compared toa basketof publicly held Apparel companies complied by noted valuation expert Dr. Aswath Damodaran which as of January 2021 had an average EV/Sales multiple of 2.03x, AKA is seeking an EV/Revenue multiple of 5.03x.<blockquote>至于估值，与著名估值专家Aswath Damodaran博士遵守的一篮子上市公司相比，截至2021年1月，这些公司的平均EV/销售倍数为2.03倍，也就是寻求5.03倍的EV/收入倍数。</blockquote> AKA is growing topline revenue sharply, in part due to its acquisition activities but its operating margin was 4.6% in the most recent six-month period versus the public basket of an average of 5.93%.<blockquote>AKA 的营收大幅增长，部分原因是其收购活动，但最近六个月的营业利润率为 4.6%，而公共篮子的平均营业利润率为 5.93%。</blockquote> So AKA is growing quickly through acquisition but has a lower operating margin than its public peers.<blockquote>因此，AKA 通过收购实现了快速增长，但营业利润率低于上市公司。</blockquote> However, I favor DTC companies for things like apparel, as the firm can adjust its offering much faster and more accurately as a result of its direct relationship with customers.<blockquote>然而，我更喜欢服装等产品的DTC公司，因为由于与客户的直接关系，该公司可以更快、更准确地调整其产品。</blockquote> Also, AKA’s mobile-first approach combined with DTC business model also positions the firm well for its target demographic of younger consumers.<blockquote>此外，AKA 的移动优先方法与 DTC 商业模式相结合，也使该公司能够很好地满足年轻消费者的目标人群。</blockquote> Although the IPO isn’t cheap, I believe AKA has significant room to grow and continue executing its business model approach, so the IPO is worth consideration.<blockquote>虽然 IPO 并不便宜，但我相信 AKA 还有很大的发展空间，可以继续执行其商业模式，因此 IPO 值得考虑。</blockquote>","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>a.k.a. Brands opens for trading at $9.5, down 13.64% from IPO price<blockquote>a.k.a. Brands 开盘价为 9.5 美元，较 IPO 价格下降 13.64%</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\na.k.a. Brands opens for trading at $9.5, down 13.64% from IPO price<blockquote>a.k.a. Brands 开盘价为 9.5 美元，较 IPO 价格下降 13.64%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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\">\nTiger Newspress \n2021-09-22 22:38\n</div>\n</a>\n</h4>\n</header>\n<article>\n(Sept 22)&nbsp;<a href=\"https://laohu8.com/S/AKA\">a.k.a. Brands Holding Corp.</a> opens for trading at $9.5, down 13.64% from IPO price.<blockquote>（9月22日）<a href=\"https://laohu8.com/S/AKA\">又名品牌控股公司。</a>开盘价为 9.5 美元，较 IPO 价格下降 13.64%。</blockquote> <img src=\"https://static.tigerbbs.com/2655ceafc9d04ddedb23eed6e4de700b\" tg-width=\"968\" tg-height=\"556\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Company &amp; Technology<blockquote>公司与技术</blockquote> San Francisco, California-based a.k.a. Brands was founded to develop a portfolio of digitally-focused, DTC consumer apparel and fashion brands with a global reach.<blockquote>总部位于加利福尼亚州旧金山的 a.k.a. Brands 成立的目的是开发一系列以数字为中心的 DTC 消费服装和时尚品牌，并覆盖全球。</blockquote> Management is headed by Chief Executive Officer Jill Ramsey, who has been with the firm since May 2020 and was previously Chief Product and Digital Revenue Officer at Macy's.<blockquote>管理层由首席执行官吉尔·拉姆齐 (Jill Ramsey) 领导，她自 2020 年 5 月起加入该公司，此前曾担任梅西百货首席产品和数字收入官。</blockquote> The company’s primary offerings include:<blockquote>该公司的主要产品包括：</blockquote> <ul> <li>Princess Polly</li> <li>Culture Kings</li> <li>Petal &amp; Pup</li> <li>Rebdolls</li> </ul> Below is the a.k.a. platform as it currently stands:<blockquote><ul><li>波莉公主</li><li>文化之王</li><li>花瓣与小狗</li><li>蕾丝娃娃</li></ul>以下是目前的 a.k.a. 平台：</blockquote> <img src=\"https://static.tigerbbs.com/f7ce425ad6f03482b7316d1970a64a8e\" tg-width=\"1280\" tg-height=\"1058\" referrerpolicy=\"no-referrer\">a.k.a. Brands has received at least $330 million in equity investment from investors including New Excelerate, Beard Entities and Bryett Enterprises Trust.<blockquote>a.k.a. Brands 已从 New Excelerate、Beard Entities 和 Bryett Enterprises Trust 等投资者那里获得了至少 3.3 亿美元的股权投资。</blockquote> Customer Acquisition<blockquote>客户获取</blockquote> The company focuses its marketing efforts on Millennials and Gen Z consumers who 'seek fashion inspiration on social media and primarily shop online and via mobile devices.'<blockquote>该公司将营销重点放在千禧一代和 Z 世代消费者身上，他们“在社交媒体上寻找时尚灵感，主要通过在线和移动设备购物”。</blockquote> So, a.k.a. leverages its data to provide relevant social content and make other digital marketing strategy efforts to reach consumers directly online.<blockquote>因此，a.k.a.利用其数据提供相关的社交内容，并采取其他数字营销策略，直接在线接触消费者。</blockquote> Selling expenses as a percentage of total revenue have risen as revenues have increased, as the figures below indicate:<blockquote>销售开支占总收入的百分比随著收入增加而上升，如下图所示：</blockquote> <img src=\"https://static.tigerbbs.com/09de0dff45009ec1618d62f05ee32627\" tg-width=\"614\" tg-height=\"307\" referrerpolicy=\"no-referrer\">The Selling efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Selling spend, was stable in the most recent reporting period, as shown in the table below:<blockquote>销售效率率（定义为每1美元的销售支出产生多少美元的额外新收入）在最近一个报告期内保持稳定，如下表所示：</blockquote> <img src=\"https://static.tigerbbs.com/3ce88e3f54fea202f724c03c0a3157be\" tg-width=\"610\" tg-height=\"242\" referrerpolicy=\"no-referrer\">For a.k.a.’s largest property, Princess Polly, user engagement measured by average number of pages per visit on that website has remained relatively flat over the last two years, with a recent slight increase to a current blended average desktop/mobile of 7.28 pages per visit, as the chart shows below:<blockquote>对于 a.k.a. 最大的酒店 Princess Polly，以每次访问该网站的平均页面数衡量的用户参与度在过去两年中一直保持相对持平，最近略有上升，目前桌面/移动设备的平均每次访问页面数为 7.28 页，如下图所示：</blockquote> <img src=\"https://static.tigerbbs.com/8faa1fea511d6ca9aedc0d4323baa69b\" tg-width=\"1010\" tg-height=\"497\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> (Source:Similarweb)<blockquote>（来源：Similarweb）</blockquote> According to a marketresearch reportby BlueCart, the global market for DTC (direct-to-consumer) sales is expected to reach $20 billion globally in 2021.<blockquote>根据BlueCart的市场研究报告，2021年全球DTC（直接面向消费者）销售市场预计将达到200亿美元。</blockquote> This represents a forecast potential increase of 15% over results in 2020.<blockquote>这意味着预测比 2020 年的结果潜在增长 15%。</blockquote> The main drivers for this expected growth are an increase in consumer openness to hearing directly from manufacturers via online channels.<blockquote>这一预期增长的主要驱动力是消费者越来越愿意通过在线渠道直接听取制造商的意见。</blockquote> Also, there is a growing desire by businesses to gain an edge through greater data-driven insights stemming from direct relationships with their customers rather than working through 3rd party distributors and retail outlets.<blockquote>此外，企业越来越希望通过与客户的直接关系而不是通过第三方分销商和零售店合作来获得更多数据驱动的洞察力来获得优势。</blockquote> Major competitive or other industry participants by type include:<blockquote>按类型划分的主要竞争或其他行业参与者包括：</blockquote> <ul> <li>Ecommerce companies</li> <li>In-person stores</li> </ul> Financial Performance<blockquote><ul><li>电子商务公司</li><li>面对面商店</li></ul>财务表现</blockquote> a.k.a. Brands’ recent financial results can be summarized as follows (includes 55% stake in Culture Kings Group):<blockquote>a.k.a. Brands 近期的财务业绩可概括如下（包括 Culture Kings Group 55% 的股份）：</blockquote> <ul> <li>Sharply growing topline revenue</li> <li>Growing gross profit</li> <li>Increasing gross margin</li> <li>Uneven operating profit and margin</li> <li>Variable cash flow from operations</li> </ul> Below are relevant financial results derived from the firm’s registration statement:<blockquote><ul><li>营收急剧增长</li><li>毛利增长</li><li>增加毛利率</li><li>营业利润及利润率不均</li><li>经营活动产生的可变现金流量</li></ul>以下是公司注册声明中的相关财务业绩：</blockquote> <img src=\"https://static.tigerbbs.com/3a4b8f665d53cacb759e02e61c0e0fac\" tg-width=\"610\" tg-height=\"616\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7f24f3b6311e665efae356978c984a91\" tg-width=\"611\" tg-height=\"618\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/eeba7aa58d9c2188ca35f7d3ddbfd57a\" tg-width=\"610\" tg-height=\"620\" referrerpolicy=\"no-referrer\">As of June 30, 2021, a.k.a. Brands had $34.3 million in cash and $277.8 million in total liabilities.<blockquote>截至 2021 年 6 月 30 日，a.k.a. Brands 拥有 3430 万美元现金和 2.778 亿美元总负债。</blockquote> Free cash flow during the twelve months ended June 30, 2021, was $28.7 million.<blockquote>截至2021年6月30日的12个月内，自由现金流为2870万美元。</blockquote> IPO Details<blockquote>IPO详情</blockquote> AKA intends to sell 13.9 million shares of common stock at a proposed midpoint price of $18.00 per share for gross proceeds of approximately $250 million, not including the sale of customary underwriter options.<blockquote>AKA 打算以每股 18.00 美元的拟议中间价出售 1,390 万股普通股，总收益约为 2.5 亿美元，不包括出售惯例承销商期权。</blockquote> No existing shareholders have indicated an interest to purchase shares at the IPO price.<blockquote>没有现有股东表示有兴趣以IPO价格购买股份。</blockquote> Assuming a successful IPO at the midpoint of the proposed price range, the company’s enterprise value at IPO (ex- underwriter options) would approximate $2.3 billion.<blockquote>假设在拟议价格范围的中点成功进行首次公开募股，公司在首次公开募股时的企业价值（不包括承销商期权）将约为 23 亿美元。</blockquote> Excluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 10.72%. A figure under 10% is generally considered a ‘low float’ stock which can be subject to significant price volatility.<blockquote>撇除承销商期权及私募股份或限制性股票（如有）的影响，流通股与流通股的比率将约为10.72%。低于 10% 的数字通常被认为是 “低流通量 ”股票，可能会受到大幅价格波动的影响。</blockquote> Per the firm’s most recent regulatory filing, it plans to use the net proceeds as follows (in conjunction with a planned new senior secured credit facility):<blockquote>根据该公司最新提交的监管文件，该公司计划按以下方式使用净收益（与计划中的新高级担保信贷额度结合使用）：</blockquote> <img src=\"https://static.tigerbbs.com/0b37cb842c1d92125dec5e45108e3378\" tg-width=\"1280\" tg-height=\"289\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> (Source)<blockquote>（来源）</blockquote> Management’s presentation of the company roadshow isavailable here.<blockquote>管理层对公司路演的介绍可在此处查看。</blockquote> Regarding outstanding legal proceedings, management believes that any legal claims against it would not be material to its operations or financial condition.<blockquote>就未决法律诉讼而言，管理层相信任何针对其的法律申索不会对其营运或财务状况造成重大影响。</blockquote> Listed bookrunners of the IPO are BofA Securities, Credit Suisse, Jefferies and other investment banks.<blockquote>此次IPO的上市账簿管理人包括美国银行证券、瑞士信贷、杰富瑞等投资银行。</blockquote> Valuation Metrics<blockquote>估值指标</blockquote> Below is a table of the firm’s relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:<blockquote>下表列出了该公司首次公开募股时的相关资本和估值指标，不包括承销商期权的影响：</blockquote> <img src=\"https://static.tigerbbs.com/83589d7d85d1719f3237ee2bc10b5d23\" tg-width=\"612\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Commentary<blockquote>评论</blockquote> AKA is going public to pay down debt and for its future expansion plans.<blockquote>AKA 将上市是为了偿还债务和未来的扩张计划。</blockquote> AKS’ financials show sharply growing topline revenue and gross profit, increasing gross margin but uneven operating profit and margin and variable cash flow from operations<blockquote>AKS 的财务数据显示，营收和毛利润急剧增长，毛利率不断提高，但营业利润和利润率不均衡，运营现金流也不稳定。</blockquote> Free cash flow for the twelve months ended June 30, 2021, was $28.7 million.<blockquote>截至2021年6月30日的12个月的自由现金流为2870万美元。</blockquote> Selling expenses as a percentage of total revenue have risen as revenue has increased and its Selling efficiency rate was stable at an impressive 2.3x.<blockquote>随着收入的增加，销售费用占总收入的百分比也有所上升，其销售效率稳定在令人印象深刻的 2.3 倍。</blockquote> The market opportunity for selling fashionable clothing direct to consumer [DTC] aimed at younger demographics is large and expected to grow substantially in the years ahead.<blockquote>面向年轻人群的直接向消费者销售时尚服装[DTC]的市场机会很大，预计在未来几年将大幅增长。</blockquote> Being a mobile-first DTC firm, AKA is well-positioned to adjust to a market that is focused on using online, mobile-phone app purchase modalities.<blockquote>作为一家移动优先的DTC公司，AKA处于有利地位，可以适应专注于使用在线手机应用程序购买模式的市场。</blockquote> BofA Securities is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 11.5% since their IPO. This is a mid-tier performance for all major underwriters during the period.<blockquote>美国银行证券是主承销商，该公司在过去 12 个月内牵头的 IPO 自 IPO 以来的平均回报率为 11.5%。这是期内所有主要承销商的中级表现。</blockquote> The primary risk to the company’s outlook is the high rate of change in consumer tastes and preferences, which can make it challenging and costly to react to changes in a compressed time period.<blockquote>公司前景面临的主要风险是消费者口味和偏好的高变化率，这使得在压缩的时间内应对变化具有挑战性和成本高昂。</blockquote> As for valuation, compared toa basketof publicly held Apparel companies complied by noted valuation expert Dr. Aswath Damodaran which as of January 2021 had an average EV/Sales multiple of 2.03x, AKA is seeking an EV/Revenue multiple of 5.03x.<blockquote>至于估值，与著名估值专家Aswath Damodaran博士遵守的一篮子上市公司相比，截至2021年1月，这些公司的平均EV/销售倍数为2.03倍，也就是寻求5.03倍的EV/收入倍数。</blockquote> AKA is growing topline revenue sharply, in part due to its acquisition activities but its operating margin was 4.6% in the most recent six-month period versus the public basket of an average of 5.93%.<blockquote>AKA 的营收大幅增长，部分原因是其收购活动，但最近六个月的营业利润率为 4.6%，而公共篮子的平均营业利润率为 5.93%。</blockquote> So AKA is growing quickly through acquisition but has a lower operating margin than its public peers.<blockquote>因此，AKA 通过收购实现了快速增长，但营业利润率低于上市公司。</blockquote> However, I favor DTC companies for things like apparel, as the firm can adjust its offering much faster and more accurately as a result of its direct relationship with customers.<blockquote>然而，我更喜欢服装等产品的DTC公司，因为由于与客户的直接关系，该公司可以更快、更准确地调整其产品。</blockquote> Also, AKA’s mobile-first approach combined with DTC business model also positions the firm well for its target demographic of younger consumers.<blockquote>此外，AKA 的移动优先方法与 DTC 商业模式相结合，也使该公司能够很好地满足年轻消费者的目标人群。</blockquote> Although the IPO isn’t cheap, I believe AKA has significant room to grow and continue executing its business model approach, so the IPO is worth consideration.<blockquote>虽然 IPO 并不便宜，但我相信 AKA 还有很大的发展空间，可以继续执行其商业模式，因此 IPO 值得考虑。</blockquote>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AKA":"a.k.a. Brands Holding Corp."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154932699","content_text":"(Sept 22) a.k.a. Brands Holding Corp. opens for trading at $9.5, down 13.64% from IPO price.\n\nCompany & Technology\nSan Francisco, California-based a.k.a. Brands was founded to develop a portfolio of digitally-focused, DTC consumer apparel and fashion brands with a global reach.\nManagement is headed by Chief Executive Officer Jill Ramsey, who has been with the firm since May 2020 and was previously Chief Product and Digital Revenue Officer at Macy's.\nThe company’s primary offerings include:\n\nPrincess Polly\nCulture Kings\nPetal & Pup\nRebdolls\n\nBelow is the a.k.a. platform as it currently stands:\na.k.a. Brands has received at least $330 million in equity investment from investors including New Excelerate, Beard Entities and Bryett Enterprises Trust.\nCustomer Acquisition\nThe company focuses its marketing efforts on Millennials and Gen Z consumers who 'seek fashion inspiration on social media and primarily shop online and via mobile devices.'\nSo, a.k.a. leverages its data to provide relevant social content and make other digital marketing strategy efforts to reach consumers directly online.\nSelling expenses as a percentage of total revenue have risen as revenues have increased, as the figures below indicate:\nThe Selling efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Selling spend, was stable in the most recent reporting period, as shown in the table below:\nFor a.k.a.’s largest property, Princess Polly, user engagement measured by average number of pages per visit on that website has remained relatively flat over the last two years, with a recent slight increase to a current blended average desktop/mobile of 7.28 pages per visit, as the chart shows below:\n\n(Source:Similarweb)\nAccording to a marketresearch reportby BlueCart, the global market for DTC (direct-to-consumer) sales is expected to reach $20 billion globally in 2021.\nThis represents a forecast potential increase of 15% over results in 2020.\nThe main drivers for this expected growth are an increase in consumer openness to hearing directly from manufacturers via online channels.\nAlso, there is a growing desire by businesses to gain an edge through greater data-driven insights stemming from direct relationships with their customers rather than working through 3rd party distributors and retail outlets.\nMajor competitive or other industry participants by type include:\n\nEcommerce companies\nIn-person stores\n\nFinancial Performance\na.k.a. Brands’ recent financial results can be summarized as follows (includes 55% stake in Culture Kings Group):\n\nSharply growing topline revenue\nGrowing gross profit\nIncreasing gross margin\nUneven operating profit and margin\nVariable cash flow from operations\n\nBelow are relevant financial results derived from the firm’s registration statement:\nAs of June 30, 2021, a.k.a. Brands had $34.3 million in cash and $277.8 million in total liabilities.\nFree cash flow during the twelve months ended June 30, 2021, was $28.7 million.\nIPO Details\nAKA intends to sell 13.9 million shares of common stock at a proposed midpoint price of $18.00 per share for gross proceeds of approximately $250 million, not including the sale of customary underwriter options.\nNo existing shareholders have indicated an interest to purchase shares at the IPO price.\nAssuming a successful IPO at the midpoint of the proposed price range, the company’s enterprise value at IPO (ex- underwriter options) would approximate $2.3 billion.\nExcluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 10.72%. A figure under 10% is generally considered a ‘low float’ stock which can be subject to significant price volatility.\nPer the firm’s most recent regulatory filing, it plans to use the net proceeds as follows (in conjunction with a planned new senior secured credit facility):\n\n(Source)\nManagement’s presentation of the company roadshow isavailable here.\nRegarding outstanding legal proceedings, management believes that any legal claims against it would not be material to its operations or financial condition.\nListed bookrunners of the IPO are BofA Securities, Credit Suisse, Jefferies and other investment banks.\nValuation Metrics\nBelow is a table of the firm’s relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:\n\nCommentary\nAKA is going public to pay down debt and for its future expansion plans.\nAKS’ financials show sharply growing topline revenue and gross profit, increasing gross margin but uneven operating profit and margin and variable cash flow from operations\nFree cash flow for the twelve months ended June 30, 2021, was $28.7 million.\nSelling expenses as a percentage of total revenue have risen as revenue has increased and its Selling efficiency rate was stable at an impressive 2.3x.\nThe market opportunity for selling fashionable clothing direct to consumer [DTC] aimed at younger demographics is large and expected to grow substantially in the years ahead.\nBeing a mobile-first DTC firm, AKA is well-positioned to adjust to a market that is focused on using online, mobile-phone app purchase modalities.\nBofA Securities is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 11.5% 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 the high rate of change in consumer tastes and preferences, which can make it challenging and costly to react to changes in a compressed time period.\nAs for valuation, compared toa basketof publicly held Apparel companies complied by noted valuation expert Dr. Aswath Damodaran which as of January 2021 had an average EV/Sales multiple of 2.03x, AKA is seeking an EV/Revenue multiple of 5.03x.\nAKA is growing topline revenue sharply, in part due to its acquisition activities but its operating margin was 4.6% in the most recent six-month period versus the public basket of an average of 5.93%.\nSo AKA is growing quickly through acquisition but has a lower operating margin than its public peers.\nHowever, I favor DTC companies for things like apparel, as the firm can adjust its offering much faster and more accurately as a result of its direct relationship with customers.\nAlso, AKA’s mobile-first approach combined with DTC business model also positions the firm well for its target demographic of younger consumers.\nAlthough the IPO isn’t cheap, I believe AKA has significant room to grow and continue executing its business model approach, so the IPO is worth consideration.","news_type":1,"symbols_score_info":{"AKA":0.9}},"isVote":1,"tweetType":1,"viewCount":504,"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,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/863037719"}