Avalara IPO: The Goodwill Is An Opportunity

Avalara IPO: The Goodwill Is An Opportunity

Summary The company has acquired several competitors all over the world. As a result, the goodwill seems elevated. If the merger integration is done properly, the revenue growth could continue. The company’s share price does not seem very high. The EV/2019 Forward Revenues equals 3.4x. The revenue increased by 73% in the last two years; it reached $213 million in 2017. Avalara expects to sell 7.5 million shares at a maximum offering price per share…

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Avalara: Undervalued IPO Opportunity

Avalara: Undervalued IPO Opportunity

Summary Avalara, a Seattle-based vendor of tax compliance software, has filed for a $150 million IPO. Initially priced at $19-21 per share, Avalara is indicating an opening valuation of $1.3 billion. The company would be valued at just 4.3x forward revenues, an attractive valuation profile against a field of extremely expensive recent IPOs. The company is selling 7.5 million shares in the offering, or just over 11% of its total market cap. The IPO is…

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Deutsche Bank reportedly discussing Commerzbank merger with top investors

Deutsche Bank reportedly discussing Commerzbank merger with top investors

Deutsche Bank Chairman Paul Achleitner is speaking with top shareholders about a potential merger with rival Commerzbank, Bloomberg reported. Achleitner has also discussed a possible merger with key German officials in recent months. There have been no formal talks between the two German lenders, and a deal is not considered to be imminent, sources told Bloomberg. Deutsche Bank’s share prices, which have declined 39 percent this year, represent a major obstacle for a potential deal….

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Justice Department probes T-Mobile-Sprint merger’s effect on smaller wireless companies

Justice Department probes T-Mobile-Sprint merger’s effect on smaller wireless companies

The U.S. Department of Justice is examining how the proposed merger between T-Mobile US and Sprint could affect prices for smaller wireless operators, according to two people familiar with the matter. A T-Mobile and Sprint merger would eliminate competition between the two carriers that have been the dominant players in selling network access to wireless companies that often serve pre-paid or price-conscious consumers, and could lead to higher prices for those users. The Justice Department,…

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Jonathan Bush is out as CEO, Athenahealth considers sale of the company

Jonathan Bush is out as CEO, Athenahealth considers sale of the company

Athenahealth said Wednesday it is considering strategic alternatives as its CEO Jonathan Bush steps down, effective immediately, as he faces allegations including that he attacked his then wife 13 years ago. Athenahealth, which sells a software platform to medical providers, is fighting a takeover offer for $160 a share from Paul Singer’s activist firm Elliott Management. Before Wednesday’s announcement, the stock was at $151 a share, about 6 percent below the offer price. The company…

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International Paper to drop bid for Smurfit Kappa

International Paper to drop bid for Smurfit Kappa

International Paper confirmed on Tuesday that it will not make an offer for Irish packaging company Smurfit Kappa, because of lack of engagement from Smurfit’s management. “IP believes the revised proposal was highly attractive and formed a sound basis for engagement, which the company viewed as essential to determining the full value potential of the combination,” the paper-packaging firm said in a statement. International Paper has decided to end its pursuit after courting Smurfit for…

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Northrop Grumman wins US antitrust approval to buy Orbital ATK

Northrop Grumman wins US antitrust approval to buy Orbital ATK

U.S. defense contractor Northrop Grumman won U.S. antitrust approval to buy solid rocket motor supplier Orbital ATK with conditions, the Federal Trade Commission said on Tuesday. The $7.8 billion deal was approved on condition that Northrop supply the solid rocket motors to competitors for missile contracts and to separate the two companies’ operations with a firewall, the FTC said in a statement. Northrop said in a statement it expects the transaction will be completed after…

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WhatsApp’s co-founders reportedly gave up $1.3 billion as Facebook merger devolved to ‘low class’ spat

WhatsApp’s co-founders reportedly gave up $1.3 billion as Facebook merger devolved to ‘low class’ spat

New details have emerged about the long-standing tension between Facebook and its biggest acquisition, WhatsApp, according to The Wall Street Journal. The Journal reported on Tuesday that WhatsApp co-founders Brian Acton and Jan Koum gave up $900 million and $400 million, respectively, by leaving Facebook before they were eligible for stock awards. Their departure followed mounting pressure from Facebook executives to consider advertising and other monetization methods, the Journal said. The pair, both vocal critics…

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Sharp to buy Toshiba’s PC business and issue $1.8 billion in new shares

Sharp to buy Toshiba’s PC business and issue $1.8 billion in new shares

Japan’s Sharp said it will buy Toshiba’s personal computer business and issue $1.8 billion in new shares to buy back preferred stock from banks, highlighting a swift recovery under the control of Foxconn. The acquisition of the PC business for $36 million marks a return by Sharp to a market it quit eight years ago, even if its comparatively low cost underscores dwindling demand in a world where many consumers spend more money on their…

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Wyndham Worldwide Completes Spin-off of Wyndham Hotels & Resorts; Becomes Wyndham Destinations

Wyndham Worldwide Completes Spin-off of Wyndham Hotels & Resorts; Becomes Wyndham Destinations

Wyndham Destinations, Inc. (NYSE: WYND), formerly known as Wyndham Worldwide Corporation, today announced that it has completed the spin-off of Wyndham Hotels & Resorts, Inc. (NYSE: WH) to become the world’s largest vacation ownership and exchange company. Wyndham Destinations now trades on the New York Stock Exchange under the new symbol “WYND.” Wyndham Destinations has a global presence in 110 countries at more than 220 vacation ownership resorts and 4,300 affiliated exchange properties. “Over the…

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