Authentic Brands IPO: AUTH May Be Valued at $10 Billion

Investopedia2021-07-12

Authentic Brands Group owns a variety of well-known retailers, among them JCPenney, Forever 21, Eddie Bauer, Brooks Brothers, Nine West, Aeropostale, Lucky Brand, Barneys New York, and Juicy Couture. ...

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Comments

Firefire
2021-07-12
Firefire
Yes!
- OMZ:
  Yes
Demonscars
2021-07-12
Demonscars
Cool!
- Kalllll:
  K
Roticanai
2021-07-12
Roticanai
Like
- tearach:
  pls like
njkk
2021-07-12
njkk
Pls like thanks
- Jia92:
  Yeap

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As a result, Authentic Brands has become one of the biggest operators of brick-and-mortar stores during a period of increasing online sales. The company also holds licenses to more than 30 brands, such as Sports Illustrated and Marilyn Monroe. The upshot is that Authentic Brands derives most of its sales revenue from licensing fees.\nKey Takeaways\n\nAuthentic Brands owns several retailers, including JCPenney, Forever 21, Eddie Bauer, Brooks Brothers, Nine West, and Aeropostale.\nAuthentic Brands also owns the license to more than 30 brands.\nAuthentic Brands will go public in an IPO that may value the company at $10 billion.\nAuthentic Brands reported total revenue of $489 million and net income of $225 million in 2020.\n\nAuthentic Brands, which is headquartered in New York, was founded in 2010 by Toronto-based Jamie Salter, who serves as its chairman and CEO. Salter's four sons also are employed by Authentic Brands, including Corey Salter who serves as its chief operating officer (COO).\nJamie Salter previously was CEO of Hilco Consumer Capital (HCC), which took brands such as instant photography pioneer Polaroid and specialty retailer Sharper Image out of bankruptcy. Hilco describes itself as: \"a leading private equity firm that makes strategic investments in consumer product retailers, wholesalers, manufacturers and intellectual property. Our core focus is on North American companies with strong consumer brands.\"\nThe preliminary prospectus filed by Authentic Brands for its IPO does not specify an anticipated offering price or date for the shares, nor does it place a valuation on the company. However, it is known that the offering will include two share classes, with class A shares being sold to the general public and class B shares, which will have greater voting rights, being issued to Jamie Salter and his key associates.\nWhile the preliminary prospectus indicates that the IPO is expected to raise $100 million, this is widely viewed as merely a placeholder amount that is expected to change significantly. Bloomberg estimates that Authentic Brands actually could be worth about $10 billion when its IPO finally comes to market, roughly double an estimated valuation of $4 billion to $5 billion in 2019.\nAuthentic Brands Company Financials\nThe table below presents key financial data for Authentic Brands, for the most recent reported year, with comparisons to the prior year.\n\n\n\n\n\n\nAuthentic Brands Key Financials: Most Recent Years\n\n\n\n\nMetric\nFull Year 2020\nFull Year 2019\n\n\nTotal Revenue\n$488.9 million\n$480.4 million\n\n\nNet Income\n$225.3 million\n$96.5 million\n\n\nLicensing Revenue\n$471.3 million\n$469.3 million\n\n\n\nSource: Authentic Brands S-1 Filing\nThe results for full year 2019 included a realized loss on investments of $93.9 million, whereas the company reported a gain of $0.7 million in 2020. The table below presents the same key financial data as shown above, but for the most recent reported quarter, with comparisons to the same quarter in the previous year.\n\n\n\n\n\n\nAuthentic Brands Key Financials: Most Recent Quarter\n\n\n\n\nMetric\nQ1 2021\nQ1 2020\n\n\nTotal Revenue\n$160.1 million\n$120.5 million\n\n\nNet Income\n$294.9 million\n$60.8 million\n\n\nLicensing Revenue\n$153.3 million\n$117.4 million\n\n\n\nSource: Authentic Brands S-1 Filing\nNet income for Q1 2021 included $201.0 million of equity in net income of investments accounted for under the equity method. In Q1 2020, this figure was a loss of $35.9 million.\nAmong the key achievements cited by management for the period from 2016 through 2020 were an increase in revenue from $165 million to $489 million, representing a CAGR of 31%. Meanwhile, net income attributable to Authentic Brands Group grew from $45 million to $211 million, for a CAGR of 47%.\nAdditional Company Details\nAuthentic Brands has partnered with mall owner Simon Property Group (SPG) in the acquisitions of several retailers, including JCPenney, Forever 21, and Aeropostale. The largest shareholders in Authentic Brands include chairman and CEO Jamie Salter, Simon Property Group, BlackRock (BLK), Leonard Green & Partners, Lion Capital, and General Atlantic.\nThe Bottom Line\nThe details of the Authentic Brands Group IPO are still a work in process. The lead underwriters are Bank of America (BAC), JPMorgan Chase (JPM), and Goldman Sachs Group (GS).\nWith the accelerating rise of e-commerce continuing to damage the prospects of traditional brick-and-mortar stores, the upcoming Authentic Brands Group IPO represents something of a contrarian play, partially a bet that physical retailers still offer value, especially if they can be acquired at attractive beaten-down prices. Moreover, the importance of licensing fees to Authentic Brands (representing roughly 96% or more of total revenues) means that the company's value rests largely within the brands themselves, and not in specific distribution 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<u>like</u>","text":"pls <u>like</u>","html":"pls <u>like</u>"}],"langContent":"EN"},{"id":146686801,"gmtCreate":1626076768003,"gmtModify":1703752832643,"author":{"id":"3575950181915531","authorId":"3575950181915531","name":"njkk","avatar":"https://static.tigerbbs.com/6382201e8e84ccd3f8e89b9a28e74607","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3575950181915531","authorIdStr":"3575950181915531"},"htmlText":"Pls like thanks","listText":"Pls like thanks","text":"Pls like 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