Posts for Ticker ‘CATM’

Top 10 Pre-Market Analyst Calls (AFL, AXP, ABX, CATM, KSS, LOW, LULU, MDAS, MET, MHS, TNK)

It is going to be hard to get traders to care about mere upgrades and downgrades on a day when the Federal Reserve did an inter-meeting emergency rate cut to stave off a 500+ point drop in the DJIA.  But here are some of the calls from analysts today:

  • AFLAC inc. (AFL) raised to Buy from Neutral at Goldman Sachs.
  • American Express (AXP) downgraded to Hold at Citigroup.
  • Barrick Gold (ABX) upgraded to Outperform at Credit Suisse.
  • Cardtronics (CATM) started as Buy at Banc of America; started as Buy at Deutsche Bank; started as Buy at Piper Jaffray.
  • Kohl’s (KSS) & Lowe’s (LOW) raised to Outperform at Bernstein.
  • lululemon althletica (LULU) downgraded to Underperform at BMO Capital.
  • MedAssets (MDAS) started as Buy at Deutsche Bank; started as Neutral at Piper Jaffray; started as Market Perform at Wachovia.
  • MetLife (MET) downgraded to Neutral from Buy at Goldman Sachs.
  • Medco Health Solutions (MHS) cut to Neutral at UBS.
  • Teekay Tankers (TNK) started as Overweight at JPMorgan; started as Hold at Citigroup.

Jon C. Ogg
January 22, 2008

Posted on: January 22, 2008 – 8:47 am in Analyst Calls, , , , , , , , , , ,

Cardtronics Sets Initial IPO Terms (CATM, DBD, NCR, TDC)

Cardtronics Inc. (NASDAQ:CATM) has set the initial range and terms for its IPO.  The company is indicated to sell 16.666 million shares of common stock at a price range of $14 to $16 per share, although half of the shares are from the company and half are from senior management and selling shareholders.  The underwriting group is rather large: Deutsche Bank, William Blair, Banc of America, JPMorgan, Piper Jaffray, and RBC Capital Markets.

Cardtronics, Inc. claims the world’s largest network of ATMs, with over 31,500 ATMs in merchant locations throughout the U.S., the U.K., and Mexico. Approximately 19,600 of the ATMs are Company-owned and 11,900 are merchant-owned. Over 9,500 of its Company-owned ATMs are under contract with well-known banks to place their logos on those machines and provide surcharge-free  access to their customers.  Cardtronics also operates the Allpoint network, which sells surcharge-free access to financial institutions that lack a significant ATM network.

outside of the 7-Eleven loss revenues, the company generated pro forma revenues for the 12-months ended Dec. 31, 2006 of $439.3 million and for the 9-months ended Sept. 30, 2007 of $345.7 million.  But there is a difference between net and pro forma.  Excluding the pro forma effects of the 7-Eleven ATM Transaction, it generated revenues of $293.6 million for the year ended December 31, 2006 and $262.3 million for the 9-months ended September 30, 2007.

The first thing you would say is that this competes against Diebold, Inc. (NYSE:DBD), although the company uses their ATM’s and Diebold actually owns a tiny stake in the company.  Diebold is a primary maintenance vendor and Diebold is one of its key ATM suppliers, NCR (NYSE:NCR) is also a primary maintenance vendor and is also an ATM supplier to the company.

We had reviewed this for a potential special situation investing newsletter pick in the past around the filing, but Diebold couldn’t really be looked at as a back-door plays as it didn’t have a significant enough of a stake; and NCR was going through its own special situation in its spin-off of Teradata (NYSE:TDC).

We frequently send out more data to our open and free email distribution list, and we also cover similar situations in the special situation investing newsletter.

Jon C. Ogg
November 21, 2007

Posted on: November 21, 2007 – 10:39 am in IPOs, Mergers and Buy Outs, , , , , ,