Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

NCino IPO Valuation Analysis - A SaaS Company for Banks & Financial Institutions

Vertex IPO Preview - A Tax Service SaaS Solution Provider

BigCommerce IPO Preview (A SaaS Competitor to Shopify)

Zoominfo Technologies IPO Valuation Analysis

Equity Capital Markets

nCino (NCNO) plans to complete an IPO in the U.S. in the next several weeks, trying to raise $100 million (placeholder).The high-quality SaaS companies have been one of the best performing sectors in the U.S. over the past three months as well as in the past three years. nCino is a Saas company providing cloud-based software to numerous financial institutions in the U.S. including banks and credit unions. The main services offered include deposit account opening, retail loan origination, auto loans, specialty lending, and document management.Two important financial metrics that investors look for in SaaS companies include strong sales growth and improving operating margins and this company has both. Its sales growth has been very impressive over the past three years. It also had an excellent sales growth of 49.9% YoY in the three months ending April 30, 2020. Its operating margins improved from -32.3% in CY2017 to -25.4% in CY2018, and -20.4% in CY2019. nCino's operating margins also improved from -11.7% in 1Q CY19 to -9.6% in 1Q CY20.<div class="content-highlight">The fact that this company has clear evidence of improving operating leverage will likely attract many investors and is one of the important signposts of a successful IPO. </div>

nCino (NCNO) plans to complete an IPO in the U.S. in the next several weeks, trying to raise $100 million (placeholder).The high-quality SaaS companies have been one of the best performing sectors in the U.S. over the past three months as well as in the past three years. nCino is a Saas company providing cloud-based software to numerous financial institutions in the U.S. including banks and credit unions. The main services offered include deposit account opening, retail loan origination, auto loans, specialty lending, and document management.Two important financial metrics that investors look for in SaaS companies include strong sales growth and improving operating margins and this company has both. Its sales growth has been very impressive over the past three years. It also had an excellent sales growth of 49.9% YoY in the three months ending April 30, 2020. Its operating margins improved from -32.3% in CY2017 to -25.4% in CY2018, and -20.4% in CY2019. nCino's operating margins also improved from -11.7% in 1Q CY19 to -9.6% in 1Q CY20.The fact that this company has clear evidence of improving operating leverage will likely attract many investors and is one of the important signposts of a successful IPO. 

nCino

NCino IPOプレビュー