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Strategies & Market Trends : Value Investing

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From: Spekulatius	5/13/2013 11:31:41 PM
	of 78705

NBCB @24.4$ - a New Orleans upstart bank that IPO'd at 24$ on 5/9. The stock is not cheap, they will issue about 4.2M shares which gives them almost 100M$ in new capital. Post offering, they will have 17.2M shares outstanding, book value will be ~16$/share. They made ~2$/share in earnings in 2012 but since there are more shares outstanding after the offering, the earnings/share will probablly go down a bit. Strange enough, they did not announce their first quarter earnings yet, but the FDIC records for the operating sub indicat that they made 8.5M$ last quarter, which would be 49c/share or roughly 2$/share in earnings annualized. There will be some offering costs, which will be expensed but I peg this at 1.5x book or -~12x earnings. What makes the stock attractive is the significant growth they have achieved and that will hopefully continue as the New Orleans economy is doing well. This is a bank with very good operating metrics (ROA, low NPA, growth in deposits and loans etc.) It's a GAAP stock and attractive enough for me to buy a few shares. sec.gov

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