TUGBrian
Administrator
https://therealdeal.com/miami/2017/10/23/bluegreen-vacations-files-for-ipo-to-raise-100m/
Interesting to say the least!
Interesting to say the least!
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Bluegreen IPO?
- Thread starter TUGBrian
- Start date
TUGBrian
Administrator
didnt look like the IPO went well...
http://www.sun-sentinel.com/business/fl-bz-bluegreen-vacation-nyse-listing-20171117-story.html
http://www.sun-sentinel.com/business/fl-bz-bluegreen-vacation-nyse-listing-20171117-story.html
I guess Bluegreen is not in the same league as VAC (Marriott).
Nah, the ipo was poorly received because they were only selling 10%. The other 90% is owned by a holding company controlled by the notorious Alan Levan. Multiple issues with the SEC, etc. Investors don't care how high end the property is, just whether they make money.
Bluegreen priced low because investors are worried Levan and Co will take the profits for themselves.
Bluegreen priced low because investors are worried Levan and Co will take the profits for themselves.
nuwermj
TUG Member
After three days of trading Bluegreen shares have recovered from their opening day. There might yet be a little strength in this company.
nuwermj
TUG Member
An update on Bluegreen's financial performance for those who might be interested in such things:
Wall Street was good to Bluegreen in the first half of 2018. Although the IPO opened with a weak share price ($13), there was a more or less steady upward climb to just over $25 a share by August 1.
On August 3, however, the company reported lower than expected revenue for the second quarter. A few days later some Wall Street analysts began questioning the company’s ability to execute its business plan.[*] By August 13, the share price was below $20, and continued to slide for the next three months, with a late November low under $11 per share.
By the end of November Bluegreen Vacations was forced into a repurchase program to buy back up to 3 million shares, almost half of the IPO (6.5 million shares were sold in the IPO). Share prices are now in the range of $13 to $14 each.
The attached chart shows BXG's share price since the IPO and Friday's (12/28/2018) closing price.
[*] "With current initiatives taking longer than we thought and with more disruption, near term execution risks and a lack of catalysts, we downgrade the stock" -- Bank of America Merrill Lynch lowers its rating from Buy to Underperform.
Wall Street was good to Bluegreen in the first half of 2018. Although the IPO opened with a weak share price ($13), there was a more or less steady upward climb to just over $25 a share by August 1.
On August 3, however, the company reported lower than expected revenue for the second quarter. A few days later some Wall Street analysts began questioning the company’s ability to execute its business plan.[*] By August 13, the share price was below $20, and continued to slide for the next three months, with a late November low under $11 per share.
By the end of November Bluegreen Vacations was forced into a repurchase program to buy back up to 3 million shares, almost half of the IPO (6.5 million shares were sold in the IPO). Share prices are now in the range of $13 to $14 each.
The attached chart shows BXG's share price since the IPO and Friday's (12/28/2018) closing price.
[*] "With current initiatives taking longer than we thought and with more disruption, near term execution risks and a lack of catalysts, we downgrade the stock" -- Bank of America Merrill Lynch lowers its rating from Buy to Underperform.