TMS International: An Overpriced, Leveraged Buyout Bailout. TMS International (TMS) is scheduling a $200 million IPO with a market capitalization of $554 million at the price range mid-point of $16, for Thursday, April 14, 2011. The mfull IPO Calendar lists seven other IPOs for this week. CONCLUSION -- TMS is an overpriced leveraged buyout bailout, with 50% of its IPO proceeds going to selling shareholders. For the December 2010 fiscal year, TMS earned $7 million and paid $40 million in interest expenses. TMS only made a profit in the three most recent quarters.
Revenue and EBITDA trended down for both the Sept. and Dec. quarters. TMS’s P/E ratio for the trailing 12 months is 79, the P/E ratio annualizing the December quarter is 55. TMS valuation metrics BUSINESS -- TMS is the largest provider of outsourced industrial services to steel mills in North America as measured by revenue and believes it has a substantial and growing international presence.
Operates at 73 customer sites in nine countries. Impressed by this author? Follow IPOdesktop. TMS International secures two mill services contracts for $179M. TMS International Corp. InvestorRoom - News Releases.