Who We Are and What We Do
MorningNotes, LLC is a leading provider of equity capital markets research to institutional investors. We provide continuous monitoring and expert analysis of the IPO and SPO markets via a web-based suite of calendars, reports and event-tracking tools. We offer a complete and cost effective research solution for investment firms seeking to participate in the new issues market.
Smart fund managers know that IPOs can be an extremely powerful asset class for enhancing portfolio returns. They also know that secondary and follow-on offerings can provide an efficient means to initiating new positions or to add to existing ones. But, with limited time and analytical resources, managing the information and workflow involved in making these investments can be difficult.
Deal Research Methodology
Our research on an IPO or SPO begins by combining traditional fundamental analysis with our own proprietary metrics to evaluate a company's business and results. We then draw from our private historical database to find recent comparable offerings, from which we formulate a relative valuation model. Next, we work to use our extensive network of industry contacts to provide our clients with valuable market intelligence about the condition and level of acceptance of a given deal. The effectiveness of our approach to analysis shows in the quality of our research and in the accuracy of our information.
Current Calendar and Timing
Today, there are over 120 active equity underwriters in the US. These firms can turn out upwards of 500 offerings or more in a typical year. Effective management of the information surrounding this deal flow is critical to your success in the new issue equity market.
Timely, Intelligent Syndicate Research
Because of the large number of underwriters, one of the most difficult datasets to manage is deal timing, specifically, which deals are pricing in a given time period and when each specific deal is scheduled to price. The difficulty comes, not just from the large number of offerings in the backlog, but also from the constant adjustments in deal timing by the underwriters as they try to navigate changing market conditions. We have cultivated working relationships with the syndicate teams at these firms and have direct access to their calendars. In many instances, we have knowledge of deal timing even before it is available to the firm's sales people.
Deal Condition and Market Acceptance
Beyond fundamental strength and weakness, there is often information available through buyside accounts, media sources and other non-traditional backchannels about the condition of a deal's order book. We work hard to uncover this information, verify it and make it available to our clients as quickly as possible via our website and by emailed alerts.
Aftermarket Idea Generation
There are predictable events is the lifecycle of recently issued IPOs that can create profitable trading opportunities for those who make themselves aware. However, tracking and anticipating these events is a time consuming process. As part of our service, we offer powerful tools that allow our clients to precisely track the upcoming quiet period expirations, margin eligibility and lockup expirations of newly issued equities. To enhance the usefulness of this information, we have developed a proprietary model that identifies weakness in issues approaching these important events and flags the weakest names as potential short sale candidates.
Custom and Private Labeled Datasets
Our technical staff has more than 8 years of combined experience parsing data from various filed documents from the EDGAR feed. We are available to work with clients to develop custom datasets based on EDGAR filings to meet the various needs of your organization.
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