Being public in Canada
   A research analyst’s perspective


                          www.mackieresearch.com
Why list in Canada?
• Access to capital
• Analyst coverage
• Trading liquidity
• Valuation




                      www.m...
Access to Capital
• Canadian investors (retail / institutional)
• International investors trade ~35% of TSX-
  listed stoc...
Analyst Coverage
      4.5

              4.0
                                                                            ...
Trading Liquidity
        3000.0


                                                                                       ...
Valuation
      35.0


                                                                                                   ...
Size
       500.0
                                                                                               453.9
   ...
What to expect after listing
• Analyst coverage
• Quarterly reporting
  – Managing expectations
• Marketing
  – Visiting s...
Case Study – CATCH THE WIND INC. (TSXV:CTW’S)
                        • Developed and is commercializing the
       May 20...
Mackie Research Capital
• Leading Independent Canadian investment bank
  – 350 employees
  – Founded 1921
• Focused on gro...
Our Presence
  Employee owned investment dealer with over 80 years of operating history
  Over 330 employees; offices in T...
Our Investment Banking Services
Underwriting             M&A                     Advisory Services           Venture Capit...
How to contact me
David Shore
SVP & Head, Technology Group (Equity Research)
Toronto| 416.860.6784 | dshore@mackieresearch...
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David shore being public in canada - mackie

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David shore being public in canada - mackie

  1. 1. Being public in Canada A research analyst’s perspective www.mackieresearch.com
  2. 2. Why list in Canada? • Access to capital • Analyst coverage • Trading liquidity • Valuation www.mackieresearch.com
  3. 3. Access to Capital • Canadian investors (retail / institutional) • International investors trade ~35% of TSX- listed stocks • Comparable financial statements – (GAAP, IFRS) • Strong interest in small/mid-cap growth companies • Lower costs www.mackieresearch.com
  4. 4. Analyst Coverage 4.5 4.0 • Tells your 4.0 story for you 3.5 3.4 3.0 3.1 • Liquidity 2.5 support 2.2 • Marketing (#) 2.0 1.5 1.0 0.5 0.4 0.0 Average of # Analysts $100m-1b market cap 404 TSX 62 TSXV 1154 Nasdaq 19 Israel (Nasdaq) 167 AIM www.mackieresearch.com
  5. 5. Trading Liquidity 3000.0 2560.4 2500.0 2000.0 (000) 1500.0 1090.1 1000.0 759.8 616.2 500.0 409.2 450.0 423.9 311.8 223.1 177.6 170.9 50.6 0.0 Average of Trading Vol (000) Average of Daily Value ($000) 404 TSX 62 TSXV 1154 Nasdaq 19 Israel (Nasdaq) 167 AIM 197 TASE $100m-1b market cap www.mackieresearch.com
  6. 6. Valuation 35.0 29.6 30.0 25.7 25.0 22.6 23.1 20.8 20.0 17.5 16.8 (x) 15.5 15.0 11.4 12.0 12.4 10.2 10.0 5.0 2.6 3.1 1.8 2.0 2.0 0.8 0.0 Average of TEV/Revenue Average of TEV/EBITDA Average of P/E $100m-1b market cap 404 TSX 62 TSXV 1154 Nasdaq 19 Israel (Nasdaq) 167 AIM 197 TASE www.mackieresearch.com
  7. 7. Size 500.0 453.9 450.0 426.4 400.0 350.0 300.0 254.1 ($m) 250.0 233.3 200.0 150.0 94.1 100.0 50.0 20.3 0.0 Average of Revenue $100m-1b market cap 404 TSX 62 TSXV 1154 Nasdaq 19 Israel (Nasdaq) 167 AIM 197 TASE www.mackieresearch.com
  8. 8. What to expect after listing • Analyst coverage • Quarterly reporting – Managing expectations • Marketing – Visiting shareholders • How often • Where www.mackieresearch.com
  9. 9. Case Study – CATCH THE WIND INC. (TSXV:CTW’S) • Developed and is commercializing the May 2009 Vindicator®, a wind-speed measurement device for use on wind turbines • Engaged RCC to complete a private $21,800,000 placement and concurrent RTO (CPC). Private Placement Co-Manager • The Company met with approximately 50 institutional investors in Toronto, New Alternative Energy York, Boston, Montreal, San Francisco, Chicago, & Switzerland. July 2008 • Over 60% of the issue was sold to European institutional investors • The company completed a follow on $15,000,700 round of financing $21.8 MM in May, RTO Lead Agent 2009. Alternative Energy www.mackieresearch.com
  10. 10. Mackie Research Capital • Leading Independent Canadian investment bank – 350 employees – Founded 1921 • Focused on growth capital – Service – Innovation – Integrity • Coverage includes alternative energy, mining, oil & gas, China, industrials and technology www.mackieresearch.com
  11. 11. Our Presence Employee owned investment dealer with over 80 years of operating history Over 330 employees; offices in Toronto, Montreal, Calgary, Regina and Vancouver Investment Banking: Team of 15, with financings worth over $17 billion since 2000, including $2.5 billion acting as lead or co-lead agent Sales & Trading: Team of 15, with Institutional distribution to top tier institutional accounts in Canada, the US and across Europe Equity Research: Team of 12 covering approximately 100 companies Private Client Network: Comprised of 150 Investment Advisors managing assets of approximately $4.0 billion European Institutional Clients London Canadian Institutional & retail clients Brussels China Team Calgary Israel Team Regina Montreal Paris Vancouver Toronto Geneva Boston U.S. Institutional Zurich Clients New York San Francisco Dallas www.mackieresearch.com
  12. 12. Our Investment Banking Services Underwriting M&A Advisory Services Venture Capital Connects astute Provides our clients Offer transaction Understands that investors with leading comprehensive evaluation, structuring, sourcing funding management teams guidance on strategic financing, optimal poses a particular to ensure a events including capitalization structures challenge to micro- successful acquisitions, and deal management cap companies and transaction. amalgamations, advice to our clients. entrepreneurs. divestitures and Taken part in over takeovers. We understand the One of the few $17 billion in process, we understand North American financings for Extensive experience our clients. Coupled, investment dealer Canadian and U.S. with valuations, we provide a unique that helps early- companies since fairness opinions and service that helps stage companies 2000. shareholder rights maximize shareholder access the public plans, providing our value while minimizing equity markets to On an agency and a clients a broad base risk. fuel their growth. bought-deal basis, of knowledge. we have raised funds from Canada, U.S. and Europe www.mackieresearch.com
  13. 13. How to contact me David Shore SVP & Head, Technology Group (Equity Research) Toronto| 416.860.6784 | dshore@mackieresearch.com twitter.com/dapshore | http://ca.linkedin.com/in/davidshore • David Shore joined Mackie Research Capital in October 2007 as Head of Technology • Prior to joining Mackie Research Capital had been with a number of financial institutions, including Desjardins, CIBC World Markets, and First Marathon. • David has also been directly involved in the technology industry, having worked with a technology start-up as CFO and at Celestica • David holds a B.A. (Specialized Honours) degree and an MBA from York University, and also has his CFA designation. www.mackieresearch.com

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