• Subscribe
  • Log In
  • Home
  • Daily Diary
  • Asset Class
    • U.S. Equity
    • Fixed Income
    • Global Equity
    • Commodities
    • Currencies
  • Sector
    • Basic Materials
    • Consumer Discretionary
    • Consumer Staples
    • Energy
    • Financial Services
    • Healthcare
    • Industrials
    • Real Estate
    • Technology
    • Telecom Services
    • Transportation
    • Utilities
  • Latest
    • Articles
    • Video
    • Columnist Conversations
    • Best Ideas
    • Stock of the Day
  • Street Notes
  • Authors
    • Bruce Kamich
    • Doug Kass
    • Jim "Rev Shark" DePorre
    • Helene Meisler
    • Jonathan Heller
    • - See All -
  • Options
  • RMPIA
  • Switch Product
    • Action Alerts PLUS
    • Quant Ratings
    • Real Money
    • Real Money Pro
    • Retirement
    • Stocks Under $10
    • TheStreet
    • Top Stocks
    • Trifecta Stocks
  1. Home
  2. / Investing
  3. / Stocks

I've Got Wine and Baseball Cards on My Mind

Two new IPOs are on my radar.
By JONATHAN HELLER
Apr 12, 2021 | 11:00 AM EDT
Stocks quotes in this article: NAPA, WVVI, DIS, MUDS

Recently, there have been a number of interesting developments in the IPO markets, an area I typically do not closely follow. However, two new issues have my attention.

Now, that does not mean I will necessarily be buying either at the outset prior to letting the dust settle, but they are certainly on my radar.

The first is wine name Duckhorn Portfolio (NAPA)  , which went public last month. NAPA, which generated $270 million in revenue and $32 million in net income in 2020, operates in the luxury wine space, and its brands include Duckhorn Vineyards, Goldeneye, Paraduxx, Canvasback, Calera, and Kosta Browne.

NAPA went public at $15/share, on March 19, and closed Friday at $18.90. By my count, NAPA is the largest U.S. publicly traded pure wine play. It dwarfs Willamette Valley Vineyards (WVVI) , and an even smaller pink sheet name I own that is too small and illiquid to mention in this column.

The second name  that has my attention is not yet public, and is coming back to the markets after being taken private in 2007 (much to my chagrin at the time, I owned shares and was not pleased with the takeout price). It is none other than Topps, the iconic baseball card maker, also known as the purveyor of Bazooka bubblegum. Fourteen years ago, a group that included former Disney (DIS) CEO Michael Eisner took Topps private for $385 million.

Topps is set to be taken public once again via SPAC (special purpose acquisition company) Mudrick Capital (MUDS) . In 2020, Topps generated $567 million in revenue, and $83.7 million in net income. The bulk of revenue (90%) was generated from Physical Sports and Entertainment (55%) and Confections (35%), with the balance from Digital Sports and Entertainment (6%) and Gift Cards (4%).

A Mudrick Capital Presentation on Topps presents a rosy future for the company, projecting 2022 revenue at $777 million, and pro forma adjusted EBITDA of $115 million.

The baseball card market has changed a great deal since I was a kid; long gone are the days of buying wax packs for 25 cents or later, 50 cents. You can't even find cards in every store the way you could years ago.

Today's cards are very high-end, with many varieties and sets to choose from, with a great number of gimmicks to entice purchase. Long gone are the sticks of gum you'd find in each pack. However, it is still a big, and seemingly profitable business.

Two more names to follow...

Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.

At the time of publication, Heller had no positions in any securities mentioned.

TAGS: IPOs | Investing | Markets | Small Cap | Stocks | Trading | U.S. Equity

More from Stocks

Don't Shout 'V' for Victory, Yet

James "Rev Shark" DePorre
Jun 27, 2022 4:22 PM EDT

Even after last week's move higher and Monday's narrow range of movement, we can say it's going to be difficult to produce a 'V'-shaped setup like we had at the pandemic low in 2020.

Let's See If Vertex Pharmaceuticals Can Push Higher on the Charts

Bruce Kamich
Jun 27, 2022 3:03 PM EDT

Here's what traders should do.

LyondellBasell Could Hold Temporarily Before Renewed Declines

Bruce Kamich
Jun 27, 2022 2:22 PM EDT

Let's take a look.

Kass: Why Markets Could Make a Yankees-Like Comeback

Doug Kass
Jun 27, 2022 2:00 PM EDT

I remain uncharacteristically bullish. Here's why.

If You Buy Now in This Bear-Bull Battle, You May Be Paying Later

Bob Lang
Jun 27, 2022 1:00 PM EDT

You really want to snag a bargain -- and bank a win -- right now. Here's a better strategy.

Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation. If you have questions, please contact us here.

Email

CANCEL
SUBMIT

Email sent

Thank you, your email to has been sent successfully.

DONE

Oops!

We're sorry. There was a problem trying to send your email to .
Please contact customer support to let us know.

DONE

Please Join or Log In to Email Our Authors.

Email Real Money's Wall Street Pros for further analysis and insight

Already a Subscriber? Login

Columnist Conversation

  • 12:04 AM EDT PAUL PRICE

    Two Good Signs -- Especially for Small-Cap Investors

  • 12:10 AM EDT PAUL PRICE

    More Insider Buying in American Woodmark (AMWD)

    American Woodmark , which I've discussed here fr...
  • 08:55 AM EDT JAMES "REV SHARK" DEPORRE

    This Weekend on Real Money

    The 10 personality traits of successful traders an...
  • See More

COLUMNIST TWEETS

  • A Twitter List by realmoney
About Privacy Terms of Use

© 1996-2022 TheStreet, Inc., 225 Liberty Street, 27th Floor, New York, NY 10281

Need Help? Contact Customer Service

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.

Compare Brokers

Please Join or Log In to manage and receive alerts.

Follow Real Money's Wall Street Pros to receive real-time investing alerts

Already a Subscriber? Login