We take a look at QuinStreet, which is one of the leading players in online directed marketing for vertical markets. The company is offering 10 million shares at a proposed $18/share via Credit Suisse, Bank of America/Merrill Lynch and JP Morgan.

In the last 10+ years the company has emerged with impressive size and margins to offer public investors and barring a market meltdown the deal should be a success. In our brief preview we get into some additional considerations including:

1. What are the best opportunities and worst threats facing the company?
2. How does the proposed price compare to intrinsic value based on our model?
3. If this deal is a success are there other already-public players that might benefit?

We’ve tried to make the brief report a reasonable summary of the company and the transaction for potential investors.