Advanced

204 documents showing 61–120

Active before/after × Clear all

Trian Partners Mar 01, 2024

The Walt Disney Company DIS

Disney lost its way under a distracted, unaccountable board; replacing two directors with Peltz and Rasulo restores focus on DTC margins, CEO succession, and capital discipline.

⌂ ◫ ” ⇌ ⚑

Spruce Point Capital Jan 17, 2024

MSCI Inc. MSCI

Spruce Point rates MSCI a Strong Sell: accounting red flags, nepotism-like M&A, eroding ESG lead and a CAO resignation expose 55-65% ($190-$244) downside to MSCI's premium multiple.

⌂ ◫ ” ⇌ ⚑

Palliser Capital Dec 06, 2023

Samsung C&T Corporation 028260 KS

Samsung C&T trades at a 63% discount to its $40.4bn NAV; fixing capital allocation, governance and the opaque group structure closes a $25bn value gap worth ~170% upside.

⌂ ◫ ” ⇌

Starboard Value Oct 17, 2023

GoDaddy GDDY

GoDaddy missed its 2022 Investor Day commitments as Tech & Development costs ballooned; cutting costs to hit 33%+ EBITDA margins re-rates FCF/share to $10+ and closes the peer-multiple gap.

⌂ ◫ ” ⇌

Starboard Value Oct 17, 2023

GoDaddy, News Corp, Fortrea

Starboard pitches three ideas: News Corp should separate Digital Real Estate to unlock ~50% upside, GoDaddy should expand margins to 33%+, and Fortrea can hit 18% peer margins under Tom Pike.

⌂ ◫ ” ⇌

Starboard Value Oct 13, 2023

Multiple (GoDaddy, News Corp, Fortrea) GDDY, NWSA, FTRE

Starboard pitches three activist ideas at the 2023 13D Monitor Summit — GoDaddy margin expansion, News Corp digital-real-estate separation, and Fortrea CRO profitability fix — each with 50%+ upside.

⌂ ◫ ” ⇌

Starboard Value Oct 01, 2023

Bloomin' Brands BLMN

Bloomin' Brands trades at 5.0x EBITDA vs Darden's 9.5x because of operational execution failures at Outback; Starboard's Darden playbook can narrow the gap and unlock shareholder value.

Starboard Value Oct 01, 2023

Fortrea Holdings Inc. FTRE

Fortrea, LabCorp's spun-out CRO, earns 9% EBITDA margins versus 18% peers; CEO Tom Pike's IQVIA playbook implies $47-$72 per share, 60-144% upside at normalized margins.

Spruce Point Capital Aug 09, 2023

Xylem Inc. XYL

Xylem overpaid in stock for SEC-fraud-charged Evoqua, just published two contradictory cash-flow statements, and faces 30-45% downside as multiples compress toward water-industrial peers.

⌂ ” ⇌ ⚑

Spruce Point Capital May 23, 2023

Perion Network Ltd. PERI

PERI's Apple-tier revenue per employee, opaque revenue recognition, Lumenis-tainted CEO and impaired Microsoft Bing deal point to a forensic short with 25-40% downside.

⌂ ” ⇌ ⚑

Elliott Management May 11, 2023

The Goodyear Tire & Rubber Company GT

Goodyear's industry-low 5% margin and under-monetized 715-store retail platform create $32/share of value vs $11 today — via board refresh, retail sale, and operational review.

⌂ ◫ ” ⇌ ⚑

Spruce Point Capital Mar 08, 2023

Essential Utilities, Inc. WTRG

WTRG's water roll-up is failing and its $4.3bn Peoples gas pivot is a Ponzi-like dividend trap; 35%-50% downside to $20-$28 on sum-of-parts.

⌂ ◫ ” ⇌ ⚑

Soroban Feb 22, 2023

Union Pacific Corporation UNP

UNP owns the best Class I rail franchise but ranks worst on every metric under CEO Lance Fritz; bringing back operator Jim Vena could double the stock to ~$400 by 2025.

⌂ ◫ ” ⇌ ⚑

Spruce Point Capital Nov 29, 2022

Saputo Inc. TSX:SAP

Saputo's 25-year dairy roll-up is failing internationally; hidden U.K. pension, Argentina margin outlier, and auditor red flags point to 40%-60% downside to C$13.75-$20.50.

⌂ ◫ ” ⇌ ⚑

Starboard Value Oct 19, 2022

Multiple (Wix, Salesforce, Splunk, Vertiv) WIX / CRM / SPLK / VRT

Four high-quality TMT names (Wix, Salesforce, Splunk, Vertiv) trade at multi-year-low valuations; closing the margin gap to peers as the market shifts from growth to profitability unlocks substantial FCF/share upside.

⌂ ◫ ” ⇌

Spruce Point Capital Sep 28, 2022

Broadridge Financial Solutions, Inc. BR

Spruce Point argues Broadridge is a low-tech BPO masquerading as SaaS, with a failing $1B+ UBS buildout, accounting red flags, and likely SEC scrutiny — 65-75% downside to $37-52.

⌂ ◫ ” ⇌ ⚑

Spruce Point Capital Jun 22, 2022

Generac Holdings, Inc. GNRC

Generac is a COVID-era generator beneficiary masking collapsing core demand and a string of shady clean-energy acquisitions; Spruce Point sees 40-50% downside to $110-$132/share.

⌂ ◫ ” ⇌ ⚑

Starboard Value May 09, 2022

LivePerson, Inc. LPSN

LivePerson's founder-CEO and entrenched Board have destroyed value through strategy drift and toxic culture; Starboard's proxy slate will reconstitute the Board and refocus the company.

Spruce Point Capital Apr 06, 2022

Stryker Corp. SYK

Spruce Point exposes Stryker's FCPA-tainted accounting, failing acquisition roll-up and margin squeeze under CEO Lobo — Strong Sell with 35%-75% downside to $67-$174.50.

⌂ ◫ ” ⇌ ⚑

Starboard Value Mar 08, 2022

Huntsman Corporation HUN

Huntsman has misled shareholders for 15 years — missed EBITDA targets, destroyed Textile Effects, fire-sold Venator — while a legacy board shielded management; elect Starboard's nominees.

⌂ ” ⇌ ⚑

Starboard Value Mar 03, 2022

Huntsman Corporation HUN

Starboard is running a proxy fight for four Huntsman board seats, arguing a CEO-beholden board allowed 337% S&P underperformance and three missed Investor Day promises.

⌂ ” ⇌ ⚑

Starboard Value Mar 02, 2022

Huntsman Corporation HUN

Huntsman has serially missed its own Investor Day promises while an entrenched board shields management; elect Starboard's four independent chemical-industry nominees to restore accountability.

⌂ ” ⇌ ⚑

Starboard Value Feb 28, 2022

Huntsman Corporation HUN

Huntsman, led by the founding family for its entire history, has missed three consecutive investor-day targets and lags peer EBITDA margins by ~900bps; Starboard's four nominees can unlock ~600bps of margin expansion.

⌂ ” ⇌ ⚑

Starboard Value Feb 10, 2022

Huntsman Corporation HUN

Huntsman has chronically underperformed chemicals peers and missed three straight Investor Day targets; Starboard (8.6%) seeks four new directors to restore accountability and unlock value.

Starboard Value Feb 10, 2022

Huntsman Corporation HUN

Huntsman has underperformed peers by 575% since IPO and missed three straight Investor Day targets; elect four Starboard nominees on the BLUE card to restore board accountability.

Spruce Point Capital Jan 20, 2022

TaskUs, Inc. TASK

TaskUs is a Blackstone-promoted BPO with embellished disclosures, Satyam-linked accounting tics, and eroding Facebook unit economics; fair value is 25-50% below spot, or $18-$27.

⌂ ◫ ” ⇌ ⚑

Starboard Value Jan 12, 2022

Huntsman Corporation HUN

Huntsman has missed every Investor Day target since 2014 and underperformed chemical peers by 330% since IPO; Starboard nominates four directors to force execution.

Spruce Point Capital Sep 29, 2021

Lightspeed Commerce, Inc. LSPD

Lightspeed is a cash-burning POS roll-up that inflated its pre-IPO customer count by 85%, hides organic decline behind acquisitions, and should re-rate 60–80% lower to $22.50–$47 as Shopify, Square, Adobe and Amazon crowd it out.

⌂ ◫ ” ⇌ ⚑

Starboard Value Aug 06, 2021

Box, Inc. BOX

Box is a best-of-breed cloud content platform that has missed every revenue target since IPO; a reconstituted board can fix go-to-market execution and close a massive valuation gap to peers.

⌂ ◫ ” ⇌ ⚑

Spruce Point Capital Aug 05, 2021

Genius Sports Limited GENI

Genius Sports is a low-moat data middleman overpaying for league rights and inflating growth via barter revenue; 55m shares of overhang unlock imminently — 60-80% downside to $3.25-$6.50.

⌂ ” ⇌ ⚑

Spruce Point Capital Jul 14, 2021

Oatly Group AB OTLY

Oatly is an over-hyped oat-milk fad with accounting overstatements, hidden management scandals and a $12bn valuation pricing in 57% market share — 30-70% downside.

⌂ ” ⇌ ⚑

Greenlight Capital May 12, 2021

Teck Resources TECK

Teck is the overlooked pick-axes play on the EV/green-electrification copper boom — QB2 doubles its copper mix and at forward-curve copper the stock is worth ~C$59, nearly double.

⌂ ◫ ” ⇌

Spruce Point Capital Apr 22, 2021

Danimer Scientific, Inc. DNMR

Danimer is an over-hyped SPAC bioplastics story whose governance-tainted management, irreconcilable facility claims, failed-PHA precedent, and 138x EBITDA valuation imply 65-100% downside to ~$8.75/share.

⌂ ” ⇌ ⚑

Spruce Point Capital Mar 10, 2021

American Battery Metals Corporation / Comstock Mining Inc. ABML / LODE

ABML and LODE are hype-driven EV battery-recycling penny stocks with fraud-tied management, fabricated permit claims, and a nonsensical LiNiCo deal — up to 90% downside.

⌂ ” ⇌ ⚑

Ancora Feb 16, 2021

Forward Air Corporation FWRD

Forward Air's acquisition-led growth strategy has decimated its core LTL margins; Ancora's nominees will restore operating discipline and unlock ~50% upside to $130-$135/share.

⌂ ” ⇌ ⚑

Spruce Point Capital Jan 07, 2021

Magnite, Inc. MGNI

Magnite is a hype-fueled ad-tech merger masking Telaria's deteriorating CTV business with dubious management and suspect accounting; 25%-50% downside to $14.75-$20.

⌂ ” ⇌ ⚑

Elliott Management Nov 11, 2020

Sampo Oyj SAMPO

Sampo's crown-jewel IF P&C is mispriced because the Nordea bank stake and PE holdings have contaminated the equity story; separating them unlocks EUR 7bn+ / 35%+ upside.

Spruce Point Capital Nov 10, 2020

Avery Dennison Corporation AVY

Avery Dennison masks structural decline with restructuring add-backs and inflated Adjusted EBITDA/FCF; normalized for accounting manipulation, AVY is worth $68-99/share — 35-55% downside.

⌂ ◫ ” ⇌ ⚑

Elliott Management Jul 06, 2020

Crown Castle International CCI

Crown Castle's $16bn fiber bet earns just 3% ROI; imposing a 40% capex-ROI target, ROIC-linked pay, and a Board refresh unlocks a 46% dividend hike to $7.00.

⌂ ◫ ” ⇌ ⚑

Spruce Point Capital May 13, 2020

Forescout Technologies FSCT

Advent overpaid $33/share for Forescout — management buried weaker forecasts and Q1 sales fell 24%; renegotiating 35-50% lower or paying the $112M break fee both beat closing.

⌂ ” ⇌ ⚑

Starboard Value Apr 30, 2020

GCP Applied Technologies GCP

Four years post-spinoff, GCP has lagged peers on growth, margins, and stock price under an insular, interconnected Board; replace nine directors and unlock ~600 bps of EBIT margin expansion.

⌂ ◫ ” ⇌ ⚑

Spruce Point Capital Apr 02, 2020

WD-40 Company WDFC

WD-40 is a promotional, no-moat lubricant company hiding a balance-sheet hole and bloated inventory behind a 28x EBITDA multiple — Spruce Point sees 55-60% downside to $75-$85.

⌂ ” ⇌ ⚑

Spruce Point Capital Mar 10, 2020

Amcor plc AMCR

Amcor is a packaging roll-up masking 3-4% organic declines, obscured tobacco dependence, liquidity strain, and accounting red flags — including a CAO with a revoked CPA — with 40-60% downside to $3.60-$5.40.

⌂ ” ⇌ ⚑

Pershing Square Feb 05, 2020

Pershing Square Holdings (fund-level portfolio update) PSH

Pershing Square's 2019 return to its concentrated activist playbook drove a 58.1% NAV year; two new positions (Agilent, Berkshire) and a 28.9% NAV discount extend the compounding runway.

Spruce Point Capital Dec 05, 2019

Canadian Tire Corporation CTC.A

Canadian Tire is an over-levered legacy retailer masking decline with aggressive accounting and risky credit card lending; looming downgrade forces asset sales and 35-50% downside to C$77-100.

⌂ ◫ ” ⇌ ⚑

Muddy Waters Nov 07, 2019

PeptiDream, Inc. 4587 JP

PeptiDream's 19 pharma 'partnerships' are largely dormant and 13 years of R&D have produced zero Phase 2 drugs — analyst 2027 revenue forecasts will miss by over 60%.

⌂ ” ⇌ ⚑

Spruce Point Capital Oct 29, 2019

Hill-Rom Holdings, Inc. HRC

Hill-Rom is a low-quality medical roll-up whose plateauing new products, exhausted margin expansion and aggressive accounting point to a 25-55% drop to $45-$75 per share.

⌂ ◫ ” ⇌ ⚑

Spruce Point Capital Oct 09, 2019

Monolithic Power Systems MPWR

MPWR's Chinese tax filings show $262m missing revenue and near-zero inventory despite 90% production in China — accounting red flags point to 75-85% downside.

⌂ ◫ ” ⇌ ⚑

Spruce Point Capital Sep 25, 2019

Premier, Inc. PINC

Premier's earnings are artificially inflated by expiring pre-IPO shareback contracts; as member hospitals renegotiate at market rates, EBITDA halves and shares fall 55-75% to $8-$15.

⌂ ◫ ” ⇌

Elliott Management Sep 24, 2019

Marathon Petroleum Corporation MPC

Marathon Petroleum's conglomerate structure traps $22–$40bn of value; separating Refining, Midstream and Retail into three focused companies unlocks 60%+ upside now and over 100% long-term.

⌂ ◫ ” ⇌ ⚑

Third Point Jun 13, 2019

Sony Corporation 6758.T

Sony trades at a ~50% conglomerate discount; spinning Semiconductors into 'Sony Technologies', divesting listed stakes, and refocusing on entertainment unlocks ~2x SOTP upside.

⌂ ◫ ” ⇌

Spruce Point Capital Mar 21, 2019

Dexcom, Inc. DXCM

Dexcom's blow-out growth is a sugar high — driven by hidden price hikes and sensor stockpiling — and Abbott's cheap Libre 2 will commoditize CGMs, taking DXCM down 45-60% to $65-$85.

⌂ ◫ ” ⇌ ⚑

Starboard Value Mar 18, 2019

Bristol-Myers Squibb BMY

BMY is overpaying ~$30B for Celgene's risky pipeline, betting on 10 blockbusters in 8 years vs 3 in 15; shareholders should vote against and unlock 900bps of standalone margin upside.

⌂ ◫ ” ⇌ ⚑

Starboard Value Mar 01, 2019

Bristol-Myers Squibb BMY

BMY's $91B Celgene deal bets the company on a REVLIMID patent cliff and pipeline requiring 10 blockbusters in 8 years — shareholders should vote no and pursue a standalone Amgen-style transformation.

⌂ ◫ ” ⇌ ⚑

Elliott Management Mar 01, 2019

Telecom Italia TIT.MI

Vivendi destroyed value at TIM during its control; shareholders must reject Bolloré's nominees at the March 29 AGM and keep the independent board.

⌂ ” ⇌ ⚑

Pershing Square Feb 13, 2019

Pershing Square Holdings, Ltd. PSH

PSH offers an activist portfolio compounding well above the S&P 500, available at a 27% discount to NAV, with a new dividend, buybacks, and insider buying narrowing the gap.

Spruce Point Capital Oct 17, 2018

Mercury Systems Inc. MRCY

Mercury Systems faces 50-60% downside as Supermicro-hack exposure, missing cyber leadership, hidden A/R factoring, and the sector's richest multiple collide with rising DFARS compliance costs.

⌂ ” ⇌ ⚑

Trian Partners Oct 11, 2018

PPG Industries, Inc. PPG

PPG has underperformed peers by 3,500 bps under CEO McGarry; Trian wants Chuck Bunch reinstalled, the balance sheet levered, and the portfolio split into Architectural and Industrial to unlock ~40% upside.

⌂ ◫ ” ⇌ ⚑

Spruce Point Capital Aug 07, 2018

Maxar Technologies MAXR

Maxar's MDA-DigitalGlobe merger masks a collapsing satellite cycle and the most aggressive accounting Spruce Point has ever seen, leaving 5.8x-levered MAXR with 100% downside risk.

⌂ ” ⇌ ⚑

Spruce Point Capital Jun 27, 2018

Momo, Inc. MOMO

Momo's 'blowout' live-video numbers hide a SAIC fraud charge, 123 undisclosed VIE subs, an illegal gambling site, and a fading KOL base — 30-50% downside to $23-$32.

⌂ ” ⇌ ⚑