358 documents showing 121–180
News Corporation NWSA
News Corp's REA stake alone is worth $8B of its $12B EV — separating Digital Real Estate would expose Dow Jones and surface ~50% upside to ~$33/share.
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.
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.
GoDaddy Inc. GDDY
GoDaddy has missed its 2022 Investor Day targets as Tech & Dev expenses ballooned; cutting costs to a 40% growth+profitability exit rate and adding a Starboard director unlocks a ~40% valuation re-rating.
Vivion Investments
Vivion's proposed bond exchange rests on inflated UK hotel valuations — illustrated by Crowne Plaza Heathrow, marked at EUR94.6m versus CBRE's EUR72.9m — serving insiders, not bondholders.
Algonquin Power & Utilities Corp. AQN
Starboard, now AQN's largest holder at 7.5%, says selling the unregulated renewables fixes leverage and the payout ratio, leaving a greener regulated utility worth a peer-premium re-rating.
Chinook Therapeutics KDNY
Chinook manipulated 2021-2022 revenues via its Chinese JV SanReno; strip out the accounting tricks and reported revenue collapses by 95% and 68% respectively, reinforcing our short.
Alexandria Real Estate Equities, Inc. ARE
Alexandria's life-science office portfolio is being hit by the same WFH hurricane as traditional offices, and shares face 30-40% downside if re-rated to coastal office REIT peers.
The Goodyear Tire & Rubber Company GT
Retail stores alone could be worth nearly Goodyear's entire market capitalization
Parkland Corporation PKI
Parkland's board re-nominated its 24-year chairman and set sub-cost-of-capital ROIC targets; Engine urges shareholders to WITHHOLD on all incumbents to force governance, pay, and portfolio reform.
Glencore Plc GLEN
Glencore's unsolicited Teck bid is structurally flawed; Glencore should first demerge thermal coal, Oil Marketing and Viterra, then merge with Teck to unlock a world-class transition-metals leader.
Parkland Corporation PKI
Parkland's conglomerate mix of retail, refinery and distribution trades at a 3-turn discount to Couche-Tard; spin the non-core assets and refresh the stale board to unlock ~$45/share, roughly 55% upside.
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.
Ritchie Bros. Auctioneers RBA
Back the amended RBA-IAA merger: $350-900M of synergies, a Starboard/Ancora-refreshed board, and Luxor's anti-deal case is flawed — RBA should re-rate from $62 to ~$130.
Alphabet GOOGL
Alphabet's January layoffs are a start but insufficient; management must cut headcount ~20% to 150,000 and slash excessive pay, including stock-based comp.
The Walt Disney Company DIS
Disney's world-class IP is being squandered by a board that overpaid $52bn for Fox, bungled CEO succession, and is bleeding streaming losses — add Nelson Peltz to restore discipline.
The Walt Disney Company DIS
Disney is in a self-inflicted crisis of governance, strategy and capital allocation; electing Nelson Peltz to the board will restore discipline, profitability and the dividend by FY 2025.
Digital Garage, Inc. 4819 JT
Digital Garage's fintech payments arm is starved by a distracted conglomerate; spinning off FinTech and dumping the Kakaku.com stake unlocks ~100% upside amid Japan's cashless boom.
Digital Garage Inc. 4819 JT
Digital Garage is missing Japan's cashless-payments wave; spinning off DG Financial Technology, divesting Kakaku, and refocusing management would nearly double the stock and lift profit before tax from JPY4.5bn to JPY11.4bn.
Capricorn Energy PLC CNE
Capricorn's board is destroying value by forcing a low-ball NewMed sale; replacing seven directors unlocks up to 400p per share via Palliser's Value Optimisation Plan.
Six Flags Entertainment Corp. SIX
Six Flags' owned real estate is worth more than its entire equity value; spinning it to a REIT buyer like VICI plus fixing the botched 2022 repositioning can double the stock.
Alphabet GOOGL
Alphabet's cost base is bloated — headcount up 20% CAGR since 2017, pay 67% above Microsoft, Other Bets bleeding $20bn; cut costs, target a 40% Google Services margin, and buy back stock aggressively.
Capricorn Energy CNE
NewMed's all-share bid for Capricorn hands shareholders a 42% discount and a self-serving board deal; a cash-return plus Egypt-focused optimisation path unlocks 400p/share instead.
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.
Capricorn Energy PLC CNE
Capricorn's board must withdraw its Tullow merger recommendation — a nil-premium takeover that hands Capricorn's cash to junk-rated creditors while standalone value of 330p offers 67% upside.
Hannon Armstrong Sustainable Infrastructure Capital HASI
HASI is a short: its GAAP and non-GAAP 'Distributable Earnings' are inflated by three non-cash accounting tricks and roundtripped SunStrong loans, masking a cash-losing, capital-raise-dependent business.
McDonald's Corporation MCD
McDonald's board broke a 10-year promise to end gestation crates; replace Penrose and Lenny with two ESG experts to fix systemic governance and sustainability failures.
US Foods Holding Corp. USFD
Sachem Head owns 8.7% of US Foods and is running a proxy fight to install five directors who can close the Sysco margin gap and deliver ~100% upside.
Houghton Mifflin Harcourt HMHC
Veritas's $21/share buyout of Houghton Mifflin steals the company for 7.6x 2024 UFCF; reject it and execute a standalone Dutch tender recap to reach ~$42 by 2024.
Houghton Mifflin Harcourt HMHC
Veritas' $21 tender for Houghton Mifflin Harcourt steals value at 7.6x UFCF; a self-funded Dutch tender and standalone plan could deliver roughly $42 per share by 2024.
Huntsman Corporation HUN
Huntsman failed all 2016 and 2018 Investor Day EBITDA and share-price promises
Huntsman Corporation HUN
Huntsman underperformed the S&P 500 by 337% from IPO to Starboard's involvement
Huntsman Corporation HUN
Huntsman has broken every major Investor Day commitment since 2014 — fooled shareholders three times
Huntsman Corporation HUN
Huntsman returned just 80% since its 2005 IPO vs. 642-822% for peers, a ~562% deficit under CEO Peter Huntsman
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.
Huntsman Corporation HUN
Huntsman has underperformed proxy peers by 575% since its IPO
Huntsman Corporation HUN
A decade of missed EBITDA targets: 2014, 2016 and 2018 Investor Day aspirations all unmet
Huntsman Corporation HUN
Three consecutive Investor Days (2014, 2016, 2018) missed EBITDA targets by hundreds of millions
Hokuetsu Corporation 3865
Hokuetsu's 13-year CEO resists change as its paper business declines; selling Daio Paper cross-holdings and pivoting to biomass power can quadruple market cap to ¥533.9bn.
Canadian National Railway CNI
CN, once the best-run Class I railroad, is now the worst under CEO Ruest; abandon the KCS deal and install Jim Vena to restore operational excellence.
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.
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.
Hilton Grand Vacations HGV
HGV is overpaying 10x EBITDA for Diamond and handing Apollo effective control with no premium; standalone HGV is worth $55 — shareholders should vote AGAINST.
XL Fleet Corp XL
XL Fleet is SPAC trash: salespeople were paid to fabricate pipeline, most touted customers are inactive, ROI is actually negative, and the stock is worth a fraction of its billion-dollar SPAC valuation.
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.
Multiple REIT subsectors (urban office, retail, business hotels, movie theaters)
Post-vaccine pent-up demand will mask permanent secular damage in urban office, retail, business hotels, and movie theaters — investors should sell the mirage, not buy it.
MultiPlan Corp MPLN
MultiPlan is a financially-engineered SPAC corpse losing its biggest customer UHC to UHC's own competitor Naviguard; expect 35% revenue loss and 8x+ leverage by 2022.
Sampo Oyj SAMPO
Sampo core insurance has de-rated ~8x P/E vs Nordic peers since 2018
The Walt Disney Company DIS
Disney should kill its $3bn dividend and plow every dollar into Disney+ content; subscriber LTV math and Adobe/Microsoft precedents show the re-rating dwarfs any dividend yield.
Crown Castle International CCI
Crown Castle's fiber capex earns just 3% ROI versus ~20% for its tower business
Burford Capital BUR
Burford's 2019 financials rely on reclassifications and definition changes to mask an -11.8% drop in cash receipts, -35.5% drop in deployments, and $20.6m of unexplained fair-value gains.
Alexion Pharmaceuticals, Inc. ALXN
Alexion's stand-alone strategy has failed — serial M&A missteps and a deep valuation discount mean the Board must pursue a sale now to unlock 40-50% upside for shareholders.
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.
New Pacific Metals NUAG
Bolivia-focused silver developer New Pacific trades 17x peers on concessions likely acquired illegally under a now-ousted regime; Hindenburg targets C$0.37, 90%+ downside.
eHealth Inc. EHTH
eHealth books three years of Medicare Advantage commissions upfront while true churn has spiked to 47%; corrected, every MA enrollee loses $135-$402 — a cash-incinerating stock promotion.
Pershing Square Holdings (fund) — portfolio includes Agilent, Berkshire Hathaway, Chipotle, Hilton, Restaurant Brands, Lowe's, Howard Hughes, Fannie Mae/Freddie Mac PSH
PSH delivered 58.1% NAV return in 2019, beating S&P by 2,660bps — return to roots is working
eBay Inc. EBAY
eBay is deeply undervalued; separating Classifieds at peer-level ~22x EBITDA multiples and enforcing a more aggressive Marketplace cost and revenue plan would unlock substantial upside versus today's 8.1x multiple.
Ferguson plc FERG
Ferguson is a US specialty distributor trapped in a UK listing; demerging Wolseley and relisting in the US closes a 10.4x-vs-17.2x EBITDA peer gap.
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%.
Marathon Petroleum Corporation MPC
Separating Marathon into three independent businesses unlocks $22-$40bn of value (60%+ upside)