204 documents showing 181–204

Jan 13, 2014

Elliott Management

Juniper Networks JNPR

Juniper has badly underperformed peers for a decade; a $200M cost cut, a $3.5B buyback with dividend, and a security/switching review can drive shares to $35–$40 (57–77% upside).

N5 V4

May 08, 2013

Pershing Square

Procter & Gamble PG

P&G is a world-class franchise vastly under-earning under a distracted CEO McDonald; restoring 5% growth and 24% EBIT margins lifts EPS to $6 and shares 60% to $125.

N4 V3

Apr 15, 2013

Elliott Management

Hess Corporation HES

Hess's world-class assets are squandered by 17 years of John Hess's undisciplined, unaccountable leadership; electing Elliott's five nominees unlocks $96-128 per share of intrinsic value.

N5 V4

Mar 01, 2013

Elliott Management

Hess Corporation HES

Hess underperformed peers by 460% over 17 years of restructurings; splitting the conglomerate into a Bakken pure-play and an international E&P unlocks $128/share.

N5 V4

Jan 29, 2013

Elliott Management

Hess Corporation HES

Hess trades at a steep discount because its unfocused portfolio and poor execution mask premier Bakken acreage; spin the resource co., replace the board, and unlock ~150% upside to $126.

N5 V4

Jan 01, 2013

JANA Partners

Agrium Inc. AGU

Agrium's board has no retail-distribution expertise to manage a business that's half its value; JANA's 5 nominees can unlock cost, capital and conglomerate-discount value worth hundreds of millions.

N4 V3

May 31, 2012

Elliott Management

BMC Software BMC

BMC's strong assets are trapped under an unengaged board and CEO Beauchamp who keeps missing his own targets; electing Elliott's four tech nominees opens a sale and long-overdue value.

N5 V3

May 23, 2012

Starboard Value

AOL, Inc. AOL

AOL's board lets management burn Access/Search cash on a Display strategy losing $500M+ a year; elect three Starboard nominees to enforce discipline and restructure or exit Patch.

N4 V3

May 16, 2012

Pershing Square

J.C. Penney Company, Inc. JCP

JCP has been chronically mismanaged for 20 years; new CEO Ron Johnson (ex-Target, ex-Apple Retail) with a dream team and a mall-within-a-mall remake can take the stock from $26 to $77-$125 by 2014.

N5 V4

Feb 06, 2012

Pershing Square

Canadian Pacific Railway CP

CP is the worst-performing Class I railroad under Fred Green; replacing him with Hunter Harrison — who transformed CN via Precision Scheduled Railroading — closes the peer gap and unlocks ~$140/share.

N5 V4

Nov 08, 2011

Pershing Square

Lowe's Companies, Inc. LOW

Lowe's is a cheap home-improvement duopolist whose 8% FCF yield funds a buyback worth ~40% of market cap — investors are paid to wait for the housing recovery.

N3 V3

Oct 18, 2011

Pershing Square

Fortune Brands Home & Security FBHS

FBHS is an orphaned post-spin cyclical at trough housing demand; even with no recovery it's worth $14, and normalization delivers $18-$27/share — ~70% upside.

N3 V3

Oct 17, 2011

Greenlight Capital

Green Mountain Coffee Roasters GMCR

GMCR's $9 EPS bull case ignores a smaller TAM, falling K-cup attachment rates, a September 2012 patent cliff, and accounting shenanigans at fulfillment agent MBlock — realistic EPS is ~$3.50.

N5 V2

Oct 16, 2011

Trian Partners

State Street Corporation STT

State Street subsidized growth at the expense of profitability; committing to 35% EBT margins, capital return, and a possible SSgA spin can lift shares from $34 to ~$99 by 2014.

N4 V3

Sep 14, 2011

Pershing Square

Hong Kong Dollar / Hong Kong Monetary Authority (HKMA) HKD

Hong Kong's USD peg forces the booming HKD to import US ultra-accommodative monetary policy, fueling inflation and property bubbles; a 30% revaluation to 6:1 offers ~44x upside via cheap call options.

N5 V3

Mar 09, 2011

Elliott Management

Iron Mountain Incorporated IRM

Iron Mountain's 44%-margin NOAM storage cash cow is being squandered on low-ROIC Digital and Int'l bets; capital discipline plus a REIT conversion can lift the stock from $25 to $52-$77.

N4 V3

Oct 13, 2010

Greenlight Capital

The St. Joe Company JOE

St. Joe's Florida real estate empire is a value trap: developments are ghost towns, the airport catalyst is a bust, and the land is worth $7-10/share, not $24.54.

N5 V3

May 11, 2009

Pershing Square

Target Corporation TGT

Target's insular board lacks CEO-level retail, credit-card, and real-estate expertise — replace four incumbents with Pershing's slate to close the 62-point performance gap versus Wal-Mart.

N4 V3

Oct 29, 2008

Pershing Square

Target Corporation TGT

Target's owned real estate is a $39bn hidden asset; a tax-free land-only REIT spin (TIP REIT) with a 75-year master lease unlocks ~$30/share and 74% upside.

N5 V3

May 21, 2008

Greenlight Capital

Lehman Brothers LEH

Lehman's $489M 1Q08 profit is accounting ingenuity — hidden CDOs, an unexplained $1.1bn Level 3 swing, and a fabricated KSK mark-up; it must recapitalize now.

N5 V2

May 21, 2008

Pershing Square

Wendy's International WEN

Wendy's is fundamentally a franchise + real estate business trading at a peer-gap discount; the Triarc merger and OpCo turnaround unlock 75-85% upside to $49-$52.

N5 V3

Feb 01, 2006

Carl Icahn

Time Warner Inc. TWX

Time Warner has underperformed its peer index by 51% under Parsons; splitting into four SpinCos (AOL, Content, Publishing, Cable) plus a $20bn buyback unlocks $30-45bn — a 35-54% premium.

N5 V4

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Oasis Management

Kao Corporation 4452.JP

Kao, a 'sleeping giant' of premium FMCG brands hamstrung by a management allergic to growth, should refocus globally and rebuild the board, unlocking 76-97% upside.

N5 V4

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Starboard Value

Fluor Corporation FLR

Fluor's $4bn NuScale stake masks a transformed EPCM core trading at just 2.8x EBITDA; separating NuScale unlocks a re-rating to peer 6-13x multiples.

N4 V4