204 documents showing 181–204
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
C3
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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
C2
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⚑
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
C3
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Date
Fund
Target
Thesis
Scores
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