356 documents showing 241–300
Multiple (Pershing Square portfolio: MDLZ, APD, ZTS, QSR, CP, HHC, VRX, NOMD, HLF-short)
Mondelez EBIT margin of 13.1% is far below peers (Kraft Heinz 26.5%, Hershey 20.0%) and well short of 3G playbook results
Ströer SE & Co. KGaA SAX
Ströer's digital-transformation narrative is hollow: organic growth is 10x overstated, EBITDA and FCF are inflated, and insider self-dealing rivals Chinese fraud cases — short.
Yahoo! Inc. YHOO
Yahoo's board has failed for years on operations, capital allocation, and governance; replace it with Starboard's nine nominees to run a credible Core Business sale and unlock value.
Casino Guichard-Perrachon SA CO
Casino's claimed France recovery is fiction: Mercialys property gains inflate EBITDA, suppliers are being stretched, and the CFO's earnings-call language shows deception clusters.
Outerwall Inc. OUTR
Outerwall's cash-rich Redbox/Coinstar business trades at a 3x EBITDA capital-allocation discount; halting buybacks for a large dividend and running a sale process unlocks 150%+ upside.
Pershing Square portfolio (multi-holding LP update: MDLZ, VRX, APD, ZTS, CP, QSR, HHC, PAH, FNMA/FMCC, HLF short)
2015 was -20.5% but portfolio trades at substantial discount to intrinsic value
Groupe Casino CO
Casino is a highly-levered, deteriorating French retailer being hollowed out by controlling shareholder Naouri and using property-sale gains to inflate EBITDA; equity worth ~€7 per share.
Viacom VIAB
Viacom's absent chair Redstone and overpaid CEO Dauman have driven a lost decade; replacing leadership, cutting $400M SG&A and launching OTT unlocks up to 135% upside to $95.90.
Yahoo! Inc. YHOO
Three years of failed turnaround have collapsed Yahoo's Core Business; Starboard demands a competitive sale process and leadership change, or it will launch an election contest.
Groupe Casino Guichard-Perrachon SA CO FP
Casino's financial statements mask 8.9x leverage and inflated EBITDA via related-party Mercialys real-estate sales; shares are worth €6.91 vs €48.97, an 86% decline.
Yahoo! Inc. YHOO
Yahoo's Core is mismanaged but fixable — replace Mayer with an operator CEO, cut headcount two-thirds, bring Liberty in as a partner, and shares triple from $35 to $113.
Valeant Pharmaceuticals VRX
Philidor and R&O Pharmacy are the same entity — evidence of phantom accounts to book revenue
TeliaSonera AB TLSN
Short TeliaSonera: disclosed Uzbekistan bribery is only the tip — ~SEK 17bn of suspect Eurasia/Nepal payments plus a multi-billion DOJ FCPA settlement threaten the dividend and cut stub fair value to SEK 27-29.
Yahoo! Inc. YHOO
Yahoo's Core Business is collapsing because of $550M of self-inflicted cost bloat; cutting costs and replacing the Microsoft search deal can restore profitability without touching Alibaba.
Herbalife Ltd. HLF
Herbalife pays multi-level royalties on unlimited downlines, violating China's pyramid-sales laws
Herbalife Ltd. HLF
CEO Johnson on video admits Herbalife participation is a 'lottery ticket' with 'pyramiding'
Pioneer Natural Resources PXD
Pioneer and the shale 'frackers' burn cash and destroy value on every BOE developed; their $27B market cap rests on proved reserves worth $3-8B — buy oil, not PXD.
Multiple (portfolio update: AGN, VRX, CP, APD, ZTS, HHC, QSR, PAH, FNMA/FMCC, HLF)
Allergan delivered 89% return as Valeant bid catalyzed auction ending at Actavis $242 vs. $128 cost
Rovi Corporation ROVI
Rovi's entrenched board destroyed a decade of shareholder value while promising 'double-digit growth next year' every year; Engaged's nominees Lockwood and Rau bring operating credibility the incumbents lack.
E. I. du Pont de Nemours and Company DD
DuPont is a chronically underperforming conglomerate; electing Trian's four nominees forces structural review, cost cuts, and governance reform to unlock $120+/share by 2017 — a 21% IRR.
E.I. du Pont de Nemours and Company DD
DuPont is bottom-quartile under Ellen Kullman; electing Trian's four nominees unlocks $120/share by 2017 by cutting $2-4bn of excess corporate costs and ending 'crony' compensation.
E.I. du Pont de Nemours and Company (DuPont) DD
DuPont is a chronically underperforming conglomerate bloated with $2-4bn of excess costs; putting Trian on the board unlocks a $120+/share, 21% IRR path by 2017.
E.I. du Pont de Nemours and Company (DuPont) DD
DuPont is a chronic underperformer under CEO Kullman; electing Nelson Peltz and three nominees unlocks $2-4bn of excess costs and drives DuPont stock to $120 by 2017 (21% IRR).
E.I. du Pont de Nemours and Company DD
DuPont is a bloated conglomerate hiding $2-4bn of excess corporate costs and crony compensation; Trian's board nominees can unlock $120/share by 2017 — a 21% IRR.
Noble Group NOBL
Muddy Waters is short Noble Group: a cash-burning commodities trader that manufactures EBITDA via sham affiliate transactions like the PT ALH $46M negative-goodwill scheme to keep credit flowing.
AerCap Holdings AER
AerCap, the largest independent aircraft lessor, trades at 8.5x earnings; the equity should rerate as the credit markets already have post-ILFC deal, supported by low-teens ROE and ~10% EPS CAGR.
The Bank of New York Mellon BK
BNY Mellon has squandered the 2007 Mellon merger under CEO Hassell; cutting ~10,000 excess FTEs and installing new leadership closes the State Street gap for 114% upside.
Herbalife HLF
Former distributors lost $5K-$45K each chasing promised income that never materialized
E.I. du Pont de Nemours and Company (DuPont) DD
DuPont is an underperforming conglomerate burdened with $2-4bn of excess costs; elect Trian's four nominees to drive separation, cost cuts, and board accountability.
Brookdale Senior Living Inc. BKD
BKD trades at a wide discount because its owned real estate is buried inside an OpCo; a tax-free PropCo/OpCo REIT spin plus governance overhaul unlocks ~$49/share.
Multiple (Pershing Square portfolio - annual update)
2014 net returns of 40.4% vs S&P 500's 13.7%, driven by Allergan (+19.1%), CP (+7.0%), and Herbalife short (+6.1%)
Multiple (Pershing Square Holdings portfolio: Allergan, Herbalife, Air Products, Canadian Pacific, Restaurant Brands International, Platform Specialty Products, Zoetis)
PSH returned 40.4% net in 2014 vs 13.7% for S&P 500
Multiple (PSH portfolio: AGN, HLF short, APD, CP, QSR/BKW, PAH, ZTS, HHC, FNMA/FMCC)
Concentrated activist strategy delivered 40.4% net returns in 2014 vs. 13.7% for S&P 500
Superb Summit International Group Limited 1228.HK
Superb Summit's HK$773m of reported revenue belongs to a coal company it never owned, and its HK$1.5bn JFT acquisition is a sham valuation routed through a mystery intermediary.
Herbalife Ltd. HLF
Herbalife is the largest and best-managed pyramid scheme in the world
TransCanada Corp TRP
TransCanada is an undervalued conglomerate; spinning off Energy and doing an all-in dropdown into TCP — Spectra-style — re-rates the parts to roughly $75/share.
Darden Restaurants, Inc. DRI
Darden's brands and real estate are worth $67-$86/share vs. $48 today — replace the entire board to execute the Brinker playbook: operational turnaround, real-estate separation, SRG spin-off.
NQ Mobile NQ
NQ's July 3 disclosures vindicate the fraud thesis: the audit chair resigned, PwC will never sign off, and insiders front-ran the news by dumping stock.
NQ Mobile NQ
NQ's own investigation committee confirmed widespread data tampering — the same pattern that preceded Sino-Forest's collapse — so Muddy Waters maintains its fraud rating.
Darden Restaurants, Inc. DRI
Darden's Board destroyed value by selling Red Lobster for ~1x EBITDA against shareholder will; replacing 12 directors unlocks a real estate spin, cost-cut turnaround, and peer-catchup upside.
iRobot Corp IRBT
IRBT is a narrow consumer-vacuum company riding a robotics bubble; aggressive accounting, insider selling and a decaying moat point to $20-$25, or 25-40% downside.
athenahealth ATHN
athenahealth is the poster child of the cloud 'bubble basket' — strip Morgan Stanley's fantasy margin and revenue-per-doctor assumptions and the stock falls 80%+ toward a $50 adjusted DCF.
Sotheby's BID
Sotheby's sits on $1bn+ of excess capital while insiders own 0.8%; Third Point's slate brings aligned ownership to drive capital return, cost discipline, and higher ROE.
NQ Mobile NQ
NQ Mobile's surprise Q4 loss and negative cash flow under PwC's tougher audit confirm Muddy Waters' fraud thesis: revenue, acquisitions, and cash balances are all fabricated.
eBay EBAY
13D Monitor backs Icahn's eBay campaign: the board's Silicon-Valley-insulated directors can't even recognize their conflicts, so Icahn needs two seats and a PayPal spin to fix it.
Sotheby's BID
Sotheby's Board has presided over a 42% EPS collapse despite global wealth tailwinds; electing Third Point's three nominees can restore owner perspective and more than double pro-forma EPS.
Darden Restaurants, Inc. DRI
Darden's rushed Red Lobster spin is the wrong deal at the wrong time — it traps ~$850M of real estate value and blocks a $1-2B REIT unlock; shareholders must call a Special Meeting to stop it.
PepsiCo, Inc. PEP
PepsiCo has chronically underperformed because its 'Power of One' holding-company structure suffocates Frito-Lay and Pepsi; separate them into two focused companies and the combined value will re-rate materially higher.
Juniper Networks JNPR
Juniper underperformed NASDAQ by 104% over 3 years — value destruction is avoidable
NQ Mobile, Inc. NQ
NQ Mobile's independent-committee fraud probe is structurally compromised; Muddy Waters offers to fund Plante & Moran to audit the auditors and protect investors from another China-fraud whitewash.
NQ Mobile NQ
NQ Mobile's credible-looking US management is a veneer hiding a $1.1bn fraud — Mathison conceals JCAP ties, Co-CEO Khan knows nothing, and pre-IPO partners include a convicted racketeer.
NQ Mobile NQ
NQ Mobile's largest purported revenue source, Yidatong, is a controlled shell whose offices, tax filings, and carrier records all contradict NQ's story — we maintain a <$1 target.
NQ Mobile (NetQin) NQ
Muddy Waters maintains its sub-$1 price target on NQ Mobile after Chinese media reporting confirms that ZTE, Huawei, Lenovo and Coolpad never had the pre-installation partnerships NQ claims.
NQ Mobile NQ
NQ Mobile's Oct 25 rebuttal of Muddy Waters' fraud report contained ten provable lies — Yidatong is NQ, revenue and market share are fabricated; reiterating price target under $1.
NQ Mobile Inc. NQ
NQ Mobile is a 'China Fraud 2.0': 72%+ of China revenue is fictitious, real market share is 1.4% not 55%, and the $127.9M cash balance is likely forged — target price under $1.
American Tower Corporation AMT
AMT's $811M purchase of 4,456 NIHD towers at 21x EBITDA is a de facto loan to a near-bankrupt counterparty, masking weak growth and compounding accounting red flags from the prior Site Sharing deal.
Office Depot, Inc. ODP
Office Depot's entrenched board has destroyed value for years; replace four incumbents with Starboard's retail-experienced nominees to lift operating margins from 0.9% to 7.3% — standalone or merged with OfficeMax.
American Tower AMT
AMT's international growth is a de facto lending / FX carry trade masking deteriorating economics, and ~$250M appears to have vanished from its Site Sharing acquisition.
Health Management Associates HMA
HMA's incumbent board destroyed 25% of independent value before rushing a sale to Community Health Systems; Glenview's Fresh Alternative board protects the deal and recovers upside.
American Tower Corp AMT
AMT is a Strong Sell at $44.57 (40% downside): a $250M Brazil accounting discrepancy hints at fraud, international growth is a disguised lending/carry trade, and Wi-Fi will erode tower economics.