495 documents showing 361–420
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
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.
Macy's, Inc. M
Macy's $21bn real estate portfolio implies a negative-value OpCo; a real estate JV plus $500m+ cost cuts can crystallize hidden value without sacrificing cash flow or investment grade.
Macy's, Inc. M
Macy's $21bn real estate portfolio exceeds its enterprise value; Starboard urges joint-venture structures plus $500M+ cost cuts to crystallize value without sacrificing cash flow or investment-grade rating.
Macy's Inc. M
Macy's owns $21bn of real estate — more than its entire enterprise value; spinning iconic and mall properties into two JVs unlocks ~$70/share, ~88% upside.
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.
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.
Yahoo! Inc. YHOO
Yahoo should scrap the Aabaco spin-off and instead sell the Core Business outright, returning cash to shareholders and keeping Alibaba and Yahoo Japan stakes in the remaining entity.
CONSOL Energy CNX
Market prices CONSOL as a dying coal miner, but its Marcellus/Utica shale gas acreage plus disciplined management make it worth $35.81/share versus $7.40 today.
American Capital Ltd. ACAS
ACAS trades at 71% of NAV vs 115% peer median — chronic discount since 2008
Valeant Pharmaceuticals International VRX
Citron's 'next Enron' channel-stuffing claim is verifiably false; Philidor accounting is conservative
Valeant Pharmaceuticals International VRX
Citron's 'next Enron' channel-stuffing claim is verifiably false; Philidor accounting is conservative
General Electric GE
GE has quietly pivoted to a focused industrial post-GE Capital exit; executing 16% margins, prudent leverage and ~$100bn of buybacks gets the stock to $40-$45 by end-2017.
Advance Auto Parts AAP
AAP trails O'Reilly and AutoZone by 800-900bps in EBITDA margins; closing the gap plus Worldpac monetization, buybacks, and multiple rerating drives AAP from $171 to over $350.
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
Icahn Enterprises L.P. (self) IEP
IEP stock returned 1,426% since Jan 2000 vs. 89% for S&P 500
Japanese listed companies (market-level)
Japan's twin Corporate Governance and Stewardship Codes, paired with strong Companies Act shareholder rights, will drive an ROE revolution making Japan one of the best long-term equity markets.
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.
Valeant Pharmaceuticals International VRX
Platform companies are undervalued because P/E ignores value from future acquisitions
Valeant Pharmaceuticals International VRX
Traditional P/E ignores Valeant's 'Platform Value' from disciplined M&A capital allocation
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's consolidated structure masks ~86% upside; separating GrowthCo, Performance Chemicals, and CyclicalCo/CashCo plus peer-level margins delivers an implied $122 target value by end-2017.
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.
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.
H.J. Heinz Company HNZ
Retrospective of Trian's 2006 Heinz campaign: a 13D white paper and proxy-won board seats drove brand reinvestment and cost discipline, delivering 178% TSR versus 40% for the S&P 500.
MGM Resorts International MGM
Land and Buildings will file its own proxy at MGM after the board rejected its four nominees, arguing a $1.5bn post-pitch rally proves shareholders back its real-estate-unlock plan.
MGM Resorts International MGM
MGM's US real estate is buried inside a 10x-EBITDA C-corp; a REIT conversion plus lodging-C-corp spin and MGM China dividend can lift NAV from $33 to $55 per share.
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
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.
Dillard's, Inc. DDS
Dillard's trades at 6.2x EBITDA despite owning ~50mm sq. ft. of real estate; separating into OpCo/PropCo as peers have done implies ~$193/share vs. $109.
Crown Castle International Corp. CCI
Crown Castle is a U.S. tower REIT 'betwixt and between' — raising the 2015 dividend to $4.00 (80% AFFO payout) re-rates the stock to a 4.0% yield, unlocking 27% near-term and 60%+ upside in 15 months.
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.
Darden Restaurants, Inc. DRI
Darden underperformed direct peers by ~300% over 5 years under current Board
Darden Restaurants DRI
Darden, the largest full-service restaurant company, trails peers on margins and total return; an operational fix, REIT spin, and SRG separation can unlock substantial value.
Darden Restaurants DRI
Starboard's REIT math inflates multiples by ~4x turns through flawed peer selection and LTM vs. forward mismatch
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.
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.
Fannie Mae & Freddie Mac FNMA / FMCC
Reformed GSEs worth $23-$47/share vs $3.98 today — 6x to 12x upside
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.
Allergan AGN
Valeant's Outsider-CEO model delivered 2,544% TSR (25x) in six years under Mike Pearson
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 is rushing a value-destructive Red Lobster spin-off; a Special Meeting can halt it and unlock $1-2B of real estate and operational upside instead.
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.
Riverbed Technology RVBD
$21 cash bid is a 43% premium, exceeding median tech-deal premia across comparables
Nintendo Co., Ltd. 7974.T
Nintendo should port Mario, Zelda and Donkey Kong to iOS/Android and buy a free-to-play studio — the casual gamer has moved to mobile, where $100bn of attention value awaits.