124 documents showing 61–120

Mar 01, 2024

Trian Partners

The Walt Disney Company DIS

Disney's decade of underperformance stems from a board lacking focus and accountability; electing Peltz and Rasulo brings ownership mentality to fix succession, streaming economics and capital allocation.

N5 V4

Mar 01, 2024

Trian Partners

The Walt Disney Company DIS

Disney lost its way under a distracted, unaccountable board; replacing two directors with Peltz and Rasulo restores focus on DTC margins, CEO succession, and capital discipline.

N5 V4

Feb 01, 2024

Ancora

Elanco Animal Health ELAN

Elanco has destroyed billions under CEO Simmons and an insular classified board; replacing four directors at the 2024 AGM installs accountability and unlocks the animal-health turnaround.

N4 V4

Dec 06, 2023

Palliser Capital

Samsung C&T Corporation 028260 KS

Samsung C&T trades at a 63% discount to its $40.4bn NAV; fixing capital allocation, governance and the opaque group structure closes a $25bn value gap worth ~170% upside.

N5 V4

Oct 17, 2023

Palliser Capital

Keisei Electric Railway 9009 JT

Keisei's 22% stake in Oriental Land hides $4.5bn of value; right-sizing it below 15% and adopting a capital allocation framework unlocks 76% upside for shareholders.

N4 V4

Sep 21, 2023

Spruce Point Capital

Samsara Inc. IOT

Samsara is a commodity-hardware vehicle-telematics company masquerading as a premium SaaS growth story; aggressive accounting inflates margins and a 16x revenue multiple implies 45%-75% downside to $6.30-$13.90.

N5 V4

Aug 09, 2023

Spruce Point Capital

Xylem Inc. XYL

Xylem overpaid in stock for SEC-fraud-charged Evoqua, just published two contradictory cash-flow statements, and faces 30-45% downside as multiples compress toward water-industrial peers.

N5 V4

Jun 01, 2023

Land & Buildings

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.

N3 V4

May 11, 2023

Elliott Management

The Goodyear Tire & Rubber Company GT

Goodyear's industry-low 5% margin and under-monetized 715-store retail platform create $32/share of value vs $11 today — via board refresh, retail sale, and operational review.

N5 V4

Feb 22, 2023

Soroban

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.

N5 V4

Dec 01, 2022

Land & Buildings

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.

N4 V4

Oct 27, 2022

Palliser Capital

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.

N5 V4

Feb 28, 2022

Starboard Value

Huntsman Corporation HUN

Huntsman, led by the founding family for its entire history, has missed three consecutive investor-day targets and lags peer EBITDA margins by ~900bps; Starboard's four nominees can unlock ~600bps of margin expansion.

N5 V4

Dec 09, 2021

Spruce Point Capital

Nuvei Corp NVEI

Nuvei is a thrice-rebranded payments roll-up run by executives tied to Ponzi schemes, fraud and adult-industry operators; peer-multiple re-rating implies 40-60% downside to $39-$58.

N5 V4

Jan 07, 2021

Spruce Point Capital

Magnite, Inc. MGNI

Magnite is a hype-fueled ad-tech merger masking Telaria's deteriorating CTV business with dubious management and suspect accounting; 25%-50% downside to $14.75-$20.

N4 V4

Nov 11, 2020

Elliott Management

Sampo Oyj SAMPO

Sampo's crown-jewel IF P&C is mispriced because the Nordea bank stake and PE holdings have contaminated the equity story; separating them unlocks EUR 7bn+ / 35%+ upside.

N4 V4

Nov 10, 2020

Spruce Point Capital

Avery Dennison Corporation AVY

Avery Dennison masks structural decline with restructuring add-backs and inflated Adjusted EBITDA/FCF; normalized for accounting manipulation, AVY is worth $68-99/share — 35-55% downside.

N5 V4

Jul 06, 2020

Elliott Management

Crown Castle International CCI

Crown Castle's $16bn fiber bet earns just 3% ROI; imposing a 40% capex-ROI target, ROIC-linked pay, and a Board refresh unlocks a 46% dividend hike to $7.00.

N5 V4

Apr 20, 2020

Hindenburg Research

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.

N5 V4

Apr 02, 2020

Spruce Point Capital

WD-40 Company WDFC

WD-40 is a promotional, no-moat lubricant company hiding a balance-sheet hole and bloated inventory behind a 28x EBITDA multiple — Spruce Point sees 55-60% downside to $75-$85.

N5 V4

Mar 10, 2020

Spruce Point Capital

Amcor plc AMCR

Amcor is a packaging roll-up masking 3-4% organic declines, obscured tobacco dependence, liquidity strain, and accounting red flags — including a CAO with a revoked CPA — with 40-60% downside to $3.60-$5.40.

N5 V4

Jan 15, 2020

Spruce Point Capital

LHC Group, Inc. LHCG

LHCG's 20.6x EBITDA multiple rests on phantom organic growth — excluding the failing Almost Family acquisition inflates growth ~500 bps, masking sub-2% reality and 35-65% downside to $60-$90.

N4 V4

Dec 05, 2019

Spruce Point Capital

Canadian Tire Corporation CTC.A

Canadian Tire is an over-levered legacy retailer masking decline with aggressive accounting and risky credit card lending; looming downgrade forces asset sales and 35-50% downside to C$77-100.

N5 V4

Nov 13, 2019

Spruce Point Capital

Cintas Corp. CTAS

Cintas's fastest-growing fire inspection business is committing fraud while G&K integration masks financial strain — a sum-of-parts at peer M&A multiples implies 60-75% downside to $69-$107/sh.

N5 V4

Oct 29, 2019

Spruce Point Capital

Hill-Rom Holdings, Inc. HRC

Hill-Rom is a low-quality medical roll-up whose plateauing new products, exhausted margin expansion and aggressive accounting point to a 25-55% drop to $45-$75 per share.

N5 V4

Oct 09, 2019

Spruce Point Capital

Monolithic Power Systems MPWR

MPWR's Chinese tax filings show $262m missing revenue and near-zero inventory despite 90% production in China — accounting red flags point to 75-85% downside.

N5 V4

Sep 24, 2019

Elliott Management

Marathon Petroleum Corporation MPC

Marathon Petroleum's conglomerate structure traps $22–$40bn of value; separating Refining, Midstream and Retail into three focused companies unlocks 60%+ upside now and over 100% long-term.

N5 V4

Sep 05, 2019

Spruce Point Capital

Church & Dwight Co., Inc. CHD

CHD trades at an all-time-high premium as a trade-war safe haven, but CEO Farrell's financial-engineering roll-up is cracking; 35-50% downside to $40-$52/share.

N5 V4

Jun 13, 2019

Third Point

Sony Corporation 6758.T

Sony trades at a ~50% conglomerate discount; spinning Semiconductors into 'Sony Technologies', divesting listed stakes, and refocusing on entertainment unlocks ~2x SOTP upside.

N5 V4

Mar 01, 2019

Elliott Management

Telecom Italia TIT.MI

Vivendi destroyed value at TIM during its control; shareholders must reject Bolloré's nominees at the March 29 AGM and keep the independent board.

N5 V4

Oct 01, 2018

Third Point

Campbell Soup Company CPB

Campbell's incumbent board delivered 19% TSR vs 306% S&P over 20 years; replace the entire board with Third Point's Independent Slate to unlock $52-58/share via turnaround, breakup, or sale.

N5 V4

Jul 01, 2018

Third Point

Nestlé S.A. NESN

Nestlé has been too slow to adapt to a changing consumer industry; adopting a #NestléNOW mindset — sharper strategy, bolder portfolio divestitures including the L'Oréal stake, and a three-division split — can double EPS by 2022.

N5 V4

Apr 24, 2018

Elliott Management

Telecom Italia TIT.MI

Vivendi's 18% economic stake has captured TIM's board at the expense of minorities; electing Elliott's 10 Independent Nominees on May 4th restores governance while backing CEO Genish's plan.

N4 V4

Apr 23, 2018

Elliott Management

Hyundai Motor Group

HMG's Mobis-Glovis spinoff is suboptimal; a true holding-company structure plus KRW 6tn buybacks, a 40-50% payout, and independent boards close peer discounts and deliver 15%+ upside.

N5 V4

Apr 05, 2018

Elliott Management

Telecom Italia SpA (TIM) TIT.MI

TIM's operating turnaround is real, but Vivendi-controlled governance has tripled the peer discount; independent directors plus NetCo separation could double the stock to €1.6.

N5 V4

Sep 06, 2017

Trian Partners

The Procter & Gamble Company PG

P&G's long-tenured Board has rewarded a decade of market-share loss and bottom-quartile EPS growth; electing Nelson Peltz adds the shareholder voice needed to fix innovation, productivity, M&A and governance.

N5 V4

Aug 17, 2017

Pershing Square

Automatic Data Processing, Inc. ADP

ADP is a sleeping giant earning 19% Employer Services margins versus peers' 35-40% potential; electing Pershing's nominees catalyzes a transformation worth 100%+ in under four years.

N5 V4

May 16, 2017

Elliott Management

BHP Billiton BHP

BHP's chronic underperformance stems from value-destructive petroleum bets and an obsolete DLC structure; demerging US petroleum, unifying the DLC and returning capital unlocks c.US$46bn.

N5 V4

May 08, 2017

Pershing Square

Howard Hughes Corporation HHC

HHC is the public-market way to invest alongside a Donald-Bren-style MPC compounder: irreplaceable master-planned communities with 37M SF of remaining entitlements, roughly 10x what's already built.

N5 V4

Apr 20, 2017

Marcato

Buffalo Wild Wings BWLD

Sally Smith-led BWLD has underperformed peers, mismanaged margins, and wasted capital buying back franchise stores; replacing the board and refranchising to 90% unlocks a higher multiple.

N5 V4

Apr 11, 2017

Elliott Management

Arconic Inc. ARNC

Arconic's CEO Kleinfeld is the worst-performing continuously tenured S&P 500 CEO; removing him and the board closes the PCC margin gap and re-rates the stock.

N5 V4

Nov 01, 2016

Elliott Management

Marathon Petroleum Corporation MPC

Marathon is priced like a merchant refiner despite a 69% stable-earnings mix; dropping assets to MPLX and spinning Speedway, RefiningCo, and MidstreamCo unlocks $14-19bn (~60-80%+ upside).

N4 V4

Jun 13, 2016

Marcato

Buffalo Wild Wings BWLD

Buffalo Wild Wings should reverse course on low-return franchisee buy-ins, refranchise to 90% by 2020, recapitalize, and fix incentives — unlocking ~180% upside to ~$402.

N4 V4

Feb 04, 2016

Elliott Management

Bank of East Asia, Limited 0023.HK

BEA's 2.7% TAR since 1997 reflects chronic mismanagement; with CaixaBank's lock-in lifted, the board should auction the bank at ~2.0x book (~HK$60/share, 185% upside).

N4 V4

Nov 16, 2015

Elliott Management

American Capital, Ltd. ACAS

American Capital trades at 71% of NAV under a long-tenured board; Elliott urges shareholders to reject management's self-entrenching spin-out and force a strategic review for 24-63% upside.

N5 V4

May 04, 2015

Pershing Square

Valeant Pharmaceuticals International VRX

Valeant is mis-valued on a traditional earnings multiple; crediting its Pearson-led Platform Value — like Jarden or Danaher — unlocks $330+/share, ~48% upside from $223.

N5 V4

Apr 22, 2015

Trian Partners

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.

N5 V4

Apr 21, 2015

Trian Partners

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.

N5 V4

Mar 01, 2015

Marcato

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.

N4 V4

Nov 01, 2014

Sandell

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.

N4 V4

Sep 11, 2014

Starboard Value

Darden Restaurants, Inc. DRI

Darden trades at $48 because a corporate-heavy Board has buried a great restaurant company; the Brinker playbook — cost cuts, real estate separation, SRG spin, franchising — unlocks $67-$86 per share.

N5 V3

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

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 18, 2013

TPG-Axon

SandRidge Energy SD

CEO Tom Ward's family entities systematically flipped Mississippian Lime mineral rights to SandRidge and competed for adjacent acreage—evidence of self-dealing that warrants a board investigation and potential termination.

N4 V3

Dec 20, 2012

Pershing Square

Herbalife Ltd. HLF

Herbalife is an illegal pyramid scheme masquerading as a nutrition company; its $4.8bn market cap rests on recruiting, not real retail demand, and the stock should go to zero.

N5 V3

Dec 20, 2012

Pershing Square

Herbalife Ltd. HLF

Herbalife is an illegal pyramid scheme: distributors profit from recruiting not retail, the top 1% captures 88% of rewards, and the stock is ultimately worth zero.

N5 V4

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