182 documents showing 1–60

Apr 01, 2026

Land & Buildings

Welltower Inc. WELL

Welltower's 10-year executive program could pay CEO Mitra up to $3 billion while incentivizing dilutive growth at a 144% NAV premium — shareholders should sell WELL and rotate into Ventas or AHR.

N5 V4

Mar 25, 2026

Spruce Point Capital

Bunge Global SA BG

Bunge is a levered agribusiness roll-up masking a failing Viterra deal with opaque accounting; strip out the hand-waving and the stock is worth $24-$55, 55-80% below $124.

N5 V4

Mar 17, 2026

Muddy Waters

SoFi Technologies, Inc. SOFI

SoFi's $1,054M reported 2025 EBITDA is ~90% inflated via manipulated charge-off rates, off-balance-sheet VIEs and subsidized seller-financed sales that feed CEO Noto's comp — real EBITDA is ~$103M.

N5 V3

Jan 27, 2026

Elliott Management

Toyota Industries Corporation 6201.T

Toyota Real Estate's ¥18,800 TOB undervalues Toyota Industries by 39% versus NAV and 85% on core business; shareholders should refuse to tender and pursue a standalone plan instead.

N5 V4

Jan 27, 2026

Elliott Management

Toyota Industries Corporation 6201

Toyota Industries' ¥18,800 take-private undervalues the company by 39%; shareholders should reject the tender and pursue a Standalone Plan worth >¥40,000 per share.

N5 V4

Jan 18, 2026

Elliott Management

Toyota Industries Corporation 6201

Toyota Fudosan's ¥18,800 squeeze-out of Toyota Industries undervalues NAV by ~40%; reject the TOB and back Elliott's Standalone Plan targeting >¥40,000 per share by 2028.

N5 V4

Nov 06, 2025

Grizzly Research

HelloFresh SE HFG

HelloFresh's CEO has pledged 77% of his shares to fund brother's real estate, driving an EUR100m buyback to avert margin calls while the meal-kit business structurally collapses.

N5 V3

May 28, 2025

Spruce Point Capital

Tempus AI, Inc. TEM

Tempus AI is an AI-branded diagnostics roll-up whose tiny AI revenue, Lefkofsky-linked restatement history, and round-tripped related-party deals imply 50-60% downside to ~$25-34/share.

N5 V3

May 12, 2025

Carl Icahn

Phillips 66 PSX

Phillips 66's refining-plus-midstream conglomerate trades at a 6.1x discount to an 8.1x SOTP; breaking it up and replacing complacent directors unlocks ~75% upside to $183.

N5 V4

May 06, 2025

Carl Icahn

Phillips 66 PSX

Phillips 66 has underperformed Marathon by 511% under a complacent board; electing Elliott's four nominees and spinning Midstream/CPChem/JET unlocks ~75% upside ($103 → $183).

N5 V4

May 06, 2025

Elliott Management

Phillips 66 PSX

Phillips 66 is a conglomerate trading at a refiner multiple; replace four directors, spin Midstream/CPChem/JET, and buy back 80% of shares for ~75% upside to $183.

N5 V4

May 01, 2025

Elliott Management

Phillips 66 PSX

Phillips 66 has squandered value through a failed midstream pivot and a captured board; electing Elliott's four nominees and separating midstream unlocks ~$40B+ of trapped value.

N5 V4

Apr 28, 2025

Carl Icahn

Phillips 66 PSX

Phillips 66's refining/midstream conglomerate has trailed peers 450% since spin; spinning midstream, refocusing refining, and seating four new directors targets 75% upside to $183.

N5 V4

Apr 28, 2025

Elliott Management

Phillips 66 PSX

Phillips 66's conglomerate discount and lagging refining execution have cost shareholders 450% vs peers; spinning midstream, divesting CPChem, and refreshing the board unlock ~75% upside to $183.

N5 V4

Apr 28, 2025

Elliott Management

Phillips 66 PSX

Phillips 66's conglomerate structure has trapped value and lagged peers by 97% over 5 years; spinning midstream, fixing refining and refreshing the board unlocks ~75% upside to $183/share.

N5 V4

Apr 23, 2025

Palliser Capital

Keisei Electric Railway 9009

Keisei trades at a 39% discount because its US$5bn OLC stake masks chronic underperformance; capping it below 15% plus a refreshed 11-member board unlocks US$3bn.

N5 V4

Apr 03, 2025

Elliott Management

Phillips 66 PSX

Phillips 66's inefficient conglomerate structure hides $40B+ midstream value; spinning it off, refocusing on refining, and refreshing the Board could lift shares from ~$120 to $200+.

N5 V4

Feb 26, 2025

Oasis Management

Kao Corporation 4452.JP

Kao is Japan's underperforming FMCG giant; adding five expert directors with FMCG, cosmetics and digital expertise plus performance-aligned pay can close the peer gap and revive growth.

N5 V4

Feb 11, 2025

Elliott Management

Phillips 66 PSX

Phillips 66's conglomerate structure traps value; spinning Midstream, selling the CPChem JV, and fixing refining lifts the stock from $120 to ~$200, with Marathon-style execution reaching $300+.

N5 V4

Feb 11, 2025

Elliott Management

Phillips 66 PSX

Phillips 66's conglomerate structure buries a world-class refiner and >$40bn midstream inside a low-multiple wrapper; spinning midstream, fixing refining and Marathon-style buybacks unlock $200-$300+ per share.

N5 V4

Feb 11, 2025

Elliott Management

Phillips 66 PSX

Phillips 66's conglomerate hides world-class midstream worth $40bn+; spinning midstream, closing the $3.75/bbl refining gap to Valero, and refreshing the board can lift PSX from $120 to $200+.

N5 V4

Jan 16, 2025

Pershing Square

Fannie Mae / Freddie Mac FNMA / FMCC

Release Fannie and Freddie from conservatorship at a 2.5% capital standard and IPO them at ~$30+/share; Treasury's warrants generate ~$300bn while shares re-rate 5-6x from ~$6 today.

N5 V4

Jan 16, 2025

Pershing Square

Fannie Mae and Freddie Mac FNMA/FMCC

Fannie and Freddie have already repaid Treasury at an 11.6% IRR; releasing them from conservatorship via modest IPOs unlocks ~$300bn of warrant value for taxpayers within two years.

N5 V4

Jan 15, 2025

Muddy Waters

FTAI Aviation Ltd. FTAI

FTAI is a dressed-up engine-leasing business posing as a high-margin MRO — whole-engine sales counted as three modules and intra-segment depreciation transfers fabricate the aerospace-aftermarket story.

N5 V3

Jan 10, 2025

Scorpion Capital

TransMedics Group Inc TMDX

TransMedics is a Medicare billing-fraud and kickback racket whose top transplant-center customers are fleeing as cheaper alternatives arrive — Scorpion sets a $0 target.

N5 V3

Dec 16, 2024

Spruce Point Capital

Aegon Ltd. AEG

Aegon's distribution engine WFG is an aggressive MLM run amok with IUL churn, ex-WFG competitor GFI poaching top producers, and sum-of-parts pointing to 25-50% downside.

N5 V4

Dec 01, 2024

Engine Capital

Dye & Durham Limited DND

Dye & Durham's Board and CEO Matt Proud destroyed value chasing a $1bn EBITDA target through reckless M&A; Engine's six-director slate and new CEO can triple the share price to $46 in three years.

N5 V4

Dec 01, 2024

Palliser Capital

Rio Tinto RIO

Rio Tinto's 29-year-old dual-listed structure has destroyed ~US$50bn of value; unifying into a single Ltd-led entity unlocks +27% near-term upside and restores scrip-M&A firepower.

N5 V4

Nov 20, 2024

Muddy Waters

e.l.f. Beauty, Inc. ELF

ELF's imports collapsed while inventory and revenue kept soaring; reconciling the two suggests $138-188mm of overstated sales and a likely fraud.

N5 V3

Oct 23, 2024

Greenlight Capital

Peloton Interactive PTON

Peloton's overlooked subscription business — 68% gross margins, 1.5% churn — can deliver $400-500M EBITDA once costs are right-sized, implying a $7.50-$31.50 share price versus $5.48 today.

N5 V4

Oct 01, 2024

Starboard Value

Pfizer Inc. PFE

Pfizer destroyed $20-60bn of value since 2019 despite a $40bn COVID windfall; Starboard wants the board to hold Bourla accountable for peer-median R&D/M&A returns.

N5 V4

Oct 01, 2024

Starboard Value

Pfizer Inc. PFE

Pfizer squandered its $40bn COVID windfall on overpriced M&A while delivering almost none of the 15 promised blockbusters; the Board must hold management accountable.

N5 V4

Sep 20, 2024

Spruce Point Capital

Intuit Inc. INTU

Intuit is an opaque, consumer-unfriendly SMB software company whose $20bn Credit Karma/Mailchimp blunders and 11x revenue multiple imply 40%-80% downside under CEO Sasan Goodarzi.

N5 V3

Jun 10, 2024

Elliott Management

Southwest Airlines LUV

Southwest's market cap has halved as a 36-year-insider CEO refuses to evolve; replacing the Board and CEO and modernizing the commercial model targets $49 — 77% upside.

N5 V4

Jun 10, 2024

Elliott Management

Southwest Airlines LUV

Southwest, once a profit leader, now posts the worst margins of any major U.S. airline under entrenched insiders Kelly and Jordan; new leadership, a refreshed board and a strategic review unlock 77% upside to $49.

N5 V4

Jun 10, 2024

Elliott Management

Southwest Airlines LUV

Southwest's 47-year profit streak has collapsed into worst-in-class margins under entrenched leadership; refreshing the board and hiring an external CEO unlocks 77% upside to $49.

N5 V4

Jun 10, 2024

Carl Icahn

Southwest Airlines LUV

Southwest has the worst margins of any major U.S. airline under a 74-year legacy leadership team; a new outside CEO, refreshed board and modernized commercial strategy can deliver a $49 share price, 77% upside.

N5 V4

Jun 05, 2024

Scorpion Capital

Lasertec Corporation 6920

Lasertec, hailed as 'Japan's ASML,' is a $23B accounting fraud — a textbook inventory scheme masking a defective EUV tool destined for a 65-70% write-down reminiscent of Olympus and Toshiba.

N5 V2

Jun 05, 2024

Scorpion Capital

Lasertec Corporation 6920

Lasertec — Japan's most-traded stock at $23B — is inflating inventory to hide that its flagship ACTIS EUV mask-inspection tool is defective; a 65-70% writedown will erase 85% of retained earnings.

N5 V4

Jun 05, 2024

Scorpion Capital

Lasertec Corporation 6920

Lasertec, Japan's most actively traded stock at a $23B cap and 17x sales, is a textbook accounting fraud — a defective EUV tool, fake fab, and looming impairment will wipe out most earnings.

N5 V3

Apr 17, 2024

Spruce Point Capital

PowerSchool Holdings, Inc. PWSC

Spruce Point is short PWSC: ESSER-fueled K-12 growth is about to hit a fiscal cliff while aggressive accounting, SOPIPA privacy exposure, and 5.8x true leverage imply 30-60% downside.

N5 V3

Apr 15, 2024

Ancora

Norfolk Southern Corporation NSC

Norfolk Southern is the worst-performing Class I railroad under Alan Shaw; replacing the Board and installing UPS/CSX operators to run PSR closes the 780bps OR gap and unlocks $420 per share.

N5 V4

Mar 14, 2024

Spruce Point Capital

Enfusion, Inc. ENFN

Enfusion is a no-moat SaaS with tainted leadership, deteriorating unit economics, and revenue-reporting anomalies; Spruce Point sees 40-60% downside to $3.70-$5.60.

N5 V3

Mar 01, 2024

Trian Partners

The Walt Disney Company DIS

Disney's world-class IP is being squandered by a complacent Board: elect Peltz and Rasulo to fix succession, restore Netflix-like DTC margins, and close a 401% TSR peer gap.

N5 V4

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

Jan 17, 2024

Spruce Point Capital

MSCI Inc. MSCI

Spruce Point rates MSCI a Strong Sell: accounting red flags, nepotism-like M&A, eroding ESG lead and a CAO resignation expose 55-65% ($190-$244) downside to MSCI's premium multiple.

N5 V3

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

Nov 09, 2023

Spruce Point Capital

e.l.f. Beauty, Inc. ELF

ELF Beauty's premium valuation relies on viral Gen-Z marketing led by Movers+Shakers, an agency whose founders have NXIVM-cult ties — reputational backlash points to 45%-65% downside.

N5 V3

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

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

May 09, 2023

Greenlight Capital

Vitesco Technologies VTSC

Vitesco trades at €2.6B EV — less than its ICE business alone is worth (€2.9-4.3B at peer multiples); buy the stock and get the high-growth EV-powertrain unit for free.

N5 V3

Mar 08, 2023

Spruce Point Capital

Essential Utilities, Inc. WTRG

WTRG's water roll-up is failing and its $4.3bn Peoples gas pivot is a Ponzi-like dividend trap; 35%-50% downside to $20-$28 on sum-of-parts.

N5 V3

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

Feb 07, 2023

Spruce Point Capital

Progyny, Inc. PGNY

PGNY is a $3.1bn fertility-benefits manager run by ex-WebMD/Medical Manager executives whose marketing claims, treatment model and 2023 growth are disputable, implying 60%-80% downside to $7-$14.

N5 V3

Nov 15, 2022

Scorpion Capital

Twist Bioscience TWST

Twist is a textbook Ponzi — price-dumping commodity DNA below cost, inventing a fake 'DNA chip,' masking negative gross margins via WorldCom-style accounting fraud. Target: $0.

N5 V3

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

May 17, 2022

Spruce Point Capital

Alpha Metallurgical Resources, Inc. AMR

AMR masks production, revenues and liabilities while management quietly dumps stock at cyclical coal highs; Spruce Point sees 40-60% downside to $60-90 per share.

N5 V3

Mar 03, 2022

Starboard Value

Huntsman Corporation HUN

Starboard is running a proxy fight for four Huntsman board seats, arguing a CEO-beholden board allowed 337% S&P underperformance and three missed Investor Day promises.

N5 V3