219 documents showing 1–60
Multiple (BILL Holdings, Tripadvisor, Fluor Corporation)
Three contrarian longs at undemanding multiples: BILL needs Rule of 40 discipline, Tripadvisor should break up TheFork and fix Viator, and Fluor must separate its $4bn NuScale stake.
N4
V4
C4
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”
⇌
Tripadvisor, Inc. TRIP
Tripadvisor trades at 6.5x EBITDA, half its peers, because investors still view it as a controlled legacy Tripadvisor.com — sell TheFork, fix Viator margins, revitalize the brand, or take the $18-19/share bid.
N4
V4
C4
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◫
”
PepsiCo Inc. PEP
Elliott argues a refocused PepsiCo — refranchising PBNA bottling, realigning PFNA's cost base, divesting non-core assets and setting new targets — can re-rate to peers and deliver 50%+ upside.
N3
V2
C1
Sumitomo Realty & Development Co., Ltd. 8830
Sumitomo Realty trades at half its post-tax real-estate NAV due to excessive cross-shareholdings, weak payouts, and worst-in-class TOPIX 100 governance; fixing these unlocks 43% upside to ~¥8,000.
N4
V3
C3
⌂
◫
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
C4
⌂
◫
”
⚑
Solventum Corporation SOLV
Solventum's post-spin performance collapse is nearly worst-in-class; restoring 3M-era 3-4% growth and 26% margins plus simplifying the portfolio can double shares to $140 by 2027.
N4
V3
C3
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◫
”
⇌
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
C4
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Date
Fund
Target
Thesis
Scores
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 01, 2026
Citron Research
Credit Acceptance Corporation
CACC
Citron reverses course on CACC: with CFPB/NYAG overhang resolved Feb 13 2026, 61% of float retired, and an Amazon-bred CEO, fair value is $714 (16x 2026E EPS of $44.62).
N4
V3
Feb 12, 2026
Spruce Point Capital
Super Group (SGHC) Limited
SGHC
Super Group overstates EBITDA by consolidating 100% of South African crown-jewel Raging River despite evidence of a 10.71% minority interest, implying 20%-50% downside to $4.25-$6.80.
N4
V3
Nov 12, 2025
Spruce Point Capital
IperionX Ltd.
IPX
Spruce Point shorts IperionX: its 'revolutionary' HAMR titanium process is unlikely to displace 70-year Kroll, customers are absent, and the $1.2bn market cap implies 70-95% downside risk.
N4
V3
Oct 17, 2025
Starboard Value
Multiple (BILL Holdings, Tripadvisor, Fluor Corporation)
Three contrarian longs at undemanding multiples: BILL needs Rule of 40 discipline, Tripadvisor should break up TheFork and fix Viator, and Fluor must separate its $4bn NuScale stake.
N4
V4
Oct 03, 2025
Spruce Point Capital
DraftKings Inc.
DKNG
Federally-regulated prediction exchange Kalshi is disrupting DKNG's sportsbook with ~1.5% fees versus 8-10% vig, threatening consensus revenue and forcing a multiple rerating for 35-60% downside.
N4
V3
Oct 01, 2025
Starboard Value
Tripadvisor, Inc.
TRIP
Tripadvisor trades at 6.5x EBITDA, half its peers, because investors still view it as a controlled legacy Tripadvisor.com — sell TheFork, fix Viator margins, revitalize the brand, or take the $18-19/share bid.
N4
V4
Sep 18, 2025
Spruce Point Capital
Uranium Energy Corp
UEC
Spruce Point calls UEC a promotional penny-stock-turned-$5bn uranium speculator: CEO Adnani's ties to charged fraudsters plus zero proven reserves imply 65-85% downside.
N4
V3
Sep 02, 2025
Elliott Management
PepsiCo Inc.
PEP
PepsiCo is a dislocated CPG bellwether; refranchising PBNA bottling, rightsizing PFNA costs and enforcing accountability can rerate the stock for 50%+ upside.
N4
V2
Sep 02, 2025
Elliott Management
PepsiCo Inc.
PEP
Elliott argues a refocused PepsiCo — refranchising PBNA bottling, realigning PFNA's cost base, divesting non-core assets and setting new targets — can re-rate to peers and deliver 50%+ upside.
N3
V2
Sep 01, 2025
Kerrisdale Capital
CoreWeave, Inc.
CRWV
CoreWeave is a debt-fueled, undifferentiated GPU rental stopgap with 71% Microsoft concentration and sub-WACC returns; fair value is $6–13, or 88–95% downside.
N4
V3
Sep 01, 2025
Kerrisdale Capital
Pure Storage, Inc.
PSTG
Pure Storage's hyperscaler dream is hype: HDDs dominate at 5-6x TCO advantage, the Meta deal is replicable, and Pure deserves a peer multiple, implying ~55% downside to $35.
N4
V3
Aug 18, 2025
Spruce Point Capital
iRhythm Technologies, Inc.
IRTC
Spruce Point argues iRhythm hid FDA-flagged Zio AT defects that killed patients and faces a DOJ cover-up probe; commoditized tech and an overstated asymptomatic market imply 40-70% downside.
N4
V3
Jul 22, 2025
Spruce Point Capital
Limbach Holdings, Inc.
LMB
Limbach's ODR recurring-revenue story masks decelerating organic growth, aggressive accounting, and fraud-linked directors; at 18x FY26E EBITDA we see 20-50% downside to $62-99/share.
N4
V3
Jun 08, 2025
Elliott Management
Sumitomo Realty & Development Co., Ltd.
8830
Sumitomo Realty trades at half its post-tax real-estate NAV due to excessive cross-shareholdings, weak payouts, and worst-in-class TOPIX 100 governance; fixing these unlocks 43% upside to ~¥8,000.
N4
V3
May 03, 2025
White Diamond Research
Pulse Biosciences
PLSE
PLSE's pivot to benign thyroid ablation repeats its failed dermatology playbook — tiny market, weak clinical data, revolving-door CEOs — and will trigger another stock collapse.
N3
V3
Apr 30, 2025
Spruce Point Capital
Clear Secure, Inc.
YOU
Spruce Point is short Clear Secure (YOU): TSA Digital ID and weakening airline partnerships are eroding CLEAR's value prop while accounting red flags and a CAO from Ubiquiti suggest 30-50% downside.
N4
V3
Apr 08, 2025
Spruce Point Capital
Monster Beverage Corp.
MNST
Monster's Coke-like 23x EBITDA multiple masks accounting red flags, eroding US share to Celsius/Alani/BUD, and decaying governance — implying 25%-40% downside to $36-$44.
N4
V3
Apr 01, 2025
Kerrisdale Capital
D-Wave Quantum Inc
QBTS
D-Wave's quantum annealing is a commercial dead end, its 'hybrid' solvers are almost entirely classical, and at 57x 2026E revenue the stock will collapse as reality sets in.
N4
V3
Apr 01, 2025
Citron Research
Vishay Precision Group
VPG
VPG is the unnoticed picks-and-shovels supplier of precision sensors to Tesla's Optimus humanoid program; at $300M market cap and 0.9x book, Wall Street has completely missed the asymmetric upside.
N3
V2
Mar 11, 2025
Spruce Point Capital
Remitly Global, Inc.
RELY
Remitly sells 'trust' but relies on stock-photo testimonials and doctored reviews; forensic review reveals margin compression and governance red flags implying 40-55% downside to ~$10.
N4
V3
Feb 19, 2025
Spruce Point Capital
Dycom Industries, Inc.
DY
Dycom's premium multiple masks a forensic minefield — undisclosed Frontier related-party revenue, accounting officers with restatement histories, and unexplained DSO expansion — implying 35–55% downside to $79–$119.
N4
V3
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
Pershing Square
Pershing Square Holdings
PSH
Fund-level recap: PSH's 22.9% seven-year NAV CAGR, conservative leverage and PSCM stake sale set up a narrowing of the persistent ~30% discount to NAV.
N2
V3
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
Feb 01, 2025
Pershing Square
Uber Technologies
UBER
Uber is a high-quality, network-effect marketplace trading at 29x due to overblown AV fears; 30%+ EPS growth should more than double the stock in 3-4 years.
N3
V4
Jan 29, 2025
Kerrisdale Capital
ACM Research, Inc.
ACMR
ACMR trades at 1.1x revenue while its 82%-owned Shanghai subsidiary ACMS trades at 6x — a sum-of-parts gap that implies a 10-bagger as China's WFE self-sufficiency drive accelerates.
N4
V2
Jan 23, 2025
Spruce Point Capital
Construction Partners, Inc.
ROAD
ROAD is a levered Sunbelt asphalt roll-up whose Florida DOT engine is quietly stalling — FOIA shows -22% award decline — and its $1bn Lone Star deal masks the gap; we see 35-50% downside.
N4
V3
Jan 17, 2025
Engine Capital
Smiths Group plc
SMIN
Smiths' four-segment conglomerate structure masks a ~50-60% SOTP discount; the Board should launch a strategic review to sell the company or spin John Crane into a U.S. listing.
N4
V2
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 16, 2025
Spruce Point Capital
PROCEPT BioRobotics Corporation
PRCT
Procept trades at 14x revenue on a false 'all-prostates' TAM; Spruce Point sees channel-stuffing via DSOs at 130 days, no procedure growth, and 30-60% downside to $29-$54.
N4
V3
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 13, 2025
Pershing Square
Howard Hughes Holdings Inc.
HHH
HHH has compounded at just 2.2% over 14 years; merging with Pershing Square Holdco at $85/share converts a market-orphaned real-estate company into a Berkshire-style permanent compounder.
N4
V2
Jan 08, 2025
Trian Partners
Solventum Corporation
SOLV
Solventum's post-spin performance collapse is nearly worst-in-class; restoring 3M-era 3-4% growth and 26% margins plus simplifying the portfolio can double shares to $140 by 2027.
N4
V3
Dec 10, 2024
Ancora
Amcor plc (pro forma Amcor-Berry Global combination)
AMCR
The Amcor-Berry merger creates a $36B packaging leader; executing $650M of conservatively-estimated synergies and a re-rate from 8x to 11x EBITDA delivers ~$16/share, a 50-70% upside.
N3
V3
Dec 01, 2024
Citron Research
Nebius Group
NBIS
Nebius — the de-Russified Yandex remnant now an AI cloud pure-play backed by Nvidia and Accel — is mis-priced ahead of analyst coverage; Citron sees $50+.
N3
V2
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 01, 2024
Engine Capital
Dye & Durham Limited
DND
Engine, a 7.1% holder, nominates six directors to overhaul Dye & Durham's board, replace management, cut leverage to 3x, and close the valuation gap to ~20x EBITDA peers.
N2
V1
Nov 01, 2024
Land & Buildings
Public REIT sector (vs. private real estate)
Public REITs have crushed private real estate over 30 years (9.9% vs 7.0%); with institutions at GFC-low underweights and supply rolling over, listed REITs are a generational buy.
N3
V4
Oct 18, 2024
Spruce Point Capital
Erie Indemnity Company
ERIE
ERIE's 25% management fee on its sole client — the loss-making Erie Insurance Exchange — looks unsustainable; a 2003-style cut plus peer-level multiple would drive 35-55% downside to $211-$317.
N4
V3
Oct 16, 2024
Engine Capital
Dye & Durham Limited
DND
Engine, owning 7.1% of Dye & Durham, will run a board slate at the 2024 AGM, arguing a refreshed board can close the 8x-vs-18x EBITDA peer gap.
N2
V1
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
Salesforce, Inc.
CRM
Salesforce has executed Starboard's 2022 thesis — margins up 1,000bps, stock +99% — but committing to Rule of 50 by FY2028 still unlocks $20+ FCF/share at ~14x.
N4
V3
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
Oct 01, 2024
Starboard Value
Salesforce, Inc.
CRM
Salesforce's 2022 turnaround delivered +1,000bps margins and +99% stock; Starboard argues further cost discipline plus Agentforce growth can hit the Rule of 50 by FY2028 and $20+ FCF/share.
N4
V3
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
Aug 15, 2024
Kerrisdale Capital
Lumen Technologies
LUMN
Lumen's 400% AI-fueled rally is an optical illusion: $5bn in PCF deals is construction-contractor funding worth ~$1/share, masking an insolvent, secularly declining telco with $19bn debt.
N4
V3
Aug 08, 2024
Spruce Point Capital
Zebra Technologies Corp.
ZBRA
Zebra's hardware growth is stalling, its accounting and governance are riddled with red flags, and a sum-of-parts valuation implies 65-80% downside to $63-$110 per share.
N4
V3
Jul 15, 2024
Starboard Value
Match Group, Inc.
MTCH
Match owns Tinder and Hinge yet trades at <8.5x FCF; fix Tinder, lift margins above 40%, buy back aggressively — or take the company private — to close a ~45% peer discount.
N4
V2
Jul 01, 2024
Spruce Point Capital
Floor & Decor Holdings, Inc.
FND
Spruce Point argues Floor & Decor's leadership mirrors Linens 'N Things before bankruptcy, hiding $618M debt and misstating sales — shares face 40–60% downside to $40–60.
N4
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'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 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
May 08, 2024
Spruce Point Capital
Boot Barn Holdings, Inc.
BOOT
Boot Barn's stock is propped up by Taylor Swift/Beyonce hype and a flawed big-box expansion masking executive red flags, bloated capex and stretched valuation; 40-50% downside to $51-$62.
N4
V3
Apr 25, 2024
Oasis Management
Kao Corporation
4452.JP
Kao has top-decile brands (Curel, Biore, Molton Brown) but bottom-decile management with a 'growth allergy' — fixing it Beiersdorf-style unlocks 76-97% upside.
N4
V4
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 11, 2024
Citron Research
Edgio, Inc.
EGIO
Edgio trades at 0.13x sales despite serving Microsoft, Amazon, and Verizon; a takeout or rerating to peer CDN multiples implies $65-$200 per share — 6-10x upside.
N3
V2
Apr 03, 2024
Greenlight Capital
Solvay SA
SOLB BB
Post-spin Solvay — a #1 essential-chemicals business — trades at ~7x trough 2024 EPS with ~10% dividend yield; normalized 2028 earnings support roughly doubling the stock.
N4
V3