71 documents showing 1–60
Eurofins Scientific SE ERF
Eurofins' €556m 'excess cash' earned just 1.42% vs banks' quoted ~2.88%, echoing the NMC Health fraud tell; only radical disclosure on cash, entities, and Dr. Martin's real estate can clear it.
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.
Box, Inc. BOX
Box has chronically lagged peers and entrenched itself via an unnecessary $500M KKR preferred financing; electing Starboard's minority slate restores stockholder accountability and unlocks long-term value.
Box, Inc. BOX
Box is a best-of-breed cloud content platform that has missed every revenue target since IPO; a reconstituted board can fix go-to-market execution and close a massive valuation gap to peers.
Box, Inc. BOX
Box's board issued $500m of KKR preferred to lock up >10% of the vote and entrench itself ahead of Starboard's proxy contest — Starboard demands the books and four new directors.
Peloton Interactive PTON
Peloton trades at 2,286% above peers on EV per subscriber; once a cannibalizing app, undifferentiated hardware, and a March lockup wave hit, the stock collapses to $5.
AECOM ACM
AECOM is a collection of under-integrated franchises; a Jacobs-style operational overhaul plus outright sales of MS and CS can close a 5.3x multiple discount to peers.
FleetCor Technologies FLT
FleetCor's Clean Advantage carbon-offset program is a $100M+ green fraud — 97% of fees stay with FLT, demanding CEO Clarke's resignation and implying ~57% downside.
Casino Guichard-Perrachon CO
Rallye, Finatis, Euris and Foncière Euris entering procédure de sauvegarde vindicates MW's 2015 warnings
Casino Guichard-Perrachon CO
Rallye's safeguard filing vindicates Muddy Waters' 2015 warning that Casino was being hollowed out to sustain Jean-Charles Naouri's parasitic, debt-laden holding structure.
Bristol-Myers Squibb Company BMY
Bristol-Myers' $91bn Celgene acquisition buys pharma's largest patent cliff; Starboard urges shareholders to vote it down and replace directors to pursue a standalone plan or sale.
Pershing Square Holdings, Ltd. (annual portfolio update; covers CMG, ADP, QSR, LOW, SBUX, HLT, UTX, HHC, FNMA/FMCC) PSH
PSH trades at 27% discount to NAV despite 13.8% net CAGR since 2004 vs 8.4% for S&P 500
Dollar Tree, Inc. DLTR
Dollar Tree is deeply undervalued because Family Dollar is a failed acquisition and the $1 price ceiling is a self-imposed cap; selling Family Dollar and testing multi-price points unlocks $150/share.
PPG Industries, Inc. PPG
PPG has underperformed peers by 3,500 bps under CEO McGarry; Trian wants Chuck Bunch reinstalled, the balance sheet levered, and the portfolio split into Architectural and Industrial to unlock ~40% upside.
TAL Education Group TAL
TAL Education's core Peiyou business is shrinking, not 'healthy' as CFO Rong Luo claims; under every reasonable model TAL's FY2018 Q3-Q4 disclosures fail to reconcile.
TAL Education Group TAL
TAL inflated Firstleap's acquired deferred revenue by 90-175%, pumping $21-29M of fake profit through FY2017 via an above-the-line accounting lever obscured by an overlooked small acquisition.
TAL Education Group TAL
TAL is a real business with fake financials: two asset-parking transactions inflated FY2016-FY2018 pre-tax profits by $153M (28.4%) while Deloitte China was starved of audit hours.
Monotype Imaging Holdings Inc. TYPE
Monotype's three-year acquisition spree (Olapic, Swyft) destroyed $500M+ of value and halved EBITDA margins; Starboard demands four new directors to refocus on the core font franchise.
Newell Brands Inc. NWL
Starboard, backed by Jarden's founders, seeks to replace Newell's board after CEO Michael Polk destroyed $11bn of value following the 2016 Jarden merger.
IQE plc IQE
Muddy Waters is short IQE: the compound-semi maker inflated 2015/2016 net income by 58.5%/25.4% via transactions with its Cardiff University JV — an alter ego, not an arm's-length partner.
Asanko Gold Inc. AKG
Asanko's reassurances on Nkran are 'puppies and rainbows': fresh drone images show wall failures, reserve accounting is non-compliant, and insider share counts don't reconcile with management's 'never sold' claim.
Asanko Gold Inc. AKG
Muddy Waters is short AKG: flawed geology, a collapsing Nkran pit, and a 2018 liquidity crunch make the Ghana gold miner highly likely to end up a zero.
Core Laboratories CLB
Core Lab trades at 35x 2018e P/E — double its oilfield-service peers — on a false secular-growth narrative; mid-cycle earnings imply $62 fair value and ~45% downside.
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.
Multiple (PSH portfolio update)
Long-term track record intact: 503% cumulative vs S&P 163% since 2004 inception
Edgewater Technology, Inc. EDGW
Edgewater's entrenched legacy board has overpaid two underperforming executives for 14 years; replacing four directors with Ancora's slate unlocks a turnaround in this sub-scale IT consultant.
Perrigo Company plc PRGO
Perrigo lost half its value after rejecting Mylan's $205 bid; divesting Rx and Tysabri royalty, fixing BCH margins, and restoring credibility can re-rate the stock to consumer-staples peers.
Ströer SE & Co. KGaA SAX
Muddy Waters publishes the translated transcript of Ströer's June 2016 AGM, where CEO Udo Müller defends the company against MW's short attack amid sharp shareholder questions.
Herbalife HLF
FTC complaint confirms Herbalife operates as a pyramid scheme
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.
Stroer SE & Co. KGaA SAX
Stroer's defense fails to rebut Muddy Waters' core allegations of overstated organic growth, misleading cash-flow netting and freeXmedia self-dealing, with a CIA polygrapher flagging Muller's response as deceptive.
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.
Depomed, Inc. DEPO
Depomed's board is entrenching itself via a California-to-Delaware reincorporation and rejected Horizon's premium bid; Starboard seeks a special meeting to replace directors and explore a sale.
Epiq Systems, Inc. EPIQ
Epiq's board has insulated management through chronic guidance misses, a failed Iris acquisition and governance entrenchment; electing Villere's alternate slate is the unique opportunity to unlock value.
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.
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.
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 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.
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
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.
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.
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
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.
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.
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.