151 documents showing 1–60
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.
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).
Pershing Square Holdings PSH.L
PSH NAV grew 20.9% and TSR 33.9% in 2025, beating S&P, FTSE 100 and HFRX Activist indices
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.
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.
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.
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.
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.
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.
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.
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.
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.
Howard Hughes Holdings Inc. HHH
HHH stuck at ~40% NAV discount with no take-private bidder after 284 investors approached
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+.
Phillips 66 PSX
Inefficient conglomerate structure trades like a refiner despite ~40% of EBITDA from midstream
Pershing Square Holdings (self) PSH.NA / PSHD.LN
PSH trades at a 30% discount to NAV despite 22.9% 7-year compound NAV returns
Uber Technologies UBER
29x P/E understates a 30%+ EPS grower; share price likely to more than double in 3-4 years
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.
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.
Fannie Mae and Freddie Mac FNMA / FMCC
Treasury's warrants and residual stake could generate ~$300bn for taxpayers over time
Fannie Mae & Freddie Mac (GSEs) FNMA / FMCC
Releasing GSEs from conservatorship could generate ~$300bn for taxpayers via Treasury warrants
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.
Howard Hughes Holdings Inc. HHH
14-year total return of only 35% (2.2% CAGR) shows market refuses to recognize HHH's value
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.
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.
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+.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Match Group, Inc. MTCH
Match owns Tinder and Hinge but trades at 8.5x FCF; fixing Tinder, lifting margins above 40%, and aggressive buybacks — or going private — closes a ~45% peer discount.
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.
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.
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.
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.
Carvana Co. CVNA
Carvana at $70 is priced as a tech disruptor, but it's 'just a dealership' with CarMax-like unit economics and a levered balance sheet — fair value is $16, -77%.
Kenvue Inc. KVUE
Kenvue is an iconic consumer-health portfolio underperforming its potential — fixing margins and Skin Health & Beauty execution can close a wide valuation gap to Haleon and staples peers.
GoDaddy Inc. GDDY
GoDaddy is a high-quality infrastructure business trading at a wide FCF-multiple discount; committing to 40% growth-plus-profitability and buying back stock unlocks $170-$200+ per share.
Parkland Corporation PKI
Parkland's entrenched board has driven a decade of peer underperformance and a sector-low 6.9x multiple; a shareholder-led board refreshment is needed to close the valuation gap.
GoDaddy Inc. GDDY
GoDaddy is a scale-leading infrastructure business trading at 11x FCF; replaying Starboard's Splunk/Wix/Salesforce margin-expansion playbook can close a 37% peer gap and re-rate the stock.
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.
Forward Air Corporation FWRD
Forward Air's $3.2B Omni Logistics deal destroys shareholder value; block the deal, replace CEO Tom Schmitt and the Board, and shares rerate to $140-$145.
GoDaddy GDDY
GoDaddy missed its 2022 Investor Day commitments as Tech & Development costs ballooned; cutting costs to hit 33%+ EBITDA margins re-rates FCF/share to $10+ and closes the peer-multiple gap.
GoDaddy, News Corp, Fortrea
Starboard pitches three ideas: News Corp should separate Digital Real Estate to unlock ~50% upside, GoDaddy should expand margins to 33%+, and Fortrea can hit 18% peer margins under Tom Pike.
Multiple (GoDaddy, News Corp, Fortrea) GDDY, NWSA, FTRE
Starboard pitches three activist ideas at the 2023 13D Monitor Summit — GoDaddy margin expansion, News Corp digital-real-estate separation, and Fortrea CRO profitability fix — each with 50%+ upside.
News Corporation NWSA
News Corp's REA stake alone is worth $8B of its $12B EV — separating Digital Real Estate would expose Dow Jones and surface ~50% upside to ~$33/share.
Bloomin' Brands BLMN
Bloomin' Brands trades at 5.0x EBITDA vs Darden's 9.5x because of operational execution failures at Outback; Starboard's Darden playbook can narrow the gap and unlock shareholder value.
Fortrea Holdings Inc. FTRE
Fortrea, LabCorp's spun-out CRO, earns 9% EBITDA margins versus 18% peers; CEO Tom Pike's IQVIA playbook implies $47-$72 per share, 60-144% upside at normalized margins.
GoDaddy Inc. GDDY
GoDaddy has missed its 2022 Investor Day targets as Tech & Dev expenses ballooned; cutting costs to a 40% growth+profitability exit rate and adding a Starboard director unlocks a ~40% valuation re-rating.
Algonquin Power & Utilities Corp. AQN
Starboard, now AQN's largest holder at 7.5%, says selling the unregulated renewables fixes leverage and the payout ratio, leaving a greener regulated utility worth a peer-premium re-rating.
Carvana Co. CVNA
Carvana is a poorly-run subprime used-car retailer buried under $6.5bn of debt; the recent 165% rally is a loan-sale mirage and the equity is worth zero.
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.
Ritchie Bros. Auctioneers RBA
Back the amended RBA-IAA merger: $350-900M of synergies, a Starboard/Ancora-refreshed board, and Luxor's anti-deal case is flawed — RBA should re-rate from $62 to ~$130.
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.
Multiple (Wix, Salesforce, Splunk, Vertiv) WIX / CRM / SPLK / VRT
Four high-quality TMT names (Wix, Salesforce, Splunk, Vertiv) trade at multi-year-low valuations; closing the margin gap to peers as the market shifts from growth to profitability unlocks substantial FCF/share upside.