670 documents showing 541–600

Darden Restaurants, Inc. DRI

Darden underperformed direct peers by ~300% over 5 years under current Board

Darden Restaurants DRI

Darden, the largest full-service restaurant company, trails peers on margins and total return; an operational fix, REIT spin, and SRG separation can unlock substantial value.

Darden Restaurants DRI

Starboard's REIT math inflates multiples by ~4x turns through flawed peer selection and LTM vs. forward mismatch

NQ Mobile NQ

NQ's July 3 disclosures vindicate the fraud thesis: the audit chair resigned, PwC will never sign off, and insiders front-ran the news by dumping stock.

NQ Mobile NQ

NQ's own investigation committee confirmed widespread data tampering — the same pattern that preceded Sino-Forest's collapse — so Muddy Waters maintains its fraud rating.

Darden Restaurants, Inc. DRI

Darden's Board destroyed value by selling Red Lobster for ~1x EBITDA against shareholder will; replacing 12 directors unlocks a real estate spin, cost-cut turnaround, and peer-catchup upside.

iRobot Corp IRBT

IRBT is a narrow consumer-vacuum company riding a robotics bubble; aggressive accounting, insider selling and a decaying moat point to $20-$25, or 25-40% downside.

athenahealth ATHN

athenahealth is the poster child of the cloud 'bubble basket' — strip Morgan Stanley's fantasy margin and revenue-per-doctor assumptions and the stock falls 80%+ toward a $50 adjusted DCF.

Fannie Mae & Freddie Mac FNMA / FMCC

Reformed GSEs worth $23-$47/share vs $3.98 today — 6x to 12x upside

Sotheby's BID

Sotheby's sits on $1bn+ of excess capital while insiders own 0.8%; Third Point's slate brings aligned ownership to drive capital return, cost discipline, and higher ROE.

Allergan AGN

Valeant's Outsider-CEO model delivered 2,544% TSR (25x) in six years under Mike Pearson

NQ Mobile NQ

NQ Mobile's surprise Q4 loss and negative cash flow under PwC's tougher audit confirm Muddy Waters' fraud thesis: revenue, acquisitions, and cash balances are all fabricated.

BofI Holding BOFI

eBay EBAY

13D Monitor backs Icahn's eBay campaign: the board's Silicon-Valley-insulated directors can't even recognize their conflicts, so Icahn needs two seats and a PayPal spin to fix it.

Sotheby's BID

Sotheby's Board has presided over a 42% EPS collapse despite global wealth tailwinds; electing Third Point's three nominees can restore owner perspective and more than double pro-forma EPS.

Darden Restaurants, Inc. DRI

Darden is rushing a value-destructive Red Lobster spin-off; a Special Meeting can halt it and unlock $1-2B of real estate and operational upside instead.

Darden Restaurants, Inc. DRI

Darden's rushed Red Lobster spin is the wrong deal at the wrong time — it traps ~$850M of real estate value and blocks a $1-2B REIT unlock; shareholders must call a Special Meeting to stop it.

Riverbed Technology RVBD

$21 cash bid is a 43% premium, exceeding median tech-deal premia across comparables

Nintendo Co., Ltd. 7974.T

Nintendo should port Mario, Zelda and Donkey Kong to iOS/Android and buy a free-to-play studio — the casual gamer has moved to mobile, where $100bn of attention value awaits.

PepsiCo, Inc. PEP

PepsiCo has chronically underperformed because its 'Power of One' holding-company structure suffocates Frito-Lay and Pepsi; separate them into two focused companies and the combined value will re-rate materially higher.

FirstGroup plc FGP

FirstGroup's post-Laidlaw complexity and high-cost debt have crushed returns; spinning FirstGroup US to yield-hungry US investors, selling Greyhound, and right-sizing the balance sheet unlocks up to 191p.

Juniper Networks JNPR

Juniper underperformed NASDAQ by 104% over 3 years — value destruction is avoidable

NQ Mobile, Inc. NQ

NQ Mobile's independent-committee fraud probe is structurally compromised; Muddy Waters offers to fund Plante & Moran to audit the auditors and protect investors from another China-fraud whitewash.

NQ Mobile NQ

NQ Mobile's credible-looking US management is a veneer hiding a $1.1bn fraud — Mathison conceals JCAP ties, Co-CEO Khan knows nothing, and pre-IPO partners include a convicted racketeer.

NQ Mobile NQ

NQ Mobile's largest purported revenue source, Yidatong, is a controlled shell whose offices, tax filings, and carrier records all contradict NQ's story — we maintain a <$1 target.

NQ Mobile (NetQin) NQ

Muddy Waters maintains its sub-$1 price target on NQ Mobile after Chinese media reporting confirms that ZTE, Huawei, Lenovo and Coolpad never had the pre-installation partnerships NQ claims.

NQ Mobile NQ

NQ Mobile's Oct 25 rebuttal of Muddy Waters' fraud report contained ten provable lies — Yidatong is NQ, revenue and market share are fabricated; reiterating price target under $1.

NQ Mobile Inc. NQ

NQ Mobile is a 'China Fraud 2.0': 72%+ of China revenue is fictitious, real market share is 1.4% not 55%, and the $127.9M cash balance is likely forged — target price under $1.

American Tower Corporation AMT

AMT's $4.8bn purchase of Global Tower Partners at ~19x 2014 EBITDA looks engineered to mask decelerating US organic growth and preserve 20% dividend-growth optics; maintain Strong Sell.

Olam International OLAM

Ten months after our initial short, Olam's FY13 results confirm the thesis: 1.8% ROA, S$800m cash burn, ossified board, no acknowledgement of the over-leverage problem.

Bob Evans Farms, Inc. BOBE

Bob Evans trades at a conglomerate discount; spinning BEF Foods, monetizing 482 owned restaurants via sale-leaseback, and tendering at $58 unlocks ~$78.50/share.

American Tower Corporation AMT

AMT's $811M purchase of 4,456 NIHD towers at 21x EBITDA is a de facto loan to a near-bankrupt counterparty, masking weak growth and compounding accounting red flags from the prior Site Sharing deal.

Office Depot, Inc. ODP

Office Depot's entrenched board has destroyed value for years; replace four incumbents with Starboard's retail-experienced nominees to lift operating margins from 0.9% to 7.3% — standalone or merged with OfficeMax.

American Tower AMT

AMT's international growth is a de facto lending / FX carry trade masking deteriorating economics, and ~$250M appears to have vanished from its Site Sharing acquisition.

Health Management Associates HMA

HMA's incumbent board destroyed 25% of independent value before rushing a sale to Community Health Systems; Glenview's Fresh Alternative board protects the deal and recovers upside.

American Tower Corp AMT

AMT is a Strong Sell at $44.57 (40% downside): a $250M Brazil accounting discrepancy hints at fraud, international growth is a disguised lending/carry trade, and Wi-Fi will erode tower economics.

Health Management Associates HMA

HMA's insular 17-year-tenure board drove a Lost Decade of <1% TSR; replace all directors with Glenview's blue-chip slate to fix governance, compensation, and capital allocation.

PepsiCo, Inc. PEP

PepsiCo's snacks and beverages are structurally incompatible — Trian demands a Mondelez merger plus beverage spin (or a clean snacks/beverages separation), unlocking up to $175/share by 2015 vs. $85 today.

Nintendo Co., Ltd. 7974

Nintendo's real competitor is now mobile; releasing five iOS/Android titles from its catalog would add ~73 billion Yen in annual EBITDA and unlock China's $9 billion gaming market.

Nintendo Co., Ltd. 7974.T

Nintendo trades at 0.9x book with 67% of market cap in net cash; publishing Mario and Pokémon on iOS/Android unlocks freemium upside of 97-240%.

Spectra Energy Corp SE

Spectra Energy's conglomerate structure masks a premier energy infrastructure franchise; a three-step breakup — drop-down to SEP, WE IPO, DCP separation — unlocks $41-$48/share (32-55% upside).

DSP Group, Inc. DSPG

DSP has burned $557M on failed new products while its profitable cordless-telephony core erodes; new independent directors can right-size costs and unlock SiTel-level margins.

Procter & Gamble PG

P&G earns $4 EPS today but should earn $6 by FY2016 at 24% EBIT margin

Tessera Technologies Inc. TSRA

Tessera has squandered $517M on the failing Digital Optics business while its core patent-licensing franchise shrinks; Starboard's six-director slate and IP-focused plan can unlock best-in-class 60-70% EBITDA margins.

Herbalife Ltd. HLF

Herbalife distributors earn 10x more from recruitment than from retail product sales

The Timken Company TKR

Timken's bearings-plus-steel conglomerate masks value; separating the two pure-plays unlocks 29% upside to $68 and ends Timken-family board capture entrenching the status quo.

Hess Corporation HES

Hess intrinsic value is $96-$128/share vs. discounted current price - ~$50bn TEV trapped in opaque conglomerate

Apple Inc. AAPL

Apple's $137B idle cash depresses its P/E; distribute 'iPrefs' — tax-free perpetual preferred stock paying 4% — to unlock ~$150/share without spending a dollar of cash.

Agrium AGU

Agrium rebuts JANA's break-up case: the sum-of-parts math is contrived, Retail already trades at ~9x within Agrium, and no analyst endorses JANA's methodology.

Olam International Ltd. OLAM

Olam's Q2 2013 results confirm Muddy Waters' Strong Sell thesis: debt is spiraling (9.5x EBITDA), cash is burning, and management's acquisitions and Gabon project reveal haphazard planning.

Hess Corporation HES

Hess intrinsic value is over $126/share — 94-153% upside to the current price

Focus Media Holding Ltd. FMCN

New BVI registry evidence proves FMCN lied about its mobile-phone VIE acquisitions, reinforcing the long-running fraud thesis just as Carlyle's LBO consortium prepares to overpay.

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.

Agrium Inc. AGU

Agrium's board has no retail-distribution expertise to manage a business that's half its value; JANA's 5 nominees can unlock cost, capital and conglomerate-discount value worth hundreds of millions.

Herbalife Ltd. HLF

Formula 1 is a $2bn 'brand nobody's heard of' — sales economics defy any genuine consumer demand

Herbalife Ltd. HLF

Herbalife is a pyramid scheme: distributors profit by recruiting, not retail sales

Olam International OLAM

Olam's surprise $750m Temasek-backed debt raise — at an effective cost over 10% — validates Muddy Waters' thesis that the company is days from collapse; Strong Sell maintained.

Olam International OLAM

Olam's 45-page rebuttal ducks Muddy Waters' real points; we'll pay S&P to rate Olam's debt and prove the market underprices its accounting and acquisition risk.

Olam International Ltd. SGX:O32

Olam is an Enron-style agri trader whose aggressive non-cash accounting, off-the-rails CapEx binge, and 9.3x leverage mask a failing trading business — equity likely worthless, bonds 14-33¢.

Danone BN.PA

Danone is a world-class health-focused food company trading at trough multiples and a 1.5x P/E discount to Nestle; rerating to historic levels implies ~€78 vs €48, +62% upside by 2014.