73 documents showing 61–73

Oct 01, 2012

ValueAct

Multiple (ValueAct portfolio: Moody's, CBRE, Motorola Solutions, Adobe, Halliburton, Autodesk, Gardner Denver, Sara Lee, Verisign, CR Bard)

ValueAct's edge is concentrated, board-level positions in differentiated, recurring-revenue businesses — picking quality and avoiding leverage, complexity and bad governance.

N4 V2

Oct 01, 2012

Sandell

TPC Group Inc. TPCG

TPC Group's $40/share take-private by First Reserve/SK Capital is a self-dealt, low-balled sale; a proper auction plus MLP re-rating would deliver materially higher value to shareholders.

N4 V2

Jul 18, 2012

Muddy Waters

New Oriental Education & Technology Group EDU

New Oriental is hiding an extensive franchising operation, filing fraudulent tax-exempt financials in Beijing and using a cosmetic VIE — expect a restatement and Deloitte to resign.

N5 V2

Jun 18, 2012

Trian Partners

Lazard Ltd LAZ

Lazard's premier advisory and asset-management franchise trades at a discount; executing the April 2012 plan to 25%+ margins, disciplined capital return, and stronger governance can nearly double the stock to ~$51.

N4 V3

May 31, 2012

Elliott Management

BMC Software BMC

BMC's strong assets are trapped under an unengaged board and CEO Beauchamp who keeps missing his own targets; electing Elliott's four tech nominees opens a sale and long-overdue value.

N5 V3

May 23, 2012

Starboard Value

AOL, Inc. AOL

AOL's board lets management burn Access/Search cash on a Display strategy losing $500M+ a year; elect three Starboard nominees to enforce discipline and restructure or exit Patch.

N4 V3

May 16, 2012

Pershing Square

J.C. Penney Company, Inc. JCP

JCP has been chronically mismanaged for 20 years; new CEO Ron Johnson (ex-Target, ex-Apple Retail) with a dream team and a mall-within-a-mall remake can take the stock from $26 to $77-$125 by 2014.

N5 V4

Feb 09, 2012

Muddy Waters

Focus Media Holding FMCN

FMCN's 'independent' verification of its 185,174 LCD network counted 30,500 cardboard posters as LCDs, confirming Muddy Waters' fraud thesis and impugning all reported financials.

N5 V2

Oct 17, 2011

Greenlight Capital

Green Mountain Coffee Roasters GMCR

GMCR's $9 EPS bull case ignores a smaller TAM, falling K-cup attachment rates, a September 2012 patent cliff, and accounting shenanigans at fulfillment agent MBlock — realistic EPS is ~$3.50.

N5 V2

Sep 14, 2011

Third Point

Yahoo! Inc. YHOO

Yahoo's Asian assets and cash alone cover its $14 price; with a new board and unlocked 40% Alibaba stake, intrinsic value is $20-32 per share — 40-122% upside.

N4 V3

Jun 02, 2011

Muddy Waters

Sino-Forest Corporation TRE

Sino-Forest is a fraud: its Authorized Intermediary structure fabricates timber revenue, its Yunnan holdings are overstated by ~$900M, and equity is worth less than $1 vs. $18.21.

N5 V2

May 25, 2011

Pershing Square

Family Dollar Stores FDO

Family Dollar runs a 37% EBIT/sqft productivity gap to Dollar General post-KKR; closing it via ops, a leveraged buyback, or sale unlocks ~$90/share (70% upside).

N5 V3

Dec 07, 2009

Pershing Square

Mall REIT sector (long General Growth Properties) GGP

Market-feared mall-REIT collapse never arrived: leverage fell, $18bn equity was raised, cap rates compressed, and tenants now generate cash — making mall REITs still cheap versus Treasuries.

N4 V3