86 documents showing 61–86

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.

Fannie Mae & Freddie Mac FNMA / FMCC

Fannie and Freddie — not liquidated — should be reformed into higher-capitalized mortgage guarantors; at 60–100bps g-fees the GSEs are worth $23–$47/share versus $3.98 today.

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.

Allergan, Inc. AGN

Allergan shareholders should accept Valeant's bid: Valeant is an 'Outsider'-style acquirer (25x TSR under Pearson) whose lean R&D and platform M&A will compound Val-gan's value far beyond Allergan standalone.

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.

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's rushed Red Lobster spin-off traps ~$850m of real estate value at a trough multiple; shareholders must force a Special Meeting to halt this irreversible mistake.

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, Inc. RVBD

Riverbed's core WAN market is stagnant and the OPNET deal has disappointed; Elliott's $21 all-cash offer prices above peer and precedent-deal multiples, so the board should engage.

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.

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 has badly underperformed peers for a decade; a $200M cost cut, a $3.5B buyback with dividend, and a security/switching review can drive shares to $35–$40 (57–77% upside).

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.

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.

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.

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.

Hess Corporation HES

Hess underperformed peers by 460% over 17 years of restructurings; splitting the conglomerate into a Bakken pure-play and an international E&P unlocks $128/share.

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.

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.

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.

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.

Lowe's Companies, Inc. LOW

Lowe's is a cheap home-improvement duopolist whose 8% FCF yield funds a buyback worth ~40% of market cap — investors are paid to wait for the housing recovery.

State Street Corporation STT

State Street subsidized growth at the expense of profitability; committing to 35% EBT margins, capital return, and a possible SSgA spin can lift shares from $34 to ~$99 by 2014.