92 documents showing 61–92
Hyundai Motor Group (Hyundai Mobis, Hyundai Motor Company, Kia Motors) 012330.KS / 005380.KS / 000270.KS
Mobis, HMC and Kia trade at 57%, 26% and 73% EV/EBITDA discounts to global peers — peers re-rate if structure is fixed
QTS Realty Trust QTS
QTS's CEO Chad Williams runs a culture of self-enrichment with no accountability; shareholders should withhold votes from him and the comp chair at the May 3 annual meeting.
Newell Brands Inc. NWL
Newell's board destroyed $10bn and handed control to Icahn; elect Starboard's four independent nominees to execute a credible divestiture plan and restore accountability.
Telecom Italia SpA (TIM) TIT.MI
Vivendi controls TIM with just 24% voting stake, running it as a subsidiary while minorities suffer
Commvault Systems, Inc. CVLT
Commvault is a product-great but company-broken data management software leader; Elliott (10.3%) demands an operational review, four new directors, and a capital-return program to close a deep valuation discount.
Commvault Systems, Inc. CVLT
Commvault, a product-respected software leader, trades at half the peer multiple because of 1,200bps of margin collapse and 20-year stale governance; a board refresh, operational review and capital return will close the gap.
The St. Joe Company JOE
St. Joe's Florida Panhandle land bank is worth a fraction of what bulls claim; absent the promised population boom, the stock is materially overvalued and a short.
Mellanox Technologies, Ltd. MLNX
Mellanox's long-tenured board has presided over chronic underperformance and heavy insider selling; Starboard's 10.6% stake is launching a proxy fight to replace a majority of directors.
Newell Brands Inc. NWL
Newell's Board is dysfunctional — four directors have quit and margins have cratered to 9.1%; elect Starboard's slate at the 2018 Annual Meeting to drive an operational turnaround.
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.
Mellanox Technologies, Ltd. MLNX
Mellanox insiders have sold $130M of stock across 373 trades vs. one purchase since IPO — evidence the Board lacks confidence in its own plan and must be reconstituted.
Pershing Square Holdings (PSH) — portfolio review PSH
Returning to roots: smaller investment-centric team, reaffirmed core principles, growth from returns not AUM
Xerox Corporation XRX
Xerox is languishing under CEO Jacobson and old-guard directors; Icahn is nominating four new directors and demands CEO replacement plus renegotiation of the opaque Fuji joint venture.
Mellanox Technologies, Ltd. MLNX
Mellanox has industry-leading 70%+ gross margins but dead-last operating margins among fabless semis; disciplined cost cuts can close a multi-year peer gap and rerate the stock.
OSI Systems, Inc. OSIS
OSIS is rotten to the core: the Albania concession was obtained via an apparent bribe, the Mexico turnkey is egregiously priced and up for renewal, and FCPA liability could erase a large chunk of the $1.6bn market cap.
Taubman Centers TCO
Taubman's dominant Class A malls are still bustling and growing, yet TCO is down 25% YTD — management, not 'dead malls,' is the problem, with 50%+ upside if the board acts.
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.
BHP Billiton BHP
US$46bn value unlock: demerger (+$15bn) + capital return (+$20bn) + franking credits (+$11bn)
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.
Herbalife HLF
FTC complaint confirms Herbalife operates as a pyramid scheme
Macy's, Inc. M
Macy's $21bn real estate portfolio implies a negative-value OpCo; a real estate JV plus $500m+ cost cuts can crystallize hidden value without sacrificing cash flow or investment grade.
General Electric GE
GE has quietly pivoted to a focused industrial post-GE Capital exit; executing 16% margins, prudent leverage and ~$100bn of buybacks gets the stock to $40-$45 by end-2017.
Herbalife Ltd. HLF
CEO Johnson on video admits Herbalife participation is a 'lottery ticket' with 'pyramiding'
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.
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.
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.
Crown Castle International Corp. CCI
Crown Castle is a U.S. tower REIT 'betwixt and between' — raising the 2015 dividend to $4.00 (80% AFFO payout) re-rates the stock to a 4.0% yield, unlocking 27% near-term and 60%+ upside in 15 months.
Allergan AGN
Valeant's Outsider-CEO model delivered 2,544% TSR (25x) in six years under Mike Pearson
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
TCI portfolio companies
Climate change is a material investment risk, so TCI demands portfolio companies disclose emissions and a credible transition plan, or face votes-against and divestment.