89 documents showing 61–89
Buffalo Wild Wings BWLD
Sally Smith-led BWLD has underperformed peers, mismanaged margins, and wasted capital buying back franchise stores; replacing the board and refranchising to 90% unlocks a higher multiple.
N5
V4
C4
⌂
”
⇌
⚑
Marathon Petroleum Corporation MPC
Marathon's integrated structure hides $14–19bn of value; dropping all MLP-qualifying assets to MPLX and spinning Speedway, refining, and midstream into three standalone companies would lift shares 60–80%+.
N4
V1
C1
◫
Marathon Petroleum Corporation MPC
Marathon is priced like a merchant refiner despite a 69% stable-earnings mix; dropping assets to MPLX and spinning Speedway, RefiningCo, and MidstreamCo unlocks $14-19bn (~60-80%+ upside).
N4
V4
C4
⌂
◫
”
Buffalo Wild Wings BWLD
Buffalo Wild Wings should reverse course on low-return franchisee buy-ins, refranchise to 90% by 2020, recapitalize, and fix incentives — unlocking ~180% upside to ~$402.
N4
V4
C4
⌂
◫
”
⇌
Yahoo! Inc. YHOO
Yahoo should scrap the Aabaco spin-off and instead sell the Core Business outright, returning cash to shareholders and keeping Alibaba and Yahoo Japan stakes in the remaining entity.
N4
V2
C2
◫
⚑
Yahoo! Inc. YHOO
Yahoo's Core Business is collapsing because of $550M of self-inflicted cost bloat; cutting costs and replacing the Microsoft search deal can restore profitability without touching Alibaba.
N4
V2
C3
”
⚑
H.J. Heinz Company HNZ
Retrospective of Trian's 2006 Heinz campaign: a 13D white paper and proxy-won board seats drove brand reinvestment and cost discipline, delivering 178% TSR versus 40% for the S&P 500.
N3
V3
C3
⌂
TransCanada Corp TRP
TransCanada is an undervalued conglomerate; spinning off Energy and doing an all-in dropdown into TCP — Spectra-style — re-rates the parts to roughly $75/share.
N4
V4
C4
⌂
◫
”
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.
N5
V3
C3
⌂
◫
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).
N4
V3
C3
⌂
◫
”
⚑
Date
Fund
Target
Thesis
Scores
Apr 20, 2017
Marcato
Buffalo Wild Wings
BWLD
Sally Smith-led BWLD has underperformed peers, mismanaged margins, and wasted capital buying back franchise stores; replacing the board and refranchising to 90% unlocks a higher multiple.
N5
V4
Apr 10, 2017
Elliott Management
BHP Billiton
BHP
BHP's DLC structure, stranded US petroleum, and undisciplined capital allocation depress value; unifying, demerging, and running 14% discounted buybacks unlocks ~49% upside and US$46bn.
N5
V3
Nov 21, 2016
Elliott Management
Marathon Petroleum Corporation
MPC
Marathon's integrated structure hides $14–19bn of value; dropping all MLP-qualifying assets to MPLX and spinning Speedway, refining, and midstream into three standalone companies would lift shares 60–80%+.
N4
V1
Nov 01, 2016
Elliott Management
Marathon Petroleum Corporation
MPC
Marathon is priced like a merchant refiner despite a 69% stable-earnings mix; dropping assets to MPLX and spinning Speedway, RefiningCo, and MidstreamCo unlocks $14-19bn (~60-80%+ upside).
N4
V4
Jun 13, 2016
Marcato
Buffalo Wild Wings
BWLD
Buffalo Wild Wings should reverse course on low-return franchisee buy-ins, refranchise to 90% by 2020, recapitalize, and fix incentives — unlocking ~180% upside to ~$402.
N4
V4
Nov 19, 2015
Starboard Value
Yahoo! Inc.
YHOO
Yahoo should scrap the Aabaco spin-off and instead sell the Core Business outright, returning cash to shareholders and keeping Alibaba and Yahoo Japan stakes in the remaining entity.
N4
V2
Aug 10, 2015
Starboard Value
Yahoo! Inc.
YHOO
Yahoo's Core Business is collapsing because of $550M of self-inflicted cost bloat; cutting costs and replacing the Microsoft search deal can restore profitability without touching Alibaba.
N4
V2
Apr 01, 2015
Trian Partners
H.J. Heinz Company
HNZ
Retrospective of Trian's 2006 Heinz campaign: a 13D white paper and proxy-won board seats drove brand reinvestment and cost discipline, delivering 178% TSR versus 40% for the S&P 500.
N3
V3
Nov 01, 2014
Sandell
TransCanada Corp
TRP
TransCanada is an undervalued conglomerate; spinning off Energy and doing an all-in dropdown into TCP — Spectra-style — re-rates the parts to roughly $75/share.
N4
V4
May 05, 2014
Pershing Square
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.
N4
V3
Apr 22, 2014
Pershing Square
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.
N5
V3
Feb 26, 2014
Oasis Management
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.
N3
V1
Jan 13, 2014
Elliott Management
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).
N5
V4
Jul 17, 2013
Muddy Waters
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.
N4
V2
Jul 01, 2013
Trian Partners
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.
N5
V3
Jun 11, 2013
Oasis Management
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.
N4
V2
Jun 06, 2013
Oasis Management
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%.
N5
V3
Jun 01, 2013
Sandell
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).
N4
V3
Apr 15, 2013
Elliott Management
Hess Corporation
HES
Hess's world-class assets are squandered by 17 years of John Hess's undisciplined, unaccountable leadership; electing Elliott's five nominees unlocks $96-128 per share of intrinsic value.
N5
V4
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
Apr 04, 2012
Pershing Square
Burger King Worldwide Holdings
BKW
Justice pays $1.4bn to merge with 3G-owned Burger King and relist on NYSE, backing a proven operator to refranchise, turn around margins, and expand internationally.
N3
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
Mar 09, 2011
Elliott Management
Iron Mountain Incorporated
IRM
Iron Mountain's 44%-margin NOAM storage cash cow is being squandered on low-ROIC Digital and Int'l bets; capital discipline plus a REIT conversion can lift the stock from $25 to $52-$77.
N4
V3
Oct 20, 2009
Pershing Square
Corrections Corporation of America
CXW
CXW is a misunderstood real estate business — 90% of EBITDA is owned prisons leased to governments; rerating to healthcare-REIT cap rates unlocks $40-$54 vs. $24.50.
N4
V3
May 27, 2009
Pershing Square
General Growth Properties
GGWPQ
GGP filed for liquidity, not insolvency; with assets materially exceeding liabilities, a seven-year debt extension would deliver 10x–25x upside on equity trading at $1.19.
N5
V3
May 21, 2008
Pershing Square
Wendy's International
WEN
Wendy's is fundamentally a franchise + real estate business trading at a peer-gap discount; the Triarc merger and OpCo turnaround unlock 75-85% upside to $49-$52.
N5
V3
Jan 18, 2006
Pershing Square
McDonald's Corporation
MCD
McDonald's is fundamentally a franchise and real-estate royalty company hidden inside an underperforming restaurant operator; a 20% McOpCo IPO and segment financials force a sum-of-parts rerating to $46-$50/share.
N5
V3
—
Oasis Management
Kao Corporation
4452 JT
Kao's iconic cosmetics brands are underutilized by passive management; prioritizing international growth, hiring a global CMO, and refreshing the board unlock JPY10,000/share — a 76% upside.
N3
V2
—
Oasis Management
Kao Corporation
4452.JP
Kao, a 'sleeping giant' of premium FMCG brands hamstrung by a management allergic to growth, should refocus globally and rebuild the board, unlocking 76-97% upside.
N5
V4