92 documents showing 61–92
BlackBerry BBRY
QNX is entrenched in 60M cars across 40+ automakers — a leading autonomous-driving OS
BHP Billiton BHP
US$46bn value unlock: demerger (+$15bn) + capital return (+$20bn) + franking credits (+$11bn)
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.
Arconic Inc. ARNC
Arconic shareholders lost ~70% of their value; CEO Kleinfeld is one of the worst-performing tenured CEOs in the U.S.
BHP Billiton BHP
DLC structure traps US$9.7bn of franking credits and a 12.7% Plc/Ltd discount
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%+.
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).
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.
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.
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.
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.
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.
Fannie Mae & Freddie Mac FNMA / FMCC
Reformed GSEs worth $23-$47/share vs $3.98 today — 6x to 12x upside
Allergan AGN
Valeant's Outsider-CEO model delivered 2,544% TSR (25x) in six years under Mike Pearson
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.
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.
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.
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).
J.C. Penney Company, Inc. JCP
Ron Johnson (Target, Apple Retail) can repeat his retail magic at chronically mismanaged JCP
Burger King Worldwide Holdings BKW
Back best-in-class 3G management team retaining 70%+ equity
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.
Hong Kong Monetary Authority / HKD-USD Peg
HKD peg forces Hong Kong to import ultra-loose U.S. monetary policy despite a vastly stronger economy
Iron Mountain Incorporated IRM
IRM's core storage is a compelling REIT — conversion unlocks ~$10.58/share in tax savings plus cap rate re-rating
Corrections Corporation of America CXW
CXW trades at a 12% cap rate vs ~7% for Health Care REITs with near-identical attributes
Target Corporation TGT
Target trades at only 5.8x '09E EV/EBITDA while REITs trade 14.5x-35.7x — 22% of EBITDA mispriced
Target Corporation TGT
Target owns 95% of its buildings — more real estate than any big-box peer, worth $39bn replacement value
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.
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.
Hess Corporation HES
Hess has underperformed every relevant peer over every time frame of John Hess's 17-year CEO tenure