143 documents showing 61–120
Bristol-Myers Squibb BMY
BMY is overpaying ~$30B for Celgene's risky pipeline, betting on 10 blockbusters in 8 years vs 3 in 15; shareholders should vote against and unlock 900bps of standalone margin upside.
N5
V3
C3
⌂
◫
”
⇌
⚑
Magellan Health, Inc. MGLN
Magellan destroyed $700M of value through failed acquisitions and three 2018 guidance cuts; Starboard's six-director slate will overhaul the board and run a parallel sale process at peer multiples.
N4
V2
C2
⌂
”
⚑
Dell Technologies (Class V / DVMT tracking stock) DVMT
Dell's $109 buyout of the DVMT tracker is really $90 — a 42% discount engineered to transfer $11bn from public holders to Michael Dell and Silver Lake. Vote no.
N4
V3
C3
⌂
◫
”
⚑
PPG Industries, Inc. PPG
PPG has underperformed peers by 3,500 bps under CEO McGarry; Trian wants Chuck Bunch reinstalled, the balance sheet levered, and the portfolio split into Architectural and Industrial to unlock ~40% upside.
N4
V3
C3
⌂
◫
”
⇌
⚑
Campbell Soup Company CPB
Campbell's incumbent board delivered 19% TSR vs 306% S&P over 20 years; replace the entire board with Third Point's Independent Slate to unlock $52-58/share via turnaround, breakup, or sale.
N5
V4
C4
⌂
◫
”
⚑
Deckers Outdoor Corporation DECK
Deckers' board missed every margin target and wasted $600m on retail bloat and Sanuk; replacing them enables UGG focus, non-core divestitures and a doubling to $135-158.
N4
V3
C3
⌂
◫
”
⇌
⚑
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
⌂
◫
”
Bob Evans Farms, Inc. BOBE
Bob Evans trades at $37 while its packaged-foods segment alone is worth $1.2-1.6bn; spinning off Restaurants leaves a pure-play BEF Foods parent worth $57-79 per share.
N4
V3
C2
⌂
◫
”
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
⌂
◫
”
⇌
E.I. du Pont de Nemours and Company DD
DuPont is bottom-quartile under Ellen Kullman; electing Trian's four nominees unlocks $120/share by 2017 by cutting $2-4bn of excess corporate costs and ending 'crony' compensation.
N5
V4
C4
⌂
◫
”
⇌
⚑
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.
N4
V3
C3
⌂
◫
”
⇌
⚑
E.I. du Pont de Nemours and Company (DuPont) DD
DuPont is an underperforming conglomerate burdened with $2-4bn of excess costs; elect Trian's four nominees to drive separation, cost cuts, and board accountability.
N5
V3
C3
⌂
◫
”
⇌
⚑
Brookdale Senior Living Inc. BKD
BKD trades at a wide discount because its owned real estate is buried inside an OpCo; a tax-free PropCo/OpCo REIT spin plus governance overhaul unlocks ~$49/share.
N4
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
⌂
◫
”
Date
Fund
Target
Thesis
Scores
Jul 06, 2020
Elliott Management
Crown Castle International
CCI
Crown Castle's $16bn fiber bet earns just 3% ROI; imposing a 40% capex-ROI target, ROIC-linked pay, and a Board refresh unlocks a 46% dividend hike to $7.00.
N5
V4
Jun 30, 2020
Spruce Point Capital
Prestige Consumer Healthcare Inc.
PBH
Spruce Point is short Prestige Brands: a decaying OTC roll-up with no organic growth, CFO déjà-vu from Boulder Brands' collapse, and 40-60% downside to $14.80-$22.50.
N4
V3
May 13, 2020
Spruce Point Capital
Forescout Technologies
FSCT
Advent overpaid $33/share for Forescout — management buried weaker forecasts and Q1 sales fell 24%; renegotiating 35-50% lower or paying the $112M break fee both beat closing.
N4
V3
May 12, 2020
Elliott Management
Alexion Pharmaceuticals, Inc.
ALXN
Alexion's stand-alone strategy has failed — serial M&A missteps and a deep valuation discount mean the Board must pursue a sale now to unlock 40-50% upside for shareholders.
N5
V3
Apr 29, 2020
Grizzly Research
58.com Inc.
WUBA
WUBA's sudden $55 go-private offer from underfunded Ocean Link — announced the day after Luckin's fraud burst — is a sham price-support PR maneuver masking accounting fraud and COVID collapse.
N4
V3
Apr 09, 2020
Grizzly Research
Innovative Industrial Properties
IIPR
Property-by-property forensic appendix shows IIPR overpaid for cannabis-grow real estate while tenants sit on empty or unbuilt sites, implying inflated rents and looming defaults.
N3
V2
Mar 10, 2020
Spruce Point Capital
Amcor plc
AMCR
Amcor is a packaging roll-up masking 3-4% organic declines, obscured tobacco dependence, liquidity strain, and accounting red flags — including a CAO with a revoked CPA — with 40-60% downside to $3.60-$5.40.
N5
V4
Feb 06, 2020
Spruce Point Capital
Dropbox, Inc.
DBX
Dropbox is a decelerating, commoditized storage business whose reported FCF is overstated ~2x; fair value is $6.60-$13, implying 25-60% downside from $17.60.
N4
V3
Nov 13, 2019
Spruce Point Capital
Cintas Corp.
CTAS
Cintas's fastest-growing fire inspection business is committing fraud while G&K integration masks financial strain — a sum-of-parts at peer M&A multiples implies 60-75% downside to $69-$107/sh.
N5
V4
Oct 09, 2019
Spruce Point Capital
Monolithic Power Systems
MPWR
MPWR's Chinese tax filings show $262m missing revenue and near-zero inventory despite 90% production in China — accounting red flags point to 75-85% downside.
N5
V4
Sep 24, 2019
Elliott Management
Marathon Petroleum Corporation
MPC
Marathon Petroleum's conglomerate structure traps $22–$40bn of value; separating Refining, Midstream and Retail into three focused companies unlocks 60%+ upside now and over 100% long-term.
N5
V4
Jul 24, 2019
Spruce Point Capital
Mettler-Toledo International, Inc.
MTD
Mettler-Toledo's flawless EPS record masks aggressive capitalization, an empty Shanghai office, and PwC auditor conflicts — implying 30-50% downside to $410-$574 per share.
N5
V3
May 23, 2019
Spruce Point Capital
Verint Systems, Inc.
VRNT
Verint's reported 8% growth is a mirage of M&A, FX and ASC 606 tailwinds masking negative organic growth; rerate to BPO peer multiples for 60-70% downside to $17-25.
N4
V3
May 07, 2019
Spruce Point Capital
Kornit Digital Ltd.
KRNT
Kornit's 2018 boom was an Amazon warrant-and-rebate illusion — 105% of cash flow came from one customer, a scandal-tainted CFO is covering it, leaving 75-85% downside to $4.50-$9.30.
N5
V3
Mar 18, 2019
Starboard Value
Bristol-Myers Squibb
BMY
BMY is overpaying ~$30B for Celgene's risky pipeline, betting on 10 blockbusters in 8 years vs 3 in 15; shareholders should vote against and unlock 900bps of standalone margin upside.
N5
V3
Mar 01, 2019
Starboard Value
Bristol-Myers Squibb
BMY
BMY's $91B Celgene deal bets the company on a REVLIMID patent cliff and pipeline requiring 10 blockbusters in 8 years — shareholders should vote no and pursue a standalone Amgen-style transformation.
N5
V3
Feb 22, 2019
Starboard Value
Magellan Health, Inc.
MGLN
Magellan destroyed $700M of value through failed acquisitions and three 2018 guidance cuts; Starboard's six-director slate will overhaul the board and run a parallel sale process at peer multiples.
N4
V2
Dec 13, 2018
Spruce Point Capital
XPO Logistics, Inc.
XPO
XPO is a United-Rentals-style roll-up masking financial strain with aggressive accounting and a felon-linked board; normalized EPS is 47% overstated, implying 40–60% downside.
N5
V3
Nov 20, 2018
Elliott Management
Mitek Systems, Inc.
MITK
Mitek's board is entrenching against ASG's $10 cash bid (51% premium) despite a declining core business, departed leadership, and a chairman dumping his own stock below the offer price.
N4
V1
Nov 15, 2018
Carl Icahn
Dell Technologies (Class V / DVMT tracking stock)
DVMT
Dell's $109 buyout of the DVMT tracker is really $90 — a 42% discount engineered to transfer $11bn from public holders to Michael Dell and Silver Lake. Vote no.
N4
V3
Oct 11, 2018
Trian Partners
PPG Industries, Inc.
PPG
PPG has underperformed peers by 3,500 bps under CEO McGarry; Trian wants Chuck Bunch reinstalled, the balance sheet levered, and the portfolio split into Architectural and Industrial to unlock ~40% upside.
N4
V3
Oct 09, 2018
Pershing Square
Starbucks
SBUX
Starbucks at 22x forward P/E vs. 26x historical average is a rare chance to own a category-killer coffee brand — fixable U.S. SSS and a $14bn buyback reverting the multiple doubles the stock.
N4
V3
Oct 01, 2018
Third Point
Campbell Soup Company
CPB
Campbell's incumbent board delivered 19% TSR vs 306% S&P over 20 years; replace the entire board with Third Point's Independent Slate to unlock $52-58/share via turnaround, breakup, or sale.
N5
V4
Sep 05, 2018
Spruce Point Capital
Weis Markets, Inc.
WMK
Weis Markets is the most expensive U.S. supermarket masking -1-2% organic decline with aggressive accounting and shrinking disclosures; Spruce Point sees 45-65% downside.
N4
V3
Jul 19, 2018
Spruce Point Capital
2U, Inc.
TWOU
2U's one-size-fits-all OPM model is being disrupted by lower-take-rate fee-for-service rivals; FOIA-documented program failures imply 30-50% downside to $47-$65/share.
N4
V3
Jun 27, 2018
Spruce Point Capital
Momo, Inc.
MOMO
Momo's 'blowout' live-video numbers hide a SAIC fraud charge, 123 undisclosed VIE subs, an illegal gambling site, and a fading KOL base — 30-50% downside to $23-$32.
N4
V3
Jun 07, 2018
Spruce Point Capital
Healthcare Trust of America, Inc.
HTA
HTA's suspiciously flat Same-Property NOI growth mirrors Brixmor's pre-restatement pattern; Spruce Point sees 20-40% downside to $15-$20 once the accounting unravels.
N5
V3
May 31, 2018
Citron Research
Snap Inc.
SNAP
SNAP is the cheapest social stock at 3x sales with 21% short interest, dominant teen mindshare and Tencent backing — upside to $17 as shorts cover.
N4
V2
Apr 23, 2018
Elliott Management
Hyundai Motor Group
HMG's Mobis-Glovis spinoff is suboptimal; a true holding-company structure plus KRW 6tn buybacks, a 40-50% payout, and independent boards close peer discounts and deliver 15%+ upside.
N5
V4
Apr 05, 2018
Elliott Management
Telecom Italia SpA (TIM)
TIT.MI
TIM's operating turnaround is real, but Vivendi-controlled governance has tripled the peer discount; independent directors plus NetCo separation could double the stock to €1.6.
N5
V4
Apr 01, 2018
Kerrisdale Capital
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.
N4
V3
Feb 07, 2018
Spruce Point Capital
Realty Income Corp
O
Realty Income's 'magic dividend' flywheel is broken — true same-store rents are -0.8% (not +1.2%), and as rates rise and tenants disintermediate the stock re-rates 30-45% lower to $28-$35.
N4
V3
Dec 06, 2017
Muddy Waters
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.
N5
V2
Nov 01, 2017
Kerrisdale Capital
Adamas Pharmaceuticals, Inc.
ADMS
Kerrisdale is long ADMS: Gocovri, the only FDA-approved drug for levodopa-induced dyskinesia, plus an MS and Vimpat XR pipeline, is worth over $100/share versus ~$25 today.
N4
V3
Nov 01, 2017
Marcato
Deckers Outdoor Corporation
DECK
Deckers' board missed every margin target and wasted $600m on retail bloat and Sanuk; replacing them enables UGG focus, non-core divestitures and a doubling to $135-158.
N4
V3
Jun 01, 2017
Citron Research
BlackBerry
BBRY
Like NVDA's re-rating from graphics chips to AI, BlackBerry's QNX-led pivot to autonomous driving and IoT supports a $20 target — or a Mobileye-style buyout at a premium.
N4
V2
May 16, 2017
Elliott Management
BHP Billiton
BHP
BHP's chronic underperformance stems from value-destructive petroleum bets and an obsolete DLC structure; demerging US petroleum, unifying the DLC and returning capital unlocks c.US$46bn.
N5
V4
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
Oct 05, 2016
Elliott Management
Samsung Electronics Co., Ltd.
005930.KS
Samsung Electronics trades 34-68% below tech peers; demerging into Holdco/Opco, paying a KRW30tn special dividend and listing Opco on NASDAQ closes the gap while keeping Lee family control.
N4
V3
Aug 25, 2016
Muddy Waters
St. Jude Medical, Inc.
STJ
St. Jude's $23B cardiac-device franchise rests on a Merlin ecosystem so insecure that hackers can crash pacemakers from 50 feet — a recall and two-year remediation imply 50%+ downside and likely covenant breach.
N5
V2
Aug 22, 2016
Sandell
Bob Evans Farms, Inc.
BOBE
Bob Evans trades at $37 while its packaged-foods segment alone is worth $1.2-1.6bn; spinning off Restaurants leaves a pure-play BEF Foods parent worth $57-79 per share.
N4
V3
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
Apr 08, 2016
Starboard Value
Depomed, Inc.
DEPO
Depomed's board is entrenching itself via a California-to-Delaware reincorporation and rejected Horizon's premium bid; Starboard seeks a special meeting to replace directors and explore a sale.
N3
V2
Feb 04, 2016
Elliott Management
Bank of East Asia, Limited
0023.HK
BEA's 2.7% TAR since 1997 reflects chronic mismanagement; with CaixaBank's lock-in lifted, the board should auction the bank at ~2.0x book (~HK$60/share, 185% upside).
N4
V4
Jan 28, 2016
Pershing Square
Pershing Square portfolio (multi-holding LP update: MDLZ, VRX, APD, ZTS, CP, QSR, HHC, PAH, FNMA/FMCC, HLF short)
After a -20.5% 2015, Pershing concedes mistakes on Valeant/Platform/CP but argues its portfolio holdings trade at a substantial discount to intrinsic value and that permanent capital lets it wait for convergence.
N4
V3
Jan 11, 2016
Starboard Value
Macy's Inc.
M
Macy's owns $21bn of real estate — more than its entire enterprise value; spinning iconic and mall properties into two JVs unlocks ~$70/share, ~88% upside.
N4
V3
Oct 15, 2015
Muddy Waters
TeliaSonera AB
TLSN
Short TeliaSonera: disclosed Uzbekistan bribery is only the tip — ~SEK 17bn of suspect Eurasia/Nepal payments plus a multi-billion DOJ FCPA settlement threaten the dividend and cut stub fair value to SEK 27-29.
N4
V2
May 04, 2015
Pershing Square
Valeant Pharmaceuticals International
VRX
Valeant is mis-valued on a traditional earnings multiple; crediting its Pearson-led Platform Value — like Jarden or Danaher — unlocks $330+/share, ~48% upside from $223.
N5
V4
May 04, 2015
Pershing Square
Valeant Pharmaceuticals International
VRX
Valeant is a platform compounder that traditional P/E undervalues; SOTP plus credit for ongoing M&A implies $330+/share vs $223 today, with up to $618 by 2020.
N5
V3
Apr 21, 2015
Trian Partners
E.I. du Pont de Nemours and Company
DD
DuPont is bottom-quartile under Ellen Kullman; electing Trian's four nominees unlocks $120/share by 2017 by cutting $2-4bn of excess corporate costs and ending 'crony' compensation.
N5
V4
Apr 07, 2015
Greenlight Capital
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.
N4
V3
Mar 17, 2015
Land & Buildings
MGM Resorts International
MGM
MGM's US real estate is buried inside a 10x-EBITDA C-corp; a REIT conversion plus lodging-C-corp spin and MGM China dividend can lift NAV from $33 to $55 per share.
N4
V2
Feb 17, 2015
Trian Partners
E.I. du Pont de Nemours and Company (DuPont)
DD
DuPont is an underperforming conglomerate burdened with $2-4bn of excess costs; elect Trian's four nominees to drive separation, cost cuts, and board accountability.
N5
V3
Feb 01, 2015
Sandell
Brookdale Senior Living Inc.
BKD
BKD trades at a wide discount because its owned real estate is buried inside an OpCo; a tax-free PropCo/OpCo REIT spin plus governance overhaul unlocks ~$49/share.
N4
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
Nov 01, 2014
Marcato
Dillard's, Inc.
DDS
Dillard's trades at 6.2x EBITDA despite owning ~50mm sq. ft. of real estate; separating into OpCo/PropCo as peers have done implies ~$193/share vs. $109.
N3
V3
Oct 14, 2014
Corvex
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.
N4
V3