191 documents showing 121–180
Bayer AG BAYN
Bayer at €88/11x trades in no-man's land between Monsanto deal-sceptics and deal-believers; whether the merger closes or breaks, Bayer shareholders get cake.
N5
V3
C3
⌂
◫
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
⌂
◫
”
CONSOL Energy CNX
Market prices CONSOL as a dying coal miner, but its Marcellus/Utica shale gas acreage plus disciplined management make it worth $35.81/share versus $7.40 today.
N5
V3
C3
⌂
◫
”
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.
N4
V3
C2
⌂
◫
”
⇌
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
⌂
◫
”
⇌
⚑
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
⌂
◫
”
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
C3
⌂
◫
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
C3
⌂
◫
”
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.
N4
V3
C3
⌂
◫
⚑
Apple Inc. AAPL
Apple's $137B idle cash depresses its P/E; distribute 'iPrefs' — tax-free perpetual preferred stock paying 4% — to unlock ~$150/share without spending a dollar of cash.
N5
V3
C3
⌂
◫
”
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.
N3
V3
C3
⌂
ADT Corporation ADT
ADT is drastically under-levered post-Tyco spin; levering to 3.0x EBITDA and repurchasing ~30% of the float delivers ~44% upside to a $55 target.
N4
V3
C3
⌂
◫
”
Multiple (ValueAct portfolio: Moody's, CBRE, Motorola Solutions, Adobe, Halliburton, Autodesk, Gardner Denver, Sara Lee, Verisign, CR Bard)
ValueAct's edge is concentrated, board-level positions in differentiated, recurring-revenue businesses — picking quality and avoiding leverage, complexity and bad governance.
N4
V2
C2
⌂
TPC Group Inc. TPCG
TPC Group's $40/share take-private by First Reserve/SK Capital is a self-dealt, low-balled sale; a proper auction plus MLP re-rating would deliver materially higher value to shareholders.
N4
V2
C2
⌂
”
⚑
Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)
Three stocks — ALEX, GenCorp, Brookfield Residential — hide land assets on their balance sheets at decades-old cost, offering 46-286% upside once marked to market.
N3
V3
C2
⌂
◫
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.
N4
V3
C3
⌂
◫
”
Tronox Incorporated TROX
Post-Exxaro Tronox is the lowest-cost, fully-integrated TiO2 producer; levering up for a $24-$43/share special dividend plus relisting unlocks $183-$194/share, 56-66% upside.
N3
V2
C2
⌂
”
Rubicon Limited RBC
Rubicon's NZ-listed holdco structure hides two world-class US assets — ArborGen and Tenon — that a Tenon auction, ArborGen NASDAQ relisting, and three new shareholder directors can unlock for 200-300%+ upside.
N4
V3
C2
⌂
◫
Date
Fund
Target
Thesis
Scores
Nov 28, 2016
Greenlight Capital
Bayer AG
BAYN
Bayer at €88/11x trades in no-man's land between Monsanto deal-sceptics and deal-believers; whether the merger closes or breaks, Bayer shareholders get cake.
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 06, 2016
Land & Buildings
MGM Resorts International
MGM
MGM's discredited CEO Murren was just handed a pay-for-showing-up contract; replacing him and unlocking real-estate value via MGM China, CityCenter and Bellagio sales delivers 35%+ upside.
N3
V1
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
Sep 12, 2016
Starboard Value
Perrigo Company plc
PRGO
Perrigo lost half its value after rejecting Mylan's $205 bid; divesting Rx and Tysabri royalty, fixing BCH margins, and restoring credibility can re-rate the stock to consumer-staples peers.
N4
V3
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
Jul 20, 2016
Pershing Square
Herbalife
HLF
The FTC's July 2016 Herbalife complaint and forced restructuring vindicate Pershing's pyramid-scheme short thesis; normalized EPS collapses to $1.42–$2.22, far below the ~$65 share price.
N5
V3
Apr 26, 2016
Pershing Square
Multiple (portfolio-level LP update: MDLZ, APD, ZTS, QSR, CP, HHC, VRX, PAH, NOMD, HLF short)
Mondelez 13% EBIT margin vs 17-26% peers implies +600-700 bps optimized EBIT upside under 3G playbook
N3
V3
Apr 26, 2016
Pershing Square
Multiple holdings (Pershing Square portfolio)
Fund-level recap after Q1 2016's -25.6% drawdown: Ackman defends the contrarian book — MDLZ margin upside, APD turnaround, CP execution — while reaffirming the Herbalife pyramid-scheme short.
N3
V3
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 13, 2016
SpringOwl
Viacom
VIAB
Viacom's absent chair Redstone and overpaid CEO Dauman have driven a lost decade; replacing leadership, cutting $400M SG&A and launching OTT unlocks up to 135% upside to $95.90.
N4
V2
Jan 11, 2016
Starboard Value
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.
N3
V2
Jan 11, 2016
Starboard Value
Macy's, Inc.
M
Macy's $21bn real estate portfolio exceeds its enterprise value; Starboard urges joint-venture structures plus $500M+ cost cuts to crystallize value without sacrificing cash flow or investment-grade rating.
N3
V2
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
Dec 16, 2015
Muddy Waters
Groupe Casino Guichard-Perrachon SA
CO FP
Casino's financial statements mask 8.9x leverage and inflated EBITDA via related-party Mercialys real-estate sales; shares are worth €6.91 vs €48.97, an 86% decline.
N4
V2
Nov 16, 2015
Elliott Management
American Capital, Ltd.
ACAS
American Capital trades at 71% of NAV under a long-tenured board; Elliott urges shareholders to reject management's self-entrenching spin-out and force a strategic review for 24-63% upside.
N5
V4
Nov 16, 2015
Greenlight Capital
CONSOL Energy
CNX
Market prices CONSOL as a dying coal miner, but its Marcellus/Utica shale gas acreage plus disciplined management make it worth $35.81/share versus $7.40 today.
N5
V3
Oct 30, 2015
Pershing Square
Valeant Pharmaceuticals International
VRX
Citron's 'next Enron' attack on Valeant is a 1963 AmEx Salad Oil rerun — Philidor is ~7% of sales, the franchise is intact, and VRX at 7x cash EPS offers 60-215% upside.
N5
V3
Oct 30, 2015
Pershing Square
Valeant Pharmaceuticals International
VRX
Citron's 'next Enron' attack on Valeant overstates the risk: Philidor is only ~6% of sales, and even written off, VRX trades at ~8x 2016 cash EPS with 135%+ long-term upside.
N4
V3
Oct 05, 2015
Trian Partners
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.
N4
V3
Sep 30, 2015
Starboard Value
Advance Auto Parts
AAP
AAP trails O'Reilly and AutoZone by 800-900bps in EBITDA margins; closing the gap plus Worldpac monetization, buybacks, and multiple rerating drives AAP from $171 to over $350.
N4
V3
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 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 20, 2015
Land & Buildings
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.
N2
V1
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
Muddy Waters
Bolloré SA
BOL FP
Bolloré's Breton-Pulleys circular ownership masks that public float is 42.8% not 24.3%; at €4.37 shares trade at 41% of €10.63 NAV — 95% upside to €8.50.
N5
V2
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
Jan 29, 2015
Pershing Square
Pershing Square portfolio (Allergan, Herbalife, Canadian Pacific, Air Products, Restaurant Brands, Platform Specialty, Zoetis, Howard Hughes, Fannie/Freddie)
Pershing Square's 2014 annual recap: 40.4% net return, Allergan sold at a 75% premium, Herbalife short down 52%, and a $2.8bn PSH IPO making 46% of AUM permanent capital.
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
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
Sep 11, 2014
Starboard Value
Darden Restaurants, Inc.
DRI
Darden trades at $48 because a corporate-heavy Board has buried a great restaurant company; the Brinker playbook — cost cuts, real estate separation, SRG spin, franchising — unlocks $67-$86 per share.
N5
V3
Sep 11, 2014
Starboard Value
Darden Restaurants, Inc.
DRI
Darden's brands and real estate are worth $67-$86/share vs. $48 today — replace the entire board to execute the Brinker playbook: operational turnaround, real-estate separation, SRG spin-off.
N5
V3
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
Mar 31, 2014
Starboard Value
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.
N4
V3
Mar 11, 2014
Elliott Management
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.
N3
V3
Sep 01, 2013
Sandell
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.
N4
V3
Aug 01, 2013
Muddy Waters
American Tower
AMT
AMT's international growth is a de facto lending / FX carry trade masking deteriorating economics, and ~$250M appears to have vanished from its Site Sharing acquisition.
N4
V1
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
Mar 01, 2013
Relational Investors
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.
N4
V3
Feb 21, 2013
Greenlight Capital
Apple Inc.
AAPL
Apple's $137B idle cash depresses its P/E; distribute 'iPrefs' — tax-free perpetual preferred stock paying 4% — to unlock ~$150/share without spending a dollar of cash.
N5
V3
Jan 29, 2013
Elliott Management
Hess Corporation
HES
Hess trades at a steep discount because its unfocused portfolio and poor execution mask premier Bakken acreage; spin the resource co., replace the board, and unlock ~150% upside to $126.
N5
V4
Nov 27, 2012
Muddy Waters
Olam International Ltd.
SGX:O32
Olam is an Enron-style agri trader whose aggressive non-cash accounting, off-the-rails CapEx binge, and 9.3x leverage mask a failing trading business — equity likely worthless, bonds 14-33¢.
N5
V2
Nov 07, 2012
Trian Partners
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.
N3
V3
Oct 24, 2012
Corvex
ADT Corporation
ADT
ADT is drastically under-levered post-Tyco spin; levering to 3.0x EBITDA and repurchasing ~30% of the float delivers ~44% upside to a $55 target.
N4
V3
Oct 01, 2012
ValueAct
Multiple (ValueAct portfolio: Moody's, CBRE, Motorola Solutions, Adobe, Halliburton, Autodesk, Gardner Denver, Sara Lee, Verisign, CR Bard)
ValueAct's edge is concentrated, board-level positions in differentiated, recurring-revenue businesses — picking quality and avoiding leverage, complexity and bad governance.
N4
V2
Oct 01, 2012
Sandell
TPC Group Inc.
TPCG
TPC Group's $40/share take-private by First Reserve/SK Capital is a self-dealt, low-balled sale; a proper auction plus MLP re-rating would deliver materially higher value to shareholders.
N4
V2
Oct 01, 2012
Marcato
Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)
Three stocks — ALEX, GenCorp, Brookfield Residential — hide land assets on their balance sheets at decades-old cost, offering 46-286% upside once marked to market.
N3
V3
Jun 18, 2012
Trian Partners
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.
N4
V3
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
Dec 01, 2011
Sandell
Tronox Incorporated
TROX
Post-Exxaro Tronox is the lowest-cost, fully-integrated TiO2 producer; levering up for a $24-$43/share special dividend plus relisting unlocks $183-$194/share, 56-66% upside.
N3
V2
Nov 08, 2011
Pershing Square
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.
N3
V3
Oct 18, 2011
Pershing Square
Fortune Brands Home & Security
FBHS
FBHS is an orphaned post-spin cyclical at trough housing demand; even with no recovery it's worth $14, and normalization delivers $18-$27/share — ~70% upside.
N3
V3
Oct 01, 2011
Sandell
Rubicon Limited
RBC
Rubicon's NZ-listed holdco structure hides two world-class US assets — ArborGen and Tenon — that a Tenon auction, ArborGen NASDAQ relisting, and three new shareholder directors can unlock for 200-300%+ upside.
N4
V3
Sep 14, 2011
Pershing Square
Hong Kong Dollar / Hong Kong Monetary Authority (HKMA)
HKD
Hong Kong's USD peg forces the booming HKD to import US ultra-accommodative monetary policy, fueling inflation and property bubbles; a 30% revaluation to 6:1 offers ~44x upside via cheap call options.
N5
V3
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
May 25, 2011
Pershing Square
Family Dollar Stores
FDO
Family Dollar runs a 37% EBIT/sqft productivity gap to Dollar General post-KKR; closing it via ops, a leveraged buyback, or sale unlocks ~$90/share (70% upside).
N5
V3