500 documents showing 121–180
Texas Instruments TXN
TI's rigid $5bn/year capex ramp is building ~50% excess capacity and has collapsed FCF per share 75%; flex capex to demand and commit to $9.00+ per share by 2026.
N4
V3
C3
⌂
”
The Walt Disney Company DIS
Disney should lean into its 21%-ROIC Parks business and escape the streaming wars via bigger bundles and cross-studio collaboration — applying the Microsoft, NYT, and Spotify playbook ValueAct knows.
N4
V4
C4
⌂
The Walt Disney Company DIS
Disney's decade of underperformance stems from a board lacking focus and accountability; electing Peltz and Rasulo brings ownership mentality to fix succession, streaming economics and capital allocation.
N5
V4
C4
⌂
◫
”
⇌
⚑
The Walt Disney Company DIS
Disney lost its way under a distracted, unaccountable board; replacing two directors with Peltz and Rasulo restores focus on DTC margins, CEO succession, and capital discipline.
N5
V4
C4
⌂
◫
”
⇌
⚑
Kenvue Inc. KVUE
Kenvue is an iconic consumer-health portfolio underperforming its potential — fixing margins and Skin Health & Beauty execution can close a wide valuation gap to Haleon and staples peers.
N4
V3
C3
⌂
Pershing Square Holdings PSH
PSH delivered 26.7% NAV / 36.0% TSR in 2023; 31.2% 5-yr CAGR
N2
V3
C3
⌂
GoDaddy Inc. GDDY
GoDaddy is a high-quality infrastructure business trading at a wide FCF-multiple discount; committing to 40% growth-plus-profitability and buying back stock unlocks $170-$200+ per share.
N3
V2
C2
⌂
The Walt Disney Company DIS
Disney's board has failed shareholders — TSR lags peers by 401% over ten years — so Trian is nominating Peltz and former CFO Rasulo to restore governance, accountability, and 'the magic.'
N3
V2
C2
⌂
”
Phillips 66 PSX
Phillips 66 has lost investor trust by taking its eye off refining; adding two refining-experienced directors — and Marathon's 2019 playbook if targets slip — unlocks ~75% upside to $205+.
N4
V2
C2
⌂
◫
”
⚑
GoDaddy Inc. GDDY
GoDaddy is a scale-leading infrastructure business trading at 11x FCF; replaying Starboard's Splunk/Wix/Salesforce margin-expansion playbook can close a 37% peer gap and re-rate the stock.
N4
V3
C3
⌂
◫
News Corporation NWSA
News Corp's REA stake alone is worth $8B of its $12B EV — separating Digital Real Estate would expose Dow Jones and surface ~50% upside to ~$33/share.
N4
V3
C3
⌂
◫
Fortrea Holdings Inc. FTRE
Fortrea, LabCorp's spun-out CRO, earns 9% EBITDA margins versus 18% peers; CEO Tom Pike's IQVIA playbook implies $47-$72 per share, 60-144% upside at normalized margins.
N4
V3
C3
⌂
”
⇌
Date
Fund
Target
Thesis
Scores
Jun 10, 2024
Elliott Management
Southwest Airlines
LUV
Southwest's market cap has halved as a 36-year-insider CEO refuses to evolve; replacing the Board and CEO and modernizing the commercial model targets $49 — 77% upside.
N5
V4
Jun 10, 2024
Elliott Management
Southwest Airlines
LUV
Southwest, once a profit leader, now posts the worst margins of any major U.S. airline under entrenched insiders Kelly and Jordan; new leadership, a refreshed board and a strategic review unlock 77% upside to $49.
N5
V4
Jun 10, 2024
Elliott Management
Southwest Airlines
LUV
Southwest's 47-year profit streak has collapsed into worst-in-class margins under entrenched leadership; refreshing the board and hiring an external CEO unlocks 77% upside to $49.
N5
V4
Jun 10, 2024
Carl Icahn
Southwest Airlines
LUV
Southwest has the worst margins of any major U.S. airline under a 74-year legacy leadership team; a new outside CEO, refreshed board and modernized commercial strategy can deliver a $49 share price, 77% upside.
N5
V4
Jun 05, 2024
Scorpion Capital
Lasertec Corporation
6920
Lasertec — Japan's most-traded stock at $23B — is inflating inventory to hide that its flagship ACTIS EUV mask-inspection tool is defective; a 65-70% writedown will erase 85% of retained earnings.
N5
V4
Jun 05, 2024
Scorpion Capital
Lasertec Corporation
6920
Lasertec, Japan's most actively traded stock at a $23B cap and 17x sales, is a textbook accounting fraud — a defective EUV tool, fake fab, and looming impairment will wipe out most earnings.
N5
V3
Jun 01, 2024
Kerrisdale Capital
Riot Platforms, Inc.
RIOT
Riot Platforms is a serial-diluting bitcoin miner with $140k+ all-in cost per coin, rising Texas regulatory risk, and a broken model increasingly obviated by low-fee BTC ETFs.
N4
V3
May 28, 2024
Elliott Management
Texas Instruments
TXN
TI's rigid $5bn/year capex ramp is building ~50% excess capacity and has collapsed FCF per share 75%; flex capex to demand and commit to $9.00+ per share by 2026.
N4
V3
May 08, 2024
Spruce Point Capital
Boot Barn Holdings, Inc.
BOOT
Boot Barn's stock is propped up by Taylor Swift/Beyonce hype and a flawed big-box expansion masking executive red flags, bloated capex and stretched valuation; 40-50% downside to $51-$62.
N4
V3
May 01, 2024
Bluebell Capital
BP plc
BP
BP under Lund and Looney's failed energy-transition strategy has produced sector-worst TSR, a record valuation discount, and governance failures — the board must engage with dissenting shareholders.
N3
V2
Apr 25, 2024
Engine Capital
Dye & Durham Limited
DND
Engine wants Dye & Durham's board to abandon its arbitrary C$1bn EBITDA target, stop overpaying for acquisitions, and refocus on ROIC after 62% three-year shareholder losses.
N3
V2
Apr 25, 2024
Oasis Management
Kao Corporation
4452.JP
Kao has top-decile brands (Curel, Biore, Molton Brown) but bottom-decile management with a 'growth allergy' — fixing it Beiersdorf-style unlocks 76-97% upside.
N4
V4
Apr 17, 2024
Spruce Point Capital
PowerSchool Holdings, Inc.
PWSC
Spruce Point is short PWSC: ESSER-fueled K-12 growth is about to hit a fiscal cliff while aggressive accounting, SOPIPA privacy exposure, and 5.8x true leverage imply 30-60% downside.
N5
V3
Apr 17, 2024
Engine Capital
Parkland Corporation
PKI
Parkland has failed on operations, capital allocation and governance; a strategic sale at 8-9x EBITDA would deliver ~$64/share, a 56% premium superior to the risky standalone plan.
N4
V2
Apr 15, 2024
Ancora
Norfolk Southern Corporation
NSC
Norfolk Southern is the worst-performing Class I railroad under Alan Shaw; replacing the Board and installing UPS/CSX operators to run PSR closes the 780bps OR gap and unlocks $420 per share.
N5
V4
Apr 11, 2024
Citron Research
Edgio, Inc.
EGIO
Edgio trades at 0.13x sales despite serving Microsoft, Amazon, and Verizon; a takeout or rerating to peer CDN multiples implies $65-$200 per share — 6-10x upside.
N3
V2
Apr 11, 2024
Bluebell Capital
TIM S.p.A. (Telecom Italia)
TIT
Vote Bluebell's slate to replace TIM's worst-in-class CEO Labriola with Google Cloud exec Laurence Lafont, halt strategic chaos, and unlock ~100% upside versus European telco peers.
N4
V3
Apr 09, 2024
Bluebell Capital
BlackRock, Inc.
BLK
BlackRock's governance trails the S&P 500 on every metric, its stewardship team is overwhelmed, and TSR has merely tracked the market since 2009 — separate Chair and CEO to restore independent oversight.
N4
V3
Apr 09, 2024
Bluebell Capital
BlackRock
BLK
BlackRock's combined Chair/CEO and below-peer governance have delivered only market-matching TSR since 2009 and fuel greenwashing risk; shareholders should vote FOR an Independent Chair at the 2024 AGM.
N4
V3
Apr 09, 2024
Bluebell Capital
BlackRock
BLK
BlackRock's combined CEO/Chair role and entrenched Lead Independent Director leave the board without true oversight; bylaws should mandate an Independent Chair from AGM 2025.
N4
V2
Apr 03, 2024
Spruce Point Capital
WSP Global Inc.
WSP
WSP Global is a $27bn engineering roll-up masking financial stress with accounting tricks, scandalous leadership, and tax-evasion allegations — Spruce Point sees 25-50% downside to C$110-$165.
N4
V3
Mar 26, 2024
Ancora
Norfolk Southern
NSC
Norfolk Southern is the worst-performing Class I railroad under CEO Alan Shaw's failed 'resilience railroading'; elect Ancora's slate to install Jim Barber as CEO, adopt true PSR, and unlock ~60% upside.
N4
V3
Mar 14, 2024
Spruce Point Capital
Enfusion, Inc.
ENFN
Enfusion is a no-moat SaaS with tainted leadership, deteriorating unit economics, and revenue-reporting anomalies; Spruce Point sees 40-60% downside to $3.70-$5.60.
N5
V3
Mar 05, 2024
Spruce Point Capital
Zillow Group, Inc.
Z
Zillow's Premier Agent core is saturated, NAR lawsuits will compress commissions, Flex/Super App cannot replace it, and aggressive revenue recognition masks decline — shares worth $23-$35 vs $57.
N4
V3
Mar 01, 2024
Trian Partners
The Walt Disney Company
DIS
Disney's world-class IP is being squandered by a complacent Board: elect Peltz and Rasulo to fix succession, restore Netflix-like DTC margins, and close a 401% TSR peer gap.
N5
V4
Mar 01, 2024
ValueAct
The Walt Disney Company
DIS
Disney should lean into its 21%-ROIC Parks business and escape the streaming wars via bigger bundles and cross-studio collaboration — applying the Microsoft, NYT, and Spotify playbook ValueAct knows.
N4
V4
Mar 01, 2024
Trian Partners
The Walt Disney Company
DIS
Disney's decade of underperformance stems from a board lacking focus and accountability; electing Peltz and Rasulo brings ownership mentality to fix succession, streaming economics and capital allocation.
N5
V4
Mar 01, 2024
Trian Partners
The Walt Disney Company
DIS
Disney lost its way under a distracted, unaccountable board; replacing two directors with Peltz and Rasulo restores focus on DTC margins, CEO succession, and capital discipline.
N5
V4
Feb 26, 2024
Kerrisdale Capital
Carvana Co.
CVNA
Carvana at $70 is priced as a tech disruptor, but it's 'just a dealership' with CarMax-like unit economics and a levered balance sheet — fair value is $16, -77%.
N4
V3
Feb 15, 2024
Wolfpack Research
Innodata, Inc.
INOD
Wolfpack is short INOD: its 'AI platform' is 4,000 offshore data-entry workers in disguise, insiders dumped $13m timed to AI press releases, and a dilutive raise will send shares back below $3.
N4
V2
Feb 13, 2024
Starboard Value
Kenvue Inc.
KVUE
Kenvue is an iconic consumer-health portfolio underperforming its potential — fixing margins and Skin Health & Beauty execution can close a wide valuation gap to Haleon and staples peers.
N4
V3
Feb 08, 2024
Pershing Square
Pershing Square Holdings
PSH
PSH delivered 26.7% NAV / 36.0% TSR in 2023; 31.2% 5-yr CAGR
N2
V3
Feb 08, 2024
Muddy Waters
Fairfax Financial Holdings Ltd.
FFH
Muddy Waters is short Fairfax Financial, arguing it is 'the GE of Canada' — a serial accounting manipulator whose book value is overstated by ~$4.5bn (~18%) through value-destructive transactions.
N4
V3
Feb 01, 2024
Ancora
Elanco Animal Health
ELAN
Elanco has destroyed billions under CEO Simmons and an insular classified board; replacing four directors at the 2024 AGM installs accountability and unlocks the animal-health turnaround.
N4
V4
Jan 31, 2024
Starboard Value
GoDaddy Inc.
GDDY
GoDaddy is a high-quality infrastructure business trading at a wide FCF-multiple discount; committing to 40% growth-plus-profitability and buying back stock unlocks $170-$200+ per share.
N3
V2
Jan 22, 2024
Muddy Waters
CPI Property Group S.A.
CPIPGR
Muddy Waters is short CPI Property Group's credit: its €19.2B portfolio appears inflated via implausible Berlin gains, cherry-picked Bubny landbank comps, and occupancy rates realtor listings show are overstated by ~2x.
N4
V3
Jan 22, 2024
Engine Capital
Parkland Corporation
PKI
Parkland's entrenched board has driven a decade of peer underperformance and a sector-low 6.9x multiple; a shareholder-led board refreshment is needed to close the valuation gap.
N4
V2
Jan 18, 2024
Trian Partners
The Walt Disney Company
DIS
Disney's board has failed shareholders — TSR lags peers by 401% over ten years — so Trian is nominating Peltz and former CFO Rasulo to restore governance, accountability, and 'the magic.'
N3
V2
Jan 17, 2024
Spruce Point Capital
MSCI Inc.
MSCI
Spruce Point rates MSCI a Strong Sell: accounting red flags, nepotism-like M&A, eroding ESG lead and a CAO resignation expose 55-65% ($190-$244) downside to MSCI's premium multiple.
N5
V3
Dec 11, 2023
Wolfpack Research
Ramaco Resources, Inc.
METC
Wolfpack is short METC: Brook Mine's REE concentration sits below crustal average, processing economics imply an $88bn loss, and insiders have dumped $96M into WSJ-fueled hype.
N4
V2
Dec 06, 2023
Palliser Capital
Samsung C&T Corporation
028260 KS
Samsung C&T trades at a 63% discount to its $40.4bn NAV; fixing capital allocation, governance and the opaque group structure closes a $25bn value gap worth ~170% upside.
N5
V4
Nov 29, 2023
Elliott Management
Phillips 66
PSX
Phillips 66 has lost investor trust by taking its eye off refining; adding two refining-experienced directors — and Marathon's 2019 playbook if targets slip — unlocks ~75% upside to $205+.
N4
V2
Nov 09, 2023
Spruce Point Capital
e.l.f. Beauty, Inc.
ELF
ELF Beauty's premium valuation relies on viral Gen-Z marketing led by Movers+Shakers, an agency whose founders have NXIVM-cult ties — reputational backlash points to 45%-65% downside.
N5
V3
Oct 18, 2023
Starboard Value
GoDaddy Inc.
GDDY
GoDaddy is a scale-leading infrastructure business trading at 11x FCF; replaying Starboard's Splunk/Wix/Salesforce margin-expansion playbook can close a 37% peer gap and re-rate the stock.
N4
V3
Oct 17, 2023
Palliser Capital
Keisei Electric Railway
9009 JT
Keisei's 22% stake in Oriental Land hides $4.5bn of value; right-sizing it below 15% and adopting a capital allocation framework unlocks 76% upside for shareholders.
N4
V4
Oct 17, 2023
Starboard Value
GoDaddy
GDDY
GoDaddy missed its 2022 Investor Day commitments as Tech & Development costs ballooned; cutting costs to hit 33%+ EBITDA margins re-rates FCF/share to $10+ and closes the peer-multiple gap.
N3
V3
Oct 17, 2023
Starboard Value
GoDaddy, News Corp, Fortrea
Starboard pitches three ideas: News Corp should separate Digital Real Estate to unlock ~50% upside, GoDaddy should expand margins to 33%+, and Fortrea can hit 18% peer margins under Tom Pike.
N4
V3
Oct 13, 2023
Starboard Value
Multiple (GoDaddy, News Corp, Fortrea)
GDDY, NWSA, FTRE
Starboard pitches three activist ideas at the 2023 13D Monitor Summit — GoDaddy margin expansion, News Corp digital-real-estate separation, and Fortrea CRO profitability fix — each with 50%+ upside.
N4
V3
Oct 04, 2023
Spruce Point Capital
Rollins Inc.
ROL
Rollins is the 'Cockroach' of activism: SEC settlement, auditor swap, family insider sales, and a 27x EBITDA multiple set up 30-40% downside as Rentokil/Terminix and PE roll-ups erode the moat.
N4
V3
Oct 01, 2023
Starboard Value
News Corporation
NWSA
News Corp's REA stake alone is worth $8B of its $12B EV — separating Digital Real Estate would expose Dow Jones and surface ~50% upside to ~$33/share.
N4
V3
Oct 01, 2023
Starboard Value
Bloomin' Brands
BLMN
Bloomin' Brands trades at 5.0x EBITDA vs Darden's 9.5x because of operational execution failures at Outback; Starboard's Darden playbook can narrow the gap and unlock shareholder value.
N4
V3
Oct 01, 2023
Starboard Value
Fortrea Holdings Inc.
FTRE
Fortrea, LabCorp's spun-out CRO, earns 9% EBITDA margins versus 18% peers; CEO Tom Pike's IQVIA playbook implies $47-$72 per share, 60-144% upside at normalized margins.
N4
V3
Sep 21, 2023
Spruce Point Capital
Samsara Inc.
IOT
Samsara is a commodity-hardware vehicle-telematics company masquerading as a premium SaaS growth story; aggressive accounting inflates margins and a 16x revenue multiple implies 45%-75% downside to $6.30-$13.90.
N5
V4
Sep 12, 2023
Starboard Value
GoDaddy Inc.
GDDY
GoDaddy has missed its 2022 Investor Day targets as Tech & Dev expenses ballooned; cutting costs to a 40% growth+profitability exit rate and adding a Starboard director unlocks a ~40% valuation re-rating.
N4
V3
Aug 09, 2023
Spruce Point Capital
Xylem Inc.
XYL
Xylem overpaid in stock for SEC-fraud-charged Evoqua, just published two contradictory cash-flow statements, and faces 30-45% downside as multiples compress toward water-industrial peers.
N5
V4
Jul 13, 2023
Spruce Point Capital
Hims & Hers Health, Inc.
HIMS
HIMS is an overvalued, commoditized ED/hair-loss e-commerce business masquerading as healthcare, with CPoM regulatory risk and new OTC Eroxon competition driving 25-40% downside to $5.20-$6.50.
N4
V3
Jun 15, 2023
Kerrisdale Capital
Carvana Co.
CVNA
Carvana is a poorly-run subprime used-car retailer buried under $6.5bn of debt; the recent 165% rally is a loan-sale mirage and the equity is worth zero.
N4
V3
Jun 01, 2023
Land & Buildings
Alexandria Real Estate Equities, Inc.
ARE
Alexandria's life-science office portfolio is being hit by the same WFH hurricane as traditional offices, and shares face 30-40% downside if re-rated to coastal office REIT peers.
N3
V4
May 23, 2023
Spruce Point Capital
Perion Network Ltd.
PERI
PERI's Apple-tier revenue per employee, opaque revenue recognition, Lumenis-tainted CEO and impaired Microsoft Bing deal point to a forensic short with 25-40% downside.
N4
V3
May 16, 2023
Muddy Waters
Chinook Therapeutics Inc
KDNY
Muddy Waters is short Chinook (KDNY): lead drug atrasentan is inefficacious, harmful, and blocked by sparsentan's IgAN orphan-drug exclusivity — FDA approval is highly unlikely.
N4
V2