251 documents showing 121–180
AECOM ACM
AECOM is a collection of under-integrated franchises; a Jacobs-style operational overhaul plus outright sales of MS and CS can close a 5.3x multiple discount to peers.
N4
V3
C3
⌂
◫
”
Sony Corporation 6758.T
Sony trades at a ~50% conglomerate discount; spinning Semiconductors into 'Sony Technologies', divesting listed stakes, and refocusing on entertainment unlocks ~2x SOTP upside.
N5
V4
C4
⌂
◫
”
⇌
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
⌂
◫
”
⇌
⚑
Dollar Tree, Inc. DLTR
Dollar Tree is deeply undervalued because Family Dollar is a failed acquisition and the $1 price ceiling is a self-imposed cap; selling Family Dollar and testing multi-price points unlocks $150/share.
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
⌂
◫
”
⚑
Nestlé S.A. NESN
Nestlé has been too slow to adapt to a changing consumer industry; adopting a #NestléNOW mindset — sharper strategy, bolder portfolio divestitures including the L'Oréal stake, and a three-division split — can double EPS by 2022.
N5
V4
C4
⌂
◫
⚑
SandRidge Energy SD
SandRidge trades at a ~45% discount to its own PV-10 because the post-bankruptcy 'bankruptcy board' destroys value via dilutive deals; replace it with Icahn's slate to run a real sale process.
N4
V3
C3
⌂
◫
”
⚑
Xerox Corporation XRX
Xerox's CEO is handing 50.1% control to Fuji 'without spending a penny' for ~$28/share; vote down the deal and replace the board to unlock $54-$64 standalone.
N5
V3
C3
⌂
◫
”
⚑
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
⌂
◫
”
⇌
⚑
Automatic Data Processing (ADP) ADP
ADP has delivered 203% TSR under CEO Rodriguez; Pershing Square owns just 2% of common stock and its nominees lack the HCM and technology experience to improve on this trajectory.
N4
V3
C3
⌂
◫
”
⇌
⚑
Core Laboratories CLB
Core Lab trades at 35x 2018e P/E — double its oilfield-service peers — on a false secular-growth narrative; mid-cycle earnings imply $62 fair value and ~45% downside.
N5
V3
C3
⌂
◫
”
⚑
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
⌂
◫
”
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
Three years of failed turnaround have collapsed Yahoo's Core Business; Starboard demands a competitive sale process and leadership change, or it will launch an election contest.
N4
V2
C2
◫
”
⚑
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
◫
⚑
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
⌂
◫
”
Date
Fund
Target
Thesis
Scores
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 01, 2019
Kerrisdale Capital
CareDx, Inc.
CDNA
CareDx is a $1.7bn story built on AllSure, a cfDNA kidney-rejection test that misses 40% of rejections and faces 70% annual patient attrition, competition and Medicare reset — ~70% downside.
N4
V2
Jun 20, 2019
Starboard Value
AECOM
ACM
AECOM is a collection of under-integrated franchises; a Jacobs-style operational overhaul plus outright sales of MS and CS can close a 5.3x multiple discount to peers.
N4
V3
Jun 19, 2019
Spruce Point Capital
Axon Enterprise (formerly TASER)
AAXN
Axon is a mature Taser maker masquerading as a SaaS cloud story; aggressive accounting, China-tariff margin pressure, and TAM inflation justify a $27.50-$40 target — 40-60% downside.
N4
V3
Jun 13, 2019
Third Point
Sony Corporation
6758.T
Sony trades at a ~50% conglomerate discount; spinning Semiconductors into 'Sony Technologies', divesting listed stakes, and refocusing on entertainment unlocks ~2x SOTP upside.
N5
V4
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 16, 2019
Spruce Point Capital
A.O. Smith Corporation
AOS
A.O. Smith's China growth is cracking while revenue-recognition red flags, unsustainable 40%+ margins and vanishing insider ownership point to 45-65% downside to $17.75-$27.30.
N4
V3
Apr 30, 2019
Spruce Point Capital
PetIQ, Inc.
PETQ
PetIQ's grey-market vet-drug margins and rebate-dependent earnings are unsustainable as Merial goes direct-to-retail, while a $200M wellness-center cash burn and the CEO's Petters/Fleming ties imply 75-90% downside.
N5
V3
Apr 09, 2019
Spruce Point Capital
Aerojet Rocketdyne Holdings, Inc.
AJRD
AJRD's rocket franchise is eroding as Blue Origin and SpaceX displace it; aggressive accounting and ~$900M ignored liabilities mask 5x leverage and 40-60% downside to $13-$20.
N4
V3
Mar 21, 2019
Spruce Point Capital
Dexcom, Inc.
DXCM
Dexcom's blow-out growth is a sugar high — driven by hidden price hikes and sensor stockpiling — and Abbott's cheap Libre 2 will commoditize CGMs, taking DXCM down 45-60% to $65-$85.
N4
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 13, 2019
Pershing Square
Pershing Square Holdings, Ltd.
PSH
PSH offers an activist portfolio compounding well above the S&P 500, available at a 27% discount to NAV, with a new dividend, buybacks, and insider buying narrowing the gap.
N3
V3
Feb 08, 2019
Muddy Waters
Inogen, Inc.
INGN
Inogen's growth story rests on a fabricated TAM sourced from a plagiarism-riddled WinterGreen report; real market is shrinking, peak sales arrive 2019-2020, target $46 (-67%).
N5
V2
Jan 23, 2019
Spruce Point Capital
Amdocs Limited
DOX
Spruce Point sees 25-50% downside in Amdocs (DOX): a Guernsey-domiciled telecom-IT vendor whose steady margins, opaque insider selling via Pines Quest, and dot-com-era accounting tricks signal $30-$45 per share.
N4
V3
Jan 07, 2019
Starboard Value
Dollar Tree, Inc.
DLTR
Dollar Tree is deeply undervalued because Family Dollar is a failed acquisition and the $1 price ceiling is a self-imposed cap; selling Family Dollar and testing multi-price points unlocks $150/share.
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 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 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 26, 2018
Spruce Point Capital
Henry Schein, Inc.
HSIC
HSIC's soon-to-spin Vets First Corp is growing far faster than the Street thinks — proprietary data shows 75% install-base growth, driving a $106-126 SOTP target vs. $84 today.
N4
V3
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
Jul 02, 2018
Muddy Waters
TAL Education Group
TAL
TAL inflated Firstleap's acquired deferred revenue by 90-175%, pumping $21-29M of fake profit through FY2017 via an above-the-line accounting lever obscured by an overlooked small acquisition.
N4
V2
Jul 01, 2018
Third Point
Nestlé S.A.
NESN
Nestlé has been too slow to adapt to a changing consumer industry; adopting a #NestléNOW mindset — sharper strategy, bolder portfolio divestitures including the L'Oréal stake, and a three-division split — can double EPS by 2022.
N5
V4
May 24, 2018
Carl Icahn
SandRidge Energy
SD
SandRidge trades at a ~45% discount to its own PV-10 because the post-bankruptcy 'bankruptcy board' destroys value via dilutive deals; replace it with Icahn's slate to run a real sale process.
N4
V3
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 17, 2018
Carl Icahn
Xerox Corporation
XRX
Xerox's CEO is handing 50.1% control to Fuji 'without spending a penny' for ~$28/share; vote down the deal and replace the board to unlock $54-$64 standalone.
N5
V3
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
Mar 16, 2018
Spruce Point Capital
Kratos Defense & Security Solutions
KTOS
Kratos is an overhyped drone play run by executives tied to the Titan FCPA scandal; with the weakest margins in defense and a recent Director fraud indictment, we see 40%-70% downside.
N4
V3
Jan 29, 2018
Pershing Square
Pershing Square Holdings (fund-level portfolio update)
PSH
After a fourth losing year driven by Valeant and Herbalife, Pershing Square has downsized, returned to core principles, and offers PSH investors an attractive reset entry point.
N3
V3
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
Sep 01, 2017
Trian Partners
Automatic Data Processing (ADP)
ADP
ADP has delivered 203% TSR under CEO Rodriguez; Pershing Square owns just 2% of common stock and its nominees lack the HCM and technology experience to improve on this trajectory.
N4
V3
Aug 17, 2017
Pershing Square
Automatic Data Processing, Inc.
ADP
ADP is a sleeping giant earning 19% Employer Services margins versus peers' 35-40% potential; electing Pershing's nominees catalyzes a transformation worth 100%+ in under four years.
N5
V4
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
May 08, 2017
Greenlight Capital
Core Laboratories
CLB
Core Lab trades at 35x 2018e P/E — double its oilfield-service peers — on a false secular-growth narrative; mid-cycle earnings imply $62 fair value and ~45% downside.
N5
V3
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
Dec 13, 2016
Muddy Waters
Nidec Corp.
6594 JP
Nidec is a gigantic stock promotion: zero organic growth and aggressive accounting hide behind a Facebook-like multiple — fair value JPY 4,764, ~52% downside.
N5
V2
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
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 21, 2016
Muddy Waters
Ströer SE & Co. KGaA
SAX
Ströer's digital-transformation narrative is hollow: organic growth is 10x overstated, EBITDA and FCF are inflated, and insider self-dealing rivals Chinese fraud cases — short.
N4
V2
Mar 08, 2016
Muddy Waters
Casino Guichard-Perrachon SA
CO
Casino's claimed France recovery is fiction: Mercialys property gains inflate EBITDA, suppliers are being stretched, and the CFO's earnings-call language shows deception clusters.
N5
V1
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 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
Jan 06, 2016
Starboard Value
Yahoo! Inc.
YHOO
Three years of failed turnaround have collapsed Yahoo's Core Business; Starboard demands a competitive sale process and leadership change, or it will launch an election contest.
N4
V2
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
Dec 01, 2015
SpringOwl
Yahoo! Inc.
YHOO
Yahoo's Core is mismanaged but fixable — replace Mayer with an operator CEO, cut headcount two-thirds, bring Liberty in as a partner, and shares triple from $35 to $113.
N4
V3
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
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 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
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
Aug 01, 2015
Carl Icahn
Icahn Enterprises L.P. (self)
IEP
IEP is Carl Icahn's public activist vehicle — a diversified holding company that has compounded at 19.2% since 2000 by buying undervalued businesses and forcing change as a controlling owner.
N2
V3