147 documents showing 121–147
Agrium AGU
Agrium rebuts JANA's break-up case: the sum-of-parts math is contrived, Retail already trades at ~9x within Agrium, and no analyst endorses JANA's methodology.
Hess Corporation HES
Hess intrinsic value is over $126/share — 94-153% upside to the current price
Agrium Inc. AGU
Agrium's board has no retail-distribution expertise to manage a business that's half its value; JANA's 5 nominees can unlock cost, capital and conglomerate-discount value worth hundreds of millions.
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¢.
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.
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.
State Street Corporation STT
State Street subsidized growth at the expense of profitability; committing to 35% EBT margins, capital return, and a possible SSgA spin can lift shares from $34 to ~$99 by 2014.
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.
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.
The McGraw-Hill Companies MHP
McGraw-Hill's conglomerate structure masks four independently attractive assets; separating MH Education, Information & Media and the S&P Index business plus an accelerated buyback unlocks ~60% upside to ~$65.
Sino-Forest Corporation TRE
Sino-Forest is a fraud: its Authorized Intermediary structure fabricates timber revenue, its Yunnan holdings are overstated by ~$900M, and equity is worth less than $1 vs. $18.21.
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
The St. Joe Company JOE
St. Joe's Florida real estate empire is a value trap: developments are ghost towns, the airport catalyst is a bust, and the land is worth $7-10/share, not $24.54.
General Growth Properties GGP
GGP is worth ~$20/share sum-of-parts ($15 PF GGP + $5 GGO) vs. $14 price — 43% upside by year-end
Corrections Corporation of America CXW
CXW trades at a 12% cap rate vs ~7% for Health Care REITs with near-identical attributes
General Growth Properties GGWPQ
GGP's assets materially exceed liabilities — this is a liquidity bankruptcy, not insolvency
Target Corporation TGT
Target board lacks senior operating experience in retail, credit cards, and real estate
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
Wendy's International WEN
Wendy's is 93% a brand-royalty and real-estate business masquerading as a restaurant chain
Borders Group, Inc. BGP
Book superstore industry is misunderstood — Amazon risk is exaggerated and superstores have gained share
Time Warner Inc. TWX
Time Warner has underperformed its peer index by 51% under Parsons; splitting into four SpinCos (AOL, Content, Publishing, Cable) plus a $20bn buyback unlocks $30-45bn — a 35-54% premium.
McDonald's Corporation MCD
McDonald's is fundamentally not a restaurant company — 78-86% of EBITDA comes from Brand McDonald's
McDonald's Corporation MCD
McDonald's real estate is worth ~$46bn, ~94% of enterprise value, but trades like a restaurant stock
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.
Fluor Corporation FLR
Fluor's $4bn NuScale stake masks a transformed EPCM core trading at just 2.8x EBITDA; separating NuScale unlocks a re-rating to peer 6-13x multiples.
Hess Corporation HES
Hess has underperformed every relevant peer over every time frame of John Hess's 17-year CEO tenure