399 documents showing 121–180
Fairfax Financial Holdings Ltd. FFH
Muddy Waters poses five forensic questions to Fairfax management that, if answered honestly, would expose return-of-capital dividends, off-balance-sheet debt via NCIs, and fair-value gain engineering.
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.
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.
Pershing Square Holdings (own closed-end fund review) PSH
PSH trades at a 27% discount to NAV despite 31.2% 5-yr compound NAV return
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.
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.
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.
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.
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.
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+.
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.
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.
Forward Air Corporation FWRD
Forward Air's $3.2B Omni Logistics deal destroys shareholder value; block the deal, replace CEO Tom Schmitt and the Board, and shares rerate to $140-$145.
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.
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.
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.
BP plc BP
BP trades at a 44% discount to US majors because Looney's pivot away from oil & gas destroys value; reverse the strategy, return capital, and unlock 50%+ upside.
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.
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.
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.
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.
Vivion Investments
Vivion's proposed bond exchange rests on inflated UK hotel valuations — illustrated by Crowne Plaza Heathrow, marked at EUR94.6m versus CBRE's EUR72.9m — serving insiders, not bondholders.
Algonquin Power & Utilities Corp. AQN
Starboard, now AQN's largest holder at 7.5%, says selling the unregulated renewables fixes leverage and the payout ratio, leaving a greener regulated utility worth a peer-premium re-rating.
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.
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.
The Goodyear Tire & Rubber Company GT
Retail stores alone could be worth nearly Goodyear's entire market capitalization
Vitesco Technologies VTSC
Vitesco trades at €2.6B EV — less than its ICE business alone is worth (€2.9-4.3B at peer multiples); buy the stock and get the high-growth EV-powertrain unit for free.
LivePerson, Inc. LPSN
LivePerson's Founder-CEO LoCascio has destroyed value and ignored governance; Starboard is launching a 2023 proxy fight to force a CEO change or sale of the company.
Glencore Plc GLEN
Glencore's unsolicited Teck bid is structurally flawed; Glencore should first demerge thermal coal, Oil Marketing and Viterra, then merge with Teck to unlock a world-class transition-metals leader.
Parkland Corporation PKI
Parkland's conglomerate mix of retail, refinery and distribution trades at a 3-turn discount to Couche-Tard; spin the non-core assets and refresh the stale board to unlock ~$45/share, roughly 55% upside.
Union Pacific Corporation UNP
UNP owns the best Class I rail franchise but ranks worst on every metric under CEO Lance Fritz; bringing back operator Jim Vena could double the stock to ~$400 by 2025.
Airbus SE AIR
TCI urges Airbus to abandon the 29.9% Evidian stake — a value-destructive, politically-motivated bailout of Atos that distracts management from fixing aircraft delivery shortfalls.
Pershing Square Holdings (fund-level annual update) PSH
PSH outperformed S&P 500 by 930bps in 2022 thanks to interest-rate hedge
Ritchie Bros. Auctioneers RBA
Back the amended RBA-IAA merger: $350-900M of synergies, a Starboard/Ancora-refreshed board, and Luxor's anti-deal case is flawed — RBA should re-rate from $62 to ~$130.
The Walt Disney Company DIS
Disney's world-class IP is being squandered by a board that overpaid $52bn for Fox, bungled CEO succession, and is bleeding streaming losses — add Nelson Peltz to restore discipline.
The Walt Disney Company DIS
Disney is in a self-inflicted crisis of governance, strategy and capital allocation; electing Nelson Peltz to the board will restore discipline, profitability and the dividend by FY 2025.
Digital Garage, Inc. 4819 JT
Digital Garage's fintech payments arm is starved by a distracted conglomerate; spinning off FinTech and dumping the Kakaku.com stake unlocks ~100% upside amid Japan's cashless boom.
Digital Garage Inc. 4819 JT
Digital Garage is missing Japan's cashless-payments wave; spinning off DG Financial Technology, divesting Kakaku, and refocusing management would nearly double the stock and lift profit before tax from JPY4.5bn to JPY11.4bn.
Vivion Investments S.à.r.l.
Vivion's €1.44bn bond issuer is a multi-billion euro shell game — fabricated shareholder loans, inflated occupancy and fair value gains, and related-party rents enriching controlling shareholder Amir Dayan.
Six Flags Entertainment Corp. SIX
Six Flags' owned real estate is worth more than its entire equity value; spinning it to a REIT buyer like VICI plus fixing the botched 2022 repositioning can double the stock.
DLocal Ltd. DLO
Muddy Waters is short DLO: contradictory TPV disclosures, implausibly high FX-driven take rates, governance failures and ~$1bn of insider selling point to likely fraud at the Uruguay-based payments processor.
Alphabet GOOGL
Alphabet's cost base is bloated — headcount up 20% CAGR since 2017, pay 67% above Microsoft, Other Bets bleeding $20bn; cut costs, target a 40% Google Services margin, and buy back stock aggressively.
Capricorn Energy CNE
NewMed's all-share bid for Capricorn hands shareholders a 42% discount and a self-serving board deal; a cash-return plus Egypt-focused optimisation path unlocks 400p/share instead.
Multiple (Wix, Salesforce, Splunk, Vertiv) WIX / CRM / SPLK / VRT
Four high-quality TMT names (Wix, Salesforce, Splunk, Vertiv) trade at multi-year-low valuations; closing the margin gap to peers as the market shifts from growth to profitability unlocks substantial FCF/share upside.
Sunrun Inc. RUN
Sunrun's equity story rests on three shaky pillars — inflated subscriber values, abusive IRS tax-basis gaming, and fragile ABS — that together imply an 85% haircut to Net Earning Assets.
US Foods Holding Corp. USFD
Sachem Head owns 8.7% of US Foods and is running a proxy fight to install five directors who can close the Sysco margin gap and deliver ~100% upside.
Houghton Mifflin Harcourt HMHC
Veritas's $21/share buyout of Houghton Mifflin steals the company for 7.6x 2024 UFCF; reject it and execute a standalone Dutch tender recap to reach ~$42 by 2024.
Houghton Mifflin Harcourt HMHC
Veritas' $21 tender for Houghton Mifflin Harcourt steals value at 7.6x UFCF; a self-funded Dutch tender and standalone plan could deliver roughly $42 per share by 2024.
Huntsman Corporation HUN
Huntsman failed all 2016 and 2018 Investor Day EBITDA and share-price promises
Huntsman Corporation HUN
Huntsman underperformed the S&P 500 by 337% from IPO to Starboard's involvement
Huntsman Corporation HUN
Huntsman has broken every major Investor Day commitment since 2014 — fooled shareholders three times
Huntsman Corporation HUN
Huntsman returned just 80% since its 2005 IPO vs. 642-822% for peers, a ~562% deficit under CEO Peter Huntsman
Pershing Square Holdings (fund-level annual update; covers portfolio including Lowe's, Universal Music Group, Hilton, Chipotle, Restaurant Brands, Howard Hughes, Domino's, Netflix, PSTH) PSH
PSH delivered 26.9% NAV return in 2021 and 50.1% 3-yr CAGR, outperforming activist and equity hedge indices
Huntsman Corporation HUN
Huntsman has underperformed peers by 575% since IPO and missed three straight Investor Day targets; elect four Starboard nominees on the BLUE card to restore board accountability.
Huntsman Corporation HUN
Huntsman has underperformed proxy peers by 575% since its IPO
Huntsman Corporation HUN
A decade of missed EBITDA targets: 2014, 2016 and 2018 Investor Day aspirations all unmet
Huntsman Corporation HUN
Three consecutive Investor Days (2014, 2016, 2018) missed EBITDA targets by hundreds of millions
Astra Space, Inc. ASTR
Astra is a SPAC-bubble rocket company with no revenue, an undersized non-reusable vehicle, and fantastical 300-launch-a-year forecasts; shares should tumble back to the ground.
REIT sector (thematic)
REITs hedge inflation, but only short-lease high-margin sectors — residential, self-storage, warehouses — work; office and net lease are bond-like losers in a 6%+ CPI world.
N/A (asset-class advocacy)
Publicly traded REITs have outperformed private real estate by 165–590bps annually for 20 years, offer better liquidity, cheaper valuations vs. bonds, and superior inflation-era returns.