251 documents showing 181–240
Pioneer Natural Resources PXD
Pioneer and the shale 'frackers' burn cash and destroy value on every BOE developed; their $27B market cap rests on proved reserves worth $3-8B — buy oil, not PXD.
E. I. du Pont de Nemours and Company DD
DuPont is a chronically underperforming conglomerate; electing Trian's four nominees forces structural review, cost cuts, and governance reform to unlock $120+/share by 2017 — a 21% IRR.
E.I. du Pont de Nemours and Company DD
DuPont is bottom-quartile under Ellen Kullman; electing Trian's four nominees unlocks $120/share by 2017 by cutting $2-4bn of excess corporate costs and ending 'crony' compensation.
E.I. du Pont de Nemours and Company (DuPont) DD
DuPont is a chronically underperforming conglomerate bloated with $2-4bn of excess costs; putting Trian on the board unlocks a $120+/share, 21% IRR path by 2017.
E.I. du Pont de Nemours and Company (DuPont) DD
DuPont is a chronic underperformer under CEO Kullman; electing Nelson Peltz and three nominees unlocks $2-4bn of excess costs and drives DuPont stock to $120 by 2017 (21% IRR).
E. I. du Pont de Nemours and Company DD
DuPont's consolidated structure masks ~86% upside; separating GrowthCo, Performance Chemicals, and CyclicalCo/CashCo plus peer-level margins delivers an implied $122 target value by end-2017.
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.
The Bank of New York Mellon BK
BNY Mellon has squandered the 2007 Mellon merger under CEO Hassell; cutting ~10,000 excess FTEs and installing new leadership closes the State Street gap for 114% upside.
E.I. du Pont de Nemours and Company (DuPont) DD
DuPont is an underperforming conglomerate burdened with $2-4bn of excess costs; elect Trian's four nominees to drive separation, cost cuts, and board accountability.
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.
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.
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.
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.
Darden Restaurants, Inc. DRI
Darden's Board destroyed value by selling Red Lobster for ~1x EBITDA against shareholder will; replacing 12 directors unlocks a real estate spin, cost-cut turnaround, and peer-catchup upside.
athenahealth ATHN
athenahealth is the poster child of the cloud 'bubble basket' — strip Morgan Stanley's fantasy margin and revenue-per-doctor assumptions and the stock falls 80%+ toward a $50 adjusted DCF.
Sotheby's BID
Sotheby's sits on $1bn+ of excess capital while insiders own 0.8%; Third Point's slate brings aligned ownership to drive capital return, cost discipline, and higher ROE.
Sotheby's BID
Sotheby's Board has presided over a 42% EPS collapse despite global wealth tailwinds; electing Third Point's three nominees can restore owner perspective and more than double pro-forma EPS.
Darden Restaurants, Inc. DRI
Darden's rushed Red Lobster spin is the wrong deal at the wrong time — it traps ~$850M of real estate value and blocks a $1-2B REIT unlock; shareholders must call a Special Meeting to stop it.
PepsiCo, Inc. PEP
PepsiCo has chronically underperformed because its 'Power of One' holding-company structure suffocates Frito-Lay and Pepsi; separate them into two focused companies and the combined value will re-rate materially higher.
FirstGroup plc FGP
FirstGroup's post-Laidlaw complexity and high-cost debt have crushed returns; spinning FirstGroup US to yield-hungry US investors, selling Greyhound, and right-sizing the balance sheet unlocks up to 191p.
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.
Health Management Associates HMA
HMA's incumbent board destroyed 25% of independent value before rushing a sale to Community Health Systems; Glenview's Fresh Alternative board protects the deal and recovers upside.
PepsiCo, Inc. PEP
PepsiCo's snacks and beverages are structurally incompatible — Trian demands a Mondelez merger plus beverage spin (or a clean snacks/beverages separation), unlocking up to $175/share by 2015 vs. $85 today.
Spectra Energy Corp SE
Spectra Energy's conglomerate structure masks a premier energy infrastructure franchise; a three-step breakup — drop-down to SEP, WE IPO, DCP separation — unlocks $41-$48/share (32-55% upside).
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.
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.
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.
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.
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.
Green Mountain Coffee Roasters GMCR
GMCR's $9 EPS bull case ignores a smaller TAM, falling K-cup attachment rates, a September 2012 patent cliff, and accounting shenanigans at fulfillment agent MBlock — realistic EPS is ~$3.50.
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.