274 documents showing 181–240
Newell Brands Inc. NWL
Newell's Board is dysfunctional — four directors have quit and margins have cratered to 9.1%; elect Starboard's slate at the 2018 Annual Meeting to drive an operational turnaround.
Monotype Imaging Holdings Inc. TYPE
Monotype's three-year acquisition spree (Olapic, Swyft) destroyed $500M+ of value and halved EBITDA margins; Starboard demands four new directors to refocus on the core font franchise.
Newell Brands Inc. NWL
Starboard, backed by Jarden's founders, seeks to replace Newell's board after CEO Michael Polk destroyed $11bn of value following the 2016 Jarden merger.
Pershing Square Holdings (PSH) — portfolio review PSH
Returning to roots: smaller investment-centric team, reaffirmed core principles, growth from returns not AUM
Pershing Square Holdings (fund-level annual review covering multiple portfolio companies: ADP, QSR, MDLZ, HHC, CMG, FNMA/FMCC, PAH, NKE, HLF, SPGI) PSH
Pershing Square has restructured to a smaller, investment-centric organization — 'returning to our roots'
Mellanox Technologies, Ltd. MLNX
Mellanox has industry-leading 70%+ gross margins but dead-last operating margins among fabless semis; disciplined cost cuts can close a multi-year peer gap and rerate the stock.
Taubman Centers TCO
Taubman's dominant Class A malls are still bustling and growing, yet TCO is down 25% YTD — management, not 'dead malls,' is the problem, with 50%+ upside if the board acts.
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.
The Procter & Gamble Company PG
P&G's rebuttal deck is riddled with 50+ data errors designed to discredit Peltz; the real issue is ongoing market-share losses and bottom-quartile TSR that only a board seat can fix.
The Procter & Gamble Company PG
P&G's insular board and suffocating matrix have driven a decade of share loss; adding Nelson Peltz as one of 11 directors — Heinz/Mondelez/Wendy's tested — would revitalize the $65bn giant.
The Procter & Gamble Company PG
P&G's long-tenured Board has rewarded a decade of market-share loss and bottom-quartile EPS growth; electing Nelson Peltz adds the shareholder voice needed to fix innovation, productivity, M&A and governance.
Automatic Data Processing, Inc. ADP
Employer Services margins are 1,500-2,000 bps below potential vs. Paychex and peers
Nestlé NESN
Nestlé's world-class brand portfolio masks decade-long underperformance; new CEO Schneider must adopt margin and leverage targets, reshape the portfolio, and monetize L'Oréal to drive EPS to CHF 5-6 by 2020.
BHP Billiton BHP
US$46bn value unlock: demerger (+$15bn) + capital return (+$20bn) + franking credits (+$11bn)
Taubman Centers, Inc. TCO
Taubman Centers has chronically underperformed Class A mall peers by 57% over five years under entrenched family governance; electing L&B's nominees can unlock 65% NAV upside.
Pershing Square Portfolio (multiple positions)
Core longs (QSR, MDLZ, CMG, APD, HHC) are high-quality businesses in mid-transformation with untapped margin upside
Buffalo Wild Wings BWLD
Sally Smith-led BWLD has underperformed peers, mismanaged margins, and wasted capital buying back franchise stores; replacing the board and refranchising to 90% unlocks a higher multiple.
Arconic Inc. ARNC
Arconic shareholders lost ~70% of their value; CEO Kleinfeld is one of the worst-performing tenured CEOs in the U.S.
Portfolio-wide update (Mondelez, Air Products, Restaurant Brands, Chipotle, Howard Hughes, Fannie/Freddie, Valeant, Herbalife short, Platform Specialty, Nomad, CP, Zoetis)
Mondelez EBIT margin of 15.4% sits ~1,200bps below Kraft Heinz's 27.6% — a fixable gap
Multiple (PSH portfolio update)
Long-term track record intact: 503% cumulative vs S&P 163% since 2004 inception
Edgewater Technology, Inc. EDGW
Edgewater's entrenched legacy board has overpaid two underperforming executives for 14 years; replacing four directors with Ancora's slate unlocks a turnaround in this sub-scale IT consultant.
Cognizant Technology Solutions CTSH
Cognizant has deliberately capped margins at 19-20% for 20 years while revenue grew 70x
Perrigo Company plc PRGO
Perrigo lost half its value after rejecting Mylan's $205 bid; divesting Rx and Tysabri royalty, fixing BCH margins, and restoring credibility can re-rate the stock to consumer-staples peers.
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.
Multiple (portfolio-level LP update: MDLZ, APD, ZTS, QSR, CP, HHC, VRX, PAH, FNMA/FMCC, NOMD, HLF)
Mondelez margin gap to peers (13% vs 17-26%) implies +600-700bps of optimized EBIT upside
Multiple (Pershing Square portfolio: MDLZ, APD, ZTS, QSR, CP, HHC, VRX, NOMD, HLF-short)
Mondelez EBIT margin of 13.1% is far below peers (Kraft Heinz 26.5%, Hershey 20.0%) and well short of 3G playbook results
Yahoo! Inc. YHOO
Yahoo's board has failed for years on operations, capital allocation, and governance; replace it with Starboard's nine nominees to run a credible Core Business sale and unlock value.
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.
Outerwall Inc. OUTR
Outerwall's cash-rich Redbox/Coinstar business trades at a 3x EBITDA capital-allocation discount; halting buybacks for a large dividend and running a sale process unlocks 150%+ upside.
Bank of East Asia, Limited 0023.HK
BEA delivered 2.7% annualised return since 1997 vs 12.8% for family-run HK bank peers
Pershing Square portfolio (multi-holding LP update: MDLZ, VRX, APD, ZTS, CP, QSR, HHC, PAH, FNMA/FMCC, HLF short)
2015 was -20.5% but portfolio trades at substantial discount to intrinsic value
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.
Macy's, Inc. M
Macy's $21bn real estate portfolio implies a negative-value OpCo; a real estate JV plus $500m+ cost cuts can crystallize hidden value without sacrificing cash flow or investment grade.
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.
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.
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.
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.
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.
Yahoo! Inc. YHOO
Yahoo's Core Business is collapsing because of $550M of self-inflicted cost bloat; cutting costs and replacing the Microsoft search deal can restore profitability without touching Alibaba.
Icahn Enterprises L.P. (self) IEP
IEP stock returned 1,426% since Jan 2000 vs. 89% for S&P 500
Multiple (portfolio update: AGN, VRX, CP, APD, ZTS, HHC, QSR, PAH, FNMA/FMCC, HLF)
Allergan delivered 89% return as Valeant bid catalyzed auction ending at Actavis $242 vs. $128 cost
Rovi Corporation ROVI
Rovi's entrenched board destroyed a decade of shareholder value while promising 'double-digit growth next year' every year; Engaged's nominees Lockwood and Rau bring operating credibility the incumbents lack.
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.
E.I. du Pont de Nemours and Company DD
DuPont is a bloated conglomerate hiding $2-4bn of excess corporate costs and crony compensation; Trian's board nominees can unlock $120/share by 2017 — a 21% IRR.
H.J. Heinz Company HNZ
Retrospective of Trian's 2006 Heinz campaign: a 13D white paper and proxy-won board seats drove brand reinvestment and cost discipline, delivering 178% TSR versus 40% for the S&P 500.
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.
Multiple (Pershing Square portfolio - annual update)
2014 net returns of 40.4% vs S&P 500's 13.7%, driven by Allergan (+19.1%), CP (+7.0%), and Herbalife short (+6.1%)
Multiple (Pershing Square Holdings portfolio: Allergan, Herbalife, Air Products, Canadian Pacific, Restaurant Brands International, Platform Specialty Products, Zoetis)
PSH returned 40.4% net in 2014 vs 13.7% for S&P 500
Multiple (PSH portfolio: AGN, HLF short, APD, CP, QSR/BKW, PAH, ZTS, HHC, FNMA/FMCC)
Concentrated activist strategy delivered 40.4% net returns in 2014 vs. 13.7% for S&P 500
Darden Restaurants, Inc. DRI
Darden's brands and real estate are worth $67-$86/share vs. $48 today — replace the entire board to execute the Brinker playbook: operational turnaround, real-estate separation, SRG spin-off.
Darden Restaurants, Inc. DRI
Darden underperformed direct peers by ~300% over 5 years under current Board
Darden Restaurants DRI
Darden, the largest full-service restaurant company, trails peers on margins and total return; an operational fix, REIT spin, and SRG separation can unlock substantial value.
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.
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.