399 documents showing 181–240
Canadian National Railway CNI
CN, once the best-run Class I railroad, is now the worst under CEO Ruest; abandon the KCS deal and install Jim Vena to restore operational excellence.
Box, Inc. BOX
Box has chronically lagged peers and entrenched itself via an unnecessary $500M KKR preferred financing; electing Starboard's minority slate restores stockholder accountability and unlocks long-term value.
Box, Inc. BOX
Box is a best-of-breed cloud content platform that has missed every revenue target since IPO; a reconstituted board can fix go-to-market execution and close a massive valuation gap to peers.
Box, Inc. BOX
Box's board issued $500m of KKR preferred to lock up >10% of the vote and entrench itself ahead of Starboard's proxy contest — Starboard demands the books and four new directors.
Teck Resources TECK
Teck is the overlooked pick-axes play on the EV/green-electrification copper boom — QB2 doubles its copper mix and at forward-curve copper the stock is worth ~C$59, nearly double.
Hilton Grand Vacations HGV
HGV is overpaying 10x EBITDA for Diamond and handing Apollo effective control with no premium; standalone HGV is worth $55 — shareholders should vote AGAINST.
Forward Air Corporation FWRD
Forward Air's acquisition-led growth strategy has decimated its core LTL margins; Ancora's nominees will restore operating discipline and unlock ~50% upside to $130-$135/share.
Multiple REIT subsectors (urban office, retail, business hotels, movie theaters)
Post-vaccine pent-up demand will mask permanent secular damage in urban office, retail, business hotels, and movie theaters — investors should sell the mirage, not buy it.
NIO Inc. NIO
NIO trades at 17-18x NTM EV/Sales — double Tesla's multiple — as a Made-in-China Model Y near $41K threatens the ES6/EC6; Citron closes its 2018 long at a $25 price target.
MultiPlan Corp MPLN
MultiPlan is a financially-engineered SPAC corpse losing its biggest customer UHC to UHC's own competitor Naviguard; expect 35% revenue loss and 8x+ leverage by 2022.
Sampo Oyj SAMPO
Sampo core insurance has de-rated ~8x P/E vs Nordic peers since 2018
The Walt Disney Company DIS
Disney should kill its $3bn dividend and plow every dollar into Disney+ content; subscriber LTV math and Adobe/Microsoft precedents show the re-rating dwarfs any dividend yield.
Apartment Investment and Management Company AIV
AIV's proposed taxable reverse spin-off won't close its 18% NAV discount and lets Considine duck 25 years of underperformance; demand a shareholder vote or explore a sale at $58 — 75% upside.
AtriCure, Inc. ATRC
AtriCure's 7.5x revenue valuation assumes stand-alone Convergent succeeds, but electrophysiologists won't refer, and PFA plus real-time mapping will obsolete surgical ablation.
Crown Castle International CCI
Crown Castle's fiber capex earns just 3% ROI versus ~20% for its tower business
D.R. Horton and Invitation Homes DHI/INVH
COVID-19 has supercharged the suburban single-family thesis; entry-level homebuilder D.R. Horton and single-family rental REIT Invitation Homes trade 20%+ below highs despite accelerating demand.
Alexion Pharmaceuticals, Inc. ALXN
Alexion's stand-alone strategy has failed — serial M&A missteps and a deep valuation discount mean the Board must pursue a sale now to unlock 40-50% upside for shareholders.
GCP Applied Technologies GCP
Starboard rebuts GCP: stock has lagged peers on every milestone since the 2016 spin-off, and Starboard's superior director slate can finally drive the turnaround management hasn't delivered.
Empire State Realty Trust ESRT
Empire State Realty Trust is uniquely exposed to NYC's 'existential hurricane' — COVID, WFH, SALT cap, and WeWork's collapse crush demand while observation-deck revenue vanishes, driving shares substantially lower.
GCP Applied Technologies GCP
Four years post-spinoff, GCP has lagged peers on growth, margins, and stock price under an insular, interconnected Board; replace nine directors and unlock ~600 bps of EBIT margin expansion.
New Pacific Metals NUAG
Bolivia-focused silver developer New Pacific trades 17x peers on concessions likely acquired illegally under a now-ousted regime; Hindenburg targets C$0.37, 90%+ downside.
Pershing Square Holdings (fund) — portfolio includes Agilent, Berkshire Hathaway, Chipotle, Hilton, Restaurant Brands, Lowe's, Howard Hughes, Fannie Mae/Freddie Mac PSH
PSH delivered 58.1% NAV return in 2019, beating S&P by 2,660bps — return to roots is working
eBay Inc. EBAY
eBay is deeply undervalued; separating Classifieds at peer-level ~22x EBITDA multiples and enforcing a more aggressive Marketplace cost and revenue plan would unlock substantial upside versus today's 8.1x multiple.
NMC Health plc NMC.LN
NMC Health's UAE hospital empire is built on inflated capex, overstated cash, hidden reverse factoring and related-party self-dealing — Muddy Waters is short and sees deep, possibly fraudulent rot.
Peloton Interactive PTON
Peloton trades at 2,286% above peers on EV per subscriber; once a cannibalizing app, undifferentiated hardware, and a March lockup wave hit, the stock collapses to $5.
Ferguson plc FERG
Ferguson is a US specialty distributor trapped in a UK listing; demerging Wolseley and relisting in the US closes a 10.4x-vs-17.2x EBITDA peer gap.
PeptiDream, Inc. 4587 JP
PeptiDream's 19 pharma 'partnerships' are largely dormant and 13 years of R&D have produced zero Phase 2 drugs — analyst 2027 revenue forecasts will miss by over 60%.
Marathon Petroleum Corporation MPC
Separating Marathon into three independent businesses unlocks $22-$40bn of value (60%+ upside)
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.
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.
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.
FleetCor Technologies FLT
FleetCor's Clean Advantage carbon-offset program is a $100M+ green fraud — 97% of fees stay with FLT, demanding CEO Clarke's resignation and implying ~57% downside.
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.
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.
Bristol-Myers Squibb Company BMY
Bristol-Myers' $91bn Celgene acquisition buys pharma's largest patent cliff; Starboard urges shareholders to vote it down and replace directors to pursue a standalone plan or sale.
Bristol-Myers Squibb Company BMY
Starboard urges BMY shareholders to reject the $91B Celgene acquisition — it imports a massive REVLIMID patent cliff and was rushed through without exploring standalone turnaround or a sale of Bristol-Myers.
Magellan Health, Inc. MGLN
Magellan destroyed $700M of value through failed acquisitions and three 2018 guidance cuts; Starboard's six-director slate will overhaul the board and run a parallel sale process at peer multiples.
Inogen INGN
Inogen's growth is built on a reseller network that lies to elderly customers about Medicare coverage to force cash sales — competition and oversight will collapse margins to a $46 stock.
Pershing Square Holdings, Ltd. (annual portfolio update; covers CMG, ADP, QSR, LOW, SBUX, HLT, UTX, HHC, FNMA/FMCC) PSH
PSH trades at 27% discount to NAV despite 13.8% net CAGR since 2004 vs 8.4% for S&P 500
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%).
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.
Cars.com Inc. CARS
Starboard, a ~10% holder, warns Cars.com's board that serial guide-downs must end with credible 2019-2021 targets, a third independent director, and — absent improvement — management change or a sale.
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.
Tesla, Inc. TSLA
After five years short, Citron reverses on Tesla: Model 3 is dominating luxury and EV segments, Munro confirms 30% margins, and worst-case math yields $599/share.
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.
Starbucks SBUX
Dominant global coffee brand trading at 22x forward P/E vs. 26x historical average
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.
Wayfair W
Wayfair's unit economics are deteriorating — loss per new customer nearly doubled to $19 — while the stock defies gravity; Citron is re-shorting with a first stop at $100.
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.
Snap Inc. SNAP
SNAP trades at largest-ever discount to FB/TWTR despite fastest revenue growth
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.
Taubman Centers, Inc. TCO
Taubman's persistent peer underperformance stems from a family-entrenched board and dual-class structure; electing Litt and collapsing Series B shares unlocks value common shareholders have been denied.
Hyundai Motor Group (Hyundai Mobis, Hyundai Motor Company, Kia Motors) 012330.KS / 005380.KS / 000270.KS
Mobis, HMC and Kia trade at 57%, 26% and 73% EV/EBITDA discounts to global peers — peers re-rate if structure is fixed
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.
Telecom Italia SpA (TIM) TIT.MI
Vivendi controls TIM with just 24% voting stake, running it as a subsidiary while minorities suffer
Commvault Systems, Inc. CVLT
Commvault is a product-great but company-broken data management software leader; Elliott (10.3%) demands an operational review, four new directors, and a capital-return program to close a deep valuation discount.
Commvault Systems, Inc. CVLT
Commvault, a product-respected software leader, trades at half the peer multiple because of 1,200bps of margin collapse and 20-year stale governance; a board refresh, operational review and capital return will close the gap.
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.
Mellanox Technologies, Ltd. MLNX
Mellanox insiders have sold $130M of stock across 373 trades vs. one purchase since IPO — evidence the Board lacks confidence in its own plan and must be reconstituted.