531 documents showing 181–240
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.
N4
V3
C3
⌂
”
⇌
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.
N4
V3
C2
⌂
⚑
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.
N4
V1
C1
◫
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.
N5
V3
C2
⌂
◫
”
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.
N4
V2
C2
⌂
”
⚑
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.
N4
V3
C3
⌂
”
⚑
Date
Fund
Target
Thesis
Scores
Oct 01, 2023
Starboard Value
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.
N4
V3
Oct 01, 2023
Starboard 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.
N4
V3
Sep 21, 2023
Spruce Point Capital
Samsara Inc.
IOT
Samsara is a commodity-hardware vehicle-telematics company masquerading as a premium SaaS growth story; aggressive accounting inflates margins and a 16x revenue multiple implies 45%-75% downside to $6.30-$13.90.
N5
V4
Sep 12, 2023
Starboard Value
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.
N4
V3
Aug 09, 2023
Spruce Point Capital
Xylem Inc.
XYL
Xylem overpaid in stock for SEC-fraud-charged Evoqua, just published two contradictory cash-flow statements, and faces 30-45% downside as multiples compress toward water-industrial peers.
N5
V4
Aug 04, 2023
Muddy Waters
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.
N4
V2
Jul 13, 2023
Spruce Point Capital
Hims & Hers Health, Inc.
HIMS
HIMS is an overvalued, commoditized ED/hair-loss e-commerce business masquerading as healthcare, with CPoM regulatory risk and new OTC Eroxon competition driving 25-40% downside to $5.20-$6.50.
N4
V3
Jul 06, 2023
Starboard Value
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.
N4
V1
Jun 15, 2023
Kerrisdale Capital
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.
N4
V3
Jun 01, 2023
Land & Buildings
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.
N3
V4
May 23, 2023
Spruce Point Capital
Perion Network Ltd.
PERI
PERI's Apple-tier revenue per employee, opaque revenue recognition, Lumenis-tainted CEO and impaired Microsoft Bing deal point to a forensic short with 25-40% downside.
N4
V3
May 11, 2023
Elliott Management
The Goodyear Tire & Rubber Company
GT
Goodyear's industry-low 5% margin and under-monetized 715-store retail platform create $32/share of value vs $11 today — via board refresh, retail sale, and operational review.
N5
V4
May 09, 2023
Greenlight Capital
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.
N5
V3
May 05, 2023
Starboard Value
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.
N4
V2
May 02, 2023
Spruce Point Capital
DoubleVerify Holdings, Inc.
DV
DoubleVerify's manipulative accounting, saturated product, slowing international growth, and insider selling by Providence Equity justify a 35-45% downside, while competitor IAS offers 20-30% upside.
N4
V3
Apr 12, 2023
Bluebell Capital
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.
N4
V1
Mar 22, 2023
Engine Capital
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.
N4
V2
Mar 08, 2023
Spruce Point Capital
Essential Utilities, Inc.
WTRG
WTRG's water roll-up is failing and its $4.3bn Peoples gas pivot is a Ponzi-like dividend trap; 35%-50% downside to $20-$28 on sum-of-parts.
N5
V3
Feb 22, 2023
Soroban
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.
N5
V4
Feb 20, 2023
TCI Fund
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.
N4
V2
Feb 16, 2023
Wolfpack Research
Goosehead Insurance, Inc.
GSHD
Goosehead's top-tier growth story is collapsing: 67% first-year franchisee failure, 85-95% reliance on a frozen housing market, and $900M extracted by the CEO's family while shareholders netted $23M.
N4
V2
Feb 09, 2023
Pershing Square
Pershing Square Holdings
PSH
PSH's hedging-led 2022 outperformance and 25%+ five-year compounding deserve a narrower discount to NAV; buybacks, rising dividend and FTSE 100 inclusion are closing the gap.
N2
V3
Feb 08, 2023
Ancora
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.
N4
V3
Feb 07, 2023
Spruce Point Capital
Progyny, Inc.
PGNY
PGNY is a $3.1bn fertility-benefits manager run by ex-WebMD/Medical Manager executives whose marketing claims, treatment model and 2023 growth are disputable, implying 60%-80% downside to $7-$14.
N5
V3
Jan 12, 2023
Trian Partners
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.
N4
V3
Jan 11, 2023
Trian Partners
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.
N4
V2
Jan 10, 2023
Spruce Point Capital
Super Micro Computer, Inc.
SMCI
SMCI — an SEC-fined serial restater now ~22% reliant on Meta — is masking accounting strain and insider selling behind a multiple expansion that should revert, implying 40-50% downside.
N4
V3
Dec 21, 2022
Oasis Management
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.
N3
V2
Dec 21, 2022
Oasis Management
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.
N4
V2
Dec 14, 2022
Muddy Waters
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.
N4
V2
Dec 01, 2022
Land & Buildings
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.
N4
V4
Nov 29, 2022
Spruce Point Capital
Saputo Inc.
TSX:SAP
Saputo's 25-year dairy roll-up is failing internationally; hidden U.K. pension, Argentina margin outlier, and auditor red flags point to 40%-60% downside to C$13.75-$20.50.
N4
V3
Nov 16, 2022
Muddy Waters
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.
N4
V2
Nov 15, 2022
Scorpion Capital
Twist Bioscience
TWST
Twist is a textbook Ponzi — price-dumping commodity DNA below cost, inventing a fake 'DNA chip,' masking negative gross margins via WorldCom-style accounting fraud. Target: $0.
N5
V3
Nov 15, 2022
TCI Fund
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.
N4
V3
Oct 27, 2022
Palliser Capital
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.
N5
V4
Oct 19, 2022
Starboard Value
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.
N4
V3
Sep 28, 2022
Spruce Point Capital
Broadridge Financial Solutions, Inc.
BR
Spruce Point argues Broadridge is a low-tech BPO masquerading as SaaS, with a failing $1B+ UBS buildout, accounting red flags, and likely SEC scrutiny — 65-75% downside to $37-52.
N4
V3
Sep 07, 2022
Spruce Point Capital
FIGS, Inc.
FIGS
FIGS is a fading pandemic winner whose founders exaggerated revenue 82% and TAM 135%; at ~4x sales versus 1.2x DTC peers, Spruce Point sees 45%-60% downside to $4.40-$6.05.
N4
V3
Jul 28, 2022
Muddy Waters
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.
N4
V2
Jul 19, 2022
Spruce Point Capital
Skechers U.S.A., Inc.
SKX
Skechers is a governance-rotten, family-run 'fast follower' whose China growth is collapsing and inventory is bloating — 30%-50% downside to $18.60-$26.00.
N4
V3
Jun 22, 2022
Spruce Point Capital
Generac Holdings, Inc.
GNRC
Generac is a COVID-era generator beneficiary masking collapsing core demand and a string of shady clean-energy acquisitions; Spruce Point sees 40-50% downside to $110-$132/share.
N4
V3
May 17, 2022
Spruce Point Capital
Alpha Metallurgical Resources, Inc.
AMR
AMR masks production, revenues and liabilities while management quietly dumps stock at cyclical coal highs; Spruce Point sees 40-60% downside to $60-90 per share.
N5
V3
Apr 26, 2022
Sachem Head
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.
N4
V3
Apr 06, 2022
Spruce Point Capital
Stryker Corp.
SYK
Spruce Point exposes Stryker's FCPA-tainted accounting, failing acquisition roll-up and margin squeeze under CEO Lobo — Strong Sell with 35%-75% downside to $67-$174.50.
N4
V3
Mar 22, 2022
Engine Capital
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.
N4
V3
Mar 22, 2022
Engine Capital
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.
N3
V1
Mar 08, 2022
Starboard Value
Huntsman Corporation
HUN
Huntsman has misled shareholders for 15 years — missed EBITDA targets, destroyed Textile Effects, fire-sold Venator — while a legacy board shielded management; elect Starboard's nominees.
N4
V3
Mar 03, 2022
Starboard Value
Huntsman Corporation
HUN
Starboard is running a proxy fight for four Huntsman board seats, arguing a CEO-beholden board allowed 337% S&P underperformance and three missed Investor Day promises.
N5
V3
Mar 02, 2022
Starboard Value
Huntsman Corporation
HUN
Huntsman has serially missed its own Investor Day promises while an entrenched board shields management; elect Starboard's four independent chemical-industry nominees to restore accountability.
N4
V3
Feb 28, 2022
Starboard Value
Huntsman Corporation
HUN
Huntsman, led by the founding family for its entire history, has missed three consecutive investor-day targets and lags peer EBITDA margins by ~900bps; Starboard's four nominees can unlock ~600bps of margin expansion.
N5
V4
Feb 16, 2022
Spruce Point Capital
C3.ai, Inc.
AI
C3.ai is a serially rebranded, money-losing AI story-stock propped up by an unraveling Baker Hughes JV and aggressive accounting; Spruce Point sees 40-50% downside to $12.85-$15.40.
N5
V3
Feb 11, 2022
Pershing Square
Pershing Square Holdings (fund portfolio)
PSH
PSH delivered 26.9% NAV return in 2021 and 50.1% 3-year CAGR, beating most major indices
N2
V3
Feb 10, 2022
Starboard Value
Huntsman Corporation
HUN
Huntsman has chronically underperformed chemicals peers and missed three straight Investor Day targets; Starboard (8.6%) seeks four new directors to restore accountability and unlock value.
N4
V3
Feb 10, 2022
Starboard Value
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.
N3
V2
Feb 03, 2022
Grizzly Research
Playtika Holding Corp.
PLTK
PLTK is a Chinese-insider piggy bank dumped on US public investors — debt-financed pre-IPO cash-out, addictive gambling-akin games facing regulators, and hidden share pledges imply ~45% downside.
N4
V3
Jan 20, 2022
Spruce Point Capital
TaskUs, Inc.
TASK
TaskUs is a Blackstone-promoted BPO with embellished disclosures, Satyam-linked accounting tics, and eroding Facebook unit economics; fair value is 25-50% below spot, or $18-$27.
N4
V3
Jan 12, 2022
Starboard Value
Huntsman Corporation
HUN
Huntsman has missed every Investor Day target since 2014 and underperformed chemical peers by 330% since IPO; Starboard nominates four directors to force execution.
N4
V2
Jan 12, 2022
Starboard Value
Huntsman Corporation
HUN
Huntsman's decade of missed EBITDA targets and defensive governance demand Board change; Starboard nominates four directors to restore accountability and close the chronic peer-valuation discount.
N4
V2
Dec 09, 2021
Spruce Point Capital
Nuvei Corp
NVEI
Nuvei is a thrice-rebranded payments roll-up run by executives tied to Ponzi schemes, fraud and adult-industry operators; peer-multiple re-rating implies 40-60% downside to $39-$58.
N5
V4