283 documents showing 241–283
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.
N3
V3
C3
⌂
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.
N4
V2
C2
⌂
◫
”
⚑
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.
N4
V3
C3
⌂
◫
”
⇌
⚑
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.
N4
V3
C3
⌂
◫
”
⇌
⚑
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.
N5
V3
C3
⌂
◫
”
⚑
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.
N5
V3
C2
⌂
◫
”
⚑
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.
N4
V3
C3
⌂
◫
⇌
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.
N4
V2
C2
◫
”
⚑
Health Management Associates HMA
HMA's insular 17-year-tenure board drove a Lost Decade of <1% TSR; replace all directors with Glenview's blue-chip slate to fix governance, compensation, and capital allocation.
N5
V3
C3
⌂
”
⚑
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.
N4
V3
C3
⌂
◫
”
⇌
⚑
Multiple (ValueAct portfolio: Moody's, CBRE, Motorola Solutions, Adobe, Halliburton, Autodesk, Gardner Denver, Sara Lee, Verisign, CR Bard)
ValueAct's edge is concentrated, board-level positions in differentiated, recurring-revenue businesses — picking quality and avoiding leverage, complexity and bad governance.
N4
V2
C2
⌂
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.
N4
V3
C3
⌂
◫
”
Date
Fund
Target
Thesis
Scores
Jan 29, 2015
Pershing Square
Pershing Square portfolio (multi-target)
Pershing Square delivered 40.4% net returns in 2014, driven by Allergan's forced sale to Actavis, Herbalife's 52% decline, and Canadian Pacific's continued transformation under Hunter Harrison.
N3
V3
Jan 29, 2015
Pershing Square
Pershing Square portfolio (Allergan, Herbalife, Canadian Pacific, Air Products, Restaurant Brands, Platform Specialty, Zoetis, Howard Hughes, Fannie/Freddie)
Pershing Square's 2014 annual recap: 40.4% net return, Allergan sold at a 75% premium, Herbalife short down 52%, and a $2.8bn PSH IPO making 46% of AUM permanent capital.
N3
V3
Jan 29, 2015
Pershing Square
Pershing Square Portfolio (multi-position annual update)
Pershing Square delivered 40.4% net in 2014 — Allergan's sale to Actavis, Herbalife's 50% drop and Seifi Ghasemi's Air Products turnaround — and IPO'd PSH for permanent capital.
N3
V3
Sep 11, 2014
Starboard Value
Darden Restaurants, Inc.
DRI
Darden trades at $48 because a corporate-heavy Board has buried a great restaurant company; the Brinker playbook — cost cuts, real estate separation, SRG spin, franchising — unlocks $67-$86 per share.
N5
V3
Sep 11, 2014
Starboard Value
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.
N5
V3
Sep 09, 2014
Starboard Value
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.
N3
V3
May 22, 2014
Starboard 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.
N4
V2
May 05, 2014
Pershing Square
Fannie Mae & Freddie Mac
FNMA / FMCC
Fannie and Freddie — not liquidated — should be reformed into higher-capitalized mortgage guarantors; at 60–100bps g-fees the GSEs are worth $23–$47/share versus $3.98 today.
N4
V3
Apr 22, 2014
Marcato
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.
N4
V3
Apr 01, 2014
Third Point
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.
N4
V3
Mar 31, 2014
Starboard Value
Darden Restaurants, Inc.
DRI
Darden's rushed Red Lobster spin-off traps ~$850m of real estate value at a trough multiple; shareholders must force a Special Meeting to halt this irreversible mistake.
N4
V3
Mar 31, 2014
Starboard Value
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.
N5
V3
Feb 26, 2014
Oasis Management
Nintendo Co., Ltd.
7974.T
Nintendo should port Mario, Zelda and Donkey Kong to iOS/Android and buy a free-to-play studio — the casual gamer has moved to mobile, where $100bn of attention value awaits.
N3
V1
Feb 19, 2014
Trian Partners
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.
N5
V3
Jan 15, 2014
Sandell
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.
N4
V3
Jan 13, 2014
Elliott Management
Juniper Networks
JNPR
Juniper has badly underperformed peers for a decade; a $200M cost cut, a $3.5B buyback with dividend, and a security/switching review can drive shares to $35–$40 (57–77% upside).
N5
V4
Aug 12, 2013
Muddy Waters
American Tower Corporation
AMT
AMT's $811M purchase of 4,456 NIHD towers at 21x EBITDA is a de facto loan to a near-bankrupt counterparty, masking weak growth and compounding accounting red flags from the prior Site Sharing deal.
N4
V1
Aug 02, 2013
Starboard Value
Office Depot, Inc.
ODP
Office Depot's entrenched board has destroyed value for years; replace four incumbents with Starboard's retail-experienced nominees to lift operating margins from 0.9% to 7.3% — standalone or merged with OfficeMax.
N4
V3
Aug 01, 2013
Glenview
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.
N4
V2
Jul 01, 2013
Glenview
Health Management Associates
HMA
HMA's insular 17-year-tenure board drove a Lost Decade of <1% TSR; replace all directors with Glenview's blue-chip slate to fix governance, compensation, and capital allocation.
N5
V3
May 13, 2013
Starboard Value
DSP Group, Inc.
DSPG
DSP has burned $557M on failed new products while its profitable cordless-telephony core erodes; new independent directors can right-size costs and unlock SiTel-level margins.
N4
V3
May 08, 2013
Pershing Square
Procter & Gamble
PG
P&G is a world-class franchise vastly under-earning under a distracted CEO McDonald; restoring 5% growth and 24% EBIT margins lifts EPS to $6 and shares 60% to $125.
N4
V3
Apr 30, 2013
Starboard Value
Tessera Technologies Inc.
TSRA
Tessera has squandered $517M on the failing Digital Optics business while its core patent-licensing franchise shrinks; Starboard's six-director slate and IP-focused plan can unlock best-in-class 60-70% EBITDA margins.
N4
V3
Apr 15, 2013
Elliott Management
Hess Corporation
HES
Hess's world-class assets are squandered by 17 years of John Hess's undisciplined, unaccountable leadership; electing Elliott's five nominees unlocks $96-128 per share of intrinsic value.
N5
V4
Mar 01, 2013
Elliott Management
Hess Corporation
HES
Hess underperformed peers by 460% over 17 years of restructurings; splitting the conglomerate into a Bakken pure-play and an international E&P unlocks $128/share.
N5
V4
Jan 29, 2013
Elliott Management
Hess Corporation
HES
Hess trades at a steep discount because its unfocused portfolio and poor execution mask premier Bakken acreage; spin the resource co., replace the board, and unlock ~150% upside to $126.
N5
V4
Jan 01, 2013
JANA Partners
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.
N4
V3
Oct 01, 2012
ValueAct
Multiple (ValueAct portfolio: Moody's, CBRE, Motorola Solutions, Adobe, Halliburton, Autodesk, Gardner Denver, Sara Lee, Verisign, CR Bard)
ValueAct's edge is concentrated, board-level positions in differentiated, recurring-revenue businesses — picking quality and avoiding leverage, complexity and bad governance.
N4
V2
Jun 18, 2012
Trian Partners
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.
N4
V3
May 31, 2012
Elliott Management
BMC Software
BMC
BMC's strong assets are trapped under an unengaged board and CEO Beauchamp who keeps missing his own targets; electing Elliott's four tech nominees opens a sale and long-overdue value.
N5
V3
May 23, 2012
Starboard Value
AOL, Inc.
AOL
AOL's board lets management burn Access/Search cash on a Display strategy losing $500M+ a year; elect three Starboard nominees to enforce discipline and restructure or exit Patch.
N4
V3
May 16, 2012
Pershing Square
J.C. Penney Company, Inc.
JCP
JCP has been chronically mismanaged for 20 years; new CEO Ron Johnson (ex-Target, ex-Apple Retail) with a dream team and a mall-within-a-mall remake can take the stock from $26 to $77-$125 by 2014.
N5
V4
Apr 04, 2012
Pershing Square
Burger King Worldwide Holdings
BKW
Justice pays $1.4bn to merge with 3G-owned Burger King and relist on NYSE, backing a proven operator to refranchise, turn around margins, and expand internationally.
N3
V2
Feb 06, 2012
Pershing Square
Canadian Pacific Railway
CP
CP is the worst-performing Class I railroad under Fred Green; replacing him with Hunter Harrison — who transformed CN via Precision Scheduled Railroading — closes the peer gap and unlocks ~$140/share.
N5
V4
Oct 16, 2011
Trian Partners
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.
N4
V3
May 25, 2011
Pershing Square
Family Dollar Stores
FDO
Family Dollar runs a 37% EBIT/sqft productivity gap to Dollar General post-KKR; closing it via ops, a leveraged buyback, or sale unlocks ~$90/share (70% upside).
N5
V3
May 11, 2009
Pershing Square
Target Corporation
TGT
Target's insular board lacks CEO-level retail, credit-card, and real-estate expertise — replace four incumbents with Pershing's slate to close the 62-point performance gap versus Wal-Mart.
N4
V3
May 21, 2008
Pershing Square
Wendy's International
WEN
Wendy's is fundamentally a franchise + real estate business trading at a peer-gap discount; the Triarc merger and OpCo turnaround unlock 75-85% upside to $49-$52.
N5
V3
Nov 09, 2006
Pershing Square
Borders Group, Inc.
BGP
Borders' high-quality Superstores franchise is obscured by money-losing Mall and International segments; rationalizing those while remodeling stores and buying back stock unlocks $36 vs. $21 today.
N4
V3
Feb 01, 2006
Carl Icahn
Time Warner Inc.
TWX
Time Warner has underperformed its peer index by 51% under Parsons; splitting into four SpinCos (AOL, Content, Publishing, Cable) plus a $20bn buyback unlocks $30-45bn — a 35-54% premium.
N5
V4
—
Oasis Management
Kao Corporation
4452 JT
Kao's iconic cosmetics brands are underutilized by passive management; prioritizing international growth, hiring a global CMO, and refreshing the board unlock JPY10,000/share — a 76% upside.
N3
V2
—
Oasis Management
Kao Corporation
4452.JP
Kao, a 'sleeping giant' of premium FMCG brands hamstrung by a management allergic to growth, should refocus globally and rebuild the board, unlocking 76-97% upside.
N5
V4
—
Trian Partners
The Walt Disney Company
DIS
Disney has lost its way and underperformed peers; replacing two long-tenured directors with Nelson Peltz and former Disney CFO Jay Rasulo will restore accountability and shareholder returns.
N3
V3