500 documents showing 241–300
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.
N4
V2
C2
⌂
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.
N4
V3
C3
⌂
”
⚑
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.
N4
V3
C3
⌂
◫
”
⇌
⚑
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.
N4
V2
C2
⌂
◫
”
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.
N4
V3
C3
⌂
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.
N4
V3
C3
⌂
◫
”
Date
Fund
Target
Thesis
Scores
Apr 08, 2021
Spruce Point Capital
Porch Group Inc
PRCH
Porch is 'Active Network 2.0' run by the same CEO — a money-losing lead-gen business dressed as SaaS, with barter accounting and hidden debt implying 50%-70% downside to $5-$8.
N4
V3
Mar 10, 2021
Spruce Point Capital
American Battery Metals Corporation / Comstock Mining Inc.
ABML / LODE
ABML and LODE are hype-driven EV battery-recycling penny stocks with fraud-tied management, fabricated permit claims, and a nonsensical LiNiCo deal — up to 90% downside.
N5
V3
Mar 03, 2021
Muddy Waters
XL Fleet Corp
XL
XL Fleet is SPAC trash: salespeople were paid to fabricate pipeline, most touted customers are inactive, ROI is actually negative, and the stock is worth a fraction of its billion-dollar SPAC valuation.
N5
V3
Feb 18, 2021
Pershing Square
Pershing Square Holdings
PSH
PSH returned 70.2% NAV / 84.8% TSR in 2020, beating S&P by 5,180 bps
N2
V3
Feb 16, 2021
Spruce Point Capital
Leidos Holdings, Inc.
LDOS
Leidos is concealing defective explosive-detection products from its impaired $1bn L3Harris SD&A deal while inflating cash flow 67-78%; sell with 35-60% downside to $43-$70.
N4
V3
Feb 16, 2021
Ancora
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.
N4
V2
Jan 07, 2021
Scorpion Capital
Nevro Corp.
NVRO
Nevro is a failed one-trick pony at 15x sales: the pivotal SENZA trial was rigged, HF10 is a phony premise, explant rates run 22-33%, and kickbacks prop up what remains of sales.
N5
V3
Jan 07, 2021
Spruce Point Capital
Magnite, Inc.
MGNI
Magnite is a hype-fueled ad-tech merger masking Telaria's deteriorating CTV business with dubious management and suspect accounting; 25%-50% downside to $14.75-$20.
N4
V4
Dec 01, 2020
White Diamond Research
GreenPower Motor Company
GP
GreenPower markets itself as an American EV bus manufacturer but is merely reselling re-logoed Chinese Weichai Eurise buses — not Buy America compliant and worth ~$1.50, implying 90% downside.
N4
V2
Dec 01, 2020
Land & Buildings
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.
N4
V2
Nov 11, 2020
Elliott Management
Sampo Oyj
SAMPO
Sampo's crown-jewel IF P&C is mispriced because the Nordea bank stake and PE holdings have contaminated the equity story; separating them unlocks EUR 7bn+ / 35%+ upside.
N4
V4
Nov 10, 2020
Spruce Point Capital
Avery Dennison Corporation
AVY
Avery Dennison masks structural decline with restructuring add-backs and inflated Adjusted EBITDA/FCF; normalized for accounting manipulation, AVY is worth $68-99/share — 35-55% downside.
N5
V4
Oct 07, 2020
Third Point
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.
N4
V2
Sep 29, 2020
Spruce Point Capital
Sunnova Energy International Inc.
NOVA
Sunnova is a misbranded 'solar' company that is actually an unprofitable specialty finance business with Enron-alum management and aggressive non-GAAP metrics — fair value $5-$8 vs. $27 today (70-80% downside).
N4
V3
Sep 22, 2020
Land & Buildings
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.
N3
V2
Aug 18, 2020
Spruce Point Capital
GFL Environmental Inc.
GFL
Spruce Point argues GFL Environmental is a 'terminal zero': a Canadian waste roll-up mimicking the Philip Services fraud playbook, with understated debt, CEO ties to organized crime, and 100% downside.
N5
V3
Jul 06, 2020
Elliott Management
Crown Castle International
CCI
Crown Castle's $16bn fiber bet earns just 3% ROI; imposing a 40% capex-ROI target, ROIC-linked pay, and a Board refresh unlocks a 46% dividend hike to $7.00.
N5
V4
Jun 30, 2020
Spruce Point Capital
Prestige Consumer Healthcare Inc.
PBH
Spruce Point is short Prestige Brands: a decaying OTC roll-up with no organic growth, CFO déjà-vu from Boulder Brands' collapse, and 40-60% downside to $14.80-$22.50.
N4
V3
May 13, 2020
Spruce Point Capital
Forescout Technologies
FSCT
Advent overpaid $33/share for Forescout — management buried weaker forecasts and Q1 sales fell 24%; renegotiating 35-50% lower or paying the $112M break fee both beat closing.
N4
V3
May 12, 2020
Elliott Management
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.
N5
V3
May 11, 2020
Starboard Value
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.
N4
V3
Apr 30, 2020
Starboard Value
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.
N4
V3
Apr 29, 2020
Grizzly Research
58.com Inc.
WUBA
WUBA's sudden $55 go-private offer from underfunded Ocean Link — announced the day after Luckin's fraud burst — is a sham price-support PR maneuver masking accounting fraud and COVID collapse.
N4
V3
Apr 22, 2020
Wolfpack Research
Inspire Medical Systems, Inc.
INSP
Inspire's surgical sleep-apnea implant is too invasive to ever scale — VA sales prove patients refuse it for free, while insiders have dumped $340M cashing out a fictional $10bn TAM story.
N4
V2
Apr 20, 2020
Hindenburg Research
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.
N5
V4
Apr 09, 2020
Grizzly Research
Innovative Industrial Properties, Inc.
IIPR
IIPR is a cannabis REIT propped up by overpriced sale-leasebacks to insolvent tenants and sham markups; fair value is $22.29 versus a $69 share price.
N4
V2
Apr 09, 2020
Spruce Point Capital
Align Technology, Inc.
ALGN
Align's Invisalign moat is eroding as FDA-approved third-party 3D-printing labs and 3M Clarity undercut prices by 50-65%, driving 40-55% downside to $80-$115.
N4
V3
Apr 07, 2020
Wolfpack Research
iQIYI, Inc.
IQ
Wolfpack alleges iQIYI has been committing accounting fraud since before its 2018 IPO — inflating revenue 27-44% and DAUs 42-60% via dual memberships, sham acquisitions, and barter deals.
N4
V2
Apr 02, 2020
Spruce Point Capital
WD-40 Company
WDFC
WD-40 is a promotional, no-moat lubricant company hiding a balance-sheet hole and bloated inventory behind a 28x EBITDA multiple — Spruce Point sees 55-60% downside to $75-$85.
N5
V4
Mar 10, 2020
Spruce Point Capital
Amcor plc
AMCR
Amcor is a packaging roll-up masking 3-4% organic declines, obscured tobacco dependence, liquidity strain, and accounting red flags — including a CAO with a revoked CPA — with 40-60% downside to $3.60-$5.40.
N5
V4
Feb 25, 2020
Grizzly Research
GSX Techedu Inc.
GSX
GSX Techedu's too-good-to-be-true 70%+ margins and triple-digit growth are propped up by inflated profits, brushed student enrollments, alter-ego related parties, and suspected CAPEX fraud — it is a fraud worth zero.
N4
V2
Feb 06, 2020
Spruce Point Capital
Dropbox, Inc.
DBX
Dropbox is a decelerating, commoditized storage business whose reported FCF is overstated ~2x; fair value is $6.60-$13, implying 25-60% downside from $17.60.
N4
V3
Feb 05, 2020
Pershing Square
Pershing Square Holdings (fund-level portfolio update)
PSH
Pershing Square's 2019 return to its concentrated activist playbook drove a 58.1% NAV year; two new positions (Agilent, Berkshire) and a 28.9% NAV discount extend the compounding runway.
N2
V3
Feb 04, 2020
Starboard Value
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.
N4
V2
Feb 01, 2020
Grizzly Research
58.com Inc.
WUBA
58.com is an accounting house of cards: inflated SEC revenues, a $2.6bn Ganji goodwill that collapsed 95% post-acquisition, and serial insider spin-offs enriching the CEO and former co-chairman.
N4
V2
Jan 15, 2020
Spruce Point Capital
LHC Group, Inc.
LHCG
LHCG's 20.6x EBITDA multiple rests on phantom organic growth — excluding the failing Almost Family acquisition inflates growth ~500 bps, masking sub-2% reality and 35-65% downside to $60-$90.
N4
V4
Dec 19, 2019
Spruce Point Capital
Plug Power Inc.
PLUG
Plug Power's $1.5B valuation rests on a fake 'inflection to profitability' manufactured by ASC 842 lease accounting; strip the add-backs, face 80% dilution, and the stock trends to $0.
N5
V3
Dec 17, 2019
Muddy Waters
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.
N5
V1
Dec 10, 2019
Wolfpack Research
Qutoutiao, Inc.
QTT
Qutoutiao is a low-tech China Hustle: ~74% of revenue is fabricated through fake accruals via in-house ad-agent Dianguan, and CEO Eric Tan funnels ad traffic to his own undisclosed related parties.
N4
V3
Dec 10, 2019
Citron Research
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.
N4
V2
Dec 05, 2019
Spruce Point Capital
Canadian Tire Corporation
CTC.A
Canadian Tire is an over-levered legacy retailer masking decline with aggressive accounting and risky credit card lending; looming downgrade forces asset sales and 35-50% downside to C$77-100.
N5
V4
Dec 01, 2019
Grizzly Research
Trulieve Cannabis Corp
TRUL
Trulieve's premium-grower story is a fraud: cultivation is mostly cheap hoop houses, profits rely on biological-asset mark-ups, and the CEO's husband sits at the center of an FBI corruption probe.
N4
V2
Nov 14, 2019
Trian Partners
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.
N4
V3
Nov 13, 2019
Spruce Point Capital
Cintas Corp.
CTAS
Cintas's fastest-growing fire inspection business is committing fraud while G&K integration masks financial strain — a sum-of-parts at peer M&A multiples implies 60-75% downside to $69-$107/sh.
N5
V4
Nov 07, 2019
Muddy Waters
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%.
N4
V2
Oct 29, 2019
Spruce Point Capital
Hill-Rom Holdings, Inc.
HRC
Hill-Rom is a low-quality medical roll-up whose plateauing new products, exhausted margin expansion and aggressive accounting point to a 25-55% drop to $45-$75 per share.
N5
V4
Oct 09, 2019
Spruce Point Capital
Monolithic Power Systems
MPWR
MPWR's Chinese tax filings show $262m missing revenue and near-zero inventory despite 90% production in China — accounting red flags point to 75-85% downside.
N5
V4
Sep 25, 2019
Spruce Point Capital
Premier, Inc.
PINC
Premier's earnings are artificially inflated by expiring pre-IPO shareback contracts; as member hospitals renegotiate at market rates, EBITDA halves and shares fall 55-75% to $8-$15.
N5
V3
Sep 24, 2019
Elliott Management
Marathon Petroleum Corporation
MPC
Marathon Petroleum's conglomerate structure traps $22–$40bn of value; separating Refining, Midstream and Retail into three focused companies unlocks 60%+ upside now and over 100% long-term.
N5
V4
Sep 16, 2019
White Diamond Research
Accelerate Diagnostics
AXDX
AXDX is a one-product company whose Pheno system is a flawed niche diagnostic — missed reagent targets, a looming Mayo-UCLA study failure, and cash burn point to 70% downside to a $6 price target.
N4
V2
Sep 05, 2019
Spruce Point Capital
Church & Dwight Co., Inc.
CHD
CHD trades at an all-time-high premium as a trade-war safe haven, but CEO Farrell's financial-engineering roll-up is cracking; 35-50% downside to $40-$52/share.
N5
V4
Jul 31, 2019
Spruce Point Capital
Penumbra, Inc.
PEN
Penumbra is a commoditized single-product 510(k) company whose aspiration-catheter franchise is collapsing to deep-pocketed bundlers; Spruce Point sees 40-55% downside to $85-110 per share.
N4
V3
Jul 24, 2019
Spruce Point Capital
Mettler-Toledo International, Inc.
MTD
Mettler-Toledo's flawless EPS record masks aggressive capitalization, an empty Shanghai office, and PwC auditor conflicts — implying 30-50% downside to $410-$574 per share.
N5
V3
Jul 22, 2019
Muddy Waters
ANTA Sports Products
2020.HK
ANTA's largest 'third-party' supplier and its 'self-operated' online stores are secretly controlled by an ANTA employee, so reported margins and Fila's numbers cannot be trusted.
N4
V2
Jul 08, 2019
Muddy Waters
ANTA Sports Products Ltd.
2020.HK
ANTA secretly controls at least 27 — and likely over 40 — of its 46 Tier 1 distributors via proxy owners, fraudulently inflating the margins behind its peer-leading financials.
N4
V2
Jun 20, 2019
Starboard Value
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.
N4
V3
Jun 19, 2019
Spruce Point Capital
Axon Enterprise (formerly TASER)
AAXN
Axon is a mature Taser maker masquerading as a SaaS cloud story; aggressive accounting, China-tariff margin pressure, and TAM inflation justify a $27.50-$40 target — 40-60% downside.
N4
V3
Jun 13, 2019
Third Point
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.
N5
V4
Jun 06, 2019
Wolfpack Research
GTT Communications, Inc.
GTT
GTT Communications is a fundamentally broken telecom rollup using non-GAAP metrics and aggressive accounting to hide negative organic growth, unsustainable leverage, and an inevitable dilutive equity raise.
N4
V2
Jun 01, 2019
Citron Research
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.
N4
V3