274 documents showing 241–274
Darden Restaurants, Inc. DRI
Darden is rushing a value-destructive Red Lobster spin-off; a Special Meeting can halt it and unlock $1-2B of real estate and operational upside instead.
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.
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.
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.
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.
Juniper Networks JNPR
Juniper underperformed NASDAQ by 104% over 3 years — value destruction is avoidable
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.
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.
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.
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.
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.
Procter & Gamble PG
P&G earns $4 EPS today but should earn $6 by FY2016 at 24% EBIT margin
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.
Hess Corporation HES
Hess intrinsic value is $96-$128/share vs. discounted current price - ~$50bn TEV trapped in opaque conglomerate
Hess Corporation HES
Hess intrinsic value is over $126/share — 94-153% upside to the current price
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.
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.
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.
BMC Software BMC
BMC has underperformed every peer and index over 1-, 2-, 3-year and YTD windows
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.
J.C. Penney Company, Inc. JCP
Ron Johnson (Target, Apple Retail) can repeat his retail magic at chronically mismanaged JCP
Burger King Worldwide Holdings BKW
Back best-in-class 3G management team retaining 70%+ equity
Canadian Pacific Railway CP
CP has the worst operating ratio of any Class I railroad while closest peer CN has the best
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.
Family Dollar Stores FDO
FDO trades at same ~9x forward EBIT as Dollar General despite 37% performance gap
Target Corporation TGT
Target board lacks senior operating experience in retail, credit cards, and real estate
Wendy's International WEN
Wendy's is 93% a brand-royalty and real-estate business masquerading as a restaurant chain
Borders Group, Inc. BGP
Book superstore industry is misunderstood — Amazon risk is exaggerated and superstores have gained share
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.
McDonald's Corporation MCD
McDonald's is fundamentally not a restaurant company — 78-86% of EBITDA comes from Brand McDonald's
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.
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.
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.
Hess Corporation HES
Hess has underperformed every relevant peer over every time frame of John Hess's 17-year CEO tenure