399 documents showing 241–300
Pershing Square Holdings (PSH) — portfolio review PSH
Returning to roots: smaller investment-centric team, reaffirmed core principles, growth from returns not AUM
Pershing Square Holdings (fund-level annual review covering multiple portfolio companies: ADP, QSR, MDLZ, HHC, CMG, FNMA/FMCC, PAH, NKE, HLF, SPGI) PSH
Pershing Square has restructured to a smaller, investment-centric organization — 'returning to our roots'
Ballard Power Systems BLDP
Ballard's 167% 2017 rally rests on a fragile China fuel-cell story with weak partners and zero insider skin; expect a repeat of the Azure failure and 35-70% downside to $1.15-$2.50.
Mellanox Technologies, Ltd. MLNX
Mellanox has industry-leading 70%+ gross margins but dead-last operating margins among fabless semis; disciplined cost cuts can close a multi-year peer gap and rerate the stock.
Taubman Centers TCO
Taubman's dominant Class A malls are still bustling and growing, yet TCO is down 25% YTD — management, not 'dead malls,' is the problem, with 50%+ upside if the board acts.
Adamas Pharmaceuticals, Inc. ADMS
Kerrisdale is long ADMS: Gocovri, the only FDA-approved drug for levodopa-induced dyskinesia, plus an MS and Vimpat XR pipeline, is worth over $100/share versus ~$25 today.
Deckers Outdoor Corporation DECK
Deckers' board missed every margin target and wasted $600m on retail bloat and Sanuk; replacing them enables UGG focus, non-core divestitures and a doubling to $135-158.
The Procter & Gamble Company PG
P&G's rebuttal deck is riddled with 50+ data errors designed to discredit Peltz; the real issue is ongoing market-share losses and bottom-quartile TSR that only a board seat can fix.
The Procter & Gamble Company PG
P&G's insular board and suffocating matrix have driven a decade of share loss; adding Nelson Peltz as one of 11 directors — Heinz/Mondelez/Wendy's tested — would revitalize the $65bn giant.
The Procter & Gamble Company PG
P&G's long-tenured Board has rewarded a decade of market-share loss and bottom-quartile EPS growth; electing Nelson Peltz adds the shareholder voice needed to fix innovation, productivity, M&A and governance.
Automatic Data Processing (ADP) ADP
ADP has delivered 203% TSR under CEO Rodriguez; Pershing Square owns just 2% of common stock and its nominees lack the HCM and technology experience to improve on this trajectory.
Automatic Data Processing, Inc. ADP
Employer Services margins are 1,500-2,000 bps below potential vs. Paychex and peers
Nestlé NESN
Nestlé's world-class brand portfolio masks decade-long underperformance; new CEO Schneider must adopt margin and leverage targets, reshape the portfolio, and monetize L'Oréal to drive EPS to CHF 5-6 by 2020.
Man Wah Holdings 1999.HK
Man Wah's response fails to address Muddy Waters' core fraud allegations: suspicious Macau profit-shifting, export revenue gaps vs. Panjiva data, tax inconsistencies, and undisclosed debt all remain unexplained.
BlackBerry BBRY
QNX is entrenched in 60M cars across 40+ automakers — a leading autonomous-driving OS
BHP Billiton BHP
US$46bn value unlock: demerger (+$15bn) + capital return (+$20bn) + franking credits (+$11bn)
Herbalife HLF
Country-level 'pop-and-drop' patterns are the signature of a pyramid scheme reaching saturation
Core Laboratories CLB
Core Lab trades at 35x 2018e P/E — double its oilfield-service peers — on a false secular-growth narrative; mid-cycle earnings imply $62 fair value and ~45% downside.
Howard Hughes Corporation HHC
HHC owns the best public-market analogue to Donald Bren's $15B Irvine Ranch MPC empire
Pershing Square Portfolio (multiple positions)
Core longs (QSR, MDLZ, CMG, APD, HHC) are high-quality businesses in mid-transformation with untapped margin upside
Buffalo Wild Wings BWLD
Sally Smith-led BWLD has underperformed peers, mismanaged margins, and wasted capital buying back franchise stores; replacing the board and refranchising to 90% unlocks a higher multiple.
Arconic Inc. ARNC
Arconic shareholders lost ~70% of their value; CEO Kleinfeld is one of the worst-performing tenured CEOs in the U.S.
BHP Billiton BHP
DLC structure traps US$9.7bn of franking credits and a 12.7% Plc/Ltd discount
Portfolio-wide update (Mondelez, Air Products, Restaurant Brands, Chipotle, Howard Hughes, Fannie/Freddie, Valeant, Herbalife short, Platform Specialty, Nomad, CP, Zoetis)
Mondelez EBIT margin of 15.4% sits ~1,200bps below Kraft Heinz's 27.6% — a fixable gap
Multiple (PSH portfolio update)
Long-term track record intact: 503% cumulative vs S&P 163% since 2004 inception
Edgewater Technology, Inc. EDGW
Edgewater's entrenched legacy board has overpaid two underperforming executives for 14 years; replacing four directors with Ancora's slate unlocks a turnaround in this sub-scale IT consultant.
MGP Ingredients, Inc. MGPI
MGPI's whiskey-premiumization rerating is an illusion: Diageo is going in-house, inventory is stranded, and insiders are selling — shares should collapse 60-70% to $16-$21.
China Huishan Dairy Holdings 6863 HK
Huishan is a fraud worth close to zero — fabricated alfalfa self-sufficiency inflates margins, RMB 1.6bn of CapEx is fictitious, and Chairman Yang has siphoned farms to a related party.
Nidec Corp. 6594 JP
Nidec is a gigantic stock promotion: zero organic growth and aggressive accounting hide behind a Facebook-like multiple — fair value JPY 4,764, ~52% downside.
Bayer AG BAYN
Bayer at €88/11x trades in no-man's land between Monsanto deal-sceptics and deal-believers; whether the merger closes or breaks, Bayer shareholders get cake.
Cognizant Technology Solutions CTSH
Cognizant has deliberately capped margins at 19-20% for 20 years while revenue grew 70x
Marathon Petroleum Corporation MPC
Marathon's integrated structure hides $14–19bn of value; dropping all MLP-qualifying assets to MPLX and spinning Speedway, refining, and midstream into three standalone companies would lift shares 60–80%+.
Marathon Petroleum Corporation MPC
Marathon is priced like a merchant refiner despite a 69% stable-earnings mix; dropping assets to MPLX and spinning Speedway, RefiningCo, and MidstreamCo unlocks $14-19bn (~60-80%+ upside).
MGM Resorts International MGM
MGM's discredited CEO Murren was just handed a pay-for-showing-up contract; replacing him and unlocking real-estate value via MGM China, CityCenter and Bellagio sales delivers 35%+ upside.
Samsung Electronics Co., Ltd. 005930.KS
Samsung Electronics trades at a 30-70% discount to peers on EV/EBITDA, P/E and P/B
Perrigo Company plc PRGO
Perrigo lost half its value after rejecting Mylan's $205 bid; divesting Rx and Tysabri royalty, fixing BCH margins, and restoring credibility can re-rate the stock to consumer-staples peers.
Bob Evans Farms, Inc. BOBE
Bob Evans trades at $37 while its packaged-foods segment alone is worth $1.2-1.6bn; spinning off Restaurants leaves a pure-play BEF Foods parent worth $57-79 per share.
Ströer SE & Co. KGaA SAX
Muddy Waters publishes the translated transcript of Ströer's June 2016 AGM, where CEO Udo Müller defends the company against MW's short attack amid sharp shareholder questions.
Herbalife HLF
FTC complaint confirms Herbalife operates as a pyramid scheme
Buffalo Wild Wings BWLD
Buffalo Wild Wings should reverse course on low-return franchisee buy-ins, refranchise to 90% by 2020, recapitalize, and fix incentives — unlocking ~180% upside to ~$402.
Multiple (portfolio-level LP update: MDLZ, APD, ZTS, QSR, CP, HHC, VRX, PAH, FNMA/FMCC, NOMD, HLF)
Mondelez margin gap to peers (13% vs 17-26%) implies +600-700bps of optimized EBIT upside
Multiple (Pershing Square portfolio: MDLZ, APD, ZTS, QSR, CP, HHC, VRX, NOMD, HLF-short)
Mondelez EBIT margin of 13.1% is far below peers (Kraft Heinz 26.5%, Hershey 20.0%) and well short of 3G playbook results
Ströer SE & Co. KGaA SAX
Ströer's digital-transformation narrative is hollow: organic growth is 10x overstated, EBITDA and FCF are inflated, and insider self-dealing rivals Chinese fraud cases — short.
Epiq Systems, Inc. EPIQ
Epiq's board has insulated management through chronic guidance misses, a failed Iris acquisition and governance entrenchment; electing Villere's alternate slate is the unique opportunity to unlock value.
Outerwall Inc. OUTR
Outerwall's cash-rich Redbox/Coinstar business trades at a 3x EBITDA capital-allocation discount; halting buybacks for a large dividend and running a sale process unlocks 150%+ upside.
Bank of East Asia, Limited 0023.HK
BEA delivered 2.7% annualised return since 1997 vs 12.8% for family-run HK bank peers
Pershing Square portfolio (multi-holding LP update: MDLZ, VRX, APD, ZTS, CP, QSR, HHC, PAH, FNMA/FMCC, HLF short)
2015 was -20.5% but portfolio trades at substantial discount to intrinsic value
Viacom VIAB
Viacom's absent chair Redstone and overpaid CEO Dauman have driven a lost decade; replacing leadership, cutting $400M SG&A and launching OTT unlocks up to 135% upside to $95.90.
Macy's Inc. M
Macy's owns $21bn of real estate — more than its entire enterprise value; spinning iconic and mall properties into two JVs unlocks ~$70/share, ~88% upside.
Groupe Casino Guichard-Perrachon SA CO FP
Casino's financial statements mask 8.9x leverage and inflated EBITDA via related-party Mercialys real-estate sales; shares are worth €6.91 vs €48.97, an 86% decline.
Yahoo! Inc. YHOO
Yahoo's Core is mismanaged but fixable — replace Mayer with an operator CEO, cut headcount two-thirds, bring Liberty in as a partner, and shares triple from $35 to $113.
Yahoo! Inc. YHOO
Yahoo should scrap the Aabaco spin-off and instead sell the Core Business outright, returning cash to shareholders and keeping Alibaba and Yahoo Japan stakes in the remaining entity.
CONSOL Energy CNX
Market prices CONSOL as a dying coal miner, but its Marcellus/Utica shale gas acreage plus disciplined management make it worth $35.81/share versus $7.40 today.
American Capital Ltd. ACAS
ACAS trades at 71% of NAV vs 115% peer median — chronic discount since 2008
Valeant Pharmaceuticals International VRX
Citron's 'next Enron' channel-stuffing claim is verifiably false; Philidor accounting is conservative
Valeant Pharmaceuticals International VRX
Citron's 'next Enron' channel-stuffing claim is verifiably false; Philidor accounting is conservative
TeliaSonera AB TLSN
Short TeliaSonera: disclosed Uzbekistan bribery is only the tip — ~SEK 17bn of suspect Eurasia/Nepal payments plus a multi-billion DOJ FCPA settlement threaten the dividend and cut stub fair value to SEK 27-29.
General Electric GE
GE has quietly pivoted to a focused industrial post-GE Capital exit; executing 16% margins, prudent leverage and ~$100bn of buybacks gets the stock to $40-$45 by end-2017.
Advance Auto Parts AAP
AAP trails O'Reilly and AutoZone by 800-900bps in EBITDA margins; closing the gap plus Worldpac monetization, buybacks, and multiple rerating drives AAP from $171 to over $350.
Icahn Enterprises L.P. (self) IEP
IEP stock returned 1,426% since Jan 2000 vs. 89% for S&P 500