413 documents showing 301–360

Apr 05, 2018

Elliott Management

Telecom Italia SpA (TIM) TIT.MI

TIM's operating turnaround is real, but Vivendi-controlled governance has tripled the peer discount; independent directors plus NetCo separation could double the stock to €1.6.

N5 V4

Apr 02, 2018

Carl Icahn

Commvault Systems, Inc. CVLT

Commvault is a product-great but company-broken data management software leader; Elliott (10.3%) demands an operational review, four new directors, and a capital-return program to close a deep valuation discount.

N4 V2

Apr 02, 2018

Elliott Management

Commvault Systems, Inc. CVLT

Commvault, a product-respected software leader, trades at half the peer multiple because of 1,200bps of margin collapse and 20-year stale governance; a board refresh, operational review and capital return will close the gap.

N4 V2

Mar 16, 2018

Spruce Point Capital

Kratos Defense & Security Solutions KTOS

Kratos is an overhyped drone play run by executives tied to the Titan FCPA scandal; with the weakest margins in defense and a recent Director fraud indictment, we see 40%-70% downside.

N4 V3

Mar 07, 2018

Starboard Value

Mellanox Technologies, Ltd. MLNX

Mellanox's long-tenured board has presided over chronic underperformance and heavy insider selling; Starboard's 10.6% stake is launching a proxy fight to replace a majority of directors.

N3 V2

Mar 05, 2018

Starboard Value

Newell Brands Inc. NWL

Newell's Board is dysfunctional — four directors have quit and margins have cratered to 9.1%; elect Starboard's slate at the 2018 Annual Meeting to drive an operational turnaround.

N3 V2

Feb 13, 2018

Starboard Value

Monotype Imaging Holdings Inc. TYPE

Monotype's three-year acquisition spree (Olapic, Swyft) destroyed $500M+ of value and halved EBITDA margins; Starboard demands four new directors to refocus on the core font franchise.

N4 V3

Feb 12, 2018

Starboard Value

Newell Brands Inc. NWL

Starboard, backed by Jarden's founders, seeks to replace Newell's board after CEO Michael Polk destroyed $11bn of value following the 2016 Jarden merger.

N4 V2

Feb 07, 2018

Spruce Point Capital

Realty Income Corp O

Realty Income's 'magic dividend' flywheel is broken — true same-store rents are -0.8% (not +1.2%), and as rates rise and tenants disintermediate the stock re-rates 30-45% lower to $28-$35.

N4 V3

Feb 05, 2018

Starboard Value

Mellanox Technologies, Ltd. MLNX

Mellanox insiders have sold $130M of stock across 373 trades vs. one purchase since IPO — evidence the Board lacks confidence in its own plan and must be reconstituted.

N4 V3

Jan 29, 2018

Pershing Square

Pershing Square Holdings (fund-level portfolio update) PSH

After a fourth losing year driven by Valeant and Herbalife, Pershing Square has downsized, returned to core principles, and offers PSH investors an attractive reset entry point.

N3 V3

Jan 18, 2018

Carl Icahn

Xerox Corporation XRX

Xerox is languishing under CEO Jacobson and old-guard directors; Icahn is nominating four new directors and demands CEO replacement plus renegotiation of the opaque Fuji joint venture.

N4 V2

Nov 13, 2017

Land & Buildings

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.

N4 V3

Nov 01, 2017

Marcato

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.

N4 V3

Oct 30, 2017

Oasis Management

Alpine Electronics 6816

Alps Electric is buying out 40%-owned Alpine Electronics via a biased share-exchange at too low a price; minority holders should reject it and demand a tender offer near 2,400 yen.

N2 V1

Sep 21, 2017

Trian Partners

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.

N4 V3

Sep 06, 2017

Trian Partners

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.

N4 V3

Sep 06, 2017

Trian Partners

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.

N5 V4

Sep 01, 2017

Trian Partners

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.

N4 V3

Aug 17, 2017

Pershing Square

Automatic Data Processing, Inc. ADP

ADP is a sleeping giant earning 19% Employer Services margins versus peers' 35-40% potential; electing Pershing's nominees catalyzes a transformation worth 100%+ in under four years.

N5 V4

May 30, 2017

Land & Buildings

Taubman Centers, Inc. TCO

Taubman's best-in-class malls are worth ~$106/share (~70% upside), but the family's dual-class 30% voting block blocks reform — elect Litt and governance expert Elson.

N3 V2

May 01, 2017

Land & Buildings

Taubman Centers, Inc. TCO

Taubman Centers has chronically underperformed Class A mall peers by 57% over five years under entrenched family governance; electing L&B's nominees can unlock 65% NAV upside.

N3 V2

Apr 20, 2017

Carl Icahn

Arconic Inc. ARNC

Arconic CEO Kleinfeld's veiled-extortion letter to Paul Singer forces his ouster; Elliott demands independent investigation, removal of complicit directors, and protection from whatever scheme Kleinfeld set in motion.

N4 V1

Apr 20, 2017

Marcato

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.

N5 V4

Apr 11, 2017

Elliott Management

Arconic Inc. ARNC

Arconic's CEO Kleinfeld is the worst-performing continuously tenured S&P 500 CEO; removing him and the board closes the PCC margin gap and re-rates the stock.

N5 V4

Jan 26, 2017

Pershing Square

Pershing Square Holdings Portfolio (multiple) PSH

2016 losses of -13.5% were driven overwhelmingly by Valeant; balance of portfolio performed well

N3 V3

Jan 24, 2017

Ancora

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.

N4 V3

Dec 13, 2016

Muddy Waters

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.

N5 V2

Nov 28, 2016

Elliott Management

Cognizant Technology Solutions CTSH

Cognizant's two-decade-old 19-20% margin policy and absent capital return have cratered its multiple; lifting margins to 23% plus a $2.5bn buyback and 75% FCF payout unlocks $80-$90/share, 50-69% upside.

N4 V3

Oct 26, 2016

Land & Buildings

Taubman Centers, Inc. TCO

Taubman's sudden reversal on Board size is reactive and disingenuous; any new director must be vetted by shareholders and be truly independent of the Taubman family.

N2 V2

Oct 06, 2016

Land & Buildings

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.

N3 V1

Oct 05, 2016

Elliott Management

Samsung Electronics Co., Ltd. 005930.KS

Samsung Electronics trades 34-68% below tech peers; demerging into Holdco/Opco, paying a KRW30tn special dividend and listing Opco on NASDAQ closes the gap while keeping Lee family control.

N4 V3

Sep 12, 2016

Starboard Value

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.

N4 V3

Aug 10, 2016

Muddy Waters

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.

N3 V1

Jun 13, 2016

Marcato

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.

N4 V4

Apr 28, 2016

Muddy Waters

Stroer SE & Co. KGaA SAX

Stroer's defense fails to rebut Muddy Waters' core allegations of overstated organic growth, misleading cash-flow netting and freeXmedia self-dealing, with a CIA polygrapher flagging Muller's response as deceptive.

N4 V1

Apr 26, 2016

Pershing Square

Multiple (portfolio-level LP update: MDLZ, APD, ZTS, QSR, CP, HHC, VRX, PAH, NOMD, HLF short)

Mondelez 13% EBIT margin vs 17-26% peers implies +600-700 bps optimized EBIT upside under 3G playbook

N3 V3

Apr 21, 2016

Muddy Waters

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.

N4 V2

Apr 08, 2016

Starboard Value

Depomed, Inc. DEPO

Depomed's board is entrenching itself via a California-to-Delaware reincorporation and rejected Horizon's premium bid; Starboard seeks a special meeting to replace directors and explore a sale.

N3 V2

Apr 06, 2016

Marcato

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.

N4 V3

Mar 24, 2016

Starboard Value

Yahoo! Inc. YHOO

Yahoo's board has failed for years on operations, capital allocation, and governance; replace it with Starboard's nine nominees to run a credible Core Business sale and unlock value.

N3 V2

Feb 04, 2016

Elliott Management

Bank of East Asia, Limited 0023.HK

BEA's 2.7% TAR since 1997 reflects chronic mismanagement; with CaixaBank's lock-in lifted, the board should auction the bank at ~2.0x book (~HK$60/share, 185% upside).

N4 V4

Jan 13, 2016

SpringOwl

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.

N4 V2

Jan 06, 2016

Starboard Value

Yahoo! Inc. YHOO

Three years of failed turnaround have collapsed Yahoo's Core Business; Starboard demands a competitive sale process and leadership change, or it will launch an election contest.

N4 V2

Dec 16, 2015

Muddy Waters

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.

N4 V2

Dec 01, 2015

SpringOwl

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.

N4 V3

Nov 19, 2015

Starboard Value

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.

N4 V2

Nov 16, 2015

Elliott Management

American Capital, Ltd. ACAS

American Capital trades at 71% of NAV under a long-tenured board; Elliott urges shareholders to reject management's self-entrenching spin-out and force a strategic review for 24-63% upside.

N5 V4

Oct 15, 2015

Muddy Waters

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.

N4 V2

Jul 01, 2015

Oasis Management

Japanese listed companies (market-level)

Japan's twin Corporate Governance and Stewardship Codes, paired with strong Companies Act shareholder rights, will drive an ROE revolution making Japan one of the best long-term equity markets.

N3 V3

Apr 28, 2015

Pershing Square

Pershing Square Portfolio (multiple positions)

Pershing Square's 2015 portfolio recap: 9 positions led by the Allergan win, new Valeant stake, ongoing CP/APD transformations, and the Herbalife pyramid-scheme short.

N3 V3

Apr 22, 2015

Engaged Capital

Rovi Corporation ROVI

Rovi's entrenched board destroyed a decade of shareholder value while promising 'double-digit growth next year' every year; Engaged's nominees Lockwood and Rau bring operating credibility the incumbents lack.

N4 V3

Apr 22, 2015

Trian Partners

E. I. du Pont de Nemours and Company DD

DuPont is a chronically underperforming conglomerate; electing Trian's four nominees forces structural review, cost cuts, and governance reform to unlock $120+/share by 2017 — a 21% IRR.

N5 V4

Apr 21, 2015

Trian Partners

E.I. du Pont de Nemours and Company DD

DuPont is bottom-quartile under Ellen Kullman; electing Trian's four nominees unlocks $120/share by 2017 by cutting $2-4bn of excess corporate costs and ending 'crony' compensation.

N5 V4

Apr 21, 2015

Trian Partners

E.I. du Pont de Nemours and Company (DuPont) DD

DuPont is a chronically underperforming conglomerate bloated with $2-4bn of excess costs; putting Trian on the board unlocks a $120+/share, 21% IRR path by 2017.

N5 V3

Apr 17, 2015

Trian Partners

E.I. du Pont de Nemours and Company (DuPont) DD

DuPont is a chronic underperformer under CEO Kullman; electing Nelson Peltz and three nominees unlocks $2-4bn of excess costs and drives DuPont stock to $120 by 2017 (21% IRR).

N4 V3

Apr 16, 2015

Trian Partners

E. I. du Pont de Nemours and Company DD

DuPont's consolidated structure masks ~86% upside; separating GrowthCo, Performance Chemicals, and CyclicalCo/CashCo plus peer-level margins delivers an implied $122 target value by end-2017.

N3 V3

Apr 13, 2015

Trian Partners

E.I. du Pont de Nemours and Company DD

DuPont is a bloated conglomerate hiding $2-4bn of excess corporate costs and crony compensation; Trian's board nominees can unlock $120/share by 2017 — a 21% IRR.

N4 V3

Apr 01, 2015

Trian Partners

H.J. Heinz Company HNZ

Retrospective of Trian's 2006 Heinz campaign: a 13D white paper and proxy-won board seats drove brand reinvestment and cost discipline, delivering 178% TSR versus 40% for the S&P 500.

N3 V3

Mar 20, 2015

Land & Buildings

MGM Resorts International MGM

Land and Buildings will file its own proxy at MGM after the board rejected its four nominees, arguing a $1.5bn post-pitch rally proves shareholders back its real-estate-unlock plan.

N2 V1