364 documents showing 301–360
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.
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.
Riverbed Technology RVBD
$21 cash bid is a 43% premium, exceeding median tech-deal premia across comparables
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
NQ Mobile Inc. NQ
NQ Mobile is a 'China Fraud 2.0': 72%+ of China revenue is fictitious, real market share is 1.4% not 55%, and the $127.9M cash balance is likely forged — target price under $1.
Bob Evans Farms, Inc. BOBE
Bob Evans trades at a conglomerate discount; spinning BEF Foods, monetizing 482 owned restaurants via sale-leaseback, and tendering at $58 unlocks ~$78.50/share.
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.
American Tower Corp AMT
AMT is a Strong Sell at $44.57 (40% downside): a $250M Brazil accounting discrepancy hints at fraud, international growth is a disguised lending/carry trade, and Wi-Fi will erode tower economics.
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.
PepsiCo, Inc. PEP
PepsiCo's snacks and beverages are structurally incompatible — Trian demands a Mondelez merger plus beverage spin (or a clean snacks/beverages separation), unlocking up to $175/share by 2015 vs. $85 today.
Nintendo Co., Ltd. 7974.T
Nintendo trades at 0.9x book with 67% of market cap in net cash; publishing Mario and Pokémon on iOS/Android unlocks freemium upside of 97-240%.
Spectra Energy Corp SE
Spectra Energy's conglomerate structure masks a premier energy infrastructure franchise; a three-step breakup — drop-down to SEP, WE IPO, DCP separation — unlocks $41-$48/share (32-55% upside).
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.
The Timken Company TKR
Timken's bearings-plus-steel conglomerate masks value; separating the two pure-plays unlocks 29% upside to $68 and ends Timken-family board capture entrenching the status quo.
Hess Corporation HES
Hess intrinsic value is $96-$128/share vs. discounted current price - ~$50bn TEV trapped in opaque conglomerate
Apple Inc. AAPL
Apple's $137B idle cash depresses its P/E; distribute 'iPrefs' — tax-free perpetual preferred stock paying 4% — to unlock ~$150/share without spending a dollar of cash.
Agrium AGU
Agrium rebuts JANA's break-up case: the sum-of-parts math is contrived, Retail already trades at ~9x within Agrium, and no analyst endorses JANA's methodology.
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.
Herbalife Ltd. HLF
Formula 1 is a $2bn 'brand nobody's heard of' — sales economics defy any genuine consumer demand
Herbalife Ltd. HLF
Herbalife is a pyramid scheme: distributors profit by recruiting, not retail sales
Danone BN.PA
Danone is a world-class health-focused food company trading at trough multiples and a 1.5x P/E discount to Nestle; rerating to historic levels implies ~€78 vs €48, +62% upside by 2014.
ADT Corporation ADT
ADT is drastically under-levered post-Tyco spin; levering to 3.0x EBITDA and repurchasing ~30% of the float delivers ~44% upside to a $55 target.
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.
TPC Group Inc. TPCG
TPC Group's $40/share take-private by First Reserve/SK Capital is a self-dealt, low-balled sale; a proper auction plus MLP re-rating would deliver materially higher value to shareholders.
Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)
Three stocks — ALEX, GenCorp, Brookfield Residential — hide land assets on their balance sheets at decades-old cost, offering 46-286% upside once marked to market.
New Oriental Education & Technology Group EDU
New Oriental is hiding an extensive franchising operation, filing fraudulent tax-exempt financials in Beijing and using a cosmetic VIE — expect a restatement and Deloitte to resign.
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
Canadian Pacific Railway CP
CP has the worst operating ratio of any Class I railroad while closest peer CN has the best
Tronox Incorporated TROX
Post-Exxaro Tronox is the lowest-cost, fully-integrated TiO2 producer; levering up for a $24-$43/share special dividend plus relisting unlocks $183-$194/share, 56-66% upside.
Lowe's Companies, Inc. LOW
LOW trades at 13.3x depressed EPS with ~8% FCF yield — cheap
Fortune Brands Home & Security FBHS
Orphaned post-spin-off stock — recovery optionality mispriced at $13
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.
Rubicon Limited RBC
Rubicon's NZ-listed holdco structure hides two world-class US assets — ArborGen and Tenon — that a Tenon auction, ArborGen NASDAQ relisting, and three new shareholder directors can unlock for 200-300%+ upside.
Yahoo! Inc. YHOO
Yahoo's Asian assets and cash alone cover its $14 price; with a new board and unlocked 40% Alibaba stake, intrinsic value is $20-32 per share — 40-122% upside.
Hong Kong Monetary Authority / HKD-USD Peg
HKD peg forces Hong Kong to import ultra-loose U.S. monetary policy despite a vastly stronger economy
The McGraw-Hill Companies MHP
McGraw-Hill's conglomerate structure masks four independently attractive assets; separating MH Education, Information & Media and the S&P Index business plus an accelerated buyback unlocks ~60% upside to ~$65.
Family Dollar Stores FDO
FDO trades at same ~9x forward EBIT as Dollar General despite 37% performance gap
Iron Mountain Incorporated IRM
IRM's core storage is a compelling REIT — conversion unlocks ~$10.58/share in tax savings plus cap rate re-rating
China MediaExpress Holdings CCME
CCME is a pump-and-dump: reported revenue is overstated ~5x, its bus network is half the claimed size, and management is cashing out — fair value $5.28 vs $16.61.
Orient Paper Inc. ONP
Orient Paper is a fraud — revenues overstated 27x in 2008 and ~40x in 2009, assets inflated 10x, ~$30M of investor raises misappropriated; fair value under $1 vs. $8.43.
General Growth Properties GGP
GGP is worth ~$20/share sum-of-parts ($15 PF GGP + $5 GGO) vs. $14 price — 43% upside by year-end
Mall REIT sector (long General Growth Properties) GGP
Mall REITs still trade at 7.8% cap rates vs. 6.3% Baa — a historically wide spread
Corrections Corporation of America CXW
CXW trades at a 12% cap rate vs ~7% for Health Care REITs with near-identical attributes
Realty Income Corporation O
Tenant base is mostly junk-rated discretionary retailers with high bankruptcy risk
General Growth Properties GGWPQ
GGP's assets materially exceed liabilities — this is a liquidity bankruptcy, not insolvency
Target Corporation TGT
Target board lacks senior operating experience in retail, credit cards, and real estate
Target Corporation TGT
Target trades at only 5.8x '09E EV/EBITDA while REITs trade 14.5x-35.7x — 22% of EBITDA mispriced
Target Corporation TGT
Target owns 95% of its buildings — more real estate than any big-box peer, worth $39bn replacement value
Wendy's International WEN
Wendy's is 93% a brand-royalty and real-estate business masquerading as a restaurant chain
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