500 documents showing 361–420
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.
N4
V2
C2
⌂
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.
N5
V3
C3
⌂
◫
”
⚑
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
C4
⌂
”
⇌
⚑
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.
N5
V3
C3
⌂
◫
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).
N4
V4
C4
⌂
◫
”
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.
N4
V3
C2
⌂
◫
”
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
C4
⌂
◫
”
⇌
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
C3
⌂
⚑
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.
N4
V3
C3
⌂
”
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.
N5
V3
C3
⌂
◫
”
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.
N4
V3
C2
⌂
◫
”
⇌
Pioneer Natural Resources PXD
Pioneer and the shale 'frackers' burn cash and destroy value on every BOE developed; their $27B market cap rests on proved reserves worth $3-8B — buy oil, not PXD.
N5
V3
C3
⌂
◫
”
⇌
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
C3
⌂
”
⇌
⚑
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
C4
⌂
◫
”
⇌
⚑
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
C4
⌂
◫
”
⇌
⚑
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
C3
⌂
◫
”
⇌
⚑
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
C3
⌂
◫
”
⇌
⚑
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
C3
⌂
”
⚑
AerCap Holdings AER
AerCap, the largest independent aircraft lessor, trades at 8.5x earnings; the equity should rerate as the credit markets already have post-ILFC deal, supported by low-teens ROE and ~10% EPS CAGR.
N4
V3
C3
⌂
◫
”
⇌
⚑
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
C3
⌂
The Bank of New York Mellon BK
BNY Mellon has squandered the 2007 Mellon merger under CEO Hassell; cutting ~10,000 excess FTEs and installing new leadership closes the State Street gap for 114% upside.
N4
V4
C4
⌂
◫
”
⇌
⚑
E.I. du Pont de Nemours and Company (DuPont) DD
DuPont is an underperforming conglomerate burdened with $2-4bn of excess costs; elect Trian's four nominees to drive separation, cost cuts, and board accountability.
N5
V3
C3
⌂
◫
”
⇌
⚑
Date
Fund
Target
Thesis
Scores
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
Jun 25, 2017
Third Point
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.
N4
V2
Jun 16, 2017
Muddy Waters
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.
N4
V2
Jun 15, 2017
Viceroy Research
Caesarstone Ltd.
CSTE
CSTE's bull case has disappeared: the touted Lowe's Transform deal is absent from shelves, sales agents are phantoms, and financials look overstated versus Cosentino.
N4
V2
May 31, 2017
Muddy Waters
Asanko Gold Inc.
AKG
Muddy Waters is short AKG: flawed geology, a collapsing Nkran pit, and a 2018 liquidity crunch make the Ghana gold miner highly likely to end up a zero.
N4
V2
May 16, 2017
Elliott Management
BHP Billiton
BHP
BHP's chronic underperformance stems from value-destructive petroleum bets and an obsolete DLC structure; demerging US petroleum, unifying the DLC and returning capital unlocks c.US$46bn.
N5
V4
May 11, 2017
Pershing Square
Herbalife
HLF
Post-2012-short results confirm Herbalife's pyramid thesis: individual markets pop-and-drop, Q1'17 China growth is a pull-forward illusion, and questionable EPS add-backs mask structural decline.
N4
V3
May 08, 2017
Pershing Square
Howard Hughes Corporation
HHC
HHC is the public-market way to invest alongside a Donald-Bren-style MPC compounder: irreplaceable master-planned communities with 37M SF of remaining entitlements, roughly 10x what's already built.
N5
V4
May 08, 2017
Greenlight Capital
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.
N5
V3
Apr 24, 2017
Pershing Square
Pershing Square Holdings Portfolio (MDLZ, APD, CMG, HHC, NOMD, HLF short, FNMA/FMCC)
PSH
Pershing Square's 2017 European investor meeting recaps a concentrated multi-position book (MDLZ, APD, CMG, HHC, NOMD, HLF short, GSEs) and asks investors to approve a London LSE listing and 5% buyback to close PSH's NAV discount.
N3
V3
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
Apr 10, 2017
Elliott Management
BHP Billiton
BHP
BHP's DLC structure, stranded US petroleum, and undisciplined capital allocation depress value; unifying, demerging, and running 14% discounted buybacks unlocks ~49% upside and US$46bn.
N5
V3
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 26, 2017
Pershing Square
Pershing Square Holdings Portfolio (multi-position)
PSH
After a -13.5% 2016 driven by Valeant, Pershing recaps a concentrated portfolio (Mondelez, Air Products, Restaurant Brands, Chipotle) where margin and turnaround catalysts should restore long-term outperformance versus the S&P.
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
Jan 12, 2017
Spruce Point Capital
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.
N4
V3
Dec 19, 2016
Muddy Waters
China Huishan Dairy Holdings
6863.HK
Huishan's revenue is fabricated: tax-bureau data, cow-farm photos, and e-commerce scrapes all show the reported top line is dramatically overstated — the stock is a zero.
N4
V2
Dec 16, 2016
Muddy Waters
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.
N5
V2
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
Nov 28, 2016
Greenlight Capital
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.
N5
V3
Nov 01, 2016
Elliott Management
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).
N4
V4
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 25, 2016
Muddy Waters
St. Jude Medical, Inc.
STJ
St. Jude's $23B cardiac-device franchise rests on a Merlin ecosystem so insecure that hackers can crash pacemakers from 50 feet — a recall and two-year remediation imply 50%+ downside and likely covenant breach.
N5
V2
Aug 22, 2016
Sandell
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.
N4
V3
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 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 26, 2016
Pershing Square
Multiple holdings (Pershing Square portfolio)
Fund-level recap after Q1 2016's -25.6% drawdown: Ackman defends the contrarian book — MDLZ margin upside, APD turnaround, CP execution — while reaffirming the Herbalife pyramid-scheme short.
N3
V3
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
Feb 18, 2016
Engaged Capital
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.
N4
V3
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 28, 2016
Pershing Square
Pershing Square portfolio (multi-holding LP update: MDLZ, VRX, APD, ZTS, CP, QSR, HHC, PAH, FNMA/FMCC, HLF short)
After a -20.5% 2015, Pershing concedes mistakes on Valeant/Platform/CP but argues its portfolio holdings trade at a substantial discount to intrinsic value and that permanent capital lets it wait for convergence.
N4
V3
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
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 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
Nov 16, 2015
Greenlight Capital
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.
N5
V3
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
Oct 05, 2015
Trian Partners
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.
N4
V3
Sep 30, 2015
Starboard Value
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.
N4
V3
Aug 01, 2015
Carl Icahn
Icahn Enterprises L.P. (self)
IEP
IEP is Carl Icahn's public activist vehicle — a diversified holding company that has compounded at 19.2% since 2000 by buying undervalued businesses and forcing change as a controlling owner.
N2
V3
May 04, 2015
Pershing Square
Valeant Pharmaceuticals International
VRX
Valeant is mis-valued on a traditional earnings multiple; crediting its Pearson-led Platform Value — like Jarden or Danaher — unlocks $330+/share, ~48% upside from $223.
N5
V4
May 04, 2015
Pershing Square
Valeant Pharmaceuticals International
VRX
Valeant is a platform compounder that traditional P/E undervalues; SOTP plus credit for ongoing M&A implies $330+/share vs $223 today, with up to $618 by 2020.
N5
V3
May 04, 2015
Greenlight Capital
Pioneer Natural Resources
PXD
Pioneer and the shale 'frackers' burn cash and destroy value on every BOE developed; their $27B market cap rests on proved reserves worth $3-8B — buy oil, not PXD.
N5
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 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 07, 2015
Greenlight Capital
AerCap Holdings
AER
AerCap, the largest independent aircraft lessor, trades at 8.5x earnings; the equity should rerate as the credit markets already have post-ILFC deal, supported by low-teens ROE and ~10% EPS CAGR.
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 01, 2015
Marcato
The Bank of New York Mellon
BK
BNY Mellon has squandered the 2007 Mellon merger under CEO Hassell; cutting ~10,000 excess FTEs and installing new leadership closes the State Street gap for 114% upside.
N4
V4
Feb 17, 2015
Trian Partners
E.I. du Pont de Nemours and Company (DuPont)
DD
DuPont is an underperforming conglomerate burdened with $2-4bn of excess costs; elect Trian's four nominees to drive separation, cost cuts, and board accountability.
N5
V3
Feb 01, 2015
Sandell
Brookdale Senior Living Inc.
BKD
BKD trades at a wide discount because its owned real estate is buried inside an OpCo; a tax-free PropCo/OpCo REIT spin plus governance overhaul unlocks ~$49/share.
N4
V3
Jan 29, 2015
Pershing Square
Pershing Square portfolio (multi-target)
Pershing Square delivered 40.4% net returns in 2014, driven by Allergan's forced sale to Actavis, Herbalife's 52% decline, and Canadian Pacific's continued transformation under Hunter Harrison.
N3
V3
Jan 29, 2015
Pershing Square
Pershing Square portfolio (Allergan, Herbalife, Canadian Pacific, Air Products, Restaurant Brands, Platform Specialty, Zoetis, Howard Hughes, Fannie/Freddie)
Pershing Square's 2014 annual recap: 40.4% net return, Allergan sold at a 75% premium, Herbalife short down 52%, and a $2.8bn PSH IPO making 46% of AUM permanent capital.
N3
V3