571 documents showing 421–480

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 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 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

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

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 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

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

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 29, 2016

Muddy Waters

St. Jude Medical STJ

STJ's rebuttal to Muddy Waters' cybersecurity short report is 80% fluff and 20% substance, with admissions and deception cues that confirm its cardiac devices remain unsafe and need recall.

N4 V1

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 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

Jul 20, 2016

Pershing Square

Herbalife HLF

The FTC's July 2016 Herbalife complaint and forced restructuring vindicate Pershing's pyramid-scheme short thesis; normalized EPS collapses to $1.42–$2.22, far below the ~$65 share price.

N5 V3

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 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 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

Mar 08, 2016

Muddy Waters

Casino Guichard-Perrachon SA CO

Casino's claimed France recovery is fiction: Mercialys property gains inflate EBITDA, suppliers are being stretched, and the CFO's earnings-call language shows deception clusters.

N5 V1

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

Muddy Waters

Groupe Casino CO

Casino is a highly-levered, deteriorating French retailer being hollowed out by controlling shareholder Naouri and using property-sale gains to inflate EBITDA; equity worth ~€7 per share.

N4 V2

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 30, 2015

Pershing Square

Valeant Pharmaceuticals International VRX

Citron's 'next Enron' attack on Valeant is a 1963 AmEx Salad Oil rerun — Philidor is ~7% of sales, the franchise is intact, and VRX at 7x cash EPS offers 60-215% upside.

N5 V3

Oct 30, 2015

Pershing Square

Valeant Pharmaceuticals International VRX

Citron's 'next Enron' attack on Valeant overstates the risk: Philidor is only ~6% of sales, and even written off, VRX trades at ~8x 2016 cash EPS with 135%+ long-term upside.

N4 V3

Oct 21, 2015

Citron Research

Valeant Pharmaceuticals VRX

Valeant is channel-stuffing through a web of captive specialty pharmacies (Philidor, R&O, plus cloned shells) to fabricate invoices and book phantom revenue — a potential Pharmaceutical Enron; price target $50.

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

Aug 10, 2015

Starboard Value

Yahoo! Inc. YHOO

Yahoo's Core Business is collapsing because of $550M of self-inflicted cost bloat; cutting costs and replacing the Microsoft search deal can restore profitability without touching Alibaba.

N4 V2

Aug 01, 2015

Pershing Square

Herbalife Ltd. HLF

Herbalife's fastest-growing segment — China, ~10% of sales — operates as an illegal pyramid scheme, with royalties disguised in SEC filings as 'China Sales Employees' SG&A to hide identical multi-level compensation.

N5 V2

Jun 26, 2015

Pershing Square

Herbalife Ltd. HLF

A leaked 71-minute video shows Herbalife CEO Michael Johnson admitting the business is a 'lottery ticket' with 'pyramiding' — Pershing demands he release the tape and the distributor failure data.

N3 V1

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 09, 2015

Muddy Waters

Noble Group NOBL

Muddy Waters is short Noble Group: a cash-burning commodities trader that manufactures EBITDA via sham affiliate transactions like the PT ALH $46M negative-goodwill scheme to keep credit flowing.

N4 V1

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

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 26, 2015

Pershing Square

Herbalife HLF

Herbalife is a pyramid scheme built on recruitment, not retail: former distributors describe losing thousands while 88% of participants earn no commission.

N4 V1

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