24 documents showing 1–24

Fannie Mae / Freddie Mac FNMA / FMCC

Release Fannie and Freddie from conservatorship at a 2.5% capital standard and IPO them at ~$30+/share; Treasury's warrants generate ~$300bn while shares re-rate 5-6x from ~$6 today.

The Walt Disney Company DIS

Disney should lean into its 21%-ROIC Parks business and escape the streaming wars via bigger bundles and cross-studio collaboration — applying the Microsoft, NYT, and Spotify playbook ValueAct knows.

GFL Environmental Inc. GFL

Spruce Point argues GFL Environmental is a 'terminal zero': a Canadian waste roll-up mimicking the Philip Services fraud playbook, with understated debt, CEO ties to organized crime, and 100% downside.

ANTA Sports Products Limited 2020.HK

ANTA used IPO proceeds to grow Shanghai Fengxian, then stripped it to insider proxies via a straw buyer in 2008 — proof of fraudulent intent toward minority shareholders.

ANTA Sports Products Ltd. 2020.HK

ANTA secretly controls at least 27 — and likely over 40 — of its 46 Tier 1 distributors via proxy owners, fraudulently inflating the margins behind its peer-leading financials.

N/A (Japanese M&A regulatory guidelines; Alps Alpine cited as precedent)

Dealreporter coverage of Japan's new METI M&A guidelines that strengthen special committees and independent directors in MBOs, with Oasis Management endorsing the reforms as minority-shareholder protection.

U.S. Concrete Inc USCR

USCR's 21% gross margins and Adj EBITDA growth are engineered via capital leases and overcapitalized truck costs; CEO Sandbrook should resign and shares face 60-90% downside to $6-$25.

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.

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.

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.

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.

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.

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.

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.

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.

BMC Software BMC

BMC's strong assets are trapped under an unengaged board and CEO Beauchamp who keeps missing his own targets; electing Elliott's four tech nominees opens a sale and long-overdue value.

Lowe's Companies, Inc. LOW

Lowe's is a cheap home-improvement duopolist whose 8% FCF yield funds a buyback worth ~40% of market cap — investors are paid to wait for the housing recovery.

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.

Hong Kong Dollar / Hong Kong Monetary Authority (HKMA) HKD

Hong Kong's USD peg forces the booming HKD to import US ultra-accommodative monetary policy, fueling inflation and property bubbles; a 30% revaluation to 6:1 offers ~44x upside via cheap call options.

Orient Paper, Inc. ONP

ONP claimed to own its China operating company HBOP for 16 months when it didn't, and replaced 80% of its top 10 customers while growing sales 56.5% — both flag fraud.

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.

Realty Income Corporation O

Realty Income trades at a 7.3% cap rate — a ~40% premium to 10-11% private-market rates for the same junk-credit retail properties; downside to ~$14 (-46%).

Target Corporation TGT

Target's insular board lacks CEO-level retail, credit-card, and real-estate expertise — replace four incumbents with Pershing's slate to close the 62-point performance gap versus Wal-Mart.

Whole Foods Market, Inc. WFMI