19 documents showing 1–19

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.

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.

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 has underperformed every peer and index over 1-, 2-, 3-year and YTD windows

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.

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.

Whole Foods Market, Inc. WFMI

McDonald's Corporation MCD

McDonald's is fundamentally not a restaurant company — 78-86% of EBITDA comes from Brand McDonald's

Allied Capital ALD

Allied appears to flout SEC fair value rules by using SBA-style accounting to overstate NAV