8 documents showing 1–8

Keisei trades at a 39% discount because its US$5bn OLC stake masks chronic underperformance; capping it below 15% plus a refreshed 11-member board unlocks US$3bn.

Smiths' four-segment conglomerate structure masks a ~50-60% SOTP discount; the Board should launch a strategic review to sell the company or spin John Crane into a U.S. listing.

Palliser, a 1.6% holder, asks Keisei shareholders to vote on an advisory resolution forcing the board to publish a capital allocation plan and cut its OLC cross-holding below 15% by March 2026.

Forward Air's acquisition-led growth strategy has decimated its core LTL margins; Ancora's nominees will restore operating discipline and unlock ~50% upside to $130-$135/share.

AECOM is a collection of under-integrated franchises; a Jacobs-style operational overhaul plus outright sales of MS and CS can close a 5.3x multiple discount to peers.

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.

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.

Fluor's $4bn NuScale stake masks a transformed EPCM core trading at just 2.8x EBITDA; separating NuScale unlocks a re-rating to peer 6-13x multiples.