251 documents showing 1–60

Mar 25, 2026

Spruce Point Capital

Bunge Global SA BG

Bunge is a levered agribusiness roll-up masking a failing Viterra deal with opaque accounting; strip out the hand-waving and the stock is worth $24-$55, 55-80% below $124.

N5 V4

Mar 17, 2026

Muddy Waters

SoFi Technologies, Inc. SOFI

SoFi's $1,054M reported 2025 EBITDA is ~90% inflated via manipulated charge-off rates, off-balance-sheet VIEs and subsidized seller-financed sales that feed CEO Noto's comp — real EBITDA is ~$103M.

N5 V3

Feb 18, 2026

Starboard Value

Riot Platforms, Inc. RIOT

Riot's 1.7GW of powered Texas sites could generate $1.6bn of AI/HPC EBITDA and drive shares to $23-$53 if management urgently signs more hyperscaler deals like the AMD proof-of-concept.

N3 V2

Jan 27, 2026

Spruce Point Capital

Resideo Technologies, Inc. REZI

Resideo is an over-levered, serially-disappointing Honeywell spin whose split-up is a 'trust me' distraction from $2bn of troubled M&A and -37% cash-flow decline; 25-50% downside.

N4 V3

Jan 27, 2026

Elliott Management

Toyota Industries Corporation 6201.T

Toyota Real Estate's ¥18,800 TOB undervalues Toyota Industries by 39% versus NAV and 85% on core business; shareholders should refuse to tender and pursue a standalone plan instead.

N5 V4

Jan 27, 2026

Elliott Management

Toyota Industries Corporation 6201

Toyota Industries' ¥18,800 take-private undervalues the company by 39%; shareholders should reject the tender and pursue a Standalone Plan worth >¥40,000 per share.

N5 V4

Jan 18, 2026

Elliott Management

Toyota Industries Corporation 6201

Toyota Industries' ¥18,800 take-private undervalues NAV ¥26,134 by 40%; rejecting the TOB and executing Elliott's Standalone Plan unlocks >¥40,000 per share by 2028.

N4 V3

Jan 18, 2026

Elliott Management

Toyota Industries Corporation 6201

Toyota Fudosan's ¥18,800 squeeze-out of Toyota Industries undervalues NAV by ~40%; reject the TOB and back Elliott's Standalone Plan targeting >¥40,000 per share by 2028.

N5 V4

Oct 17, 2025

Starboard Value

Multiple (BILL Holdings, Tripadvisor, Fluor Corporation)

Three contrarian longs at undemanding multiples: BILL needs Rule of 40 discipline, Tripadvisor should break up TheFork and fix Viator, and Fluor must separate its $4bn NuScale stake.

N4 V4

Oct 01, 2025

Starboard Value

Tripadvisor, Inc. TRIP

Tripadvisor trades at 6.5x EBITDA, half its peers, because investors still view it as a controlled legacy Tripadvisor.com — sell TheFork, fix Viator margins, revitalize the brand, or take the $18-19/share bid.

N4 V4

Sep 01, 2025

Kerrisdale Capital

CoreWeave, Inc. CRWV

CoreWeave is a debt-fueled, undifferentiated GPU rental stopgap with 71% Microsoft concentration and sub-WACC returns; fair value is $6–13, or 88–95% downside.

N4 V3

Aug 18, 2025

Spruce Point Capital

iRhythm Technologies, Inc. IRTC

Spruce Point argues iRhythm hid FDA-flagged Zio AT defects that killed patients and faces a DOJ cover-up probe; commoditized tech and an overstated asymptomatic market imply 40-70% downside.

N4 V3

Aug 11, 2025

Engine Capital

Avantor, Inc. AVTR

Avantor's board has presided over five years of self-inflicted operational and capital-allocation failures; a refreshed board, cost discipline, buybacks and portfolio optimization can deliver 97-134% upside by 2027.

N4 V3

Jul 22, 2025

Spruce Point Capital

Limbach Holdings, Inc. LMB

Limbach's ODR recurring-revenue story masks decelerating organic growth, aggressive accounting, and fraud-linked directors; at 18x FY26E EBITDA we see 20-50% downside to $62-99/share.

N4 V3

Jun 08, 2025

Elliott Management

Sumitomo Realty & Development Co., Ltd. 8830

Sumitomo Realty trades at half its post-tax real-estate NAV due to excessive cross-shareholdings, weak payouts, and worst-in-class TOPIX 100 governance; fixing these unlocks 43% upside to ~¥8,000.

N4 V3

May 28, 2025

Spruce Point Capital

Tempus AI, Inc. TEM

Tempus AI is an AI-branded diagnostics roll-up whose tiny AI revenue, Lefkofsky-linked restatement history, and round-tripped related-party deals imply 50-60% downside to ~$25-34/share.

N5 V3

May 12, 2025

Carl Icahn

Phillips 66 PSX

Phillips 66's refining-plus-midstream conglomerate trades at a 6.1x discount to an 8.1x SOTP; breaking it up and replacing complacent directors unlocks ~75% upside to $183.

N5 V4

May 06, 2025

Carl Icahn

Phillips 66 PSX

Phillips 66 has underperformed Marathon by 511% under a complacent board; electing Elliott's four nominees and spinning Midstream/CPChem/JET unlocks ~75% upside ($103 → $183).

N5 V4

May 06, 2025

Elliott Management

Phillips 66 PSX

Phillips 66 is a conglomerate trading at a refiner multiple; replace four directors, spin Midstream/CPChem/JET, and buy back 80% of shares for ~75% upside to $183.

N5 V4

Apr 30, 2025

Spruce Point Capital

Clear Secure, Inc. YOU

Spruce Point is short Clear Secure (YOU): TSA Digital ID and weakening airline partnerships are eroding CLEAR's value prop while accounting red flags and a CAO from Ubiquiti suggest 30-50% downside.

N4 V3

Apr 28, 2025

Carl Icahn

Phillips 66 PSX

Phillips 66's refining/midstream conglomerate has trailed peers 450% since spin; spinning midstream, refocusing refining, and seating four new directors targets 75% upside to $183.

N5 V4

Apr 28, 2025

Elliott Management

Phillips 66 PSX

Phillips 66's conglomerate discount and lagging refining execution have cost shareholders 450% vs peers; spinning midstream, divesting CPChem, and refreshing the board unlock ~75% upside to $183.

N5 V4

Apr 28, 2025

Elliott Management

Phillips 66 PSX

Phillips 66's conglomerate structure has trapped value and lagged peers by 97% over 5 years; spinning midstream, fixing refining and refreshing the board unlocks ~75% upside to $183/share.

N5 V4

Apr 23, 2025

Palliser Capital

Keisei Electric Railway 9009

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.

N5 V4

Apr 03, 2025

Elliott Management

Phillips 66 PSX

Phillips 66's inefficient conglomerate structure hides $40B+ midstream value; spinning it off, refocusing on refining, and refreshing the Board could lift shares from ~$120 to $200+.

N5 V4

Mar 27, 2025

Elliott Management

Phillips 66 PSX

Phillips 66's CEO is talking down his own stock after a decade of underperformance; Elliott's Streamline66 slate targets a $200+ share price via a sum-of-parts breakup.

N4 V4

Mar 18, 2025

Elliott Management

Phillips 66 PSX

Phillips 66's conglomerate structure masks world-class midstream and chemicals assets; separating them, fixing refining, and refreshing the board closes a decade-long 188% TSR gap versus peers.

N3 V4

Feb 26, 2025

Oasis Management

Kao Corporation 4452.JP

Kao is Japan's underperforming FMCG giant; adding five expert directors with FMCG, cosmetics and digital expertise plus performance-aligned pay can close the peer gap and revive growth.

N5 V4

Feb 11, 2025

Elliott Management

Phillips 66 PSX

Phillips 66's conglomerate structure traps value; spinning Midstream, selling the CPChem JV, and fixing refining lifts the stock from $120 to ~$200, with Marathon-style execution reaching $300+.

N5 V4

Feb 11, 2025

Elliott Management

Phillips 66 PSX

Phillips 66's conglomerate structure buries a world-class refiner and >$40bn midstream inside a low-multiple wrapper; spinning midstream, fixing refining and Marathon-style buybacks unlock $200-$300+ per share.

N5 V4

Feb 11, 2025

Elliott Management

Phillips 66 PSX

Phillips 66's conglomerate hides world-class midstream worth $40bn+; spinning midstream, closing the $3.75/bbl refining gap to Valero, and refreshing the board can lift PSX from $120 to $200+.

N5 V4

Jan 29, 2025

Kerrisdale Capital

ACM Research, Inc. ACMR

ACMR trades at 1.1x revenue while its 82%-owned Shanghai subsidiary ACMS trades at 6x — a sum-of-parts gap that implies a 10-bagger as China's WFE self-sufficiency drive accelerates.

N4 V2

Jan 23, 2025

Spruce Point Capital

Construction Partners, Inc. ROAD

ROAD is a levered Sunbelt asphalt roll-up whose Florida DOT engine is quietly stalling — FOIA shows -22% award decline — and its $1bn Lone Star deal masks the gap; we see 35-50% downside.

N4 V3

Jan 17, 2025

Engine Capital

Smiths Group plc SMIN

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.

N4 V2

Jan 16, 2025

Spruce Point Capital

PROCEPT BioRobotics Corporation PRCT

Procept trades at 14x revenue on a false 'all-prostates' TAM; Spruce Point sees channel-stuffing via DSOs at 130 days, no procedure growth, and 30-60% downside to $29-$54.

N4 V3

Jan 10, 2025

Scorpion Capital

TransMedics Group Inc TMDX

TransMedics is a Medicare billing-fraud and kickback racket whose top transplant-center customers are fleeing as cheaper alternatives arrive — Scorpion sets a $0 target.

N5 V3

Jan 08, 2025

Trian Partners

Solventum Corporation SOLV

Solventum's post-spin performance collapse is nearly worst-in-class; restoring 3M-era 3-4% growth and 26% margins plus simplifying the portfolio can double shares to $140 by 2027.

N4 V3

Dec 16, 2024

Spruce Point Capital

Aegon Ltd. AEG

Aegon's distribution engine WFG is an aggressive MLM run amok with IUL churn, ex-WFG competitor GFI poaching top producers, and sum-of-parts pointing to 25-50% downside.

N5 V4

Dec 10, 2024

Ancora

Amcor plc (pro forma Amcor-Berry Global combination) AMCR

The Amcor-Berry merger creates a $36B packaging leader; executing $650M of conservatively-estimated synergies and a re-rate from 8x to 11x EBITDA delivers ~$16/share, a 50-70% upside.

N3 V3

Dec 01, 2024

Palliser Capital

Rio Tinto RIO

Rio Tinto's 29-year-old dual-listed structure has destroyed ~US$50bn of value; unifying into a single Ltd-led entity unlocks +27% near-term upside and restores scrip-M&A firepower.

N5 V4

Nov 01, 2024

Kerrisdale Capital

Oklo Inc. OKLO

Oklo is a $3bn pre-revenue SPAC nuclear story whose 5x-lowballed fuel costs, unrealistic 2027 NRC timeline, and inexperienced 'Nuclear Bros' management mean shares should collapse as reality intrudes.

N4 V3

Oct 01, 2024

Starboard Value

Pfizer Inc. PFE

Pfizer destroyed $20-60bn of value since 2019 despite a $40bn COVID windfall; Starboard wants the board to hold Bourla accountable for peer-median R&D/M&A returns.

N5 V4

Oct 01, 2024

Starboard Value

Pfizer Inc. PFE

Pfizer squandered its $40bn COVID windfall on overpriced M&A while delivering almost none of the 15 promised blockbusters; the Board must hold management accountable.

N5 V4

Sep 20, 2024

Spruce Point Capital

Intuit Inc. INTU

Intuit is an opaque, consumer-unfriendly SMB software company whose $20bn Credit Karma/Mailchimp blunders and 11x revenue multiple imply 40%-80% downside under CEO Sasan Goodarzi.

N5 V3

Aug 15, 2024

Kerrisdale Capital

Lumen Technologies LUMN

Lumen's 400% AI-fueled rally is an optical illusion: $5bn in PCF deals is construction-contractor funding worth ~$1/share, masking an insolvent, secularly declining telco with $19bn debt.

N4 V3

Aug 08, 2024

Spruce Point Capital

Zebra Technologies Corp. ZBRA

Zebra's hardware growth is stalling, its accounting and governance are riddled with red flags, and a sum-of-parts valuation implies 65-80% downside to $63-$110 per share.

N4 V3

Jul 01, 2024

Spruce Point Capital

Floor & Decor Holdings, Inc. FND

Spruce Point argues Floor & Decor's leadership mirrors Linens 'N Things before bankruptcy, hiding $618M debt and misstating sales — shares face 40–60% downside to $40–60.

N4 V3

Jun 05, 2024

Scorpion Capital

Lasertec Corporation 6920

Lasertec — Japan's most-traded stock at $23B — is inflating inventory to hide that its flagship ACTIS EUV mask-inspection tool is defective; a 65-70% writedown will erase 85% of retained earnings.

N5 V4

Jun 03, 2024

Muddy Waters

CPI Property Group S.A. CPIPGR

CPI PG's controlling shareholder Vitek swapped €273m of personal debt for Dubai properties still under construction, sticking CPI PG with ~€220m of hidden progress payments while pocketing ~€118m.

N4 V2

Apr 25, 2024

Oasis Management

Kao Corporation 4452.JP

Kao has top-decile brands (Curel, Biore, Molton Brown) but bottom-decile management with a 'growth allergy' — fixing it Beiersdorf-style unlocks 76-97% upside.

N4 V4

Apr 17, 2024

Spruce Point Capital

PowerSchool Holdings, Inc. PWSC

Spruce Point is short PWSC: ESSER-fueled K-12 growth is about to hit a fiscal cliff while aggressive accounting, SOPIPA privacy exposure, and 5.8x true leverage imply 30-60% downside.

N5 V3

Apr 15, 2024

Ancora

Norfolk Southern Corporation NSC

Norfolk Southern is the worst-performing Class I railroad under Alan Shaw; replacing the Board and installing UPS/CSX operators to run PSR closes the 780bps OR gap and unlocks $420 per share.

N5 V4

Apr 11, 2024

Bluebell Capital

TIM S.p.A. (Telecom Italia) TIT

Vote Bluebell's slate to replace TIM's worst-in-class CEO Labriola with Google Cloud exec Laurence Lafont, halt strategic chaos, and unlock ~100% upside versus European telco peers.

N4 V3

Mar 05, 2024

Spruce Point Capital

Zillow Group, Inc. Z

Zillow's Premier Agent core is saturated, NAR lawsuits will compress commissions, Flex/Super App cannot replace it, and aggressive revenue recognition masks decline — shares worth $23-$35 vs $57.

N4 V3

Mar 01, 2024

Trian Partners

The Walt Disney Company DIS

Disney's decade of underperformance stems from a board lacking focus and accountability; electing Peltz and Rasulo brings ownership mentality to fix succession, streaming economics and capital allocation.

N5 V4

Mar 01, 2024

Trian Partners

The Walt Disney Company DIS

Disney lost its way under a distracted, unaccountable board; replacing two directors with Peltz and Rasulo restores focus on DTC margins, CEO succession, and capital discipline.

N5 V4

Jan 17, 2024

Spruce Point Capital

MSCI Inc. MSCI

Spruce Point rates MSCI a Strong Sell: accounting red flags, nepotism-like M&A, eroding ESG lead and a CAO resignation expose 55-65% ($190-$244) downside to MSCI's premium multiple.

N5 V3

Dec 06, 2023

Palliser Capital

Samsung C&T Corporation 028260 KS

Samsung C&T trades at a 63% discount to its $40.4bn NAV; fixing capital allocation, governance and the opaque group structure closes a $25bn value gap worth ~170% upside.

N5 V4

Nov 29, 2023

Elliott Management

Phillips 66 PSX

Phillips 66 has lost investor trust by taking its eye off refining; adding two refining-experienced directors — and Marathon's 2019 playbook if targets slip — unlocks ~75% upside to $205+.

N4 V2

Oct 25, 2023

Muddy Waters

Sunrun Inc. RUN

Sunrun's non-GAAP Subscriber count exceeds mandatory EIA filings by ~20%, implying phantom customers, ~$1.5B of overstated Net Earning Assets (62.5% of market cap), and possible ITC tax fraud.

N4 V2