143 documents showing 1–60

Apr 01, 2026

Land & Buildings

Welltower Inc. WELL

Welltower's 10-year executive program could pay CEO Mitra up to $3 billion while incentivizing dilutive growth at a 144% NAV premium — shareholders should sell WELL and rotate into Ventas or AHR.

N5 V4

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

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

Feb 17, 2026

Starboard Value

Tripadvisor, Inc. TRIP

Tripadvisor's Board has tolerated ~50% value destruction under CEO Goldberg; Starboard demands a sale of the entire company or will run a majority-slate proxy fight at the 2026 meeting.

N4 V2

Dec 01, 2025

Engine Capital

UniFirst Corporation UNF

Engine urges UniFirst's independent directors to form a special committee and force a sale — the Croatti family's rejection of four Cintas bids has already cost shareholders ~$1.3B.

N4 V2

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

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 25, 2025

Wolfpack Research

CTO Realty Growth, Inc. CTO

CTO Realty's management inflates AFFO by excluding recurring capex, used a sham loan to hide a tenant collapse, and is diluting shareholders 70% to fund a dividend it cannot cover.

N4 V2

Jun 17, 2025

Land & Buildings

National Healthcare Corporation NHC

NHC's below-market 1991 lease with NHI expires 2026; renegotiation will cut NHC EBITDA 19-38% — L&B is short NHC.

N3 V2

May 16, 2025

Ancora

Forward Air Corporation FWRD

Ancora urges FWRD shareholders to vote AGAINST Chair Mayes, Polit, and Tucker — the directors behind the disastrous 2023 Omni acquisition that destroyed ~80% of equity value — to force an expedited sale.

N4 V4

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

May 03, 2025

White Diamond Research

Pulse Biosciences PLSE

PLSE's pivot to benign thyroid ablation repeats its failed dermatology playbook — tiny market, weak clinical data, revolving-door CEOs — and will trigger another stock collapse.

N3 V3

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 18, 2025

Elliott Management

Phillips 66 PSX

Phillips 66's conglomerate structure suppresses refining performance; spinning midstream and electing Elliott's four nominees replicates Marathon's ~150% outperformance playbook and restores PSX to industry leadership.

N3 V4

Apr 15, 2025

Elliott Management

Phillips 66 PSX

Phillips 66's three-business conglomerate is the root cause of peer underperformance; electing Elliott's four nominees and fully separating midstream from refining unlocks substantial value.

N4 V3

Apr 08, 2025

Spruce Point Capital

Monster Beverage Corp. MNST

Monster's Coke-like 23x EBITDA multiple masks accounting red flags, eroding US share to Celsius/Alani/BUD, and decaying governance — implying 25%-40% downside to $36-$44.

N4 V3

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 25, 2025

Elliott Management

Phillips 66 PSX

Phillips 66 is deeply undervalued; Elliott's Streamline 66 plan and four new directors can deliver 65%+ upside by repeating the Marathon Petroleum playbook.

N3 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

Pershing Square

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.

N5 V4

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 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

Oct 18, 2024

Spruce Point Capital

Erie Indemnity Company ERIE

ERIE's 25% management fee on its sole client — the loss-making Erie Insurance Exchange — looks unsustainable; a 2003-style cut plus peer-level multiple would drive 35-55% downside to $211-$317.

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

Jul 30, 2024

Engine Capital

C&C Group plc CCR

C&C has lagged peers by 81% since its 2019 LSE listing under four CEOs and a board owning 0.05%; electing Engine's two nominees brings M&A and capital-allocation expertise.

N3 V2

May 18, 2024

Engine Capital

Parkland Corporation PKI

Parkland's Board is entrenched and credibility-damaged; Engine (2.6% owner) demands an immediate strategic review with an investment bank to surface private-market value above the depressed public stock price.

N4 V1

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

Engine Capital

Parkland Corporation PKI

Parkland has failed on operations, capital allocation and governance; a strategic sale at 8-9x EBITDA would deliver ~$64/share, a 56% premium superior to the risky standalone plan.

N4 V2

Oct 17, 2023

Starboard Value

GoDaddy GDDY

GoDaddy missed its 2022 Investor Day commitments as Tech & Development costs ballooned; cutting costs to hit 33%+ EBITDA margins re-rates FCF/share to $10+ and closes the peer-multiple gap.

N3 V3

Oct 17, 2023

Starboard Value

GoDaddy, News Corp, Fortrea

Starboard pitches three ideas: News Corp should separate Digital Real Estate to unlock ~50% upside, GoDaddy should expand margins to 33%+, and Fortrea can hit 18% peer margins under Tom Pike.

N4 V3

Oct 13, 2023

Starboard Value

Multiple (GoDaddy, News Corp, Fortrea) GDDY, NWSA, FTRE

Starboard pitches three activist ideas at the 2023 13D Monitor Summit — GoDaddy margin expansion, News Corp digital-real-estate separation, and Fortrea CRO profitability fix — each with 50%+ upside.

N4 V3

Oct 04, 2023

Spruce Point Capital

Rollins Inc. ROL

Rollins is the 'Cockroach' of activism: SEC settlement, auditor swap, family insider sales, and a 27x EBITDA multiple set up 30-40% downside as Rentokil/Terminix and PE roll-ups erode the moat.

N4 V3

Oct 01, 2023

Starboard Value

Fortrea Holdings Inc. FTRE

Fortrea, LabCorp's spun-out CRO, earns 9% EBITDA margins versus 18% peers; CEO Tom Pike's IQVIA playbook implies $47-$72 per share, 60-144% upside at normalized margins.

N4 V3

Sep 21, 2023

Spruce Point Capital

Samsara Inc. IOT

Samsara is a commodity-hardware vehicle-telematics company masquerading as a premium SaaS growth story; aggressive accounting inflates margins and a 16x revenue multiple implies 45%-75% downside to $6.30-$13.90.

N5 V4

May 11, 2023

Elliott Management

The Goodyear Tire & Rubber Company GT

Goodyear's industry-low 5% margin and under-monetized 715-store retail platform create $32/share of value vs $11 today — via board refresh, retail sale, and operational review.

N5 V4

Jan 12, 2023

Trian Partners

The Walt Disney Company DIS

Disney's world-class IP is being squandered by a board that overpaid $52bn for Fox, bungled CEO succession, and is bleeding streaming losses — add Nelson Peltz to restore discipline.

N4 V3

Dec 01, 2022

Land & Buildings

Six Flags Entertainment Corp. SIX

Six Flags' owned real estate is worth more than its entire equity value; spinning it to a REIT buyer like VICI plus fixing the botched 2022 repositioning can double the stock.

N4 V4

May 19, 2022

Wolfpack Research

PMV Pharmaceuticals PMVP

PMV's Phase I readout on May 26 will disappoint: PC14586 is too weak, too toxic, and too short-lived to win FDA approval, leaving only $295M of cash behind a $628M market cap.

N4 V2

Mar 22, 2022

Engine Capital

Houghton Mifflin Harcourt HMHC

Veritas's $21/share buyout of Houghton Mifflin steals the company for 7.6x 2024 UFCF; reject it and execute a standalone Dutch tender recap to reach ~$42 by 2024.

N4 V3

Mar 22, 2022

Engine Capital

Houghton Mifflin Harcourt HMHC

Veritas' $21 tender for Houghton Mifflin Harcourt steals value at 7.6x UFCF; a self-funded Dutch tender and standalone plan could deliver roughly $42 per share by 2024.

N3 V1

Dec 09, 2021

Spruce Point Capital

Nuvei Corp NVEI

Nuvei is a thrice-rebranded payments roll-up run by executives tied to Ponzi schemes, fraud and adult-industry operators; peer-multiple re-rating implies 40-60% downside to $39-$58.

N5 V4

Aug 31, 2021

TCI Fund

Canadian National Railway CNI

CN, once the best-run Class I railroad, is now the worst under CEO Ruest; abandon the KCS deal and install Jim Vena to restore operational excellence.

N4 V3

Jul 14, 2021

Spruce Point Capital

Oatly Group AB OTLY

Oatly is an over-hyped oat-milk fad with accounting overstatements, hidden management scandals and a $12bn valuation pricing in 57% market share — 30-70% downside.

N5 V3

Apr 08, 2021

Spruce Point Capital

Porch Group Inc PRCH

Porch is 'Active Network 2.0' run by the same CEO — a money-losing lead-gen business dressed as SaaS, with barter accounting and hidden debt implying 50%-70% downside to $5-$8.

N4 V3

Mar 03, 2021

Muddy Waters

XL Fleet Corp XL

XL Fleet is SPAC trash: salespeople were paid to fabricate pipeline, most touted customers are inactive, ROI is actually negative, and the stock is worth a fraction of its billion-dollar SPAC valuation.

N5 V3

Dec 01, 2020

White Diamond Research

GreenPower Motor Company GP

GreenPower markets itself as an American EV bus manufacturer but is merely reselling re-logoed Chinese Weichai Eurise buses — not Buy America compliant and worth ~$1.50, implying 90% downside.

N4 V2

Sep 29, 2020

Spruce Point Capital

Sunnova Energy International Inc. NOVA

Sunnova is a misbranded 'solar' company that is actually an unprofitable specialty finance business with Enron-alum management and aggressive non-GAAP metrics — fair value $5-$8 vs. $27 today (70-80% downside).

N4 V3