173 documents showing 1–60

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Phillips 66 PSX

Phillips 66 has underperformed Marathon and Valero for years while CEO Mark Lashier collected $79M; elect four Elliott nominees to break up the conglomerate and restore accountability.

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).

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.

Phillips 66 PSX

Phillips 66 has squandered value through a failed midstream pivot and a captured board; electing Elliott's four nominees and separating midstream unlocks ~$40B+ of trapped value.

Phillips 66 PSX

Phillips 66's dilutive midstream pivot has destroyed TSR versus refining peers; a midstream spin and refreshed governance — as at Marathon and Suncor — can unlock the buried value.

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.

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.

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.

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.

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+.

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.

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.

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+.

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.

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+.

N/A

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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+.

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.

Keisei Electric Railway 9009 JT

Keisei's 22% stake in Oriental Land hides $4.5bn of value; right-sizing it below 15% and adopting a capital allocation framework unlocks 76% upside for shareholders.

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.

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.

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.

News Corporation NWSA

News Corp's REA stake alone is worth $8B of its $12B EV — separating Digital Real Estate would expose Dow Jones and surface ~50% upside to ~$33/share.

Algonquin Power & Utilities Corp. AQN

Starboard, now AQN's largest holder at 7.5%, says selling the unregulated renewables fixes leverage and the payout ratio, leaving a greener regulated utility worth a peer-premium re-rating.

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.

Vitesco Technologies VTSC

Vitesco trades at €2.6B EV — less than its ICE business alone is worth (€2.9-4.3B at peer multiples); buy the stock and get the high-growth EV-powertrain unit for free.

Glencore Plc GLEN

Glencore's unsolicited Teck bid is structurally flawed; Glencore should first demerge thermal coal, Oil Marketing and Viterra, then merge with Teck to unlock a world-class transition-metals leader.

Parkland Corporation PKI

Parkland's conglomerate mix of retail, refinery and distribution trades at a 3-turn discount to Couche-Tard; spin the non-core assets and refresh the stale board to unlock ~$45/share, roughly 55% upside.

Essential Utilities, Inc. WTRG

WTRG's water roll-up is failing and its $4.3bn Peoples gas pivot is a Ponzi-like dividend trap; 35%-50% downside to $20-$28 on sum-of-parts.

Digital Garage, Inc. 4819 JT

Digital Garage's fintech payments arm is starved by a distracted conglomerate; spinning off FinTech and dumping the Kakaku.com stake unlocks ~100% upside amid Japan's cashless boom.

Digital Garage Inc. 4819 JT

Digital Garage is missing Japan's cashless-payments wave; spinning off DG Financial Technology, divesting Kakaku, and refocusing management would nearly double the stock and lift profit before tax from JPY4.5bn to JPY11.4bn.

Capricorn Energy PLC CNE

Capricorn's board is destroying value by forcing a low-ball NewMed sale; replacing seven directors unlocks up to 400p per share via Palliser's Value Optimisation Plan.

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.

Saputo Inc. TSX:SAP

Saputo's 25-year dairy roll-up is failing internationally; hidden U.K. pension, Argentina margin outlier, and auditor red flags point to 40%-60% downside to C$13.75-$20.50.

Capricorn Energy CNE

NewMed's all-share bid for Capricorn hands shareholders a 42% discount and a self-serving board deal; a cash-return plus Egypt-focused optimisation path unlocks 400p/share instead.