Special Situations Research
Unique, high-conviction investment ideas driven by corporate actions, idiosyncratic events, and stressed or distressed situations.
Why Choose Canyon River Advisors
We focus exclusively on value-added thought and analysis, only publishing concise research with a clear thesis and supporting arguments.
Expert Analysis
In-depth research on corporate actions, idiosyncratic events, and stressed/distressed situations.
Unlimited Analyst Access
As an invaluable extension of your research process and investment team, clients are encouraged to call, email or ping us on Bloomberg.
Unconstrainted Security Selection
Our holistic view of the capital structure allows us to identify the best debt or equity instruments to express our view.
An Experienced Partner
The team is led by a former buy-side portfolio manager with 15 years of experience investing in hundreds of special situations, in both credit and equity.
US & European Coverage
We cover situations in both the U.S. and Europe, so clients can choose one or both regions to suit their investment focus.
Aligned With Your Process
A gulf exists between a sell-side recommendation and a portfolio manager's investment decision. We conduct research on the margins to create an edge, size the risks, and frame the downside.
Research Focus
Corporate Actions
Comprehensive coverage of companies conducting spin-offs, split-offs, Reverse Morris Trusts, exchange offers, and tender offers; and ongoing analysis of strategic alternatives processes, shifts in capital allocation priorities and other situations that could be precursors to a transaction.
HISTORICAL EXAMPLES
- Caesars Entertainment (CZR)
- Comcast (CMCSA) / NBCUniversal
- DCC Energy PLC (DCC LN)
- FedEx (FDX) / FedEx Freight (FDXF)
- Hexagon AB (HEXAB SS) / Octave Intelligence (OCTV)
- Repsol S.A. (REP SM)
- Resideo Technologies (REZI) / ADI Global (ADIG)
- S&P Global (SPGI) / Mobility Global (MBGL)
Idiosyncratic Events
Analysis of situations stemming from exogenous and endogenous shocks such as delistings, production crises, failed sales processes, federal probes, internal control failures, adverse trade policies, leadership crises, and accounting fraud.
REPRESENTATIVE SITUATIONS
- First Quantum Minerals (FM.TO) - Panama mine closure
- Organon & Co. (OGN) - Improper sales practices
- Super Micro Computer (SMCI) - Export control scrutiny
Stressed, Distressed, and Post-Reorganizations
Identification of investment opportunities in restructurings, liability management exercises and post-reorganization equities. Deeply depressed and out-of-favor “turnaround” stories may also be examined.
HISTORICAL EXAMPLES
- Garrett Motion (GTX)
- Wolfspeed (WOLF)
Sample Publications
Unilever (ULVR LN) / Magnum Ice Cream (MICC) – UPDATE
ULVR Completes the Separation of MICC; Maintain Post-Spin NEUTRAL Rating on ULVR with a BUY Rating on MICC On December 6, 2025, Unilever PLC (ULVR LN) completed the tax-free separation of its global Ice Cream division, The Magnum Ice Cream...
Download PDFRadar Screen – December 2025
The Radar Screen highlights 15 to 20 companies each month that are potential candidates for a breakup, restructuring or takeout. This report provides a summary of each situation, and covers a wide range of potential restructuring stories with varying degrees...
Download PDFThe Spin-Off Report Calendar – December 2025
The monthly Spin-Off Calendar provides a snapshot of every spin-off in progress, including a summary of our opinion and valuation, critical dates, transaction details and a brief analysis of business segments. This month's calendar discusses the following: Aptiv PLC (APTV)...
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