The Weekly Wrap-Up provides a list of upcoming spin-offs and summaries of recent publications.  If you haven’t engaged with the research over the past seven days, the Weekly Wrap-Up will quickly update you on our newest and highest conviction ideas.

UPCOMING U.S. SPIN-OFFS AND EXPECTED COMPLETION DATES:

2025

• Spectrum Brands (SPB) / Home & Personal Care Business – 2025 (sale more likely than spin-off)
• Unilever PLC (UL) / Magnum Ice Cream Company – 4Q 2025
• HCI Group, Inc, (HCI) / Exzeo (IT Solutions Business) – 2H 2025
• Comcast Corp. (CMCSA) / Versant (Cable TV Networks) – 4Q 2025
• DuPont Inc. (DD) / Qnity (Electronics Business) – 4Q 2025
• Honeywell International (HON) / Solstice Advanced Materials (SOLS) – 4Q 2025

2026

• Topgolf Callaway Brands Corp. (MODG) / Topgolf – 1H 2026
• FedEx (FDX) / FedEx Freight – 1H 2026
• Middleby Corp. (MIDD) / Food Processing Business – 1H 2026
• Aptiv PLC (APTV) / Electrical Distribution Systems – 1Q 2026
• Becton, Dickinson (BDX) / Biosciences & Diagnostics Solutions – 2026
• Teleflex (TFX) / Urology, Acute Care and OEM – Mid-2026
• S&P Global Inc. (SPGI) / Mobility Division – Mid-2026
• Warner Bros. Discovery, Inc. (WBD) / Cable and Streaming Businesses – Mid 2026
• Honeywell International (HON) / Automation and Aerospace– 2H 2026
• McKesson Corporation (MCK) / Medical-Surgical Solutions – 2026
• Medtronic (MDT) / Diabetes Business – 2H 2026
• Resideo Technologies (REZI) / ADI Global Distribution – 2H 2026

RECENT PUBLICATIONS:

UPDATE: Ralliant Corp. (RAL) – August 12, 2025

RAL Reports 2Q 2025 Results; Sets 3Q 2025 Guidance & Declares a $0.05 Quarterly Dividend; Lower FVE to $54 (from $62) & Maintain NEUTRAL Despite Early Signs of a Potential Bottom Emerging at the T&M Segment

Ralliant Corp. (RAL), which completed its tax-free separation from Fortive Corp. (FTV) in late-June 2025, reported 2Q 2025 results, its first as a standalone public-company, showing consolidated sales down ~6% to $503 million, in-line with management’s previous commentary indicating 2Q 2025E sales would be down in “mid-single digits”, with sequential sales growth of ~4%. Adjusted EBITDA, EPS and FCF of $99 million, $0.67 and $74 million, respectively. 

In terms of the outlook, the company articulated 3Q 2025E guidance calling for consolidated quarterly sales of $513-$527 million, an adjusted EBITDA margin of 18%-20% and adj. EPS of $0.54-$0.60.

Management commentary suggests that 2Q 2025 could represent the nadir at T&M from both a top-line and margin perspective although we would note that while management remains “cautiously optimistic” it stressed on this morning’s conference call that the environment remains volatile. 

Additionally, in early August 2025, RAL announced that its Board had approved a $0.05 per share quarterly cash dividend payable on September 23^rd (for shareholders of record on September 8^th). 

Our fair value estimate (FVE) for post-spin Ralliant Corp. (RAL) is revised to $54 per share (from $62 per share) reflecting a ~15.5x 2026E EV/EBITDA multiple (or ~20.5x 2026E EPS) and accounting for corporate costs and projected net debt.

UPDATE: Western Digital Corp. (WDC) – July 31, 2025

On July 30, Western Digital (WDC), which spun off Sandisk (SNDK) in February 2025, reported 4Q F2025 results with sales up 30% year-over-year to $2.605 billion (versus consensus of $2.457 billion) and adjusted EPS of $1.66 (versus consensus of $1.47), up ~22%. 

The company benefited from strong demand for its nearline HDD products, in part driven by the rise of AI models and their favorable impact on the demand for unstructured data storage 

During the quarter, the company authorized $2.0 billion of share repurchases, of which the company exercised $149 million, as well as initiated a $0.10 quarterly dividend.

The company provided its 1Q 2026E outlook which calls for a ~22% increase in sales to $2.7 billion and adj. EPS of ~$1.54 (versus prior consensus of $2.545 billion and $1.40, respectively).  

Our FV increases to $77 per share based on a 12.5x multiple on F2026E adj. EPS of ~$6.10. 

ALERT: Resideo Technologies, Inc. (REZI) – July 30, 2025

On July 30, 2025, Resideo Technologies (REZI), a global provider of smart home products & systems that was itself spun-off from Honeywell (HON) in 2018, announced its intention to separate its ADI Global Distribution (ADI) business from its Products & Solutions (P&S) in 2H 2026

ADI is a global wholesale distributor of low-voltage products, such as security and audio-visual (AV) solutions, and P&S is a building products manufacturer focused on residential controls and sensing solutions. In the trailing twelve months ended March 2025, ADI revenue was $4.5 billion and P&S was $2.6 billion.

Along with today’s announcement, REZI indicated that it expects to report 2Q 2025 results above the high-end of its previous outlook, which called for consolidated sales of $1.805-$1.855 billion with adjusted EBITDA and EPS of $175-$195 million and $0.51-$0.61, respectively. For the full-year 2025E, REZI’s targets sales of $7.285-$7.485 billion along with adj. EBITDA and EPS of $725-$805 million and $2.23-$2.47, respectively (based on a diluted share count of ~150 million).

Based on a blended peer multiple of ~9.5x 2026E adj. EBITDA and projected net debt, including an anticipated 3Q payment to HON (relating to the elimination of future monetary obligations), yields a preliminary, sum-of-the-parts fair value of ~$4.5 billion or ~$30 per share (based on a diluted share count of ~150 million), 17% above the current share price.

Radar Screen – August 2025

Monthly publication providing ongoing analysis on companies where we see potential for a value-unlocking event

Companies discussed this month: Alphabet Inc. (GOOG), California Resources Corp. (CRC), Caesars Entertainment, Inc. (CZR), Goodyear Tire & Rubber, Inc. (GT), Intel Corporation (INTC), Kenvue Inc. (KVUE), Luxfer Holdings (LXFR), Matthews International Corp. (MATW), Netgear Inc. (NTGR), Sealed Air Corp. (SEE), Stanley Black & Decker (SWK), The Kraft Heinz Co (KHC)*, The Scotts Miracle-Gro Co. (SMG), TriMas Corporation (TRS), XPO Inc. (XPO)

*added this month

Spin-Off Report Calendar – August 2025

Published monthly, The Spin-Off Calendar provides one-page summaries of every spin-off under coverage from the announcement date, followed by the filing of the Form 10 and continuing 60 days post completion.

Spin-Off Report Compendium – August 2025

Murray Stahl’s commentary on various investing themes and single stock recommendations.

European Spin-Off Compendium – August 2025

Murray Stahl’s commentary on various investing themes and single stock recommendations in Europe. 

Bits & Pieces – August 2025

Covers mispriced stub securities, tracking stocks and other arbitrage opportunities.

Product Specialist

Rich Albanese
ralbanese@pcsresearchgroup.com
+1 646-839-5566

The Weekly Wrap-Up provides a list of upcoming spin-offs and summaries of recent publications.  If you haven’t engaged with the research over the past seven days, the Weekly Wrap-Up will quickly update you on our newest and highest conviction ideas.

UPCOMING U.S. SPIN-OFFS AND EXPECTED COMPLETION DATES:

2025

• Spectrum Brands (SPB) / Home & Personal Care Business – 2025 (sale more likely than spin-off)
• Unilever PLC (UL) / Magnum Ice Cream Company – 4Q 2025
• HCI Group, Inc, (HCI) / Exzeo (IT Solutions Business) – 2H 2025
• Comcast Corp. (CMCSA) / Versant (Cable TV Networks) – 4Q 2025
• DuPont Inc. (DD) / Qnity (Electronics Business) – 4Q 2025
• Honeywell International (HON) / Solstice Advanced Materials – 4Q 2025

2026

• Topgolf Callaway Brands Corp. (MODG) / Topgolf – 1H 2026
• FedEx (FDX) / FedEx Freight – 1H 2026
• Middleby Corp. (MIDD) / Food Processing Business – 1H 2026
• Aptiv PLC (APTV) / Electrical Distribution Systems – 1Q 2026
• Becton, Dickinson (BDX) / Biosciences & Diagnostics Solutions – 2026
• Teleflex (TFX) / Urology, Acute Care and OEM – Mid-2026
• S&P Global Inc. (SPGI) / Mobility Division – Mid-2026
• Warner Bros. Discovery, Inc. (WBD) / Cable and Streaming Businesses – Mid 2026
• Honeywell International (HON) / Automation and Aerospace– 2H 2026
• McKesson Corporation (MCK) / Medical-Surgical Solutions – 2026
• Medtronic (MDT) / Diabetes Business – 2H 2026
• Resideo Technologies (REZI) / ADI Global Distribution – 2H 2026

RECENT PUBLICATIONS:

UPDATE: Ralliant Corp. (RAL) – August 12, 2025

RAL Reports 2Q 2025 Results; Sets 3Q 2025 Guidance & Declares a $0.05 Quarterly Dividend; Lower FVE to $54 (from $62) & Maintain NEUTRAL Despite Early Signs of a Potential Bottom Emerging at the T&M Segment

Ralliant Corp. (RAL), which completed its tax-free separation from Fortive Corp. (FTV) in late-June 2025, reported 2Q 2025 results, its first as a standalone public-company, showing consolidated sales down ~6% to $503 million, in-line with management’s previous commentary indicating 2Q 2025E sales would be down in “mid-single digits”, with sequential sales growth of ~4%. Adjusted EBITDA, EPS and FCF of $99 million, $0.67 and $74 million, respectively. 

In terms of the outlook, the company articulated 3Q 2025E guidance calling for consolidated quarterly sales of $513-$527 million, an adjusted EBITDA margin of 18%-20% and adj. EPS of $0.54-$0.60.

Management commentary suggests that 2Q 2025 could represent the nadir at T&M from both a top-line and margin perspective although we would note that while management remains “cautiously optimistic” it stressed on this morning’s conference call that the environment remains volatile. 

Additionally, in early August 2025, RAL announced that its Board had approved a $0.05 per share quarterly cash dividend payable on September 23^rd (for shareholders of record on September 8^th). 

Our fair value estimate (FVE) for post-spin Ralliant Corp. (RAL) is revised to $54 per share (from $62 per share) reflecting a ~15.5x 2026E EV/EBITDA multiple (or ~20.5x 2026E EPS) and accounting for corporate costs and projected net debt.

UPDATE: Western Digital Corp. (WDC) – July 31, 2025

On July 30, Western Digital (WDC), which spun off Sandisk (SNDK) in February 2025, reported 4Q F2025 results with sales up 30% year-over-year to $2.605 billion (versus consensus of $2.457 billion) and adjusted EPS of $1.66 (versus consensus of $1.47), up ~22%. 

The company benefited from strong demand for its nearline HDD products, in part driven by the rise of AI models and their favorable impact on the demand for unstructured data storage 

During the quarter, the company authorized $2.0 billion of share repurchases, of which the company exercised $149 million, as well as initiated a $0.10 quarterly dividend.

The company provided its 1Q 2026E outlook which calls for a ~22% increase in sales to $2.7 billion and adj. EPS of ~$1.54 (versus prior consensus of $2.545 billion and $1.40, respectively).  

Our FV increases to $77 per share based on a 12.5x multiple on F2026E adj. EPS of ~$6.10. 

ALERT: Resideo Technologies, Inc. (REZI) – July 30, 2025

On July 30, 2025, Resideo Technologies (REZI), a global provider of smart home products & systems that was itself spun-off from Honeywell (HON) in 2018, announced its intention to separate its ADI Global Distribution (ADI) business from its Products & Solutions (P&S) in 2H 2026

ADI is a global wholesale distributor of low-voltage products, such as security and audio-visual (AV) solutions, and P&S is a building products manufacturer focused on residential controls and sensing solutions. In the trailing twelve months ended March 2025, ADI revenue was $4.5 billion and P&S was $2.6 billion.

Along with today’s announcement, REZI indicated that it expects to report 2Q 2025 results above the high-end of its previous outlook, which called for consolidated sales of $1.805-$1.855 billion with adjusted EBITDA and EPS of $175-$195 million and $0.51-$0.61, respectively. For the full-year 2025E, REZI’s targets sales of $7.285-$7.485 billion along with adj. EBITDA and EPS of $725-$805 million and $2.23-$2.47, respectively (based on a diluted share count of ~150 million).

Based on a blended peer multiple of ~9.5x 2026E adj. EBITDA and projected net debt, including an anticipated 3Q payment to HON (relating to the elimination of future monetary obligations), yields a preliminary, sum-of-the-parts fair value of ~$4.5 billion or ~$30 per share (based on a diluted share count of ~150 million), 17% above the current share price.

Radar Screen – August 2025

Monthly publication providing ongoing analysis on companies where we see potential for a value-unlocking event

Companies discussed this month: Alphabet Inc. (GOOG), California Resources Corp. (CRC), Caesars Entertainment, Inc. (CZR), Goodyear Tire & Rubber, Inc. (GT), Intel Corporation (INTC), Kenvue Inc. (KVUE), Luxfer Holdings (LXFR), Matthews International Corp. (MATW), Netgear Inc. (NTGR), Sealed Air Corp. (SEE), Stanley Black & Decker (SWK), The Kraft Heinz Co (KHC)*, The Scotts Miracle-Gro Co. (SMG), TriMas Corporation (TRS), XPO Inc. (XPO)

*added this month

Spin-Off Report Calendar – August 2025

Published monthly, The Spin-Off Calendar provides one-page summaries of every spin-off under coverage from the announcement date, followed by the filing of the Form 10 and continuing 60 days post completion.

Spin-Off Report Compendium – August 2025

Murray Stahl’s commentary on various investing themes and single stock recommendations.

European Spin-Off Compendium – June 2025

Murray Stahl’s commentary on various investing themes and single stock recommendations in Europe. 

Bits & Pieces – August 2025

Covers mispriced stub securities, tracking stocks and other arbitrage opportunities.

Product Specialist

Rich Albanese
ralbanese@pcsresearchgroup.com
+1 646-839-5566

The Weekly Wrap-Up provides summaries of recent publications from Hidden Opportunities including links to the full-length research reports.  If you haven’t engaged with the research over the past seven days, the Weekly Wrap-Up will quickly update you on our newest and highest conviction ideas. 

HIGH-CONVICTION RECOMMENDATIONS (LONG):

• The Liberty Braves Group (BATRK)
• Garrett Motion Inc. (GTX)
• TriMas Corporation (TRS)
• Scotts Miracle-Gro (SMG)

RECENT INITIATIONS:

• Kenvue Inc. (KVUE)
• The Scotts Miracle-Gro Co. (SMG)

LATEST PUBLICATIONS & UPDATES:

UPDATE – NPK International (NPKI) – August 6, 2025

NPKI reported solid 2Q 2025 results & modestly raised full-year guidance for 2^nd time this year; ended 2Q 2025 with net cash despite repurchasing 3% of shares in 1H 2025; fair value estimate increased to $10 per share (from $9.50)

NPK International (NPKI) reported 2Q 2025 results with sales from continuing operations up ~2% to $68.2 million, driven by strength in demand for rentals of its core-composite matting products.  Adj. EBITDA rose 5% and $18.8 million on 70 bps of margin expansion to 27.5% while EPS were $0.10.

The company ended 2Q 2025 with net cash of $16.7 million, including ~$26 million of cash and ~$9.3 million of debt.  Notably, the company repurchased ~1% of the outstanding shares during the June-quarter.   For context, NPKI has ~$92.5 million remaining on a $100 million buyback authorization.

Longer-term, the company remains bullish on the durability of demand within its utility/transmission and critical infrastructure verticals as well as its ability to continue expanding geographically as well as gain share.

As well, in the context of the Fluid Systems sale, the corporate name change and the recent GICS reclassification, we continue to think NPKI’s stock remains in the process of re-rating toward a valuation more in-line with specialty rental & services peers as opposed to a legacy oilfield services provider; to that end, the company is currently positioned as a pure-play provider of work access solutions focused on the global critical infrastructure complex, including the utility & energy transmission markets.  

Our base case fair value for NPKI is modestly increased to $10 per share based on a 10.5x multiple on 2026E adjusted EBITDA of ~$79 million, while accounting for corporate costs and projected net debt/cash.

UPDATE – TriMas Corporation (TRS) – July 29, 2025

On July 29, TRS reported 2Q 2025 sales up ~14% to $274.8 million (compared with consensus of $251.3 million), as organic growth of ~8% and ~24% at the Packaging & Aerospace segments more than offset a 7%% decline at Specialty Products (including the Arrow Engine divestiture). Adj. EBITDA rose ~31% to $47.9 million (versus consensus of ~$40.77 million) while adj. EPS rose ~42% to $0.61 (compared with consensus of $0.47).

In terms of capital allocation, the company has repurchased 106,200 shares for ~$2.3 million in the first-six months of 2025 (at an implied purchase price of ~$21.65 per share). The company remains authorized to repurchase an additional ~$65.4 million worth of shares.

TRS increased its consolidated full-year 2025E guidance, which now calls for consolidated sales growth of 8%-10% (up from 4%-6%) and adj. EPS of $1.95-$2.00 (up from $1.70-$1.85 and compares with current consensus of $1.63).

On this morning’s conference call, newly appointed CEO (as of June 2025), Thomas Snyder, formerly of Silgan Holdings (NYSE: SLGN), indicated that the previously announced portfolio review remains on-going (although the immediate focus remains on driving operational improvements).

Our base case fair value estimate for TRS increases to $35.50 per share (from $32 per share), reflecting a blended multiple of ~9.5x on 2026E adj. EBITDA of ~$188 million, projected net debt of ~$338 million and a fully diluted share count of ~40.1 million.

UPDATE – Garrett Motion Inc. (GTX) – July 24, 2025

GTX reported 2Q 2025 sales up 3% to $913 million as strength in gasoline & commercial vehicle verticals offset weakness in diesel and replacement products. Adj. EBITDA rose more than 2.5% to $154 million while adj. free cash flow (FCF) roughly doubled year-over-year to $121 million. GAAP net income improved more than 35% to $87 million.

The company increased its initial full-year 2025E outlook, which now calls for full-year 2025E sales of $3.4-$3.6 billion with GAAP net income and adjusted EBITDA of $233-$278 million and $590-$650 million respectively. Cash flow from operations is projected to be $370-$450 million, resulting in adj. free cash flow of $330-$410 million. 

In terms of the longer-term outlook, on which we remind investors that management has solid visibility, we concur with management’s contention that the core turbocharger business is likely to be larger in 2030 than it is today and that GTX could generate free cash approximating the company’s current market capitalization over the next five years.

Our base case fair value estimate for GTX increases to $14 per share, reflecting an 8.5x multiple on our 2027E adjusted net income forecast and a fully diluted share count of ~179 million.

Radar Screen – August 2025

Monthly publication providing ongoing analysis on companies where we see potential for a value-unlocking event

Companies discussed this month:  Alphabet Inc. (GOOG), California Resources Corp. (CRC), Caesars Entertainment, Inc. (CZR), Goodyear Tire & Rubber, Inc. (GT), Intel Corporation (INTC), Kenvue Inc. (KVUE), Luxfer Holdings (LXFR), Matthews International Corp. (MATW), Netgear Inc. (NTGR), Sealed Air Corp. (SEE), Stanley Black & Decker (SWK), The Kraft Heinz Co (KHC)*, The Scotts Miracle-Gro Co. (SMG), TriMas Corporation (TRS), XPO Inc. (XPO)

*New this month

Product Specialist

Rich Albanese
ralbanese@pcsresearchgroup.com
+1 646-839-5566

The Weekly Wrap-Up provides a list of upcoming spin-offs and summaries of recent publications.  If you haven’t engaged with the research over the past seven days, the Weekly Wrap-Up will quickly update you on our newest and highest conviction ideas.

UPCOMING U.S. SPIN-OFFS AND EXPECTED COMPLETION DATES:

2025

• Spectrum Brands (SPB) / Home & Personal Care Business – 2025 (sale more likely than spin-off)
• Unilever PLC (UL) / Magnum Ice Cream Company – 4Q 2025
• HCI Group, Inc, (HCI) / Exzeo (IT Solutions Business) – 2H 2025
• Comcast Corp. (CMCSA) / Versant (Cable TV Networks) – 4Q 2025
• DuPont Inc. (DD) / Qnity (Electronics Business) – 4Q 2025
• Honeywell International (HON) / Solstice Advanced Materials – 4Q 2025

2026

• Topgolf Callaway Brands Corp. (MODG) / Topgolf – 1H 2026
• FedEx (FDX) / FedEx Freight – 1H 2026
• Middleby Corp. (MIDD) / Food Processing Business – 1H 2026
• Aptiv PLC (APTV) / Electrical Distribution Systems – 1Q 2026
• Becton, Dickinson (BDX) / Biosciences & Diagnostics Solutions – 2026
• Teleflex (TFX) / Urology, Acute Care and OEM – Mid-2026
• S&P Global Inc. (SPGI) / Mobility Division – Mid-2026
• Warner Bros. Discovery, Inc. (WBD) / Cable and Streaming Businesses – Mid 2026
• Honeywell International (HON) / Automation and Aerospace– 2H 2026
• McKesson Corporation (MCK) / Medical-Surgical Solutions – 2026
• Medtronic (MDT) / Diabetes Business – 2H 2026
• Resideo Technologies (REZI) / ADI Global Distribution – 2H 2026

RECENT PUBLICATIONS:

UPDATE: Western Digital Corp. (WDC) – July 31, 2025

• On July 30, Western Digital (WDC), which spun off Sandisk (SNDK) in February 2025, reported 4Q F2025 results with sales up 30% year-over-year to $2.605 billion (versus consensus of $2.457 billion) and adjusted EPS of $1.66 (versus consensus of $1.47), up ~22%. 
• The company benefited from strong demand for its nearline HDD products, in part driven by the rise of AI models and their favorable impact on the demand for unstructured data storage 
• During the quarter, the company authorized $2.0 billion of share repurchases, of which the company exercised $149 million, as well as initiated a $0.10 quarterly dividend.
• The company provided its 1Q 2026E outlook which calls for a ~22% increase in sales to $2.7 billion and adj. EPS of ~$1.54 (versus prior consensus of $2.545 billion and $1.40, respectively).  
• Our FV increases to $77 per share based on a 12.5x multiple on F2026E adj. EPS of ~$6.10. 

ALERT: Resideo Technologies, Inc. (REZI) – July 30, 2025

• On July 30, 2025, Resideo Technologies (REZI), a global provider of smart home products & systems that was itself spun-off from Honeywell (HON) in 2018, announced its intention to separate its ADI Global Distribution (ADI) business from its Products & Solutions (P&S) in 2H 2026
• ADI is a global wholesale distributor of low-voltage products, such as security and audio-visual (AV) solutions, and P&S is a building products manufacturer focused on residential controls and sensing solutions. In the trailing twelve months ended March 2025, ADI revenue was $4.5 billion and P&S was $2.6 billion.
• Along with today’s announcement, REZI indicated that it expects to report 2Q 2025 results above the high-end of its previous outlook, which called for consolidated sales of $1.805-$1.855 billion with adjusted EBITDA and EPS of $175-$195 million and $0.51-$0.61, respectively. For the full-year 2025E, REZI’s targets sales of $7.285-$7.485 billion along with adj. EBITDA and EPS of $725-$805 million and $2.23-$2.47, respectively (based on a diluted share count of ~150 million).
• Based on a blended peer multiple of ~9.5x 2026E adj. EBITDA and projected net debt, including an anticipated 3Q payment to HON (relating to the elimination of future monetary obligations), yields a preliminary, sum-of-the-parts fair value of ~$4.5 billion or ~$30 per share (based on a diluted share count of ~150 million), 17% above the current share price.

Radar Screen – August 2025

Monthly publication providing ongoing analysis on companies where we see potential for a value-unlocking event

Companies discussed this month: Alphabet Inc. (GOOG), California Resources Corp. (CRC), Caesars Entertainment, Inc. (CZR), Goodyear Tire & Rubber, Inc. (GT), Intel Corporation (INTC), Kenvue Inc. (KVUE), Luxfer Holdings (LXFR), Matthews International Corp. (MATW), Netgear Inc. (NTGR), Sealed Air Corp. (SEE), Stanley Black & Decker (SWK), The Kraft Heinz Co (KHC)*, The Scotts Miracle-Gro Co. (SMG), TriMas Corporation (TRS), XPO Inc. (XPO)

*added this month

Spin-Off Report Calendar – August 2025

Published monthly, The Spin-Off Calendar provides one-page summaries of every spin-off under coverage from the announcement date, followed by the filing of the Form 10 and continuing 60 days post completion.

Spin-Off Report Compendium – May 2025

Murray Stahl’s commentary on various investing themes and single stock recommendations.

European Spin-Off Compendium – June 2025

Murray Stahl’s commentary on various investing themes and single stock recommendations in Europe. 

Bits & Pieces – July 2025

Covers mispriced stub securities, tracking stocks and other arbitrage opportunities.

Product Specialist

Rich Albanese
ralbanese@pcsresearchgroup.com
+1 646-839-5566

The Weekly Wrap-Up provides summaries of recent publications from Hidden Opportunities including links to the full-length research reports.  If you haven’t engaged with the research over the past seven days, the Weekly Wrap-Up will quickly update you on our newest and highest conviction ideas. 

HIGH-CONVICTION RECOMMENDATIONS (LONG):

• The Liberty Braves Group (BATRK)
• Garrett Motion Inc. (GTX)
• TriMas Corporation (TRS)
• Scotts Miracle-Gro (SMG)

RECENT INITIATIONS:

• Kenvue Inc. (KVUE)
• The Scotts Miracle-Gro Co. (SMG)

LATEST PUBLICATIONS & UPDATES:

UPDATE – NPK International (NPKI) – August 6, 2025

NPKI reported solid 2Q 2025 results & modestly raised full-year guidance for 2^nd time this year; ended 2Q 2025 with net cash despite repurchasing 3% of shares in 1H 2025; fair value estimate increased to $10 per share (from $9.50)

NPK International (NPKI) reported 2Q 2025 results with sales from continuing operations up ~2% to $68.2 million, driven by strength in demand for rentals of its core-composite matting products.  Adj. EBITDA rose 5% and $18.8 million on 70 bps of margin expansion to 27.5% while EPS were $0.10.

The company ended 2Q 2025 with net cash of $16.7 million, including ~$26 million of cash and ~$9.3 million of debt.  Notably, the company repurchased ~1% of the outstanding shares during the June-quarter.   For context, NPKI has ~$92.5 million remaining on a $100 million buyback authorization.

Longer-term, the company remains bullish on the durability of demand within its utility/transmission and critical infrastructure verticals as well as its ability to continue expanding geographically as well as gain share.

As well, in the context of the Fluid Systems sale, the corporate name change and the recent GICS reclassification, we continue to think NPKI’s stock remains in the process of re-rating toward a valuation more in-line with specialty rental & services peers as opposed to a legacy oilfield services provider; to that end, the company is currently positioned as a pure-play provider of work access solutions focused on the global critical infrastructure complex, including the utility & energy transmission markets.  

Our base case fair value for NPKI is modestly increased to $10 per share based on a 10.5x multiple on 2026E adjusted EBITDA of ~$79 million, while accounting for corporate costs and projected net debt/cash.

UPDATE – TriMas Corporation (TRS) – July 29, 2025

On July 29, TRS reported 2Q 2025 sales up ~14% to $274.8 million (compared with consensus of $251.3 million), as organic growth of ~8% and ~24% at the Packaging & Aerospace segments more than offset a 7%% decline at Specialty Products (including the Arrow Engine divestiture). Adj. EBITDA rose ~31% to $47.9 million (versus consensus of ~$40.77 million) while adj. EPS rose ~42% to $0.61 (compared with consensus of $0.47).

In terms of capital allocation, the company has repurchased 106,200 shares for ~$2.3 million in the first-six months of 2025 (at an implied purchase price of ~$21.65 per share). The company remains authorized to repurchase an additional ~$65.4 million worth of shares.

TRS increased its consolidated full-year 2025E guidance, which now calls for consolidated sales growth of 8%-10% (up from 4%-6%) and adj. EPS of $1.95-$2.00 (up from $1.70-$1.85 and compares with current consensus of $1.63).

On this morning’s conference call, newly appointed CEO (as of June 2025), Thomas Snyder, formerly of Silgan Holdings (NYSE: SLGN), indicated that the previously announced portfolio review remains on-going (although the immediate focus remains on driving operational improvements).

Our base case fair value estimate for TRS increases to $35.50 per share (from $32 per share), reflecting a blended multiple of ~9.5x on 2026E adj. EBITDA of ~$188 million, projected net debt of ~$338 million and a fully diluted share count of ~40.1 million.

UPDATE – Garrett Motion Inc. (GTX) – July 24, 2025

GTX reported 2Q 2025 sales up 3% to $913 million as strength in gasoline & commercial vehicle verticals offset weakness in diesel and replacement products. Adj. EBITDA rose more than 2.5% to $154 million while adj. free cash flow (FCF) roughly doubled year-over-year to $121 million. GAAP net income improved more than 35% to $87 million.

The company increased its initial full-year 2025E outlook, which now calls for full-year 2025E sales of $3.4-$3.6 billion with GAAP net income and adjusted EBITDA of $233-$278 million and $590-$650 million respectively. Cash flow from operations is projected to be $370-$450 million, resulting in adj. free cash flow of $330-$410 million. 

In terms of the longer-term outlook, on which we remind investors that management has solid visibility, we concur with management’s contention that the core turbocharger business is likely to be larger in 2030 than it is today and that GTX could generate free cash approximating the company’s current market capitalization over the next five years.

Our base case fair value estimate for GTX increases to $14 per share, reflecting an 8.5x multiple on our 2027E adjusted net income forecast and a fully diluted share count of ~179 million.

Radar Screen – August 2025

Monthly publication providing ongoing analysis on companies where we see potential for a value-unlocking event

Companies discussed this month:  Alphabet Inc. (GOOG), California Resources Corp. (CRC), Caesars Entertainment, Inc. (CZR), Goodyear Tire & Rubber, Inc. (GT), Intel Corporation (INTC), Kenvue Inc. (KVUE), Luxfer Holdings (LXFR), Matthews International Corp. (MATW), Netgear Inc. (NTGR), Sealed Air Corp. (SEE), Stanley Black & Decker (SWK), The Kraft Heinz Co (KHC)*, The Scotts Miracle-Gro Co. (SMG), TriMas Corporation (TRS), XPO Inc. (XPO)

*New this month

Product Specialist

Rich Albanese
ralbanese@pcsresearchgroup.com
+1 646-839-5566

The Weekly Wrap-Up provides summaries of recent publications from Hidden Opportunities including links to the full-length research reports.  If you haven’t engaged with the research over the past seven days, the Weekly Wrap-Up will quickly update you on our newest and highest conviction ideas. 

HIGH-CONVICTION RECOMMENDATIONS (LONG):

• The Liberty Braves Group (BATRK)
• IAC Inc. (IAC)
• Scotts Miracle-Gro (SMG)

RECENT INITIATIONS:

• Kenvue Inc. (KVUE)
• The Scotts Miracle-Gro Co. (SMG)

LATEST PUBLICATIONS & UPDATES:

UPDATE – TriMas Corporation (TRS) – July 29, 2025

• On July 29, TRS reported 2Q 2025 sales up ~14% to $274.8 million (compared with consensus of $251.3 million), as organic growth of ~8% and ~24% at the Packaging & Aerospace segments more than offset a 7%% decline at Specialty Products (including the Arrow Engine divestiture). Adj. EBITDA rose ~31% to $47.9 million (versus consensus of ~$40.77 million) while adj. EPS rose ~42% to $0.61 (compared with consensus of $0.47).
• In terms of capital allocation, the company has repurchased 106,200 shares for ~$2.3 million in the first-six months of 2025 (at an implied purchase price of ~$21.65 per share). The company remains authorized to repurchase an additional ~$65.4 million worth of shares.
• TRS increased its consolidated full-year 2025E guidance, which now calls for consolidated sales growth of 8%-10% (up from 4%-6%) and adj. EPS of $1.95-$2.00 (up from $1.70-$1.85 and compares with current consensus of $1.63).
• On this morning’s conference call, newly appointed CEO (as of June 2025), Thomas Snyder, formerly of Silgan Holdings (NYSE: SLGN), indicated that the previously announced portfolio review remains on-going (although the immediate focus remains on driving operational improvements).
• Our base case fair value estimate for TRS increases to $35.50 per share (from $32 per share), reflecting a blended multiple of ~9.5x on 2026E adj. EBITDA of ~$188 million, projected net debt of ~$338 million and a fully diluted share count of ~40.1 million.

UPDATE – Garrett Motion Inc. (GTX) – July 24, 2025

• GTX reported 2Q 2025 sales up 3% to $913 million as strength in gasoline & commercial vehicle verticals offset weakness in diesel and replacement products. Adj. EBITDA rose more than 2.5% to $154 million while adj. free cash flow (FCF) roughly doubled year-over-year to $121 million. GAAP net income improved more than 35% to $87 million.
• The company increased its initial full-year 2025E outlook, which now calls for full-year 2025E sales of $3.4-$3.6 billion with GAAP net income and adjusted EBITDA of $233-$278 million and $590-$650 million respectively. Cash flow from operations is projected to be $370-$450 million, resulting in adj. free cash flow of $330-$410 million. 
• In terms of the longer-term outlook, on which we remind investors that management has solid visibility, we concur with management’s contention that the core turbocharger business is likely to be larger in 2030 than it is today and that GTX could generate free cash approximating the company’s current market capitalization over the next five years.
• Our base case fair value estimate for GTX increases to $14 per share, reflecting an 8.5x multiple on our 2027E adjusted net income forecast and a fully diluted share count of ~179 million.

Radar Screen – July 2025

Monthly publication providing ongoing analysis on companies where we see potential for a value-unlocking event

Companies discussed this month:  Albany International (AIN), Alphabet Inc. (GOOG), California Resources Corp. (CRC), Caesars Entertainment, Inc. (CZR), Goodyear Tire & Rubber, Inc. (GT), Intel Corporation (INTC), Kenvue Inc. (KVUE)*, Luxfer Holdings (LXFR), Matthews International Corp. (MATW), Netgear Inc. (NTGR), Sealed Air Corp. (SEE), Stanley Black & Decker (SWK), The Scotts Miracle-Gro Co. (SMG), TriMas Corporation (TRS), XPO Inc. (XPO)

*New this month

Product Specialist

Rich Albanese
ralbanese@pcsresearchgroup.com
+1 646-839-5566

The Weekly Wrap-Up provides a list of upcoming spin-offs and summaries of recent publications.  If you haven’t engaged with the research over the past seven days, the Weekly Wrap-Up will quickly update you on our newest and highest conviction ideas.

UPCOMING U.S. SPIN-OFFS AND EXPECTED COMPLETION DATES:

2025

• Spectrum Brands (SPB) / Home & Personal Care Business – 2025 (sale more likely than spin-off)
• Topgolf Callaway Brands Corp. (MODG) / Topgolf – 2H 2025
• Unilever PLC (UL) / Magnum Ice Cream Company – 4Q 2025
• HCI Group, Inc, (HCI) / Exzeo (IT Solutions Business) – 2H 2025
• Comcast Corp. (CMCSA) / Versant (Cable TV Networks) – 4Q 2025
• DuPont Inc. (DD) / Qnity (Electronics Business) – 4Q 2025
• Honeywell International (HON) / Solstice Advanced Materials – 4Q 2025

2026

• FedEx (FDX) / FedEx Freight – 1H 2026
• Middleby Corp. (MIDD) / Food Processing Business – 1H 2026
• Aptiv PLC (APTV) / Electrical Distribution Systems – 1Q 2026
• Becton, Dickinson (BDX) / Biosciences & Diagnostics Solutions – 2026
• Teleflex (TFX) / Urology, Acute Care and OEM – Mid-2026
• S&P Global Inc. (SPGI) / Mobility Division – Mid-2026
• Warner Bros. Discovery, Inc. (WBD) / Cable and Streaming Businesses – Mid 2026
• Honeywell International (HON) / Automation and Aerospace– 2H 2026
• McKesson Corporation (MCK) / Medical-Surgical Solutions – 2026
• Medtronic (MDT) / Diabetes Business – 2H 2026
• Resideo Technologies (REZI) / ADI Global Distribution – 2H 2026

RECENT PUBLICATIONS:

UPDATE: Western Digital Corp. (WDC) – July 31, 2025

• On July 30, Western Digital (WDC), which spun off Sandisk (SNDK) in February 2025, reported 4Q F2025 results with sales up 30% year-over-year to $2.605 billion (versus consensus of $2.457 billion) and adjusted EPS of $1.66 (versus consensus of $1.47), up ~22%. 
• The company benefited from strong demand for its nearline HDD products, in part driven by the rise of AI models and their favorable impact on the demand for unstructured data storage 
• During the quarter, the company authorized $2.0 billion of share repurchases, of which the company exercised $149 million, as well as initiated a $0.10 quarterly dividend.
• The company provided its 1Q 2026E outlook which calls for a ~22% increase in sales to $2.7 billion and adj. EPS of ~$1.54 (versus prior consensus of $2.545 billion and $1.40, respectively).  
• Our FV increases to $77 per share based on a 12.5x multiple on F2026E adj. EPS of ~$6.10. 

ALERT: Resideo Technologies, Inc. (REZI) – July 30, 2025

• On July 30, 2025, Resideo Technologies (REZI), a global provider of smart home products & systems that was itself spun-off from Honeywell (HON) in 2018, announced its intention to separate its ADI Global Distribution (ADI) business from its Products & Solutions (P&S) in 2H 2026
• ADI is a global wholesale distributor of low-voltage products, such as security and audio-visual (AV) solutions, and P&S is a building products manufacturer focused on residential controls and sensing solutions. In the trailing twelve months ended March 2025, ADI revenue was $4.5 billion and P&S was $2.6 billion.
• Along with today’s announcement, REZI indicated that it expects to report 2Q 2025 results above the high-end of its previous outlook, which called for consolidated sales of $1.805-$1.855 billion with adjusted EBITDA and EPS of $175-$195 million and $0.51-$0.61, respectively. For the full-year 2025E, REZI’s targets sales of $7.285-$7.485 billion along with adj. EBITDA and EPS of $725-$805 million and $2.23-$2.47, respectively (based on a diluted share count of ~150 million).
• Based on a blended peer multiple of ~9.5x 2026E adj. EBITDA and projected net debt, including an anticipated 3Q payment to HON (relating to the elimination of future monetary obligations), yields a preliminary, sum-of-the-parts fair value of ~$4.5 billion or ~$30 per share (based on a diluted share count of ~150 million), 17% above the current share price.

Radar Screen – July 2025

Monthly publication providing ongoing analysis on companies where we see potential for a value-unlocking event

Companies discussed this month:  Albany International (AIN), Alphabet Inc. (GOOG), California Resources Corp. (CRC), Caesars Entertainment, Inc. (CZR), Goodyear Tire & Rubber, Inc. (GT), Intel Corporation (INTC), Kenvue Inc. (KVUE)*, Luxfer Holdings (LXFR), Matthews International Corp. (MATW), Netgear Inc. (NTGR), Sealed Air Corp. (SEE), Stanley Black & Decker (SWK), The Scotts Miracle-Gro Co. (SMG), TriMas Corporation (TRS), XPO Inc. (XPO)

*added this month

Spin-Off Report Calendar – August 2025

Published monthly, The Spin-Off Calendar provides one-page summaries of every spin-off under coverage from the announcement date, followed by the filing of the Form 10 and continuing 60 days post completion.

Spin-Off Report Compendium – May 2025

Murray Stahl’s commentary on various investing themes and single stock recommendations.

European Spin-Off Compendium – June 2025

Murray Stahl’s commentary on various investing themes and single stock recommendations in Europe. 

Bits & Pieces – July 2025

Covers mispriced stub securities, tracking stocks and other arbitrage opportunities.

Product Specialist

Rich Albanese
ralbanese@pcsresearchgroup.com
+1 646-839-5566

The Weekly Wrap-Up provides a list of upcoming spin-offs and summaries of recent publications.  If you haven’t engaged with the research over the past seven days, the Weekly Wrap-Up will quickly update you on our newest and highest conviction ideas.

UPCOMING U.S. SPIN-OFFS AND EXPECTED COMPLETION DATES:

2025

• Spectrum Brands (SPB) / Home & Personal Care Business – 2025 (sale more likely than spin-off)
• Topgolf Callaway Brands Corp. (MODG) / Topgolf – 2H 2025
• Unilever PLC (UL) / Magnum Ice Cream Company – 2H 2025
• HCI Group, Inc, (HCI) / Exzeo (IT Solutions Business) – 2H 2025
• Comcast Corp. (CMCSA) / Versant (Cable TV Networks) – 4Q 2025
• DuPont Inc. (DD) / Qnity (Electronics Business) – 4Q 2025
• Honeywell International (HON) / Solstice Advanced Materials – 4Q 2025

2026

• FedEx (FDX) / FedEx Freight – 1H 2026
• Middleby Corp. (MIDD) / Food Processing Business – 1H 2026
• Aptiv PLC (APTV) / Electrical Distribution Systems – 1Q 2026
• Becton, Dickinson (BDX) / Biosciences & Diagnostics Solutions – 2026
• Teleflex (TFX) / Urology, Acute Care and OEM – Mid-2026
• S&P Global Inc. (SPGI) / Mobility Division – Mid-2026
• Warner Bros. Discovery, Inc. (WBD) / Cable and Streaming Businesses – Mid 2026
• Honeywell International (HON) / Automation and Aerospace– 2H 2026
• McKesson Corporation (MCK) / Medical-Surgical Solutions – 2026
• Medtronic (MDT) / Diabetes Business – 2H 2026

RECENT PUBLICATIONS:

UPDATE: Fortive Corp. (FTV) – June 30, 2025

FTV Completes the Spin-Off of RAL; Initiate Both Post-Spin Entities at NEUTRAL

On June 28, 2025, Fortive Corporation (FTV) completed the tax-free spin-off of 100% of Ralliant Corporation (RAL).  Shareholders of record, as of June 16^th, received one share of RAL for every three FTV shares owned. 

Ralliant replaced Wolfspeed (WOLF) in the S&P Small Cap 600 Index as of the open on July 1^st while post-spin Fortive will remain in the S&P 500 Index. 

Following our initial pre-spin NEUTRAL recommendation earlier this month, shares of consolidated/pre-spin FTV rose ~0.5%. 

Beyond the standard rationale of increased strategic focus, reduced complexity, improved capital allocation and allowing investors to better focus their investment dollars, this transaction can be distilled into the separation of a recurring revenue business from a more cyclical one.  That said, while our current calculations, which are based on management guidance/commentary and peer/M&A valuations, suggest the transaction will unlock modest value, the potential upside does not strike us as overtly compelling at this time, considering the increased underlying market uncertainty that was alluded to in management’s aforementioned guidance commentary; thus, we are maintaining a NEUTRAL initial stance on shares of both post-spin FTV and RAL. 

Applying blended 2026E EV/EBITDA multiples of 15.5x and 16.5x at post-spin Ralliant (RAL) and Fortive (FTV), respectively, yields fair value per share estimates of ~$62 per share and ~$56 per share, respectively.

UPDATE: Holcim AG (HOLN SW) – June 23, 2025

HOLN Completes the Spin-Off of AMRZ; Initially Rate Shares of SpinCo at BUY and the Post-Spin Parent at NEUTRAL

AMRZ will be included in the Swiss Market Index (SMI) and the Swiss Leader Index (SLI) on its first day of trading and intends to seek inclusion in the relevant U.S. equity indices, most reasonably, in our view, the S&P 500. Management contends that the dual listing will not preclude its inclusion in the S&P 500 and that it meets other ancillary qualifying criteria, such as a domestic headquarters, although the concentration of trading volume remains to be seen.  Post-spin parent, HOLN, will remain in both the SMI and SLI indexes. 

AMRZ is being valued, based on our forecasts, at ~9.0x 2026E EBITDA, which is in-line with cement peers, such as Eagle Materials (EXP) and CRH plc (CRH) but a discount to aggregate peers, such as Martin Marietta Materials (MLM) and Vulcan Materials (VMC), which currently trade at ~14.5x, as well as its primary roofing peer, Carlisle Cos. (CSL), which trades at ~11.5x.  To that end, we apply a blended multiple of ~11.5x to our 2026E EBITDA forecast, based on a 14.0x multiple for the Aggregates business, a 9.0x multiple for Cement and 11x for Roofing, a modest discount to Carlisle Cos. (CSL), which yields a total segment value enterprise value of $41.85 billion or ~$66 per share. Given the implied 30% upside, we assign an initial rating of BUY. 

HOLN, which trades on the SIX Swiss Exchange, suggests that shares are trading at ~8.0x our 2026E EBITDA forecast compared with international-focused peers, such as Buzzi SpA (BUZ IM), Cie de Saint Gobain SA (SGO FP), CRH plc (CRH), and Heidelberg Materials AG (HEI GR), which currently trade, on average, at ~7.5x 2026E EV/EBITDA. Further, simply for reference the average forward M&A multiple within the broader/global Building Materials sector has been roughly 9.5x since 2015. For our part, applying a multiple of 7.5x to 2026E EBITDA, yields segment value of ~CHF 28.5 billion or ~CHF 51 per share.

Radar Screen – July 2025

Monthly publication providing ongoing analysis on companies where we see potential for a value-unlocking event

Companies discussed this month:  Albany International (AIN), Alphabet Inc. (GOOG), California Resources Corp. (CRC), Caesars Entertainment, Inc. (CZR), Goodyear Tire & Rubber, Inc. (GT), Intel Corporation (INTC), Kenvue Inc. (KVUE)*, Luxfer Holdings (LXFR), Matthews International Corp. (MATW), Netgear Inc. (NTGR), Sealed Air Corp. (SEE), Stanley Black & Decker (SWK), The Scotts Miracle-Gro Co. (SMG), TriMas Corporation (TRS), XPO Inc. (XPO)

*added this month

Spin-Off Report Calendar – July 2025

Published monthly, The Spin-Off Calendar provides one-page summaries of every spin-off under coverage from the announcement date, followed by the filing of the Form 10 and continuing 60 days post completion.

Spin-Off Report Compendium – May 2025

Murray Stahl’s commentary on various investing themes and single stock recommendations.

European Spin-Off Compendium – June 2025

Murray Stahl’s commentary on various investing themes and single stock recommendations in Europe. 

Bits & Pieces – July 2025

Covers mispriced stub securities, tracking stocks and other arbitrage opportunities.

Product Specialist

Rich Albanese
ralbanese@pcsresearchgroup.com
+1 646-839-5566

The Weekly Wrap-Up provides summaries of recent publications from Hidden Opportunities including links to the full-length research reports.  If you haven’t engaged with the research over the past seven days, the Weekly Wrap-Up will quickly update you on our newest and highest conviction ideas. 

HIGH-CONVICTION RECOMMENDATIONS (LONG):

• The Liberty Braves Group (BATRK) 
• IAC Inc. (IAC) 

RECENT INITIATIONS:

• Kenvue Inc. (KVUE)
• The Scotts Miracle-Gro Co. (SMG)

LATEST PUBLICATIONS & UPDATES:

Update – Garrett Motion Inc. (GTX)   – July 24, 2025 

GTX raises full-year 2025E guidance, partly driven by a more favorable currency dynamic; mid-point of current 2025E guidance still implies a FCF yield of ~15.5%; fair value increased to $14 per share (up from $12 per share)

GTX reported 2Q 2025 sales up 3% to $913 million as strength in gasoline & commercial vehicle verticals offset weakness in diesel and replacement products. Adj. EBITDA rose more than 2.5% to $154 million while adj. free cash flow (FCF) roughly doubled year-over-year to $121 million. GAAP net income improved more than 35% to $87 million.

In terms of guidance, the company increased its initial full-year 2025E outlook, which now calls for full-year 2025E sales of $3.4-$3.6 billion with GAAP net income and adjusted EBITDA of $233-$278 million and $590-$650 million respectively. Cash flow from operations is projected to be $370-$450 million, resulting in adj. free cash flow of $330-$410 million. 

In terms of the longer-term outlook, on which we remind investors that management has solid visibility, we broadly concur with management’s contention that the core turbocharger business is likely to be larger in 2030 than it is today and that GTX could generate free cash approximating the company’s current market capitalization over the next five years.

Our base case fair value estimate for GTX increases to $14 per share, reflecting an 8.5x multiple on our 2027E adjusted net income forecast and a fully diluted share count of ~179 million.

Comprehensive Report – Kenvue Inc. (KVUE)  – July 18, 2025 

Kenvue Inc. (KVUE) operates three segments: 1) Self Care, which is produces over-the-counter (OTC) pain, cough, cold & allergy medicines; 2) Skin Health & Beauty, which delivers face, body & hair care as well as sun protection products; and 3) Essential Health, which makes oral, baby, women’s health and wound care products.  As it relates specifically to Kenvue, which completed its separation from Johnson & Johnson (JNJ) on August 23, 2023, the company under pressure from several activist-investors, including Starboard Value, a ~1.1% owner that secured three Board seats earlier this year, Third Point and TOMS Capital Management, which, for its part, is reportedly pushing for either an outright sale the further separation/monetization of assets. Based on management guidance and commentary as well as peer and M&A valuations, KVUE’s Self Care and Essential Health businesses could be valued at ~$28 per share while the Skin Health & Beauty business could be valued at ~$9 per share.  Accounting for corporate costs and projected net debt of $6.50 per share yields a base case sum-of-the-parts fair value of ~$26 per share. Potential catalysts include the monetization or separation of assets, an outright sale as well as better than expected growth & margins. Risks include management execution, competition, changes in consumer preferences, and/or a decline in consumer spending due to a recession or other geopolitical disturbances.

Radar Screen – July 2025

Monthly publication providing ongoing analysis on companies where we see potential for a value-unlocking event

Companies discussed this month:  Albany International (AIN), Alphabet Inc. (GOOG), California Resources Corp. (CRC), Caesars Entertainment, Inc. (CZR), Goodyear Tire & Rubber, Inc. (GT), Intel Corporation (INTC), Kenvue Inc. (KVUE)*, Luxfer Holdings (LXFR), Matthews International Corp. (MATW), Netgear Inc. (NTGR), Sealed Air Corp. (SEE), Stanley Black & Decker (SWK), The Scotts Miracle-Gro Co. (SMG), TriMas Corporation (TRS), XPO Inc. (XPO)

*New this month

Product Specialist

Rich Albanese
ralbanese@pcsresearchgroup.com
+1 646-839-5566

The Weekly Wrap-Up provides a list of upcoming spin-offs and summaries of recent publications.  If you haven’t engaged with the research over the past seven days, the Weekly Wrap-Up will quickly update you on our newest and highest conviction ideas.

UPCOMING U.S. SPIN-OFFS AND EXPECTED COMPLETION DATES:

2025

• Spectrum Brands (SPB) / Home & Personal Care Business – 2025 (sale more likely than spin-off)
• Topgolf Callaway Brands Corp. (MODG) / Topgolf – 2H 2025
• Unilever PLC (UL) / Magnum Ice Cream Company – 2H 2025
• HCI Group, Inc, (HCI) / Exzeo (IT Solutions Business) – 2H 2025
• Comcast Corp. (CMCSA) / Versant (Cable TV Networks) – 4Q 2025
• DuPont Inc. (DD) / Qnity (Electronics Business) – 4Q 2025
• Honeywell International (HON) / Solstice Advanced Materials – 4Q 2025

2026

• FedEx (FDX) / FedEx Freight – 1H 2026
• Middleby Corp. (MIDD) / Food Processing Business – 1H 2026
• Aptiv PLC (APTV) / Electrical Distribution Systems – 1Q 2026
• Becton, Dickinson (BDX) / Biosciences & Diagnostics Solutions – 2026
• Teleflex (TFX) / Urology, Acute Care and OEM – Mid-2026
• S&P Global Inc. (SPGI) / Mobility Division – Mid-2026
• Warner Bros. Discovery, Inc. (WBD) / Cable and Streaming Businesses – Mid 2026
• Honeywell International (HON) / Automation and Aerospace– 2H 2026
• McKesson Corporation (MCK) / Medical-Surgical Solutions – 2026
• Medtronic (MDT) / Diabetes Business – 2H 2026

RECENT PUBLICATIONS:

UPDATE: Fortive Corp. (FTV) – June 30, 2025

FTV Completes the Spin-Off of RAL; Initiate Both Post-Spin Entities at NEUTRAL

On June 28, 2025, Fortive Corporation (FTV) completed the tax-free spin-off of 100% of Ralliant Corporation (RAL).  Shareholders of record, as of June 16^th, received one share of RAL for every three FTV shares owned. 

Ralliant replaced Wolfspeed (WOLF) in the S&P Small Cap 600 Index as of the open on July 1^st while post-spin Fortive will remain in the S&P 500 Index. 

Following our initial pre-spin NEUTRAL recommendation earlier this month, shares of consolidated/pre-spin FTV rose ~0.5%. 

Beyond the standard rationale of increased strategic focus, reduced complexity, improved capital allocation and allowing investors to better focus their investment dollars, this transaction can be distilled into the separation of a recurring revenue business from a more cyclical one.  That said, while our current calculations, which are based on management guidance/commentary and peer/M&A valuations, suggest the transaction will unlock modest value, the potential upside does not strike us as overtly compelling at this time, considering the increased underlying market uncertainty that was alluded to in management’s aforementioned guidance commentary; thus, we are maintaining a NEUTRAL initial stance on shares of both post-spin FTV and RAL. 

Applying blended 2026E EV/EBITDA multiples of 15.5x and 16.5x at post-spin Ralliant (RAL) and Fortive (FTV), respectively, yields fair value per share estimates of ~$62 per share and ~$56 per share, respectively.

UPDATE: Holcim AG (HOLN SW) – June 23, 2025

HOLN Completes the Spin-Off of AMRZ; Initially Rate Shares of SpinCo at BUY and the Post-Spin Parent at NEUTRAL

AMRZ will be included in the Swiss Market Index (SMI) and the Swiss Leader Index (SLI) on its first day of trading and intends to seek inclusion in the relevant U.S. equity indices, most reasonably, in our view, the S&P 500. Management contends that the dual listing will not preclude its inclusion in the S&P 500 and that it meets other ancillary qualifying criteria, such as a domestic headquarters, although the concentration of trading volume remains to be seen.  Post-spin parent, HOLN, will remain in both the SMI and SLI indexes. 

AMRZ is being valued, based on our forecasts, at ~9.0x 2026E EBITDA, which is in-line with cement peers, such as Eagle Materials (EXP) and CRH plc (CRH) but a discount to aggregate peers, such as Martin Marietta Materials (MLM) and Vulcan Materials (VMC), which currently trade at ~14.5x, as well as its primary roofing peer, Carlisle Cos. (CSL), which trades at ~11.5x.  To that end, we apply a blended multiple of ~11.5x to our 2026E EBITDA forecast, based on a 14.0x multiple for the Aggregates business, a 9.0x multiple for Cement and 11x for Roofing, a modest discount to Carlisle Cos. (CSL), which yields a total segment value enterprise value of $41.85 billion or ~$66 per share. Given the implied 30% upside, we assign an initial rating of BUY. 

HOLN, which trades on the SIX Swiss Exchange, suggests that shares are trading at ~8.0x our 2026E EBITDA forecast compared with international-focused peers, such as Buzzi SpA (BUZ IM), Cie de Saint Gobain SA (SGO FP), CRH plc (CRH), and Heidelberg Materials AG (HEI GR), which currently trade, on average, at ~7.5x 2026E EV/EBITDA. Further, simply for reference the average forward M&A multiple within the broader/global Building Materials sector has been roughly 9.5x since 2015. For our part, applying a multiple of 7.5x to 2026E EBITDA, yields segment value of ~CHF 28.5 billion or ~CHF 51 per share.

Radar Screen – July 2025

Monthly publication providing ongoing analysis on companies where we see potential for a value-unlocking event

Companies discussed this month:  Albany International (AIN), Alphabet Inc. (GOOG), California Resources Corp. (CRC), Caesars Entertainment, Inc. (CZR), Goodyear Tire & Rubber, Inc. (GT), Intel Corporation (INTC), Kenvue Inc. (KVUE)*, Luxfer Holdings (LXFR), Matthews International Corp. (MATW), Netgear Inc. (NTGR), Sealed Air Corp. (SEE), Stanley Black & Decker (SWK), The Scotts Miracle-Gro Co. (SMG), TriMas Corporation (TRS), XPO Inc. (XPO)

*added this month

Spin-Off Report Calendar – July 2025

Published monthly, The Spin-Off Calendar provides one-page summaries of every spin-off under coverage from the announcement date, followed by the filing of the Form 10 and continuing 60 days post completion.

Spin-Off Report Compendium – May 2025

Murray Stahl’s commentary on various investing themes and single stock recommendations.

European Spin-Off Compendium – June 2025

Murray Stahl’s commentary on various investing themes and single stock recommendations in Europe. 

Bits & Pieces – July 2025

Covers mispriced stub securities, tracking stocks and other arbitrage opportunities.

Product Specialist

Rich Albanese
ralbanese@pcsresearchgroup.com
+1 646-839-5566