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
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 16th, 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 1st 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%.
For our part, we continue to think that 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 projected upside does not strike us as overtly compelling at this time, particularly considering the increased underlying market volatility/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
Holcim AG (HOLN SW), a global building materials concern, completed the tax-free spin-off of Amrize (AMRZ).
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. To that end, 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 35% 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.
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
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.
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