Every Friday afternoon, this note provides an updated coverage list and summaries of our most recent publications. If you would like to discuss top ideas with the analyst team, email Rich Albanese at ralbanese@pcsresearchgroup.com.

Active Coverage

For each situation, the most recent publication is linked.

Afry AB (AFRY SS) – Potential Break-Up
AkzoNobel NV (AKZA NA) – Potential Break-Up
Albany International Corp (AIN) – Potential Break-Up
Anglo American PLC (AAL LN) – Potential Break-Up
Aptiv PLC (APTV) / Versigent PLC (VGNT) – Spin-off
Atlanta Braves Holdings, Inc. (BATRK) – Other Situation
Barrick Mining Corporation (B) – Potential Break-Up
Becton, Dickinson & Company (BDX) / Waters Corp. (WAT) – Spin-off
BILL Holdings (BILL) – Other Situation
BP plc (BP LN) – Potential Break-Up
Caesars Entertainment (CZR) – Other Situation
Comcast Corp. (CMCSA) / Versant Media Group, Inc. (VSNT) – Spin-off
Continental AG (CON GR) – Potential Break-Up
Corteva Inc (CTVA) / Vylor, Inc. – Spin-off
Coty Inc. (COTY) – Potential Break-Up
DCC plc (DCC LN) – Potential Break-Up
Diageo plc (DGE LN) – Potential Break-Up
Eaton Corporation PLC (ETN) – Spin-off
FedEx Corporation (FDX) / FedEx Freight (FDXF) – Spin-off
Flex Ltd. (FLEX) – Spin-off
Garrett Motion Inc (GTX) – Post-Bankruptcy Reorg
Genuine Parts Company (GPC) / Automotive and Industrial Businesses – Spin-off
Gerresheimer AG (GXI GR) – Potential Break-Up
Hexagon AB (HEXAB SS) / Octave (OCTV) – Spin-off
Honeywell International (HON) / Honeywell Aerospace (HONA) – Spin-off
IAC Inc. (IAC) – Potential Break-Up
International Paper Co. (IP) / EMEA Business – Spin-off
ITV plc (ITV LN) – Potential Break-Up
Johnson & Johnson (JNJ US) / DePuy Synthes – Spin-off
Johnson Controls Inc. (JCI) – Potential Break-Up
KBR, Inc. (KBR) / Mission Technology Solutions – Spin-off
Kenvue Inc. (KVUE) – Other Situations
Keurig Dr Pepper Inc. (KDP) / JDE Peet’s N.V. (JDEP NA) – Spin-off
Luxfer Holdings (LXFR) – Potential Break-Up
Madison Square Garden Sports Corp. (MSGS) – Spin-off
Matthews International Corp. (MATW) – Potential Break-Up
McKesson Corporation (MCK) / Medical-Surgical Solutions – Spin-off
Middleby Corporation (MIDD) / Midera Food Processing (MFP) – Spin-off
Modine Manufacturing Co. (MOD) / Performance Technologies – Spin-off
Nestle S.A. (NESN SW) – Potential Break-Up
NETGEAR, Inc. (NTGR) – Potential Break-Up
NPK International (NPKI) – Potential Break-Up
PepsiCo, Inc. (PEP) – Potential Break-Up
Reckitt Benckiser Group PLC (RKT LN) – Potential Break-Up
Repsol S.A. (REP SM) – Potential Break-Up
Resideo Technologies Inc (REZI) – Spin-off
S&P Global Inc. (SPGI) / Mobility Global (MBGL) – Spin-off
Safran RV (SAF FP) – Potential Break-Up
The Scotts Miracle-Gro Co. (SMG) – Other Situation
Smith & Nephew plc (SN LN) – Potential Break-Up
Stanley Black & Decker Inc. (SWK) – Potential Break-Up
Surgery Partners, Inc. (SGRY) – Potential Break-Up
Terex Corporation (TEX) – Potential Break-Up
TFI International (TFII) – Potential Break-Up
The Cooper Companies, Inc. (COO) – Potential Break-Up
The Goodyear Tire & Rubber Company (GT) – Potential Break-Up
U-Haul Holding Co. (UHAL) – Other Situation
Viasat, Inc. (VSAT) – Potential Break-Up
Wolfspeed, Inc. (WOLF) – Post-Reorg

Recent Publications

ITV PLC (ITV LN): On Our Radar

ITV’s underlying value is best assessed through a sum-of-the-parts framework that recognizes the distinct strategic and financial characteristics of its Studios and Media & Entertainment businesses. Applying a discounted peer-based EV/EBITDA multiple to ITV Studios and incorporating the reported transaction valuation for the Media & Entertainment division, while adjusting for net debt, yields an estimated equity value of approximately £3.2 billion, or £0.85 per share. This suggests that separating the content production business from the broadcasting and streaming operations has the potential to unlock shareholder value.

Every Friday afternoon, this note provides an updated coverage list and summaries of our most recent publications. If you would like to discuss top ideas with the analyst team, email Rich Albanese at ralbanese@pcsresearchgroup.com.

Active Coverage

For each situation, the most recent publication is linked.

Afry AB (AFRY SS) – Potential Break-Up
AkzoNobel NV (AKZA NA) – Potential Break-Up
Albany International Corp (AIN) – Potential Break-Up
Anglo American PLC (AAL LN) – Potential Break-Up
Aptiv PLC (APTV) / Versigent PLC (VGNT) – Spin-off
Atlanta Braves Holdings, Inc. (BATRK) – Other Situation
Barrick Mining Corporation (B) – Potential Break-Up
Becton, Dickinson & Company (BDX) / Waters Corp. (WAT) – Spin-off
BILL Holdings (BILL) – Other Situation
BP plc (BP LN) – Potential Break-Up
Caesars Entertainment (CZR) – Other Situation
Comcast Corp. (CMCSA) / Versant Media Group, Inc. (VSNT) – Spin-off
Continental AG (CON GR) – Potential Break-Up
Corteva Inc (CTVA) / Vylor, Inc. – Spin-off
Coty Inc. (COTY) – Potential Break-Up
DCC plc (DCC LN) – Potential Break-Up
Diageo plc (DGE LN) – Potential Break-Up
Eaton Corporation PLC (ETN) – Spin-off
FedEx Corporation (FDX) / FedEx Freight (FDXF) – Spin-off
Flex Ltd. (FLEX) – Spin-off
Garrett Motion Inc (GTX) – Post-Bankruptcy Reorg
Genuine Parts Company (GPC) – Spin-off
Gerresheimer AG (GXI GR) – Potential Break-Up
Hexagon AB (HEXAB SS) – Spin-off
Honeywell Aerospace (HONA) – Spin-off
IAC Inc. (IAC) – Potential Break-Up
International Paper Co. (IP) – Spin-off
ITV plc (ITV LN) – Potential Break-Up
Johnson & Johnson (JNJ US) / DePuy Synthes – Spin-off
Johnson Controls Inc. (JCI) – Potential Break-Up
KBR, Inc. (KBR) – Spin-off
Kenvue Inc. (KVUE) – Other Situations
Keurig Dr Pepper Inc. (KDP) – Spin-off
JDE Peet’s N.V. (JDEP NA) – Spin-off
Luxfer Holdings (LXFR) – Potential Break-Up
Madison Square Garden Sports Corp. (MSGS) – Spin-off
Matthews International Corp. (MATW) – Potential Break-Up
McKesson Corporation (MCK) – Spin-off
Middleby Corporation (MIDD) – Spin-off
Modine Manufacturing Co. (MOD) – Spin-off
Nestle S.A. (NESN SW) – Potential Break-Up
NETGEAR, Inc. (NTGR) – Potential Break-Up
NPK International (NPKI) – Potential Break-Up
PepsiCo, Inc. (PEP) – Potential Break-Up
Reckitt Benckiser Group PLC (RKT LN) – Potential Break-Up
Repsol S.A. (REP SM) – Potential Break-Up
Resideo Technologies Inc (REZI) – Spin-off
S&P Global Inc. (SPGI) / Mobility Global (MBGL) – Spin-off
Safran RV (SAF FP) – Potential Break-Up
The Scotts Miracle-Gro Co. (SMG) – Other Situation
Smith & Nephew plc (SN LN) – Potential Break-Up
Stanley Black & Decker Inc. (SWK) – Potential Break-Up
Surgery Partners, Inc. (SGRY) – Potential Break-Up
Terex Corporation (TEX) – Potential Break-Up
TFI International (TFII) – Potential Break-Up
The Cooper Companies, Inc. (COO) – Potential Break-Up
The Goodyear Tire & Rubber Company (GT) – Potential Break-Up
U-Haul Holding Co. (UHAL) – Other Situation
Viasat, Inc. (VSAT) – Potential Break-Up
Wolfspeed, Inc. (WOLF) – Post-Bankruptcy Reorg

Recent Publications

Anglo American (AAL LN) – Update

Anglo American’s ongoing portfolio transformation and strategic repositioning are best evaluated through a sum-of-the-parts framework that reflects the distinct value of its core mining assets and planned divestitures. Using peer-based EV/EBITDA multiples for the company’s copper, iron ore, crop nutrients, De Beers, and nickel businesses, together with transaction-based values for steelmaking coal and adjustments for expected cash proceeds and net debt, our analysis indicates an estimated equity value of approximately $48.27 per share (£35.86 per share). This valuation suggests that the market may not fully reflect the underlying worth of Anglo American’s asset base or the value creation potential of its restructuring initiatives.

DCC Plc (DCC LN) – Update

DCC’s ongoing simplification strategy and portfolio optimization are most appropriately assessed through a sum-of-the-parts valuation that recognizes the distinct economics of its Energy and Technology businesses. Applying peer-based EV/EBITA multiples to each segment, while incorporating net debt, minority interests, and the impact of recent divestitures and capital returns, yields an estimated equity value of approximately £63.16 per share. Our analysis indicates that DCC’s strategic repositioning toward a pure-play energy platform is unlocking shareholder value and suggests modest upside relative to the company’s reported acquisition discussions, highlighting the attractiveness of its underlying asset base and long-term growth profile.

Bits & Pieces – June 2026

This monthly publication provides continuous coverage of holding company discounts across North America, Europe and APAC. The following companies are discussed: A/S Schouw & Co. (SCHO DC), Aker ASA (AKER NO), George Weston Ltd. (WN CN), Henderson Land Development (12 HK), People Incorporated (PPLI) (fka IAC Inc.; IAC), Prosus N.V. (PRX NA), Wendel SA (MF FP), Telephone and Data Systems, Inc. (TDS) and Fairfax India Holdings (FIH/U CN)

S&P Global (SPGI) / Mobility Global (MBGL) – Comprehensive Report

The planned separation of Mobility Global represents a strategic simplification that enables both businesses to pursue more focused growth initiatives while reducing the conglomerate discount historically embedded within S&P Global. A sum-of-the-parts valuation, incorporating peer-based multiples for the post-spin entities, yields an estimated pre-spin fair value of approximately $453 per share, consisting of roughly $437 per share for S&P Global RemainCo and $16 per share for Mobility Global. While near-term market dynamics may create volatility around the transaction, the analysis suggests that both companies possess strong competitive positions, differentiated data assets, and meaningful long-term opportunities to leverage artificial intelligence and analytics to enhance shareholder value.

Honeywell International (HON) / Honeywell Aerospace (HONA) – Comprehensive Report

The planned separation of Honeywell into Honeywell Technologies (automation) and Honeywell Aerospace is expected to create two focused, industry-leading businesses with distinct growth profiles and capital allocation priorities. Honeywell Aerospace offers exposure to long-term commercial aviation, defense, and aftermarket demand, while Honeywell Technologies is positioned to benefit from automation, industrial software, and process technologies. Based on a sum-of-the-parts analysis, we estimate a pre-spin fair value of approximately $243 per share, with post-spin fair values of roughly $240 per share for Honeywell Technologies and $245.50 per share for Honeywell Aerospace. However, given the stock’s recovery and valuation, we assign a Neutral rating, preferring to wait for a more attractive entry point before becoming more constructive.

We are excited to announce that our coverage has now expanded beyond spin-offs and potential spin-offs to include, post re-org equities, exchange offers and broken IPOs. On June 8th, The Spin-Off Report will be combined with Hidden Opportunities under the name Canyon River Advisors, providing clients with the only independent source for comprehensive analysis of underfollowed and mispriced opportunities across the special situations space.

Beginning on June 8th, all research publications will be emailed from research@canyonriveradvisors.com and our new client portal will be accessible at canyonriveradvisors.com. Your existing username and password will carry over to the new website. 

Please reply to this email or call Rich Albanese +1 646-839-5566 if you have any questions.

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

• Honeywell International (HON) / Honeywell Aerospace (HONA) – June 29, 2026
• Middleby Corp. (MIDD) / Midera – 2Q 2026
• S&P Global Inc. (SPGI) / Mobility Division – Mid-2026
• McKesson Corporation (MCK) / Medical-Surgical Solutions – 2026
• Medtronic (MDT) / MiniMed – 2H 2026
• Resideo Technologies (REZI) / ADI Global Distribution – 2H 2026
• Keurig Dr Pepper Inc (KPG) / Coffee Business – 2H 2026
• Corteva (CTVA) / Seed Business – 2H 2026
• KBR, Inc. (KBR) / Mission Technology Solutions Business – 2H 2026
• Modine Manufacturing Company (MOD) / Performance Technologies – 4Q 2026
• Eaton Corporation (ETN) / Mobility Business – 1Q 2027
• Genuine Parts Company (GPC) / Industrial Parts Business – 1Q 2027
• Johnson & Johnson (JNJ) / Orthopedics Business – 2027
• International Paper (IP) / EMEA Business – 2027
• Flex Ltd. (FLEX) / Cloud & Infrastructure Business – 2027
• Madison Square Garden Sports Corp. (MSGS) / New York Knicks and New York Rangers – 2027

RECENT PUBLICATIONS:

UPDATE: FedEx Corp. (FDX) – June 1, 2026

FedEx Completes the Tax-Free Separation of FedEx Freight; Rate Post-Spin FDX at BUY & Post-Spin FDXF at NEUTRAL

COMPREHENSIVE REPORT: The Middleby Corporation (MIDD) – May 21, 2026

The Middleby Corporation (MIDD), a global foodservice provider of commercial cooking and industrial processing equipment, as well as residential appliances, announced, in February 2025, its intent to pursue the separation of its Food Processing business into a new, independent, publicly traded company, which will be called Midera Food Processing, via a tax-free spin-off on a one-for-one basis that is expected to be completed on July 6, 2026.  Concurrent with the initial spin-off announcement, MIDD also added activist investor, Ed Garden, as well as Julie Bowerman to its 11-member Board of Directors. Subsequently, in December 2025, the company announced a deal to sell a 51% stake in its Residential Kitchen business, which includes brands such as Viking, AGA, and Rangemaster, to 26North Partners LP at an implied enterprise value of ~$885 million, which precipitated the receipt of ~$564.5 million in cash as well as a $135 million seller note that matures in 2033. To that end, MIDD’s non-controlling interest in the new entity, called Composition Brands, has, as of the end of 2025, been reported as a discounted operation and will, on a go-forward basis, be reflected as a “below the line item” dubbed minority interest. 

In that context, the company currently reports two operating segments: 1) Commercial Foodservice, which provides a range of kitchen-related equipment to, among others, restaurants, convenience stores, supermarkets, hotels, stadiums and other institutions, such as universities & hospitals; and 2) Food Processing, which provides cooking, baking, frying and other processing/handling systems that support the production food products ranging from protein to baked goods, snacks and pet food.

On the indexation front, MIDD is currently a member of the S&P 500 MidCap 400 to that end, while there could be a degree of shareholder rotation post-spin we do not currently envision a material impact/dislocation (i.e., when SOLS came out of HON) in this particular case. For context, the current top 5 shareholders besides Garden Investments (whose ~7.5% stake is reported to have a cost basis of ~$150 per share), include T. Rowe Price (~16%), Vanguard (~10%), Blackrock (~9.5%), Ariel Investments (~3.5%) and Select Equity (~3.5%). 

All told, on a pre-spin sum-of-the-parts basis, we value Middleby at ~$182.50 per share, comprised of ~$144 per share of value from RemainCo and ~$39 per share from SpinCo, based on a one-for-one distribution ratio.  Given the implied upside to our fair values estimate (FVE) we recommend the pre-spin purchase of MIDD shares.  Longer-term, while RemainCo will be focused on shareholder returns SpinCo could see a higher degree of re-rating if it can successfully execute on its M&A strategy. 

ALERT: Madison Square Garden Sports Corp. (MSGS)  – May 18, 2026

MSGS Confidentially Files a Form 10 Related to the Potential Separation of the Knicks & Rangers Sports Teams; Timeline for any Transaction Remains Unclear

Radar Screen – May 2026

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

Companies discussed this month: Barrick Mining Corp. (B), Caesars Entertainment, Inc. (CZR), Coty Inc. (COTY), Goodyear Tire & Rubber, Inc. (GT), Johnson Controls International (JCI)*, Luxfer Holdings (LXFR), Madison Square Garden Sports Corp. (MSGS), Matthews International Corp. (MATW), Netgear Inc. (NTGR), PepsiCo, Inc. (PEP), Stanley Black & Decker (SWK), Surgery Partners Inc. (SGRY), The Cooper Companies (COO), The Scotts Miracle-Gro Co. (SMG), Viasat Inc. (VSAT), Terex Corporation (TEX)

*added this month

Spin-Off Report Calendar – June 2026

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 – November 2025

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

European Spin-Off Compendium- April 2025

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

Bits & Pieces – May 2026

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

Product Specialist

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

We are excited to announce that our coverage has now expanded beyond spin-offs and potential spin-offs to include, post re-org equities, exchange offers and broken IPOs. On June 8th, The Hidden Opportunities Report will be combined with The Spin-Off Report under the name Canyon River Advisors, providing clients with the only independent source for comprehensive analysis of underfollowed and mispriced opportunities across the special situations space.

Beginning on June 8th, all research publications will be emailed from research@canyonriveradvisors.com and our new client portal will be accessible at canyonriveradvisors.com. Your existing username and password will carry over to the new website. 

Please reply to this email or call Rich Albanese +1 646-839-5566 if you have any questions.

HIGH-CONVICTION RECOMMENDATIONS (LONG):

• Garrett Motion Inc. (GTX)
• TriMas Corporation (TRS)
• Scotts Miracle-Gro (SMG)

LATEST PUBLICATIONS & UPDATES:

COMPREHENSIVE REPORT – Wolfspeed (WOLF) – June 2, 2026

In our view, Wolfspeed (WOLF) emerged from a pre-packaged bankruptcy back in October 2025 as a more financially sound company better positioned to capitalize on its competitive strengths in the wide-bandgap semiconductor space (silicon carbide SiC and gallium nitrate GaN) under a new but experienced leadership team. As the only vertically integrated domestic player with robust technology and commercial scale, Wolfspeed can now target an increasingly broader set of high-growth opportunities beyond its electrical vehicle (EV) powertrain roots including, artificial intelligence (AI) data centers, industrial electrification, energy storage, and aerospace & defense (with the latter having strategic national security implications). Further, we note that WOLF’s bankruptcy filing was precipitated, in our view, primarily by a capacity expansion-related financial overextension coupled with a marked/unexpected slowdown in its then-core electric vehicle (EV) end market rather than the consequence of a non-competitive commercial offering. All told, we recommend shares of WOLF given the implied upside to our base case fair value estimate of ~$77 per share (with bull & bear cases at $129 and $48, respectively).

UPDATE – Caesars Entertainment Inc. (CZR) – May 29, 2026

CZR agrees to a $31 per share cash go-private offer from Fertitta Entertainment; no financing conditions are included but shareholder approval is required; the go-shop period lasts until July 11^th (but the termination fees make the odds of a competing bid seemingly low, in our view)

UPDATE – Garrett Motion Inc. (GTX) – May 26, 2026

Investor Day Takeaways: Industrial/HVAC & ZET applications (along w/ continued share gains in legacy gas turbos) pretty well lay to rest the “Melting Ice Cube”/“Terminal Value is Zero” arguments, in our view although the auto/CV  vs. industrial valuation debate will likely remain on-going; capital returns stay targeted at ~75% of the ~$2 billion of FCF expected over the next 5-years.

Radar Screen – May 2026

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

Companies discussed this month: Barrick Mining Corp. (B), Caesars Entertainment, Inc. (CZR), Coty Inc. (COTY), Goodyear Tire & Rubber, Inc. (GT), Johnson Controls International (JCI)*, Luxfer Holdings (LXFR), Madison Square Garden Sports Corp. (MSGS), Matthews International Corp. (MATW), Netgear Inc. (NTGR), PepsiCo, Inc. (PEP), Stanley Black & Decker (SWK), Surgery Partners Inc. (SGRY), The Cooper Companies (COO), The Scotts Miracle-Gro Co. (SMG), Viasat Inc. (VSAT), Terex Corporation (TEX)

*New this month

Product Specialist

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

We are excited to announce that our coverage has now expanded beyond spin-offs and potential spin-offs to include, post re-org equities, exchange offers and broken IPOs. On June 8th, The Spin-Off Report will be combined with Hidden Opportunities under the name Canyon River Advisors, providing clients with the only independent source for comprehensive analysis of underfollowed and mispriced opportunities across the special situations space.

Beginning on June 8th, all research publications will be emailed from research@canyonriveradvisors.com and our new client portal will be accessible at canyonriveradvisors.com. Your existing username and password will carry over to the new website. 

Please reply to this email or call Rich Albanese +1 646-839-5566 if you have any questions.

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

• FedEx (FDX) / FedEx Freight (FDXF) – June 1, 2026
• Honeywell International (HON) / Honeywell Aerospace (HONA) – June 29, 2026
• Middleby Corp. (MIDD) / Midera – 2Q 2026
• S&P Global Inc. (SPGI) / Mobility Division – Mid-2026
• McKesson Corporation (MCK) / Medical-Surgical Solutions – 2026
• Medtronic (MDT) / MiniMed – 2H 2026
• Resideo Technologies (REZI) / ADI Global Distribution – 2H 2026
• Keurig Dr Pepper Inc (KPG) / Coffee Business – 2H 2026
• Corteva (CTVA) / Seed Business – 2H 2026
• KBR, Inc. (KBR) / Mission Technology Solutions Business – 2H 2026
• Modine Manufacturing Company (MOD) / Performance Technologies – 4Q 2026
• Eaton Corporation (ETN) / Mobility Business – 1Q 2027
• Genuine Parts Company (GPC) / Industrial Parts Business – 1Q 2027
• Johnson & Johnson (JNJ) / Orthopedics Business – 2027
• International Paper (IP) / EMEA Business – 2027
• Flex Ltd. (FLEX) / Cloud & Infrastructure Business – 2027
• Madison Square Garden Sports Corp. (MSGS) / New York Knicks and New York Rangers – 2027

RECENT PUBLICATIONS:

COMPREHENSIVE REPORT: The Middleby Corporation (MIDD) – May 21, 2026

The Middleby Corporation (MIDD), a global foodservice provider of commercial cooking and industrial processing equipment, as well as residential appliances, announced, in February 2025, its intent to pursue the separation of its Food Processing business into a new, independent, publicly traded company, which will be called Midera Food Processing, via a tax-free spin-off on a one-for-one basis that is expected to be completed on July 6, 2026.  Concurrent with the initial spin-off announcement, MIDD also added activist investor, Ed Garden, as well as Julie Bowerman to its 11-member Board of Directors. Subsequently, in December 2025, the company announced a deal to sell a 51% stake in its Residential Kitchen business, which includes brands such as Viking, AGA, and Rangemaster, to 26North Partners LP at an implied enterprise value of ~$885 million, which precipitated the receipt of ~$564.5 million in cash as well as a $135 million seller note that matures in 2033. To that end, MIDD’s non-controlling interest in the new entity, called Composition Brands, has, as of the end of 2025, been reported as a discounted operation and will, on a go-forward basis, be reflected as a “below the line item” dubbed minority interest. 

In that context, the company currently reports two operating segments: 1) Commercial Foodservice, which provides a range of kitchen-related equipment to, among others, restaurants, convenience stores, supermarkets, hotels, stadiums and other institutions, such as universities & hospitals; and 2) Food Processing, which provides cooking, baking, frying and other processing/handling systems that support the production food products ranging from protein to baked goods, snacks and pet food.

On the indexation front, MIDD is currently a member of the S&P 500 MidCap 400 to that end, while there could be a degree of shareholder rotation post-spin we do not currently envision a material impact/dislocation (i.e., when SOLS came out of HON) in this particular case. For context, the current top 5 shareholders besides Garden Investments (whose ~7.5% stake is reported to have a cost basis of ~$150 per share), include T. Rowe Price (~16%), Vanguard (~10%), Blackrock (~9.5%), Ariel Investments (~3.5%) and Select Equity (~3.5%). 

All told, on a pre-spin sum-of-the-parts basis, we value Middleby at ~$182.50 per share, comprised of ~$144 per share of value from RemainCo and ~$39 per share from SpinCo, based on a one-for-one distribution ratio.  Given the implied upside to our fair values estimate (FVE) we recommend the pre-spin purchase of MIDD shares.  Longer-term, while RemainCo will be focused on shareholder returns SpinCo could see a higher degree of re-rating if it can successfully execute on its M&A strategy. 

ALERT: Madison Square Garden Sports Corp. (MSGS)  – May 18, 2026

MSGS Confidentially Files a Form 10 Related to the Potential Separation of the Knicks & Rangers Sports Teams; Timeline for any Transaction Remains Unclear

Radar Screen – May 2026

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

Companies discussed this month: Barrick Mining Corp. (B), Caesars Entertainment, Inc. (CZR), Coty Inc. (COTY), Goodyear Tire & Rubber, Inc. (GT), Johnson Controls International (JCI)*, Luxfer Holdings (LXFR), Madison Square Garden Sports Corp. (MSGS), Matthews International Corp. (MATW), Netgear Inc. (NTGR), PepsiCo, Inc. (PEP), Stanley Black & Decker (SWK), Surgery Partners Inc. (SGRY), The Cooper Companies (COO), The Scotts Miracle-Gro Co. (SMG), Viasat Inc. (VSAT), Terex Corporation (TEX)

*added this month

Spin-Off Report Calendar – May 2026

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 – November 2025

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

European Spin-Off Compendium- April 2025

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

Bits & Pieces – May 2026

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

Product Specialist

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

We are excited to announce that our coverage has now expanded beyond spin-offs and potential spin-offs to include, post re-org equities, exchange offers and broken IPOs. On June 8th, The Hidden Opportunities Report will be combined with The Spin-Off Report under the name Canyon River Advisors, providing clients with the only independent source for comprehensive analysis of underfollowed and mispriced opportunities across the special situations space.

Beginning on June 8th, all research publications will be emailed from research@canyonriveradvisors.com and our new client portal will be accessible at canyonriveradvisors.com. Your existing username and password will carry over to the new website. 

Please reply to this email or call Rich Albanese +1 646-839-5566 if you have any questions.

HIGH-CONVICTION RECOMMENDATIONS (LONG):

• Garrett Motion Inc. (GTX)
• TriMas Corporation (TRS)
• Scotts Miracle-Gro (SMG)

LATEST PUBLICATIONS & UPDATES:

UPDATE – Caesars Entertainment Inc. (CZR) – May 29, 2026

CZR agrees to a $31 per share cash go-private offer from Fertitta Entertainment; no financing conditions are included but shareholder approval is required; the go-shop period lasts until July 11^th (but the termination fees make the odds of a competing bid seemingly low, in our view)

UPDATE – Garrett Motion Inc. (GTX) – May 26, 2026

Investor Day Takeaways: Industrial/HVAC & ZET applications (along w/ continued share gains in legacy gas turbos) pretty well lay to rest the “Melting Ice Cube”/“Terminal Value is Zero” arguments, in our view although the auto/CV  vs. industrial valuation debate will likely remain on-going; capital returns stay targeted at ~75% of the ~$2 billion of FCF expected over the next 5-years.

Radar Screen – May 2026

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

Companies discussed this month: Barrick Mining Corp. (B), Caesars Entertainment, Inc. (CZR), Coty Inc. (COTY), Goodyear Tire & Rubber, Inc. (GT), Johnson Controls International (JCI)*, Luxfer Holdings (LXFR), Madison Square Garden Sports Corp. (MSGS), Matthews International Corp. (MATW), Netgear Inc. (NTGR), PepsiCo, Inc. (PEP), Stanley Black & Decker (SWK), Surgery Partners Inc. (SGRY), The Cooper Companies (COO), The Scotts Miracle-Gro Co. (SMG), Viasat Inc. (VSAT), Terex Corporation (TEX)

*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:

• FedEx (FDX) / FedEx Freight (FDXF) – June 1, 2026
• Honeywell International (HON) / Honeywell Aerospace (HONA) – June 29, 2026
• Middleby Corp. (MIDD) / Midera – 2Q 2026
• S&P Global Inc. (SPGI) / Mobility Division – Mid-2026
• McKesson Corporation (MCK) / Medical-Surgical Solutions – 2026
• Medtronic (MDT) / MiniMed – 2H 2026
• Resideo Technologies (REZI) / ADI Global Distribution – 2H 2026
• Keurig Dr Pepper Inc (KPG) / Coffee Business – 2H 2026
• Corteva (CTVA) / Seed Business – 2H 2026
• KBR, Inc. (KBR) / Mission Technology Solutions Business – 2H 2026
• Modine Manufacturing Company (MOD) / Performance Technologies – 4Q 2026
• Eaton Corporation (ETN) / Mobility Business – 1Q 2027
• Genuine Parts Company (GPC) / Industrial Parts Business – 1Q 2027
• Johnson & Johnson (JNJ) / Orthopedics Business – 2027
• International Paper (IP) / EMEA Business – 2027
• Flex Ltd. (FLEX) / Cloud & Infrastructure Business – 2027
• Madison Square Garden Sports Corp. (MSGS) / New York Knicks and New York Rangers – 2027

RECENT PUBLICATIONS:

COMPREHENSIVE REPORT: The Middleby Corporation (MIDD) – May 21, 2026

The Middleby Corporation (MIDD), a global foodservice provider of commercial cooking and industrial processing equipment, as well as residential appliances, announced, in February 2025, its intent to pursue the separation of its Food Processing business into a new, independent, publicly traded company, which will be called Midera Food Processing, via a tax-free spin-off on a one-for-one basis that is expected to be completed on July 6, 2026.  Concurrent with the initial spin-off announcement, MIDD also added activist investor, Ed Garden, as well as Julie Bowerman to its 11-member Board of Directors. Subsequently, in December 2025, the company announced a deal to sell a 51% stake in its Residential Kitchen business, which includes brands such as Viking, AGA, and Rangemaster, to 26North Partners LP at an implied enterprise value of ~$885 million, which precipitated the receipt of ~$564.5 million in cash as well as a $135 million seller note that matures in 2033. To that end, MIDD’s non-controlling interest in the new entity, called Composition Brands, has, as of the end of 2025, been reported as a discounted operation and will, on a go-forward basis, be reflected as a “below the line item” dubbed minority interest. 

In that context, the company currently reports two operating segments: 1) Commercial Foodservice, which provides a range of kitchen-related equipment to, among others, restaurants, convenience stores, supermarkets, hotels, stadiums and other institutions, such as universities & hospitals; and 2) Food Processing, which provides cooking, baking, frying and other processing/handling systems that support the production food products ranging from protein to baked goods, snacks and pet food.

On the indexation front, MIDD is currently a member of the S&P 500 MidCap 400 to that end, while there could be a degree of shareholder rotation post-spin we do not currently envision a material impact/dislocation (i.e., when SOLS came out of HON) in this particular case. For context, the current top 5 shareholders besides Garden Investments (whose ~7.5% stake is reported to have a cost basis of ~$150 per share), include T. Rowe Price (~16%), Vanguard (~10%), Blackrock (~9.5%), Ariel Investments (~3.5%) and Select Equity (~3.5%). 

All told, on a pre-spin sum-of-the-parts basis, we value Middleby at ~$182.50 per share, comprised of ~$144 per share of value from RemainCo and ~$39 per share from SpinCo, based on a one-for-one distribution ratio.  Given the implied upside to our fair values estimate (FVE) we recommend the pre-spin purchase of MIDD shares.  Longer-term, while RemainCo will be focused on shareholder returns SpinCo could see a higher degree of re-rating if it can successfully execute on its M&A strategy. 

ALERT: Madison Square Garden Sports Corp. (MSGS)  – May 18, 2026

MSGS Confidentially Files a Form 10 Related to the Potential Separation of the Knicks & Rangers Sports Teams; Timeline for any Transaction Remains Unclear

Radar Screen – May 2026

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

Companies discussed this month: Barrick Mining Corp. (B), Caesars Entertainment, Inc. (CZR), Coty Inc. (COTY), Goodyear Tire & Rubber, Inc. (GT), Johnson Controls International (JCI)*, Luxfer Holdings (LXFR), Madison Square Garden Sports Corp. (MSGS), Matthews International Corp. (MATW), Netgear Inc. (NTGR), PepsiCo, Inc. (PEP), Stanley Black & Decker (SWK), Surgery Partners Inc. (SGRY), The Cooper Companies (COO), The Scotts Miracle-Gro Co. (SMG), Viasat Inc. (VSAT), Terex Corporation (TEX)

*added this month

Spin-Off Report Calendar – May 2026

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 – November 2025

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

European Spin-Off Compendium- April 2025

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

Bits & Pieces – May 2026

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):

• Garrett Motion Inc. (GTX)
• TriMas Corporation (TRS)
• Scotts Miracle-Gro (SMG)

LATEST PUBLICATIONS & UPDATES:

UPDATE – TriMas Corporation (TRS) – May 4, 2026

Close Coverage of TRS, effective as of today’s market bell, with the sale of its Aerospace business completed in March 2026 and shares trading roughly in-line with our fair value estimate (FVE)

UPDATE – NPK International (NPKI) – May 1, 2026

NPKI modestly tops consensus in 1Q 2026 & raises the high-end of full-year 2026E guidance; announces plans to invest an incremental $40-$45 million toward a ~50% expansion in manufacturing capacity, which should come on-line in mid-2027; fair value estimate increased to ~$17.50 per share

UPDATE – Garrett Motion Inc. (GTX)  – April 30, 2026

GTX tops consensus in 1Q 2026 and raises the high-end of full-year 2026 guidance w/ the mid-point of its FCF outlook implying a 10.5%yield; still sees the non-auto business ramping in 2027 with Industrial E-Cooling solutions comprising >5% of total sales by 2030; FVE increased to $23.50 per share

UPDATE – Luxfer Holdings (LXFR)  – April 29, 2026

LXFR reports 1Q 2026 results; modestly raises full-year EPS guidance and indicates a material acceleration to “robust double-digit earnings growth” looking into 2027; fair value remains $16.50 per share

Radar Screen – May 2026

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

Companies discussed this month: Barrick Mining Corp. (B), Caesars Entertainment, Inc. (CZR), Coty Inc. (COTY), Goodyear Tire & Rubber, Inc. (GT), Johnson Controls International (JCI)*, Luxfer Holdings (LXFR), Madison Square Garden Sports Corp. (MSGS), Matthews International Corp. (MATW), Netgear Inc. (NTGR), PepsiCo, Inc. (PEP), Stanley Black & Decker (SWK), Surgery Partners Inc. (SGRY), The Cooper Companies (COO), The Scotts Miracle-Gro Co. (SMG), Viasat Inc. (VSAT), Terex Corporation (TEX)

*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:

• FedEx (FDX) / FedEx Freight (FDXF) – June 1, 2026
• Honeywell International (HON) / Honeywell Aerospace (HONA) – June 29, 2026
• Middleby Corp. (MIDD) / Midera – 2Q 2026
• S&P Global Inc. (SPGI) / Mobility Division – Mid-2026
• McKesson Corporation (MCK) / Medical-Surgical Solutions – 2026
• Medtronic (MDT) / MiniMed – 2H 2026
• Resideo Technologies (REZI) / ADI Global Distribution – 2H 2026
• Keurig Dr Pepper Inc (KPG) / Coffee Business – 2H 2026
• Corteva (CTVA) / Seed Business – 2H 2026
• KBR, Inc. (KBR) / Mission Technology Solutions Business – 2H 2026
• Modine Manufacturing Company (MOD) / Performance Technologies – 4Q 2026
• Eaton Corporation (ETN) / Mobility Business – 1Q 2027
• Genuine Parts Company (GPC) / Industrial Parts Business – 1Q 2027
• Johnson & Johnson (JNJ) / Orthopedics Business – 2027
• International Paper (IP) / EMEA Business – 2027

RECENT PUBLICATIONS:

UPDATE: Spectrum Brands Holdings (SPB) – May 8, 2026

Close Coverage of SPB As Strategic Investment in HPC from Oaktree likely puts a Spin-Off on the Backburner (with a Sale, at some point, likely being the More Likely Long-Term Outcome, in our view)

ALERT: Flex Ltd. (FLEX) – May 6, 2026

FLEX to Spin-Off its Cloud & Power Infrastructure Business in a Tax-Free Transaction Targeted for Completion in 1Q 2027

UPDATE: Qnity Electronics (Q)  – May 1, 2026

Close Coverage of Post-Spin Qnity (Q) with Shares Trading Roughly In-Line with our FVE, Effective as of Today’s Market Close

UPDATE: FedEx Corp. (FDX)  – April 9, 2026

FDXF Holds its Inaugural Investor Day; Targets “Medium-Term” Growth in Sales & Adj. EBIT of 4%-6% & 10%-12%, Respectively, w/ ~$1 Billion of Annual FCF Generation; FVE Raised to $435 per share (from $429.50 per share), Maintain Pre-Spin BUY

COMPREHENSIVE REPORT: FedEx Corp. (FDX)  – April 6, 2026

On December 19, 2024, FedEx Corporation (FDX), a global transportation company headquartered in Memphis, TN, announced that following an internal strategic assessment of its North American less-than-truckload (LTL) or Freight division the company intended to pursue a separation of its core-Parcel and Freight (LTL) businesses into two standalone, publicly-traded companies via a tax-free spin-off.  Roughly in line with management’s initial expectations, in terms of timing, the transaction is expected to be completed on June 1, 2026, subject to customary conditions, including regulatory and final Board approvals.  Shares of the new company (i.e., SpinCo), which will be dubbed FedEx Freight Corporation, will trade on the New York Stock Exchange (NYSE) under the ticker “FDXF”. RemainCo, which will retain its current corporate moniker as well as ticker (“FDX”) intends to retain an up to 19.9% stake in the soon-to-be standalone Freight business.  For its part, the Freight business will hold an investor day, which will purportedly include more granular near- and medium-term financial guidance, on April 8, 2026.  

As clients likely well-know, we have been vocally bullish on this impending separation since its announcement (when shares were trading around ~$265 per share); in that context, given recent stock price performance it seems elementary to suggest that to some degree the seemingly obvious multiple arbitrage opportunity (i.e., parcel versus LTL multiples) has narrowed/been pulled forward over the last six-months.  That said, we still think the transaction will unlock incremental value. 

On a pre-spin sum-of-the-parts basis, we value FedEx at $429.50 per share, comprised of $349.50 per share of value from RemainCo (i.e., parcel) and $64 per share from SpinCo (i.e., freight).  Given the implied upside to our fair value estimate we recommend the pre-spin purchase of FDX (where we see incremental upside from upward revisions at Freight, potentially catalyzed by the upcoming investor day,  as well at Parcel, given its FCF generation potential).  On a post spin basis, assuming a 3-for-1 distribution ratio and the Parent’s initial retention of a 19.9% stake in SpinCo, we value standalone FedEx (RemainCo) and FedEx Freight (SpinCo) at $356.50 and $64 per share, respectively. 

Radar Screen – May 2026

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

Companies discussed this month: Barrick Mining Corp. (B), Caesars Entertainment, Inc. (CZR), Coty Inc. (COTY), Goodyear Tire & Rubber, Inc. (GT), Johnson Controls International (JCI)*, Luxfer Holdings (LXFR), Madison Square Garden Sports Corp. (MSGS), Matthews International Corp. (MATW), Netgear Inc. (NTGR), PepsiCo, Inc. (PEP), Stanley Black & Decker (SWK), Surgery Partners Inc. (SGRY), The Cooper Companies (COO), The Scotts Miracle-Gro Co. (SMG), Viasat Inc. (VSAT), Terex Corporation (TEX)

*added this month

Spin-Off Report Calendar – May 2026

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 – November 2025

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

European Spin-Off Compendium- April 2025

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

Bits & Pieces – May 2026

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):

• Garrett Motion Inc. (GTX)
• TriMas Corporation (TRS)
• Scotts Miracle-Gro (SMG)

LATEST PUBLICATIONS & UPDATES:

UPDATE – TriMas Corporation (TRS) – May 4, 2026

Close Coverage of TRS, effective as of today’s market bell, with the sale of its Aerospace business completed in March 2026 and shares trading roughly in-line with our fair value estimate (FVE)

UPDATE – NPK International (NPKI) – May 1, 2026

NPKI modestly tops consensus in 1Q 2026 & raises the high-end of full-year 2026E guidance; announces plans to invest an incremental $40-$45 million toward a ~50% expansion in manufacturing capacity, which should come on-line in mid-2027; fair value estimate increased to ~$17.50 per share

UPDATE – Garrett Motion Inc. (GTX)  – April 30, 2026

GTX tops consensus in 1Q 2026 and raises the high-end of full-year 2026 guidance w/ the mid-point of its FCF outlook implying a 10.5%yield; still sees the non-auto business ramping in 2027 with Industrial E-Cooling solutions comprising >5% of total sales by 2030; FVE increased to $23.50 per share

UPDATE – Luxfer Holdings (LXFR)  – April 29, 2026

LXFR reports 1Q 2026 results; modestly raises full-year EPS guidance and indicates a material acceleration to “robust double-digit earnings growth” looking into 2027; fair value remains $16.50 per share

Radar Screen – May 2026

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

Companies discussed this month: Barrick Mining Corp. (B), Caesars Entertainment, Inc. (CZR), Coty Inc. (COTY), Goodyear Tire & Rubber, Inc. (GT), Johnson Controls International (JCI)*, Luxfer Holdings (LXFR), Madison Square Garden Sports Corp. (MSGS), Matthews International Corp. (MATW), Netgear Inc. (NTGR), PepsiCo, Inc. (PEP), Stanley Black & Decker (SWK), Surgery Partners Inc. (SGRY), The Cooper Companies (COO), The Scotts Miracle-Gro Co. (SMG), Viasat Inc. (VSAT), Terex Corporation (TEX)

*New this month

Product Specialist

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