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), Atlanta Braves Holdings (BATRK), Tiptree Inc. (TIPT), IAC Corp. (IAC), Newpark Resources, Inc. (NYSE: NR), RCI Hospitality Holdings, Inc. (NASDAQ: RICK)

RECENT INITIATIONS:  Newpark Resources, Inc. (NYSE: NR)

LATEST PUBLICATIONS & UPDATES:

UPDATE – Newpark Resources (NR)

February 22, 2024

NR posts mixed 4Q 2023 segment results albeit with notably better-than-expected FCF generation; 2024 guidance for Industrial Solutions is in-line with our forecast (at the high-end) while the strategic review for Fluid Systems remains ongoing with expected completion in “mid-2024”.

UPDATE – Garrett Motion Inc. (GTX)

February 15, 2024

GTX reports 4Q 2023 and full-year results broadly toward the high-end of guidance; initial 2024E FCF guidance implies a yield of 11%-15% and the company will continue to deploy capital toward aggressive share repurchases and debt repayment; fair value remains $11 per share.

UPDATE – IAC Inc. (IAC)

February 14, 2024

IAC posts solid 4Q 2023 results and issues 2024 adj. EBITDA guidance, implying ~10% growth at the mid-point; by our calculation, current share price still implies that historically little value is being ascribed to the so-called IAC “stub”; fair value remains $72 per share.

Radar Screen – February  2024

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), APi Group Corp. (APG), Bloomin’ Brands (BLMN), California Resources Corp. (CRC), Carrier Global Corp. (CARR), Crown Castle Inc. (CCI), Crown Holdings Inc. (CCK), FLEETCOR Technologies, Inc. (FLT), Goodyear Tire & Rubber, Inc. (FLT), IAC Inc. (IAC), Liberty Broadband Corp. (LBRDK), Masimo Corp. (MASI), Matthews International Corp. (MATW), Newpark Resources (NR), PAR Technology Corp. (PAR), RCI Hospitality Inc. (RICK), *TriMas Corporation (TRS)

*New Entry This Month

Product Specialist

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

The Weekly Wrap-Up provides summaries of recent publications from the Spin-Off Report 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.

UPCOMING SPIN-OFFS: General Electric (GE)/GE Vernova, Baxter International Inc. (BAX)/KidneyCo, Medtronic (MDT)/Patient Monitoring & Respiratory Interventions, 3M Co. (MMM)/Health Care Business, Jacobs Solutions Inc. (J)/Critical Mission Solutions, Western Digital (WDC)/HDD Business, MDU Resources Group (MDU)/Construction Services, Select Medical Holdings Corp. (SEM) /Concentra Business, Edwards Lifesciences Corp.(EW)/Critical Care Business, *Holcim Ltd. (HOLN SW) / North American Business, *Berry Global Group Inc.  / Health and Hygiene businesses

*New Entry this Month

RECENT PUBLICATIONS:

General Electric Co. (GE) – UPDATE

February 16, 2024

On February 15, 2024, after the market close, GE Vernova filed a public Form-10 with the SEC in connection with the planned spinoff of General Electric Co.’s (NYSE: GE) Renewable Energy business. The planned separation date and share distribution ratios were not supplied, however it is expected that GE will complete the spin-off in 2Q 2024.

Berry Global Group Inc. (NYSE: BERY) – ALERT

February 7, 2024

On February 7, 2023, Berry Global Group Inc. (NYSE: BERY) announced its intention to spin-off its Health, Hygiene and Specialties Global Nonwovens (“HH&S”) and Films businesses, which will immediately merge with Glatfelter Corp. (NYSE: GLT). The transaction, which will be structured as a Reverse Morris Trust (RMT), is expected to be tax-free to BERY and GLT shareholders and is targeted to be completed in 2H 2024.

UPDATE: Sodexo SA (SW FP)

February 1, 2024

On February 1, 2024, Sodexo SA (SW FP) completed the previously announced spin-off of its benefits and rewards services business into a standalone, publicly traded company, which has adopted the corporate moniker Pluxee SA (PLX FP). Shares of Pluxee were distributed to Sodexo shareholders of record on a one for-one basis.

General Electric Co. (GE) / GE Vernova (GEV)

January 30, 2024

On November 9, 2021, General Electric Co. (NYSE: GE) announced plans to spin off its Healthcare business and its Renewable Energy and Power business, resulting in three publicly traded, standalone companies. GE completed the spinoff of GE Healthcare Technologies (NYSE: GEHC) on January 3, 2023, and as the plan is currently posited, will spin off Renewable Energy and Power in early 2Q 2024, with the separations being completed as tax-free distributions to GE shareholders. Following both transactions, General Electric will retain its corporate name and will control the current Aviation business.

Holcim Ltd. (HOLN SW)

January 29, 2024

On January 29, 2024, Holcim Ltd (HOLN SW) announced the company intends to list its North American business in the US with a “full capital market separation”. The separation is intended to be executed as a spinoff, with a final structure to be announced in 2H 2024. The US listing of the spin company is expected to be completed in 1H 2025, with an Extraordinary General Meeting being held to approve the transaction to be held in 1Q 2025.

Radar Screen – February 2024

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), APi Group Corp. (APG), Bloomin’ Brands (BLMN), California Resources Corp. (CRC), Carrier Global Corp. (CARR), Crown Castle Inc. (CCI), Crown Holdings Inc. (CCK), FLEETCOR Technologies, Inc. (FLT), Goodyear Tire & Rubber, Inc. (FLT), IAC Inc. (IAC), Liberty Broadband Corp. (LBRDK), Masimo Corp. (MASI), Matthews International Corp. (MATW), Newpark Resources (NR), PAR Technology Corp. (PAR), RCI Hospitality Inc. (RICK), *TriMas Corporation (TRS)

*New Entry this Month

Spin-Off Report Calendar – February 2024

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 – December 2023

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

European Spin-Off Compendium – December 2023

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

Bits & Pieces – February 2024

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), Atlanta Braves Holdings (BATRK), Tiptree Inc. (TIPT), IAC Corp. (IAC), Newpark Resources, Inc. (NYSE: NR), RCI Hospitality Holdings, Inc. (NASDAQ: RICK)

RECENT INITIATIONS:  Newpark Resources, Inc. (NYSE: NR)

LATEST PUBLICATIONS & UPDATES:

UPDATE – Garrett Motion Inc. (GTX)

February 15, 2024

GTX reports 4Q 2023 and full-year results broadly toward the high-end of guidance; initial 2024E FCF guidance implies a yield of 11%-15% and the company will continue to deploy capital toward aggressive share repurchases and debt repayment; fair value remains $11 per share.

UPDATE – IAC Inc. (IAC)

February 14, 2024

IAC posts solid 4Q 2023 results and issues 2024 adj. EBITDA guidance, implying ~10% growth at the mid-point; by our calculation, current share price still implies that historically little value is being ascribed to the so-called IAC “stub”; fair value remains $72 per share.

Radar Screen – February  2024

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), APi Group Corp. (APG), Bloomin’ Brands (BLMN), California Resources Corp. (CRC), Carrier Global Corp. (CARR), Crown Castle Inc. (CCI), Crown Holdings Inc. (CCK), FLEETCOR Technologies, Inc. (FLT), Goodyear Tire & Rubber, Inc. (FLT), IAC Inc. (IAC), Liberty Broadband Corp. (LBRDK), Masimo Corp. (MASI), Matthews International Corp. (MATW), Newpark Resources (NR), PAR Technology Corp. (PAR), RCI Hospitality Inc. (RICK), *TriMas Corporation (TRS)

*New Entry This Month

Product Specialist

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

The Weekly Wrap-Up provides summaries of recent publications from the Spin-Off Report 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.

UPCOMING SPIN-OFFS: General Electric (GE)/GE Vernova, Baxter International Inc. (BAX)/KidneyCo, Medtronic (MDT)/Patient Monitoring & Respiratory Interventions, 3M Co. (MMM)/Health Care Business, Jacobs Solutions Inc. (J)/Critical Mission Solutions, Western Digital (WDC)/HDD Business, MDU Resources Group (MDU)/Construction Services, Select Medical Holdings Corp. (SEM) /Concentra Business, Edwards Lifesciences Corp.(EW)/Critical Care Business, *Holcim Ltd. (HOLN SW) / North American Business, *Berry Global Group Inc.  / Health and Hygiene businesses

*New Entry this Month

RECENT PUBLICATIONS:

General Electric Co. (GE) – UPDATE

February 16, 2024

On February 15, 2024, after the market close, GE Vernova filed a public Form-10 with the SEC in connection with the planned spinoff of General Electric Co.’s (NYSE: GE) Renewable Energy business. The planned separation date and share distribution ratios were not supplied, however it is expected that GE will complete the spin-off in 2Q 2024.

Berry Global Group Inc. (NYSE: BERY) – ALERT

February 7, 2024

On February 7, 2023, Berry Global Group Inc. (NYSE: BERY) announced its intention to spin-off its Health, Hygiene and Specialties Global Nonwovens (“HH&S”) and Films businesses, which will immediately merge with Glatfelter Corp. (NYSE: GLT). The transaction, which will be structured as a Reverse Morris Trust (RMT), is expected to be tax-free to BERY and GLT shareholders and is targeted to be completed in 2H 2024.

UPDATE: Sodexo SA (SW FP)

February 1, 2024

On February 1, 2024, Sodexo SA (SW FP) completed the previously announced spin-off of its benefits and rewards services business into a standalone, publicly traded company, which has adopted the corporate moniker Pluxee SA (PLX FP). Shares of Pluxee were distributed to Sodexo shareholders of record on a one for-one basis.

General Electric Co. (GE) / GE Vernova (GEV)

January 30, 2024

On November 9, 2021, General Electric Co. (NYSE: GE) announced plans to spin off its Healthcare business and its Renewable Energy and Power business, resulting in three publicly traded, standalone companies. GE completed the spinoff of GE Healthcare Technologies (NYSE: GEHC) on January 3, 2023, and as the plan is currently posited, will spin off Renewable Energy and Power in early 2Q 2024, with the separations being completed as tax-free distributions to GE shareholders. Following both transactions, General Electric will retain its corporate name and will control the current Aviation business.

Holcim Ltd. (HOLN SW)

January 29, 2024

On January 29, 2024, Holcim Ltd (HOLN SW) announced the company intends to list its North American business in the US with a “full capital market separation”. The separation is intended to be executed as a spinoff, with a final structure to be announced in 2H 2024. The US listing of the spin company is expected to be completed in 1H 2025, with an Extraordinary General Meeting being held to approve the transaction to be held in 1Q 2025.

Radar Screen – February 2024

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), APi Group Corp. (APG), Bloomin’ Brands (BLMN), California Resources Corp. (CRC), Carrier Global Corp. (CARR), Crown Castle Inc. (CCI), Crown Holdings Inc. (CCK), FLEETCOR Technologies, Inc. (FLT), Goodyear Tire & Rubber, Inc. (FLT), IAC Inc. (IAC), Liberty Broadband Corp. (LBRDK), Masimo Corp. (MASI), Matthews International Corp. (MATW), Newpark Resources (NR), PAR Technology Corp. (PAR), RCI Hospitality Inc. (RICK), *TriMas Corporation (TRS)

*New Entry this Month

Spin-Off Report Calendar – February 2024

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 – December 2023

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

European Spin-Off Compendium – December 2023

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

Bits & Pieces – February 2024

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 the Spin-Off Report 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.

UPCOMING SPIN-OFFS: General Electric (GE)/GE Vernova, Baxter International Inc. (BAX)/KidneyCo, Medtronic (MDT)/Patient Monitoring & Respiratory Interventions, 3M Co. (MMM)/Health Care Business, Jacobs Solutions Inc. (J)/Critical Mission Solutions, Western Digital (WDC)/HDD Business, MDU Resources Group (MDU)/Construction Services, Select Medical Holdings Corp. (SEM) /Concentra Business, Edwards Lifesciences Corp.(EW)/Critical Care Business, *Holcim Ltd. (HOLN SW) / North American Business, *Berry Global Group Inc.  / Health and Hygiene businesses

*New Entry this Month

RECENT PUBLICATIONS:

Berry Global Group Inc. (NYSE: BERY) – ALERT

February 7, 2024

On February 7, 2023, Berry Global Group Inc. (NYSE: BERY) announced its intention to spin-off its Health, Hygiene and Specialties Global Nonwovens (“HH&S”) and Films businesses, which will immediately merge with Glatfelter Corp. (NYSE: GLT). The transaction, which will be structured as a Reverse Morris Trust (RMT), is expected to be tax-free to BERY and GLT shareholders and is targeted to be completed in 2H 2024.

UPDATE: Sodexo SA (SW FP)

February 1, 2024

On February 1, 2024, Sodexo SA (SW FP) completed the previously announced spin-off of its benefits and rewards services business into a standalone, publicly traded company, which has adopted the corporate moniker Pluxee SA (PLX FP). Shares of Pluxee were distributed to Sodexo shareholders of record on a one for-one basis.

General Electric Co. (GE) / GE Vernova (GEV)

January 30, 2024

On November 9, 2021, General Electric Co. (NYSE: GE) announced plans to spin off its Healthcare business and its Renewable Energy and Power business, resulting in three publicly traded, standalone companies. GE completed the spinoff of GE Healthcare Technologies (NYSE: GEHC) on January 3, 2023, and as the plan is currently posited, will spin off Renewable Energy and Power in early 2Q 2024, with the separations being completed as tax-free distributions to GE shareholders. Following both transactions, General Electric will retain its corporate name and will control the current Aviation business.

Holcim Ltd. (HOLN SW)

January 29, 2024

On January 29, 2024, Holcim Ltd (HOLN SW) announced the company intends to list its North American business in the US with a “full capital market separation”. The separation is intended to be executed as a spinoff, with a final structure to be announced in 2H 2024. The US listing of the spin company is expected to be completed in 1H 2025, with an Extraordinary General Meeting being held to approve the transaction to be held in 1Q 2025.

Radar Screen – February 2024

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), APi Group Corp. (APG), Bloomin’ Brands (BLMN), California Resources Corp. (CRC), Carrier Global Corp. (CARR), Crown Castle Inc. (CCI), Crown Holdings Inc. (CCK), FLEETCOR Technologies, Inc. (FLT), Goodyear Tire & Rubber, Inc. (FLT), IAC Inc. (IAC), Liberty Broadband Corp. (LBRDK), Masimo Corp. (MASI), Matthews International Corp. (MATW), Newpark Resources (NR), PAR Technology Corp. (PAR), RCI Hospitality Inc. (RICK), *TriMas Corporation (TRS)

*New Entry this Month

Spin-Off Report Calendar – February 2024

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 – December 2023

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

European Spin-Off Compendium – December 2023

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

Bits & Pieces – January 2024

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), Atlanta Braves Holdings (BATRK), Tiptree Inc. (TIPT), IAC Corp. (IAC), Newpark Resources, Inc. (NYSE: NR), RCI Hospitality Holdings, Inc. (NASDAQ: RICK)

RECENT INITIATIONS:  Newpark Resources, Inc. (NYSE: NR)

RECENTLY CLOSED IDEAS: 

XPO – Return: +61% from initiation (February 18th, 2022) through close (December 28th, 2023)

LATEST PUBLICATIONS & UPDATES:

UPDATE – Tiptree Inc. (TIPT)

February 7, 2024

TIPT withdraws Fortegra IPO “due to prevailing market conditions and the high value” Tiptree and Warburg place on the business; both players remain committed to supporting/executing on Fortegra’s growth strategy.

Radar Screen – February  2024

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), APi Group Corp. (APG), Bloomin’ Brands (BLMN), California Resources Corp. (CRC), Carrier Global Corp. (CARR), Crown Castle Inc. (CCI), Crown Holdings Inc. (CCK), FLEETCOR Technologies, Inc. (FLT), Goodyear Tire & Rubber, Inc. (FLT), IAC Inc. (IAC), Liberty Broadband Corp. (LBRDK), Masimo Corp. (MASI), Matthews International Corp. (MATW), Newpark Resources (NR), PAR Technology Corp. (PAR), RCI Hospitality Inc. (RICK), *TriMas Corporation (TRS)

*New Entry 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):  Garrett Motion Inc. (GTX), Atlanta Braves Holdings (BATRK), Tiptree Inc. (TIPT), IAC Corp. (IAC), Newpark Resources, Inc. (NYSE: NR), RCI Hospitality Holdings, Inc. (NASDAQ: RICK)

RECENT INITIATIONS:  Newpark Resources, Inc. (NYSE: NR)

RECENTLY CLOSED IDEAS: 

XPO – Return: +61% from initiation (February 18th, 2022) through close (December 28th, 2023)

LATEST PUBLICATIONS & UPDATES:

UPDATE – Tiptree Inc. (TIPT)

January 29, 2024

Tiptree announced the launch of its previously announced initial public offering (IPO) of its specialty insurance business, Fortegra, which is expected to ultimately be listed on the NYSE under the ticker “TFG”. Our base case fair value for TIPT remains $24.50 per share based on a 12.5x multiple of projected 2024E net income at Fortegra (pro-rated for TIPT’s ~68.6% ownership as well as a ~$41 million deferred tax liability) and a 0.5x multiple of book value, ex-NCI, at Tiptree Capital.

Radar Screen – February  2024

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), APi Group Corp. (APG), Bloomin’ Brands (BLMN), California Resources Corp. (CRC), Carrier Global Corp. (CARR), Crown Castle Inc. (CCI), Crown Holdings Inc. (CCK), FLEETCOR Technologies, Inc. (FLT), Goodyear Tire & Rubber, Inc. (FLT), IAC Inc. (IAC), Liberty Broadband Corp. (LBRDK), Masimo Corp. (MASI), Matthews International Corp. (MATW), Newpark Resources (NR), PAR Technology Corp. (PAR), RCI Hospitality Inc. (RICK), *TriMas Corporation (TRS)

*New Entry This Month

Product Specialist

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

The Weekly Wrap-Up provides summaries of recent publications from the Spin-Off Report 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):  Vestis Corporation (VSTS)

UPCOMING SPIN-OFFS: General Electric (GE)/GE Vernova, Baxter International Inc. (BAX)/KidneyCo, Medtronic (MDT)/Patient Monitoring & Respiratory Interventions, 3M Co. (MMM)/Health Care Business, Jacobs Solutions Inc. (J)/Critical Mission Solutions, Western Digital (WDC)/HDD Business, MDU Resources Group (MDU)/Construction Services, Select Medical Holdings Corp. (SEM) /Concentra Business, Edwards Lifesciences Corp.(EW)/Critical Care Business, *Holcim Ltd. (HOLN SW) / North American Business 

*New Entry this Month

RECENT PUBLICATIONS:

UPDATE: Sodexo SA (SW FP)

February 1st, 2024

On February 1, 2024, Sodexo SA (SW FP) completed the previously announced spin-off of its benefits and rewards services business into a standalone, publicly traded company, which has adopted the corporate moniker Pluxee SA (PLX FP). Shares of Pluxee were distributed to Sodexo shareholders of record on a one for-one basis.

General Electric Co. (GE) / GE Vernova (GEV)

January 30, 2024

On November 9, 2021, General Electric Co. (NYSE: GE) announced plans to spin off its Healthcare business and its Renewable Energy and Power business, resulting in three publicly traded, standalone companies. GE completed the spinoff of GE Healthcare Technologies (NYSE: GEHC) on January 3, 2023, and as the plan is currently posited, will spin off Renewable Energy and Power in early 2Q 2024, with the separations being completed as tax-free distributions to GE shareholders. Following both transactions, General Electric will retain its corporate name and will control the current Aviation business.

Holcim Ltd. (HOLN SW)

January 29, 2024

On January 29, 2024, Holcim Ltd (HOLN SW) announced the company intends to list its North American business in the US with a “full capital market separation”. The separation is intended to be executed as a spinoff, with a final structure to be announced in 2H 2024. The US listing of the spin company is expected to be completed in 1H 2025, with an Extraordinary General Meeting being held to approve the transaction to be held in 1Q 2025.

Radar Screen – February 2024

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), APi Group Corp. (APG), Bloomin’ Brands (BLMN), California Resources Corp. (CRC), Carrier Global Corp. (CARR), Crown Castle Inc. (CCI), Crown Holdings Inc. (CCK), FLEETCOR Technologies, Inc. (FLT), Goodyear Tire & Rubber, Inc. (FLT), IAC Inc. (IAC), Liberty Broadband Corp. (LBRDK), Masimo Corp. (MASI), Matthews International Corp. (MATW), Newpark Resources (NR), PAR Technology Corp. (PAR), RCI Hospitality Inc. (RICK), *TriMas Corporation (TRS)

*New Entry this Month

Spin-Off Report Calendar – February 2024

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 – December 2023

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

European Spin-Off Compendium – December 2023

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

Bits & Pieces – January 2024

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), Atlanta Braves Holdings (BATRK), Tiptree Inc. (TIPT), IAC Corp. (IAC), Newpark Resources, Inc. (NYSE: NR), RCI Hospitality Holdings, Inc. (NASDAQ: RICK)

RECENT INITIATIONS:  Newpark Resources, Inc. (NYSE: NR)

RECENTLY CLOSED IDEAS: 

XPO – Return: +61% from initiation (February 18th, 2022) through close (December 28th, 2023)

LATEST PUBLICATIONS & UPDATES:

UPDATE – Masimo Corporation (NASDAQ: MASI)

January 10, 2024

MASI provides preliminary 4Q 2023E (and full-year 2023E) top-line results as well as initial 2024E guidance, which excludes all APPL litigation expenses (not just ITC suit), that is roughly in-line with expectations; maintain $124 fair value estimate. Our fair value estimate for MASI remains $124 per share, reflecting multiples of 19.0x and 7.0x, respectively, to our 2024E forecasts for the core Healthcare and Non-Healthcare segments and incorporates projected net debt (see Exhibit #4 on page 4).

Newpark Resources, Inc. (NYSE: NR)

January 2, 2024

Newpark Resources Inc. (NYSE: NR) operates two business segments: (1) Fluids Systems (~70% of consolidated 2023E sales and ~30% of adj. EBITDA), which provides drilling, completion & stimulation fluids (or “mud”) to oil, natural gas & geothermal customers; and (2) Industrial Solutions (30% of 2023E sales and 70% of adj. EBITDA), which provides recyclable composite matting used in facilitating temporary worksite access for, among others, the utility, infrastructure construction, energy and broader industrial sectors. NR has indicated it is exploring strategic alternatives for its remaining Fluids Systems business which, if successful, will complete the company’s multi-year transformation and in our estimation yield incremental benefits, in terms of accretive capital allocation opportunities and improved management/investor focus, beyond the potential near term re-rating benefits toward a valuation more in-line with specialty rental & services peers (as opposed to legacy oilfield service providers). Accounting for corporate costs and projected net debt of ~$2.50 per share yields a base case sum-of-the-parts fair value of ~$10 per share (with bull and bear cases of ~$11 and ~$8.50 per share, respectively).

Radar Screen – January 2024

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), APi Group Corp. (APG), Bloomin’ Brands (BLMN), California Resources Corp. (CRC), Carrier Global Corp. (CARR), *Crown Castle Inc. (CCI), Crown Holdings Inc. (CCK), FLEETCOR Technologies, Inc. (FLT), Goodyear Tire & Rubber, Inc. (FLT), IAC Inc. (IAC), Liberty Broadband Corp. (LBRDK), Masimo Corp. (MASI), Matthews International Corp. (MATW), Newpark Resources (NR), PAR Technology Corp. (PAR), RCI Hospitality Inc. (RICK), Stanley Black & Decker (SWK)

*New Entry This Month

Product Specialist

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

The Weekly Wrap-Up provides summaries of recent publications from the Spin-Off Report 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):  Vestis Corporation (VSTS)

UPCOMING SPIN-OFFS: General Electric (GE)/Renewable Energy, Baxter International Inc. (BAX)/KidneyCo, Medtronic (MDT)/Patient Monitoring & Respiratory Interventions, 3M Co. (MMM)/Health Care Business, Jacobs Solutions Inc. (J)/Critical Mission Solutions, Western Digital (WDC)/HDD Business, MDU Resources Group (MDU)/Construction Services, *Select Medical Holdings Corp. (SEM) /Concentra Business, Edwards Lifesciences Corp.(EW)/Critical Care Business

*New Entry this Month

RECENT PUBLICATIONS:

Sodexo SA (SW FP) – Comprehensive Report

January 26, 2024

On April 5, 2023, Sodexo SA announced the intention to spin off its benefits and rewards services businesses into a standalone, publicly traded company. The BRS segment has been renamed, Pluxee, and the new publicly traded company will adopt the same corporate moniker. The transaction, which is scheduled to be completed on February 1, 2024, is supported by SW’s founding family’s investment firm, Bellon SA, which expects to remain a long-term shareholder in both post-spin entities. Sodexo will hold a special meeting on January 30, 2024, to formally approve the separation.

Select Medical Holdings Corp. (NYSE: SEM) – ALERT

January 4, 2024

Alert:  Select Medical Announces Plan to Spin-Off Concentra Business.

Select Medical Holdings Corp. (NYSE: SEM) has announced that its board of directors “has approved a plan to pursue the separation” of “Concentra Group Holdings”, which controls SEM’s wholly-owned occupational health services business. If completed the separation is expected to be accomplished via a tax-free spin-off of Concentra shares to SEM shareholders in late 2024. SEM has requested a private letter ruling from the IRS in relation to the tax-free status of the potential spin-off.

WK Kellogg Co. (NYSE: KLG) – UPDATE

January 3, 2024

Following KLG’s Recent Share Price Rise, Downgrade WK Kellogg (KLG) to NEUTRAL, Maintain $15 FVE

Following WK Kellogg Co.’s (NYSE: KLG) recent share price increase we now view the risk reward scenario to be more balanced. As such, with approximately 10% upside to our $15 fair value estimate, we downgrade shares of KLG to NEUTRAL (from BUY). Subsequently, WK Kellogg’s share price has rebounded 33% versus a 11.4% increase in the S&P 500 over the same period.

Radar Screen – January 2024

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), APi Group Corp. (APG), Bloomin’ Brands (BLMN), California Resources Corp. (CRC), Carrier Global Corp. (CARR), *Crown Castle Inc. (CCI), Crown Holdings Inc. (CCK), FLEETCOR Technologies, Inc. (FLT), Goodyear Tire & Rubber, Inc. (FLT), IAC Inc. (IAC), Liberty Broadband Corp. (LBRDK), Masimo Corp. (MASI), Matthews International Corp. (MATW), Newpark Resources (NR), PAR Technology Corp. (PAR), RCI Hospitality Inc. (RICK), Stanley Black & Decker (SWK)

*New Entry this Month

Spin-Off Report Calendar – January 2024

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 – December 2023

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

European Spin-Off Compendium – December 2023

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

Bits & Pieces – January 2024

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

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Rich Albanese
ralbanese@pcsresearchgroup.com
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