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The Weekly Wrap-Up – February 6, 2026

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):

RECENT INITIATIONS:

LATEST PUBLICATIONS & UPDATES:

UPDATE – BILL Holdings, Inc (BILL) – February 6, 2026

BILL posts a solid 2Q F2026 beat and raises full-year financial guidance (again) as management downplays potential impact from “AI disruption” given its differentiation; share repurchases modestly ramp while BILL maintains a net cash balance of ~$4.25 per share; fair value estimate is $60 per share

 

UPDATE – The Scotts Miracle-Gro Co. (SMG)  – January 28, 2026

SMG posts mixed (but roughly in-line) 1Q F2026 results & reaffirms F2026E guidance with leverage expected to be below 4x at year-end; expects to divest Hawthorne for an equity stake in Vireo in 2Q F2026; maintain $72 fair value estimate (FVE)

 

COMPREHENSIVE REPORT – BILL Holdings, Inc. (BILL)  – January 14, 2026

BILL Holdings, Inc. (BILL), a financial operations platform helping small-& medium sized businesses automate back-office functions, such as payables & receivables as well as spending & expense management, operates one reportable segment with three revenue streams: 1) recurring Subscription fees; 2) volume-based Transaction fees; and 3) high-margin Interest on Customer Funds or the so-called “Float”.  Based on management guidance & commentary as well as peer and M&A valuations, BILL could be valued at ~$62 per share, based on a blended multiple of ~4.0x 2027E gross profit and/or ~19x free cash flow (FCF). Accounting for projected net cash yields a base case sum-of-the-parts fair value of ~$68.50 per share (with bull/bear cases of ~$83 and ~$54 per share).  Potential catalysts include a sale to either strategic or financial buyers, accretive cash deployment, including share repurchases, and/or upside to growth, margins & FCF generation. Risks include management execution, including on growth & cost controls, competition, shifts in consumer preferences, regulation, cyber threats, and/or a decline in corporate spending due to a recession or other geopolitical disturbances.

 

Radar Screen – February 2026

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

Companies discussed this month: Caesars Entertainment, Inc. (CZR), Coty  Inc. (COTY), Genuine Parts Company (GPC), Goodyear Tire & Rubber, Inc. (GT), Luxfer Holdings (LXFR), Matthews International Corp. (MATW), Netgear Inc. (NTGR), PepsiCo, Inc. (PEP), Stanley Black & Decker (SWK), The Cooper Companies (COO), The Scotts Miracle-Gro Co. (SMG), Viasat Inc.  (VSAT), XPO Inc. (XPO), Terex Corporation (TEX)

*New this month

Product Specialist

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

The Weekly Wrap-Up – January 30, 2026

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:

RECENT PUBLICATIONS:

ALERT: International Paper Company (IP) – January 29, 2026

IP to Split Into Two Geographically Focused Concerns within 12-15 Months; Tax Status is Uncertain

 

ALERT: Eaton Corporation plc (ETN) – January 26, 2026

ETN to Separate its Mobility Group via a Tax-Free Spin-Off set for Completion in 1Q 2027

 

UPDATE: Qnity Electronics Inc. (Q)  – January 15, 2026

Q Shares Rally on Strong Results & Outlook From TSMC, a ~7% Customer; Maintain BUY with a FVE of $105 per share (up from $104 per share)

 

UPDATE: Comcast Corporation (CMCSA) – January 5, 2026

Comcast (CMCSA) Completes the Spin-Off of Versant (VSNT); Based on Initial Trading Indications we Maintain our NEUTRAL Ratings on both Post-Spin Entities

 

 

Radar Screen – January 2026

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

Companies discussed this month: Caesars Entertainment, Inc. (CZR), Coty  Inc. (COTY), Genuine Parts Company (GPC), Goodyear Tire & Rubber, Inc. (GT), Luxfer Holdings (LXFR), Matthews International Corp. (MATW), Netgear Inc. (NTGR), PepsiCo, Inc. (PEP), Stanley Black & Decker (SWK), The Scotts Miracle-Gro Co. (SMG), Viasat Inc.  (VSAT), XPO Inc. (XPO), Terex Corporation (TEX)*

*added this month

Spin-Off Report Calendar – January 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- December 2025

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

Bits & Pieces – January 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 – January 30, 2026

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):

RECENT INITIATIONS:

LATEST PUBLICATIONS & UPDATES:

UPDATE – The Scotts Miracle-Gro Co. (SMG)  – January 28, 2026

SMG posts mixed (but roughly in-line) 1Q F2026 results & reaffirms F2026E guidance with leverage expected to be below 4x at year-end; expects to divest Hawthorne for an equity stake in Vireo in 2Q F2026; maintain $72 fair value estimate (FVE)

 

COMPREHENSIVE REPORT – BILL Holdings, Inc. (BILL)  – January 14, 2026

BILL Holdings, Inc. (BILL), a financial operations platform helping small-& medium sized businesses automate back-office functions, such as payables & receivables as well as spending & expense management, operates one reportable segment with three revenue streams: 1) recurring Subscription fees; 2) volume-based Transaction fees; and 3) high-margin Interest on Customer Funds or the so-called “Float”.  Based on management guidance & commentary as well as peer and M&A valuations, BILL could be valued at ~$62 per share, based on a blended multiple of ~4.0x 2027E gross profit and/or ~19x free cash flow (FCF). Accounting for projected net cash yields a base case sum-of-the-parts fair value of ~$68.50 per share (with bull/bear cases of ~$83 and ~$54 per share).  Potential catalysts include a sale to either strategic or financial buyers, accretive cash deployment, including share repurchases, and/or upside to growth, margins & FCF generation. Risks include management execution, including on growth & cost controls, competition, shifts in consumer preferences, regulation, cyber threats, and/or a decline in corporate spending due to a recession or other geopolitical disturbances.

 

Radar Screen – January 2026

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

Companies discussed this month: Caesars Entertainment, Inc. (CZR), Coty  Inc. (COTY), Genuine Parts Company (GPC), Goodyear Tire & Rubber, Inc. (GT), Luxfer Holdings (LXFR), Matthews International Corp. (MATW), Netgear Inc. (NTGR), PepsiCo, Inc. (PEP), Stanley Black & Decker (SWK), The Scotts Miracle-Gro Co. (SMG), Viasat Inc.  (VSAT), XPO Inc. (XPO), Terex Corporation (TEX)*

*New this month

Product Specialist

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

The Weekly Wrap-Up – January 23, 2026

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:

RECENT PUBLICATIONS:

UPDATE: Qnity Electronics Inc. (Q)  – January 15, 2026

Q Shares Rally on Strong Results & Outlook From TSMC, a ~7% Customer; Maintain BUY with a FVE of $105 per share (up from $104 per share)

 

UPDATE: Comcast Corporation (CMCSA) – January 5, 2026

Comcast (CMCSA) Completes the Spin-Off of Versant (VSNT); Based on Initial Trading Indications we Maintain our NEUTRAL Ratings on both Post-Spin Entities

 

COMPREHENSIVE REPORT: Comcast Corporation (CMCSA) – December 12, 2025

Comcast plans to spin off its legacy cable network assets—including CNBC, MSNBC, USA, E!, SYFY, The Golf Channel, and several digital brands—into a new standalone publicly traded company, Versant Media Group (VSNT), via a tax-free distribution of one VSNT share for every 25 CMCSA shares after market close on January 2, 2026. Versant represents less than 6% of Comcast’s sales and EBITDA, with revenues declining mid-single digits and facing secular pressure from cord-cutting, though it remains highly profitable with ~40% margins and low initial leverage (~1.0x). The spin enables Comcast to focus on core growth drivers such as broadband, wireless, business services, theme parks, streaming, and studios, while isolating slower-growing media networks. On valuation, CMCSA’s pre-spin fair value is estimated at $30 per share, consisting of $28 for the parent and $2 attributable to VSNT, implying a post-spin VSNT value of roughly $49 per share. Given industry headwinds, index-related selling pressure, and expected volatility around initial trading, a neutral stance is maintained ahead of the transaction.

 

Radar Screen – January 2026

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

Companies discussed this month: Caesars Entertainment, Inc. (CZR), Coty  Inc. (COTY), Genuine Parts Company (GPC), Goodyear Tire & Rubber, Inc. (GT), Luxfer Holdings (LXFR), Matthews International Corp. (MATW), Netgear Inc. (NTGR), PepsiCo, Inc. (PEP), Stanley Black & Decker (SWK), The Scotts Miracle-Gro Co. (SMG), Viasat Inc.  (VSAT), XPO Inc. (XPO), Terex Corporation (TEX)*

*added this month

Spin-Off Report Calendar – January 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- December 2025

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

Bits & Pieces – January 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 – January 23, 2026

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):

RECENT INITIATIONS:

LATEST PUBLICATIONS & UPDATES:

COMPREHENSIVE REPORT – BILL Holdings, Inc. (BILL)  – January 14, 2026

BILL Holdings, Inc. (BILL), a financial operations platform helping small-& medium sized businesses automate back-office functions, such as payables & receivables as well as spending & expense management, operates one reportable segment with three revenue streams: 1) recurring Subscription fees; 2) volume-based Transaction fees; and 3) high-margin Interest on Customer Funds or the so-called “Float”.  Based on management guidance & commentary as well as peer and M&A valuations, BILL could be valued at ~$62 per share, based on a blended multiple of ~4.0x 2027E gross profit and/or ~19x free cash flow (FCF). Accounting for projected net cash yields a base case sum-of-the-parts fair value of ~$68.50 per share (with bull/bear cases of ~$83 and ~$54 per share).  Potential catalysts include a sale to either strategic or financial buyers, accretive cash deployment, including share repurchases, and/or upside to growth, margins & FCF generation. Risks include management execution, including on growth & cost controls, competition, shifts in consumer preferences, regulation, cyber threats, and/or a decline in corporate spending due to a recession or other geopolitical disturbances.

 

Radar Screen – January 2026

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

Companies discussed this month: Caesars Entertainment, Inc. (CZR), Coty  Inc. (COTY), Genuine Parts Company (GPC), Goodyear Tire & Rubber, Inc. (GT), Luxfer Holdings (LXFR), Matthews International Corp. (MATW), Netgear Inc. (NTGR), PepsiCo, Inc. (PEP), Stanley Black & Decker (SWK), The Scotts Miracle-Gro Co. (SMG), Viasat Inc.  (VSAT), XPO Inc. (XPO), Terex Corporation (TEX)*

*New this month

Product Specialist

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

The Weekly Wrap-Up – January 16, 2026

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):

RECENT INITIATIONS:

LATEST PUBLICATIONS & UPDATES:

COMPREHENSIVE REPORT – BILL Holdings, Inc. (BILL)  – January 14, 2026

BILL Holdings, Inc. (BILL), a financial operations platform helping small-& medium sized businesses automate back-office functions, such as payables & receivables as well as spending & expense management, operates one reportable segment with three revenue streams: 1) recurring Subscription fees; 2) volume-based Transaction fees; and 3) high-margin Interest on Customer Funds or the so-called “Float”.  Based on management guidance & commentary as well as peer and M&A valuations, BILL could be valued at ~$62 per share, based on a blended multiple of ~4.0x 2027E gross profit and/or ~19x free cash flow (FCF). Accounting for projected net cash yields a base case sum-of-the-parts fair value of ~$68.50 per share (with bull/bear cases of ~$83 and ~$54 per share).  Potential catalysts include a sale to either strategic or financial buyers, accretive cash deployment, including share repurchases, and/or upside to growth, margins & FCF generation. Risks include management execution, including on growth & cost controls, competition, shifts in consumer preferences, regulation, cyber threats, and/or a decline in corporate spending due to a recession or other geopolitical disturbances.

 

Radar Screen – January 2026

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

Companies discussed this month: Caesars Entertainment, Inc. (CZR), Coty  Inc. (COTY), Genuine Parts Company (GPC), Goodyear Tire & Rubber, Inc. (GT), Luxfer Holdings (LXFR), Matthews International Corp. (MATW), Netgear Inc. (NTGR), PepsiCo, Inc. (PEP), Stanley Black & Decker (SWK), The Scotts Miracle-Gro Co. (SMG), Viasat Inc.  (VSAT), XPO Inc. (XPO), Terex Corporation (TEX)*

*New this month

Product Specialist

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

The Weekly Wrap-Up – January 16, 2026

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:

RECENT PUBLICATIONS:

UPDATE: Qnity Electronics Inc. (Q)  – January 15, 2026

Q Shares Rally on Strong Results & Outlook From TSMC, a ~7% Customer; Maintain BUY with a FVE of $105 per share (up from $104 per share)

 

UPDATE: Comcast Corporation (CMCSA) – January 5, 2026

Comcast (CMCSA) Completes the Spin-Off of Versant (VSNT); Based on Initial Trading Indications we Maintain our NEUTRAL Ratings on both Post-Spin Entities

 

COMPREHENSIVE REPORT: Comcast Corporation (CMCSA) – December 12, 2025

Comcast plans to spin off its legacy cable network assets—including CNBC, MSNBC, USA, E!, SYFY, The Golf Channel, and several digital brands—into a new standalone publicly traded company, Versant Media Group (VSNT), via a tax-free distribution of one VSNT share for every 25 CMCSA shares after market close on January 2, 2026. Versant represents less than 6% of Comcast’s sales and EBITDA, with revenues declining mid-single digits and facing secular pressure from cord-cutting, though it remains highly profitable with ~40% margins and low initial leverage (~1.0x). The spin enables Comcast to focus on core growth drivers such as broadband, wireless, business services, theme parks, streaming, and studios, while isolating slower-growing media networks. On valuation, CMCSA’s pre-spin fair value is estimated at $30 per share, consisting of $28 for the parent and $2 attributable to VSNT, implying a post-spin VSNT value of roughly $49 per share. Given industry headwinds, index-related selling pressure, and expected volatility around initial trading, a neutral stance is maintained ahead of the transaction.

 

Radar Screen – January 2026

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

Companies discussed this month: Caesars Entertainment, Inc. (CZR), Coty  Inc. (COTY), Genuine Parts Company (GPC), Goodyear Tire & Rubber, Inc. (GT), Luxfer Holdings (LXFR), Matthews International Corp. (MATW), Netgear Inc. (NTGR), PepsiCo, Inc. (PEP), Stanley Black & Decker (SWK), The Scotts Miracle-Gro Co. (SMG), Viasat Inc.  (VSAT), XPO Inc. (XPO), Terex Corporation (TEX)*

*added this month

Spin-Off Report Calendar – January 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- December 2025

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

Bits & Pieces – January 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 – January 9, 2026

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):

RECENT INITIATIONS:

LATEST PUBLICATIONS & UPDATES:

UPDATE – Topgolf Callaway Brands (MODG)  – November 18, 2025

MODG agrees to sell a 60% majority stake in its Topgolf business to private-equity firm Leonard Green in a transaction expected to net ~$770 million in proceeds and close in 1Q 2026; withdraw recommendation/close coverage

 

UPDATE – Kenvue Inc (KVUE)  – November 3, 2025

KVUE to be acquired by KMB in a cash & stock deal valuing the company at ~$48.7 billion; the transaction is expected to close in 2H 2026

 

COMPREHENSIVE REPORT – Caesars Entertainment Inc. (CZR) – October 27, 2025

Caesars Entertainment (CZR) is a U.S.-focused gaming and hospitality company.

We believe the company is approaching a significant inflection point for FCF generation, which over the next 2.5 years, will amount to at least 50% of its current market cap and is likely to be used for debt reduction and share repurchases.

The regional, land-based casino segment, which accounts for 50% of consolidated sales, vs. 36% for the Las Vegas properties, is positioned to see a significant ramp in profitability as capex is expected to be ~$600m in 2025E compared with roughly $1.2b in each of the last three years.  The fast-growing Digital business (12% of sales, 20% top-line growth), consisting of various online gaming platforms, should generate nearly $500m in EBITDA in 2027 and is clearly not being reflected in CZR’s depressed share price.

The underappreciation of Digital has been publicly remarked upon by activist investor Carl Icahn, who has a 1.2% stake with a reported cost basis of $37/share and a recent agreement to add two representatives to CZR’s expanded 12-member Board.

Based on a 7x blended multiple, our sum-of-the-parts fair value estimate is $34/share, 71% above the current price.  

 

Radar Screen – January 2026

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

Companies discussed this month: Caesars Entertainment, Inc. (CZR), Coty  Inc. (COTY), Genuine Parts Company (GPC), Goodyear Tire & Rubber, Inc. (GT), Luxfer Holdings (LXFR), Matthews International Corp. (MATW), Netgear Inc. (NTGR), PepsiCo, Inc. (PEP), Stanley Black & Decker (SWK), The Scotts Miracle-Gro Co. (SMG), Viasat Inc.  (VSAT), XPO Inc. (XPO), Terex Corporation (TEX)*

*New this month

Product Specialist

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

The Weekly Wrap-Up – January 9, 2026

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:

RECENT PUBLICATIONS:

UPDATE: Comcast Corporation (CMCSA) – January 5, 2026

Comcast (CMCSA) Completes the Spin-Off of Versant (VSNT); Based on Initial Trading Indications we Maintain our NEUTRAL Ratings on both Post-Spin Entities

 

COMPREHENSIVE REPORT: Comcast Corporation (CMCSA) – December 12, 2025

Comcast plans to spin off its legacy cable network assets—including CNBC, MSNBC, USA, E!, SYFY, The Golf Channel, and several digital brands—into a new standalone publicly traded company, Versant Media Group (VSNT), via a tax-free distribution of one VSNT share for every 25 CMCSA shares after market close on January 2, 2026. Versant represents less than 6% of Comcast’s sales and EBITDA, with revenues declining mid-single digits and facing secular pressure from cord-cutting, though it remains highly profitable with ~40% margins and low initial leverage (~1.0x). The spin enables Comcast to focus on core growth drivers such as broadband, wireless, business services, theme parks, streaming, and studios, while isolating slower-growing media networks. On valuation, CMCSA’s pre-spin fair value is estimated at $30 per share, consisting of $28 for the parent and $2 attributable to VSNT, implying a post-spin VSNT value of roughly $49 per share. Given industry headwinds, index-related selling pressure, and expected volatility around initial trading, a neutral stance is maintained ahead of the transaction.

 

Radar Screen – January 2026

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

Companies discussed this month: Caesars Entertainment, Inc. (CZR), Coty  Inc. (COTY), Genuine Parts Company (GPC), Goodyear Tire & Rubber, Inc. (GT), Luxfer Holdings (LXFR), Matthews International Corp. (MATW), Netgear Inc. (NTGR), PepsiCo, Inc. (PEP), Stanley Black & Decker (SWK), The Scotts Miracle-Gro Co. (SMG), Viasat Inc.  (VSAT), XPO Inc. (XPO), Terex Corporation (TEX)*

*added this month

Spin-Off Report Calendar – January 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- December 2025

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

Bits & Pieces – December 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 – December 19, 2025

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:

RECENT PUBLICATIONS:

COMPREHENSIVE REPORT: Comcast Corporation (CMCSA) – December 12, 2025

Comcast plans to spin off its legacy cable network assets—including CNBC, MSNBC, USA, E!, SYFY, The Golf Channel, and several digital brands—into a new standalone publicly traded company, Versant Media Group (VSNT), via a tax-free distribution of one VSNT share for every 25 CMCSA shares after market close on January 2, 2026. Versant represents less than 6% of Comcast’s sales and EBITDA, with revenues declining mid-single digits and facing secular pressure from cord-cutting, though it remains highly profitable with ~40% margins and low initial leverage (~1.0x). The spin enables Comcast to focus on core growth drivers such as broadband, wireless, business services, theme parks, streaming, and studios, while isolating slower-growing media networks. On valuation, CMCSA’s pre-spin fair value is estimated at $30 per share, consisting of $28 for the parent and $2 attributable to VSNT, implying a post-spin VSNT value of roughly $49 per share. Given industry headwinds, index-related selling pressure, and expected volatility around initial trading, a neutral stance is maintained ahead of the transaction.

 

UPDATE: Honeywell International Inc. (HON) – November 20, 2025

Upgrade SOLS to BUY (from NEUTRAL) with Shares Seemingly Attractively Priced Following Post-Spin Sell Off

 

UPDATE – Topgolf Callaway Brands (MODG)  – November 18, 2025

MODG to Sell a 60% Majority Stake in Topgolf to Leonard Green & Co. in a Transaction that is Expected to Net ~$770 million in Proceeds and Close in 1Q 2026; Drop Coverage

 

COMPREHENSIVE REPORT:  Honeywell International Inc. (HON) – October 15, 2025

SOLS, a supplier of refrigerants, propellants and other chemicals accounted for 10% ($3.7B) of 2024 consolidated HON revenue.

We are recommending purchase of HON shares pre-spin with a sum-of-the-parts valuation of $245/share ($16 for Solstice, $229 for NewHoneywell), 20% upside from the current price, by applying a blended multiple of ~16x to pre-spin HON, based on peer and M&A multiples.  Post-spin, our FV for SOLS is $63/share, as shareholders will receive one share of SOLS for every four shares of HON.

We will closely monitor trading in SOLS, as shares may face initial selling pressure, due to its much smaller size relative to the parent, which may present a buying opportunity at some point.

In addition to the SOLS spin-off, HON plans to spin-off the Aerospace business in 2H 2026 and management may further unlock value by monetizing the Productivity Solutions and Workflow Solutions businesses in addition to a potential IPO of Quantinuum, the quantum computing company in which HON has a majority stake and that recently raised capital at a $10b valuation. 

 

COMPREHENSIVE REPORT:  DuPont de Nemours, Inc. (DD) – October 10, 2025

DuPont (DD) is spinning off its pure-play electronics business, Qnity (Q), which is expected to complete Nov. 1 with regular-way trading on Nov. 3.  We are recommending purchase of DD shares prior to the spin-off, based on a sum-of-the-parts valuation of $96.50/share ($48 for Qnity and $48.50 for DD), 22% above the current price.

Comparing the two post-spin entities – the parent company, consisting of the Water and Healthcare segments, will be slower growth, lower margin and less capitally intense while providing a higher dividend payout and lower leverage profile.

Qnity management guided for annual organic top-line growth of 6-7% (vs. 3-4% for the parent) across its two businesses – Semiconductor Technologies and Interconnect Solutions driven by exposure to high-growth industries such AI, high-performance computing, and cloud infrastructure.

We believe the market is currently mispricing the value that is likely to be unlocked by this separation.  

 

Radar Screen – December 2025

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

Companies discussed this month: Caesars Entertainment, Inc. (CZR), Coty  Inc. (COTY), Genuine Parts Company (GPC), Goodyear Tire & Rubber, Inc. (GT), Luxfer Holdings (LXFR), Matthews International Corp. (MATW), Middleby Corporation (MIDD), Netgear Inc. (NTGR), PepsiCo, Inc. (PEP), Stanley Black & Decker (SWK), The Scotts Miracle-Gro Co. (SMG), Viasat Inc.  (VSAT)* , XPO Inc. (XPO)

*added this month

Spin-Off Report Calendar – December 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 – November 2025

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

European Spin-Off Compendium- December 2025

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

Bits & Pieces – December 2025

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

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Rich Albanese
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