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The Weekly Wrap-Up – February 27, 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 – XPO, Inc. (XPO) – February 27, 2026

Close coverage of XPO with shares trading roughly in line with our fair value estimate (FVE), as of today’s market bell

 

UPDATE – Caesars Entertainment Inc. (CZR) – February 27, 2026

CZR spiked in late-day trading yesterday due to an unconfirmed press report out of the FT that the company was weighing takeover offers (or potentially a management-led buyout)

 

UPDATE – NPK International (NPKI) – February 26, 2026

NPKI tops consensus in 4Q 2025 & provides 2026E sales and adj. EBITDA guidance where the mid-points are ahead of consensus forecasts and imply year-over-year growth of 14% and 25%, respectively, driven by strong demand, fleet expansion & operating leverage; fair value estimate increased to ~$16.50 per share

 

UPDATE – Garrett Motion Inc. (GTX) – February 20, 2026

GTX reported broadly in-line 4Q & full year 2025 results; issues 2026E guidance w/ the mid-point of the FCF outlook implying yields of 10%-12%; sees non-auto business ramping in 2027 with Industrial E-Cooling solutions comprising >5% of total sales by 2030 (via a new collaboration w/ Trane); FVE is $21.50 per share

 


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 – February 20, 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: Genuine Parts Company (GPC) – February 17, 2026

GPC to Separate its Automotive and Industrial Businesses via a Tax-Free Spin-Off in 1Q 2027

 

UPDATE: The Kraft Heinz Company (KHC) – February 11, 2026

The Kraft Heinz Co. (KHC) “Pauses” its Previously Announced Separation in favor of $600 million in Turnaround Investments

 

UPDATE: Dupont de Nemours, Inc. (DD) – February 10, 2026

Post-Spin DD Reports 2025 Results Largely Ahead of Guidance and Introduces a 2026E Outlook Modestly Ahead of Consensus; Downgrade to NEUTRAL (from BUY) given the Relatively Limited Upside to our Revised ~$50 per share Fair Value Estimate (FVE) Following Solid Post-Spin Share Price Appreciation (effective as of today’s close)

 

UPDATE: Becton, Dickinson & Company (BDX) – February 9, 2026

BDX Completes the Spin-Off of B&D Spin-Off and RMT Merger with WAT; Maintain NEUTRAL Ratings on both Post-Spin Entities

 


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)

*added this month


Spin-Off Report Calendar – February 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 – February 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 – February 20, 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 – Garrett Motion Inc. (GTX) – February 20, 2026

GTX reported broadly in-line 4Q & full year 2025 results; issues 2026E guidance w/ the mid-point of the FCF outlook implying yields of 10%-12%; sees non-auto business ramping in 2027 with Industrial E-Cooling solutions comprising >5% of total sales by 2030 (via a new collaboration w/ Trane); FVE is $21.50 per share

 

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 – February 13, 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: The Kraft Heinz Company (KHC) – February 11, 2026

The Kraft Heinz Co. (KHC) “Pauses” its Previously Announced Separation in favor of $600 million in Turnaround Investments

 

UPDATE: Dupont de Nemours, Inc. (DD) – February 10, 2026

Post-Spin DD Reports 2025 Results Largely Ahead of Guidance and Introduces a 2026E Outlook Modestly Ahead of Consensus; Downgrade to NEUTRAL (from BUY) given the Relatively Limited Upside to our Revised ~$50 per share Fair Value Estimate (FVE) Following Solid Post-Spin Share Price Appreciation (effective as of today’s close)

 

UPDATE: Becton, Dickinson & Company (BDX) – February 9, 2026

BDX Completes the Spin-Off of B&D Spin-Off and RMT Merger with WAT; Maintain NEUTRAL Ratings on both Post-Spin Entities

 


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)

*added this month


Spin-Off Report Calendar – February 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 – February 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 – February 13, 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 – February 6, 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: Modine Manufacturing Company (MOD) – February 6, 2026

MOD to Combine its Performance Technologies (PT) Business with Gentherm (THRM) in a Tax-Free Reverse Morris Trust (RMT) targeted for completion in 4Q 2026

 

UPDATE: Solstice Advanced Materials (SOLS) – February 5, 2026

Downgrade SOLS to NEUTRAL (from BUY) with Shares Trading Roughly In-Line with our FVE of $65 per share

 

COMPREHENSIVE REPORT:  Becton, Dickinson & Company (BDX)  – February 2, 2026

On February 5, 2025, Becton, Dickinson and Company (BDX), a global medical technology company headquartered in Franklin Lakes, NJ, announced that its Board had authorized management to pursue the separation of its Biosciences & Diagnostic Solutions (B&DS) business via, among other options, a spin-off, sale or Reverse Morris Trust (RMT) transaction, depending on what avenue was determined would unlock the most value for shareholders. At the time, the company indicated it would specify the transaction’s ultimate form by the end of F2025 and anecdotally aimed to complete any proposed transaction during C2026. Subsequently, on July 14, 2025, BDX announced a definitive agreement to combine its Biosciences & Diagnostic business with Waters Corp. (WAT) in a Reverse Morris Trust (RMT) transaction valued at ~$17.5 billion.  As well, BDX will receive a $4 billion cash distribution prior to the transaction’s completion, which is expected to occur in February 2026 as it has received all the regulatory and shareholder approvals necessary to proceed. 

Post-spin BDX, which, as a standalone, will be a “pure-play” medical technology company primarily focused  on consumables in a $70 billion market that is estimated to have a long-term growth CAGR of ~5%, posted top-line organic growth of ~4% in F2025 and is expected to grow in the “mid-single digits” over the long-term amid the increased focus on its core healthcare provider & patient end markets.  On the other hand, New Waters, a scaled life sciences & diagnostics concern, is expected to debut with 2025E sales of ~$6.5 billion and adjusted EBITDA of ~$2.0 billion projected to post compound annual top-line growth in “mid- to high-single digit”.

On a pre-spin basis, while we have been anecdotally positive on the transaction at lower levels we take an initial NEUTRAL stance on pre-spin BDX shares given the implied upside to our $24 fair value estimate.  Post spin, while there is no obvious indexation angle embedded in this transaction as both BDX and WAT are included in the S&P 500 index. That said, it seems reasonable to suggest that new Waters could see some initial shareholder-related rotation and investors may take a wait and see approach in regard to initial expectations, the final allocation of shares and the achievability of the company’s medium-term synergy projections.  As well, for post-spin BDX, whose stock we perceive to be reactive to small differentials in organic growth the current pocket of below-trend growth due to pronounced weakness in several small areas, may present a variable for nearer-term volatility.

All told, we think new investors are afforded the luxury of awaiting more compelling buying opportunities in both New BDX and New Waters, post-spin. To that end, we will monitor shares of both post-spin companies for potentially attractive entry points.

 

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

 


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)

*added this month


Spin-Off Report Calendar – February 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 – 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.


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