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.
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
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.
Murray Stahl’s commentary on various investing themes and single stock recommendations.
Murray Stahl’s commentary on various investing themes and single stock recommendations in Europe.
Covers mispriced stub securities, tracking stocks and other arbitrage opportunities.
Product Specialist
Rich Albanese
ralbanese@pcsresearchgroup.com
+1 646-839-5566
