Sample Research
The following reports provide a cross section of our research in the spin-off and special situations space.
| Publication Date | Title | Situation | Summary | |
|---|---|---|---|---|
| Dec 10, 2025 | Unilever (ULVR LN) / Magnum Ice Cream (MICC) – UPDATE | Spin-off | ULVR Completes the Separation of MICC; Maintain Post-Spin NEUTRAL Rating on ULVR with a BUY Rating on MICC. | Download |
| Dec 2, 2025 | Radar Screen – December 2025 | These companies are potential candidates for a breakup, restructuring or takeout with varying degrees of upside potential. | Download | |
| Dec 1, 2025 | The Spin-Off Report Calendar – December 2025 | The monthly U.S. Spin-Off Calendar provides a snapshot of every spin-off in progress, including a summary of our opinion and valuation, critical dates, transaction details and a brief analysis of business segments. | Download | |
| Nov 20, 2025 | Honeywell (HON) / Solstice (SOLS) – UPDATE | Spin-off | Upgrade SOLS to BUY (from NEUTRAL) with shares attractively priced following the post-spin sell-off. | Download |
| Nov 3, 2025 | Dupont de Nemours (DD) / Qnity (Q) – UPDATE | Spin-off | DuPont completes the tax-free separation of Qnity Electronics; rate post-spin DD and Q at BUY, based on initial trading indications. | Download |
| Oct 27, 2025 | Caesars Entertainment, Inc. (CZR) | Other Situation | We think shares are undervalued relative to the sum value of its parts, particularly the value of its fast-growing Digital business as well as what we view as an emerging inflection point in FCF generation. | Download |
| Oct 15, 2025 | Honeywell (HON) / Solstice Advanced Materials (SOLS) | Spin-off | This transaction comes within the backdrop of both company specific activist-investor pressure as well as a seemingly broader apathy on the part of investors toward so-called “multi-industry” conglomerates, such as HON. | Download |
| Apr 14, 2025 | Sandisk Corp. (SNDK) – UPDATE | Spin-off | Upgrade SNDK to BUY as stock seems tolerably discounted relative to the revised tariff framework (and the plausibility of certain exemptions for electronics products & components, including ,memory drives). | Download |
| Aug 31, 2023 | Masimo Corporation (NASDAQ: MASI) | Potential Break-Up | At the current valuation, we estimate that MASI’s core Healthcare business is trading at a significant discount to peers and its own 3-, 5- and 10-year trading averages. | Download |
| Jul 12, 2023 | Tiptree Inc. (NASDAQ: TIPT) | Potential Break-Up | At ~7.5x 2024E adj. net income, TIPT trades at a discount to its SOTP fair value, particularly in regards to its majority ownership in Fortegra. | Download |
| Nov 14, 2022 | SNC-Lavalin Group Inc. (SNC) | Potential Break-Up | The ongoing wind-down and completion of the all company’s legacy LSTK projects, which have been a drag on profitability in recent years, should precipitate a re-rating of SNC shares. | Download |
| Nov 8, 2022 | Jefferies Financial (JEF) / Vitesse Energy (VTS) | Spin-off | We approach our valuation under the assumption that little to no value is currently being attributed to Vitesse Energy within the current JEF stock price. | Download |
| Dec 21, 2021 | PAR Technology Corp. (NYSE: PAR) | Potential Break-Up | Our base case SOTP fair value of ~$68 per share is derived from $69/share for the Restaurant/Retail segment and $3/share for Government with projected net debt of $4/share. | Download |
| Aug 27, 2021 | International Paper Co. (IP) – Sylvamo Corp. (SLVM) | Spin-off | The spin-off accomplishes the separation of the structurally declining paper business from the more growth-oriented packaging and cellulose fibers business. | Download |
| Sep 23, 2020 | Domtar Corp. (UFS) | Potential Break-Up | With shares trading at less than 5.0x 2022E EV/EBITDA and a discount to tangible book value we estimate the stock is undervalued. | Download |
| Mar 10, 2020 | United Technologies Corporation (UTX) – Otis Worldwide Corporation (OTIS) – Carrier Global Corporation (CARR) | Spin-off | With our pre-spin fair value estimate representing over 50% upside to the current share price, the transactions appear likely to unlock substantial upside. | Download |