Latest research

South Korean conglomerate Doosan Corp. (000150 KS) looks to Spinoff its Fuel Cell and OLED subsidiaries to shareholders in an attempt to shield the growing segments from the strained financials of the overall group, currently being weighed down by the Engineering & Construction business (which is itself a subsidiary of Doosan Heavy Industries & Construction). A stock split will accompany the distribution of shares on October 1, 2019.
24 Apr 2019
Honeywell International, Inc. (HON) has been on our radar for several years now, with the blockbuster Spin of AdvanSix, Inc. (ASIX) in October 2016 and the more recent three-way separations of Garrett Motion, Inc. (GTX) and Resideo Technologies, Inc. (REZI) in October 2018. With those Spinoffs complete, HON is now left in a strong position free from legacy liabilities, and its Q1FY19 earnings reflect that strength by jumping nearly to our Bull case. Book profits at current levels.
18 Apr 2019
When Brunswick Corp. (BC) made the announcement it was planning the separation of its Life Fitness brand fitness equipment operation and its legacy billiards business, it was an activism-pushed name with the involvement of (and public letter of intent from) Owl Creek Asset Management. Since that time, the fund has largely booked pre-Spin profits and the announced leadership changes have been scrapped - but there's still room for play with this name...
17 Apr 2019
Schibsted ASA (SCHB NO) and Adevinta ASA (ADEB NO) have separated as of Wednesday (April 10), and with stronger EBITDA margins and lower leverage than their peers, the companies have potential to capture growth opportunities moving forward. Their higher-than-anticipated listings indicate they may be overvalued at current levels, so we've broken down various scenarios to provide fair value estimates post-Spin.
12 Apr 2019
With the addition of a marketing veteran from one of the most prestigious tournaments in all of sports (UEFA Champions League) as well as the completed sale of Nova Broadcasting within the last week, pure-play e-sports company Modern Times Group AB (MTGB SS) is in a prime position to capture a lot of the growth in an e-sports industry looking to reach $1.6bn in revenue by 2021.
11 Apr 2019
After its last day of trading on April 8, 2011 before being acquired by Swiss pharmaceutical giant Novartis AG (NYSE: NVS; SIX: NOVN) for $52bn, Alcon, Inc. (NYSE, SIX: ALC), the world’s largest eye-care company, made its debut yesterday (April 9) on the Swiss and NYSE stock exchange.
10 Apr 2019