The current environment continues to reinforce our belief in catalysts as the most important element of any idea generating returns. Watch for catalysts like insider buying, segments lacking in synergies that may be Spun off, or companies seeking change to adapt to new challenges. To make our Special Situations idea flow easier to track, we have added to the table of contents to include a list of recently removed names, and which month's edition they last appeared in. Read on for more.
11 May 2020
Investors are not the only ones chasing value when the markets are in the conditions they are now - companies themselves and their managements are also looking for ways to increase their valuations through strategies and actions. These may include evaluating certain segments for separation or positioning themselves for growth once the world recovers from this virus outbreak. We are constantly screening for new opportunities for investors in this dynamic space - see inside for more.
09 Apr 2020
In addition to the companies announcing strategic reviews of their segments (with the potential results of a Spinoff further down the line), we've added two names to the Special Situations Event Preview this month we believe are prime for activist involvement to improve operations and generate value creation for shareholders. These names are The Cheesecake Factory, Inc. (CAKE) and J Sainsbury Plc (SBRY LN). Read on for more inside.
09 Mar 2020
As we continue to dig into where the most returns can be made in the Spinoff space (like whether it's best to enter pre-Spin or which entities to hold), many companies have disclosed in this recent earnings cycle they are evaluating the potential value release from Spinning off their non-core segments. These potential Spinoffs join previously disclosed strategic reviews, privatizations, activism campaigns, and IPOs, and provide an alternative idea set from the formally announced Spinoffs.
10 Feb 2020
Looking ahead into the New Year, there are a number of high-profile strategic reviews that may result in break-up announcements. These include former Spin Barnes & Noble Education, Inc. (BNED), Celanese Corp. (CE), and Textron, Inc. (TXT), the latter of which is the only one of three to not yet announce from our "Three Strategic Reviews Seeking Value Creation" release in October. Read on for more of our calls on potential upcoming Spinoff announcements in 2020.
08 Jan 2020
Two of the three strategic reviews we highlighted last month have come through in favor of Spinoffs (leaving Textron, Inc., TXT to finish their own review), and our analysis of the privatization of the French lottery (Francaise des Jeux, FDJ) still shows upside for the recently IPO'd company. This month, another French privatization is on the block and a major auto manufacturer sees a shakeup in the leadership and strategic review of its way forward in a challenging industry. Read on for more.
05 Dec 2019