Full Analysis
Spinoff Report
HWM & ARNC: Here's How to Play the Arconic Spin, MP Increase
We entered Arconic, Inc. (ARNC) in May 2019 on the back of major insider buying patterns (we booked partial profit of +18% within three months), and now the long-awaited Spinoff of Arconic Corp. (ARNC, Spin) is upon us, scheduled for April 3, 2020. ARNC (Parent) is renaming to Howmet Aerospace, Inc. (HWM), and with many different elements involved, our analysis lays out how best to play this aerospace/aluminum split. Read on for more.

  • History of Protecting Aerospace Segment Through Previous Separation / November 2016 Spinoff of Alcoa Corp. (AA)
  • Significant Debt Load and Pension & Grenfell Fire Liabilities Offloaded to Spinoff Arconic Corp. (ARNC)
  • Index Play: Both HWM & ARNC Entering S&P 400 MidCap on Listing / Distribution Ratio of 1:4
  • Elliott Management Maintaining Stake into Spinoff / Split Reduces HWM's Earnings Volatility
  • Spinoff Completes April 3, 2020 / ARNC Increases Spinoff MP Weighting by +2.5% at the End of Today's (March 17) VWAP
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