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 |
| 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 (MASI) | Potential Break-Up | We estimate at the current valuation, MASI’s core Healthcare business is trading at a significant discount to peers and its own 3-, 5- and 10-year trading averages. | Download |
| Dec 21, 2021 | PAR Technology Corp. (PAR) | Potential Break-Up | Following the receipt by PAR's Government segment of a large multi-year contract from the U.S Air Force in November 2021, we think the company has increased flexibility to explore the separation or sale of this non-core business. | Download |