Hilton Spinoff – Clark Street Value does a nice job summarizing the Hilton Spinoff. At this point, he doesn’t see upside in shares, but his estimate of the expected value of each division is super helpful ahead of the split.
TGNA Spinoff – Very interesting Seeking Alpha article on Tegna’s proposed spinoff of cars.com which is expected to happen in 1H2017. According to the author’s analysis, there is 20% upside on an enterprise valuation basis. Obviously more upside to the equity given Tegna uses significant debt in its capital structure (Market cap is $4.8bn and debt on balance sheet is $4.2bn). Also, Tegna recently reactivated its share repurchase program. This actually looks very interesting to me, and I plan on digging in.
Treasure ASA – Great article by OTC Adventures. There are two potential opportunities. The spinoff, Treasure ASA, and the parent, Wilh WIlhelmsen (shipping company). Seems like there are a lot of opportunities in shipping these days. Still not completely comfortable with the space but I want to do more work.
Aptevo Write Up – Just found a new site focusing on spinoffs. The author believes downside is limited and that there is asymmetric upside potential.
Italgas SPA Spinoff – Interesting Article from Value and Opportunity. His analysis suggests there may be ~50% upside to the stock. This is a combination of a special situation that is also contrarian as Italy has had one of the worst performing stock markets this year.