Valuations of Corporate Divestitures
in International Markets
"The Global Spin-Off Calendar"
Published at the beginning of each month, the Calendar monitors the progress of all spin-offs outside of the United States. The following information is provided:
- History of the parent company leading up to the proposed divestiture
- Description of the spin-off transaction, including share ratios and target dates
- An analysis of the tax status and progress of shareholder and regulatory approvals
- Parent company business description and analysis
- Analysis of subsidiary businesses and contribution to parent sales and profit
"Comprehensive Spin-Off Analysis"
Comprehensive analysis of each spin-off will provide the earliest available projections and valuations for these forthcoming independent companies. Investment opportunities are highlighted within subsidiaries to be divested, as well as parent companies that will benefit from these pending transactions. A fair value is placed on every spin-off prior to divestiture, allowing clients to capitalize on stock price weakness after distribution.
"Global Spin-Offs of Tomorrow"
This report provides a detailed overview and analysis of companies believed to be candidates for pursuing a future spin-off, split-off or other form of divestiture of one or more subsidiaries or business segments. The authors endeavor to provide a unique viewpoint regarding the rationale for, and implications of such transactions from a strategic, financial and valuation perspective. The report will be published periodically as spin-off candidates are identified, and will be followed by additional reports upon completion of the anticipated transaction.
"Bits & Pieces"
The Bits & Pieces Report is a monthly arbitrage supplement that identifies opportunities that occur when substantial fluctuations in the value of a company's public and private holdings create undervalued "stub" security. SUch valuation discrepancies may provide a more efficient means to gain exposure to equities held by the parent, or may be exploited by the use of pair trades or similar strategies. These situations are highlighted and monitored on a continuous basis.
"The Global Spin-Off Report Compendium"
Published eight to ten times each year, The Global Spin-Off Report Compendium provides an effective forum for Murray Stahl to discuss a range of compelling divestitures in foreign markets. Certain spin-offs may fall out of favor before they realize the full benefits of independence from the parent company. These spin-offs will be revisited in the Compendium, with the most compelling situations expounded upon in full length research reports.
The Global Spin-Off Report is sold exclusively through PCS Research Services.
For Subscription information, please contact your PCS Research Services professional or call 212-233-0100
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