Valuations of U.S. Corporate Divestitures

"The Spin-Off Report Calendar"

Published at the beginning of each month, this publication monitors the progress of all spin-offs throughout the spinoff cycle. The following information is provided:

• History of the parent company and motivation for each divestiture
• Description of each spin-off transaction, including share ratios and projected trading dates 
• Analysis of tax status and progress of shareholder, SEC, IRS and other regulatory approvals
• Subsidiary (proposed spin-off) analysis and contribution to parent sales and profits

"Flash" Alerts

On the day the divestiture is announced, The Spin-Off Report transmits an email containing all relevant information and an initial opinion. Throughout the spin-off process, emails will be routinely sent to update clients with time-sensitive, material information regarding the details of the divestiture.  These update also provide updates or changes to our investment recommendations.
 

Comprehensive Spin-Off Analysis

Comprehensive analysis of every 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.  Reports are published on every spin-off at least two weeks before regular way trading to insure sufficient time to position for the upcoming transaction.
 

"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 when anticipated transactions actually occur.
 

"Bits and 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 an 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 Spin-Off Report Compendium"

Published every month, The Spin-Off Report Compendium provides an effective forum for Murray Stahl to discuss restructurings outside the realm of spin-offs.  This will include intriguing divestitures in foreign markets, as well as spin-offs that have fallen out of favor before they have realized the full benefits of independence from their parent companies.  These spin-offs will be revisited in the Compendium, with the most compelling situations expounded upon in full length research reports.