Valuations of U.S. Corporate Divestitures
"The Spin-Off Calendar" and "Flash Service"
Published at the beginning of each month, this periodical monitors the progress of all spin-offs throughout the spinoff cycle. 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, SEC, IRS and other regulatory approvals
- Parent company business description and analysis
- Analysis of subsidiary businesses and contribution to parent sales and profits
On the day the divestiture is announced, The Spin-Off Report transmits an email containing available logistical information and an initial opinion. Additionally, throughout the spin-off process, emails will be sent between Spin-Off Calendar publication dates to update clients with time-sensitive material information regarding the details of the divestiture.
"Comprehensive Spin-Off and Parent Company Analysis"
Comprehensive analysis of every spin-off will provide the earliest available projections and valuations for these forthcoming independent companies. In-depth analysis of all parent companies will also be provided.
"The Spin-Off Report Radar Screen"
This monthly report provides an overview of companies believed to be a candidate for pursuing a future spin-off, split-off or other form of divestiture of one or more subsidiaries or business segments. These companies are being monitored for a variety of reasons: a similar company may have recently announced a spin-off, the company may be under investor pressure to consider strategic alternatives, or the current segments may not prove a synergistic fit and as a result the stock trades at a discount to its closest peers.
"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 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" and "Fallen Spin-Off" Reports
Published on a monthly basis, The Spin-Off Report Compendium provides an effective forum for Murray Stahl to discuss restructurings outside the realm of spin-offs, as well as intriguing 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 "Fallen Spin-Offs" will be revisited in the Compendium, with the most compelling situations expounded upon in full length research reports.
The 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 |