Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul><li>This week, I recommended a new idea: Buy International Gaming Technologies.</li><li>If you are interested in buying IGT, I would recommend doing so on Monday.</li><li>IGT is in the process of selling its Gaming division for $4BN, and the transaction could close as soon as Tuesday, July 1.</li></ul>

This week, I recommended a new idea: Buy International Gaming Technologies.If you are interested in buying IGT, I would recommend doing so on Monday.IGT is in the process of selling its Gaming division for $4BN, and the transaction could close as soon as Tuesday, July 1.

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Transaction: Holcim completed the spin-off of its North American business, Amrize, on June 23, 2025; shares listed on SIX and NYSE under ticker AMRZ.</li>
<li>Rationale: Enables Holcim to focus on global sustainable construction, while Amrize targets high-growth U.S. infrastructure and housing markets.</li>
<li>At a $30B EV, Amrize would list near $54.43/share, implying Holcim should trade at CHF 68.20 post-spin.</li>
</ul>


Transaction: Holcim completed the spin-off of its North American business, Amrize, on June 23, 2025; shares listed on SIX and NYSE under ticker AMRZ.
Rationale: Enables Holcim to focus on global sustainable construction, while Amrize targets high-growth U.S. infrastructure and housing markets.
At a $30B EV, Amrize would list near $54.43/share, implying Holcim should trade at CHF 68.20 post-spin.


Holcim (HOLN.SW) / Amrize (AMRZ): North America Spin-Off Unlocks Strategic and Valuation Upside

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Index Rebalance

VanEck Gold Miners ETF/USA / Index Rebalance

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published over the past two weeks on Smartkarma</li>
<li>In this cut, we spotlight building materials corporate actions, gold miners’ benchmark shifts, and semaglutide’s prospects in India and Japan</li>
<li>Want to dig deeper? Comment or message on the themes you think should be highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published over the past two weeks on Smartkarma
In this cut, we spotlight building materials corporate actions, gold miners’ benchmark shifts, and semaglutide’s prospects in India and Japan
Want to dig deeper? Comment or message on the themes you think should be highlighted next


Curator's Cut: Building Materials Moves, Benchmarking Gold Miners & Semaglutide in India and Japan

<ul>
<li>
<a href="https://www.smartkarma.com/entities/holcim-ltd-7f60ceaa-51af-4f85-ac5f-114595eb04f3" target="_blank" data-smartkarma-citation="entities:27916" rel="noopener">Holcim (HOLN SW)</a> spun off its construction materials and solutions business into a standalone company on Friday, June 20th.</li>
<li>The new company is called <a href="https://www.smartkarma.com/entities/amrize-ltd" target="_blank" data-smartkarma-citation="entities:45209" rel="noopener">Amrize (AMRZ US)</a>. </li>
<li>The first day of trading will be Monday, June 23, 2025.</li>
</ul>



Holcim (HOLN SW) spun off its construction materials and solutions business into a standalone company on Friday, June 20th.
The new company is called Amrize (AMRZ US). 
The first day of trading will be Monday, June 23, 2025.


<ul><li>Warner Bros. Discovery (WBD) announced on June 9, 2025, its plan to split into two independent, publicly traded companies by mid-2026.</li><li>Global Networks will be the entity that is spun-off. It will consist of legacy cable TV and digital networks, such as: CNN, TBS, TNT (including TNT Sports)...</li><li>CFO Gunnar Wiedenfels will become CEO of this spun‑off entity.<figure class="editor-figure mceNonEditable"></figure></li></ul>

Warner Bros. Discovery (WBD) announced on June 9, 2025, its plan to split into two independent, publicly traded companies by mid-2026.Global Networks will be the entity that is spun-off. It will consist of legacy cable TV and digital networks, such as: CNN, TBS, TNT (including TNT Sports)...CFO Gunnar Wiedenfels will become CEO of this spun‑off entity.

United States

Holcim Ltd. provides building materials. The Company produces ready-mixed concrete, cement, clinker, aggregates, green mobility, and building solutions. Holcim serves clients worldwide.

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Holcim (HOLN SW)

Weekly Update (AMRZ, UNTC, MEDXF, IGT)

This week, I recommended a new idea: Buy International Gaming Technologies. If you are interested in buying IGT, I would recommend doing so on Monday.

Richard Howe

Holcim (HOLN.SW) / Amrize (AMRZ): North America Spin-Off Unlocks Strategic and Valuation Upside

Holcim completes spin-off of North American business Amrize to focus on global sustainable construction, while Amrize targets U.S. infrastructure...

Rahul Jain

Curator's Cut: Building Materials Moves, Benchmarking Gold Miners & Semaglutide in India and Japan

This Curator's Cut profiles moves in building materials companies, gold miners' changing benchmark and semaglutide's prospects in India and Japan...

Pranav Rao

Weekly Update (AMRZ, LION, FTV)

The AMRZ spin-off aims to capitalize on the higher valuation multiples of US building supply companies compared to their European counterparts.

Richard Howe

Weekly Update (WBD, STRZ, MODG)

Warner Bros. Discovery (WBD) announced on June 9, 2025, its plan to split into two independent, publicly traded companies by mid-2026.

Richard Howe

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Weekly Update (AMRZ, UNTC, MEDXF, IGT)

This week, I recommended a new idea: Buy International Gaming Technologies. If you are interested in buying IGT, I would recommend doing so on Monday.

Richard Howe

Holcim (HOLN.SW) / Amrize (AMRZ): North America Spin-Off Unlocks Strategic and Valuation Upside

​Holcim completes spin-off of North American business Amrize to focus on global sustainable construction, while Amrize targets U.S. infrastructure...

Rahul Jain

Curator's Cut: Building Materials Moves, Benchmarking Gold Miners & Semaglutide in India and Japan

​This Curator's Cut profiles moves in building materials companies, gold miners' changing benchmark and semaglutide's prospects in India and Japan...

Pranav Rao

Weekly Update (AMRZ, LION, FTV)

The AMRZ spin-off aims to capitalize on the higher valuation multiples of US building supply companies compared to their European counterparts.

Richard Howe

Weekly Update (WBD, STRZ, MODG)

Warner Bros. Discovery (WBD) announced on June 9, 2025, its plan to split into two independent, publicly traded companies by mid-2026.

Richard Howe

Holcim completes spin-off of North American business Amrize to focus on global sustainable construction, while Amrize targets U.S. infrastructure...

This Curator's Cut profiles moves in building materials companies, gold miners' changing benchmark and semaglutide's prospects in India and Japan...