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>Resideo (REZI) completed the spin-off of its distribution business, ADI Global (ADIG), on 8/3/2026, with regular-way trading beginning 8/4/2026.</li><li>ADIG has had an interesting first month.</li><li>It traded up initially, helped by its addition to the S&amp;P SmallCap 600 effective with the first day of regular-way trading, reaching roughly $31. </li></ul>

Resideo (REZI) completed the spin-off of its distribution business, ADI Global (ADIG), on 8/3/2026, with regular-way trading beginning 8/4/2026.ADIG has had an interesting first month.It traded up initially, helped by its addition to the S&amp;P SmallCap 600 effective with the first day of regular-way trading, reaching roughly $31. 

Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

The purpose of Contrarian Cashflows is to document my investment research and share it with everyone who is interested in value investing. My long term aspiration for Contrarian Cashflows is to become a platform for professional investors and serious amateurs where they can get inspiration and discuss investing-related topics.
I plan to publish one company deep dive per month that is guided by my investment approach. All information I use for my write-ups is publicly available and most of the time directly sourced from public filings issued by the respective companies. To guarantee maximum transparency, for every post I provide a list of all used sources in the resources section.
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Equity Bottom-Up

<ul><li>Spark New Zealand (NZX/ASX: SPK) is a telecommunications group privatised in 1990 as the former state telephone monopoly, providing mobile, broadband and IT/cloud services (“Digital Services”) across New Zealand.</li><li>Spark already ran the obvious arbitrage: between 2022 and early 2026 it sold 100% of its mobile towers and 75% of its data-centre business to infrastructure buyers at 30-34x and up to 30.8x EBITDA respectively</li><li>Banking roughly NZ$1.98bn — rich prices for passive assets a generalist telecom market was never going to pay for the whole group.</li></ul>

Spark New Zealand (NZX/ASX: SPK) is a telecommunications group privatised in 1990 as the former state telephone monopoly, providing mobile, broadband and IT/cloud services (“Digital Services”) across New Zealand.Spark already ran the obvious arbitrage: between 2022 and early 2026 it sold 100% of its mobile towers and 75% of its data-centre business to infrastructure buyers at 30-34x and up to 30.8x EBITDA respectivelyBanking roughly NZ$1.98bn — rich prices for passive assets a generalist telecom market was never going to pay for the whole group.

United States

ADI Global Distribution Inc. provides security and electronic products. The Company offers video surveillance, power supplies, automation, access control, AV, fire, intrusion, communications, datacom and networking, wire and cable, batteries, and central vacuum products. ADI Global Distribution serves customers worldwide.

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ADI Global Distribution (ADIG US)

ADI Global: $24 Now, $48 Later

Resideo (REZI) completed the spin-off of its distribution business, ADI Global (ADIG), on 8/3/2026, with regular-way trading beginning 8/4/2026.

Richard Howe

Monday Delight: 12/10/2026

Spark New Zealand (NZX/ASX: SPK) is a telecommunications group privatised in 1990 as the former state telephone monopoly, providing mobile,...

Contrarian Cashflows

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