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>Honeywell International (HON) announced its plan to spin off its Advanced Materials business on October 8, 2024.</li>
<li>Subsequently, on February 6, 2025, the company revealed its intention to separate into three independent entities by also spinning off its Aerospace and Automation divisions.</li>
<li>Automation (49% of revenue): This segment will concentrate on developing advanced automation technologies.</li>
</ul>


Honeywell International (HON) announced its plan to spin off its Advanced Materials business on October 8, 2024.
Subsequently, on February 6, 2025, the company revealed its intention to separate into three independent entities by also spinning off its Aerospace and Automation divisions.
Automation (49% of revenue): This segment will concentrate on developing advanced automation technologies.


<ul><li>Airtel Africa has been a strong performer over the past 6 months.</li><li>But that performance is justified given strong results and moderating currency headwinds.</li><li>Further valuation remains cheap at 4.6x forward EBITDA. </li></ul>

Airtel Africa has been a strong performer over the past 6 months.But that performance is justified given strong results and moderating currency headwinds.Further valuation remains cheap at 4.6x forward EBITDA. 

3 Catalysts on the Horizon for Airtel Africa

<ul>
<li>
This week, IAC Inc (IAC) provided <a href="https://www.prnewswire.com/news-releases/iac-announces-plan-to-spin-off-angi-reorganizes-leadership-302349721.html" target="_blank" rel="noopener">an update</a> on its Angi Inc (ANGI) spin-off plans.
</li>
<li>
Previously, IAC had suggested that it would spin off ANGI but hadn’t confirmed it.
</li>
<li>
IAC will spin-off its entire stake in Angi Inc in the first half of 2025, but no sooner than March 31. 
</li>
</ul>



This week, IAC Inc (IAC) provided an update on its Angi Inc (ANGI) spin-off plans.


Previously, IAC had suggested that it would spin off ANGI but hadn’t confirmed it.


IAC will spin-off its entire stake in Angi Inc in the first half of 2025, but no sooner than March 31. 



External broker reports(aggregated public sources), CardinalStone

CardinalStone

External broker reports(aggregated public sources)

CardinalStone is an independent, multi-asset investment management firm offering an assortment of financial services to a diverse institutional, high net worth and retail clientele base. The company began operations in June 2008 and its business is conducted across six divisions – Investment Banking, Asset Management, Securities Trading, Trust Services, Registrar Services and Financing. Headquartered in Lagos with offices in Abuja, Nigeria, the firm and its licensed subsidiaries diligently works with its clients to create bespoke solutions for their needs.

Equity Bottom-Up

<ul><li>AIRTELAFRI reported a 29.4% YoY surge in revenue in FY'25/26 (compared to a 0.5% YoY decline in FY'24/25).</li><li>The rebound in topline was primarily driven by tariff increases in Nigeria, faster smartphone penetration, increased data consumption, and higher mobile money usage across its footprint.</li><li>From now on, with AIRTELAFRI structurally positioned to benefit from Africa's digital and financial inclusion opportunities, Group revenue momentum is likely to persist in the near-to medium-term (i.e., rising to $7.8 billion in FY'26/27 and to $9.2 billion in FY’27/28).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AIRTELAFRI reported a 29.4% YoY surge in revenue in FY'25/26 (compared to a 0.5% YoY decline in FY'24/25).The rebound in topline was primarily driven by tariff increases in Nigeria, faster smartphone penetration, increased data consumption, and higher mobile money usage across its footprint.From now on, with AIRTELAFRI structurally positioned to benefit from Africa's digital and financial inclusion opportunities, Group revenue momentum is likely to persist in the near-to medium-term (i.e., rising to $7.8 billion in FY'26/27 and to $9.2 billion in FY’27/28).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Airtel Africa Plc - Recalibrating Growth Trajectory on Operational Performance

Thematic (Sector/Industry)

<ul><li>Last week, the local bourse ended the week on a bullish note, with the NGXASI gaining 2.36% WoW to reach 246,992.44 points.</li><li>Meanwhile, the MEP gained 2.63% WoW, outperforming the market’s benchmark by 27bps.</li><li>The stronger weekly MEP performance allowed for a YtD print of 65.95%, 723bps ahead of the ASI’s 58.72% return.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Last week, the local bourse ended the week on a bullish note, with the NGXASI gaining 2.36% WoW to reach 246,992.44 points.Meanwhile, the MEP gained 2.63% WoW, outperforming the market’s benchmark by 27bps.The stronger weekly MEP performance allowed for a YtD print of 65.95%, 723bps ahead of the ASI’s 58.72% return.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CardinalStone Research - Model Equity Portfolio - 07 September 2026

United Kingdom

Airtel Africa Plc provides telecommunications and mobile money services across 14 countries in Africa, primarily in East, Central, and West Africa. The company offers a range of services including prepaid and postpaid wireless voice, 2G, 3G, 4G, and 5G data services, mobile money, international roaming, and fixed-line telephony. It is headquartered in London, England, and was founded on June 8, 2010.

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Airtel Africa (AAF LN)

Weekly Update (MRP, WDC, HON, LGFA)

Honeywell International (HON) announced its plan to spin off its Advanced Materials business on October 8, 2024. Subsequently, on February 6, 2025,...

Richard Howe

3 Catalysts on the Horizon for Airtel Africa

Airtel Africa has been a strong performer over the past 6 months. But that performance is justified given strong results and moderating currency...

Richard Howe

Weekly Update (SNRE, HHH, ANGI, MRP)

This week, IAC Inc (IAC) provided an update on its Angi Inc (ANGI) spin-off plans. Previously, IAC had suggested that it would spin off ANGI but...

Richard Howe

Airtel Africa Plc - Recalibrating Growth Trajectory on Operational Performance

The rebound in topline was primarily driven by tariff increases in Nigeria, faster smartphone penetration, increased data consumption, and higher...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 07 September 2026

Last week, the local bourse ended the week on a bullish note, with the NGXASI gaining 2.36% WoW to reach 246,992.44 points.Meanwhile, the MEP...

CardinalStone

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