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>Fortive (FTV) will spin off 100% of Ralliant on June 28, 2025.</li><li>Ralliant will trade under the ticker RAL. When issued trading will begin on June 25th. Ralliant will host an investor day on June 10, 2025.</li><li>Ralliant (Precision Technologies) will be a $2.2B revenue company (2024) focused on Test &amp; Measurement and Sensors &amp; Safety Systems.</li></ul>

Fortive (FTV) will spin off 100% of Ralliant on June 28, 2025.Ralliant will trade under the ticker RAL. When issued trading will begin on June 25th. Ralliant will host an investor day on June 10, 2025.Ralliant (Precision Technologies) will be a $2.2B revenue company (2024) focused on Test &amp; Measurement and Sensors &amp; Safety Systems.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Fortive Corporation had a mixed start to 2025, reflecting both challenges and areas of resilience amidst a dynamic macroeconomic landscape.</li><li>While the company delivered adjusted earnings per share of $0.85, boosted by improved margins and robust cash flow despite underwhelming revenue figures, the overall performance signals both opportunities and hurdles going forward.</li><li>On the positive side, Fortive's operating execution enabled expansions in both adjusted gross and operating margins, despite a slight revenue miss.</li></ul>

Fortive Corporation had a mixed start to 2025, reflecting both challenges and areas of resilience amidst a dynamic macroeconomic landscape.While the company delivered adjusted earnings per share of $0.85, boosted by improved margins and robust cash flow despite underwhelming revenue figures, the overall performance signals both opportunities and hurdles going forward.On the positive side, Fortive's operating execution enabled expansions in both adjusted gross and operating margins, despite a slight revenue miss.

Fortive Corporation: Can It Build On The Growth In Precision Technologies While Handling The Evolving Market Dynamics?

<ul><li>Fortive Corporation recently presented their fourth-quarter and full-year results, highlighting a combination of strengths and challenges that investors might consider when evaluating the company's investment potential.</li><li>Positive aspects of Fortive's performance include a strong track record of financial accomplishments in 2024.</li><li>The company reported better-than-expected core growth, adjusted earnings, and free cash flow, capping a robust year.</li></ul>

Fortive Corporation recently presented their fourth-quarter and full-year results, highlighting a combination of strengths and challenges that investors might consider when evaluating the company's investment potential.Positive aspects of Fortive's performance include a strong track record of financial accomplishments in 2024.The company reported better-than-expected core growth, adjusted earnings, and free cash flow, capping a robust year.

Fortive Corporation: How Its 2025 Spin-Off Could Reshape the Business!

<ul>
<li>Fortive (FTV) spun off 1 share of Ralliant (RAL) for each 3 shares owned.</li>
<li>As such, Ralliant has 113MM shares outstanding and a market cap of $5.1BN and enterprise value of $6.1BN.</li>
<li>The rationale for the spin-off is to separate the “BadCo” (Ralliant) from the “GoodCo” (Fortive RemainCo).</li>
</ul>


Fortive (FTV) spun off 1 share of Ralliant (RAL) for each 3 shares owned.
As such, Ralliant has 113MM shares outstanding and a market cap of $5.1BN and enterprise value of $6.1BN.
The rationale for the spin-off is to separate the “BadCo” (Ralliant) from the “GoodCo” (Fortive RemainCo).


<ul><li>Fortive (FTV) spun off Ralliant (RAL) on Monday June 30, 2025. Shareholders received a share of RAL for 3 shares of FTV owned.</li><li>Ralliant generated $2.2B of revenue in 2024.</li><li>Key segments: 56% of sales in Sensors &amp; Safety (power‑grid monitors, defense, critical-environment sensors) and 44% in Test &amp; Measurement (electronic instrumentation, systems, software).</li></ul>

Fortive (FTV) spun off Ralliant (RAL) on Monday June 30, 2025. Shareholders received a share of RAL for 3 shares of FTV owned.Ralliant generated $2.2B of revenue in 2024.Key segments: 56% of sales in Sensors &amp; Safety (power‑grid monitors, defense, critical-environment sensors) and 44% in Test &amp; Measurement (electronic instrumentation, systems, software).

United States

Fortive Corporation operates as a diversified industrial growth company. The Company focuses on professional instrumentation, automation, sensing, and transportation technologies. Fortive serves customers worldwide.

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Fortive (FTV US)

Weekly Update (FTV, NLOP, STRZ, RAL)

Fortive (FTV) will spin off 100% of Ralliant on June 28, 2025. Ralliant will trade under the ticker RAL. When issued trading will begin on June 25th.

Richard Howe

Fortive Corporation: Can It Build On The Growth In Precision Technologies While Handling The Evolving Market Dynamics?

Fortive Corporation had a mixed start to 2025, reflecting both challenges and areas of resilience amidst a dynamic macroeconomic landscape. While...

Baptista Research

Fortive Corporation: How Its 2025 Spin-Off Could Reshape the Business!

Fortive Corporation recently presented their fourth-quarter and full-year results, highlighting a combination of strengths and challenges that...

Baptista Research

Weekly Update (IGT/BRSL, FTV, RAL)

Fortive (FTV) spun off 1 share of Ralliant (RAL) for each 3 shares owned. As such, Ralliant has 113MM shares outstanding and a market cap of $5.1BN...

Richard Howe

Ralliant Spin-off Deep Dive

Fortive (FTV) spun off Ralliant (RAL) on Monday June 30, 2025. Shareholders received a share of RAL for 3 shares of FTV owned. Ralliant generated...

Richard Howe

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