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>
<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.

<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.



<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.

<ul><li>I sold Garrett Motion (GTX). Nothing against GTX as the stock still looks cheap at 6.6x FCF and 6.6x EBITDA.</li><li>But it’s been incredibly strong, and I don’t quite understand why.</li><li>Further, PE owners Oaktree, Centerbridge and Cyrus, were planning to sell 17MM shares in a secondary offering (looks like the secondary is being pulled).</li></ul>

I sold Garrett Motion (GTX). Nothing against GTX as the stock still looks cheap at 6.6x FCF and 6.6x EBITDA.But it’s been incredibly strong, and I don’t quite understand why.Further, PE owners Oaktree, Centerbridge and Cyrus, were planning to sell 17MM shares in a secondary offering (looks like the secondary is being pulled).

Weekly Update (GTX, HAVAS, LION, SNRE, MDT)

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, 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

Weekly Update (MEDXF, IDT, FTV)

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

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

Weekly Update (GTX, HAVAS, LION, SNRE, MDT)

I sold Garrett Motion (GTX). Nothing against GTX as the stock still looks cheap at 6.6x FCF and 6.6x EBITDA. But it’s been incredibly strong, and I...

Richard Howe

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)