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

Equity Bottom-Up

People Incorporated (IAC) / Equity Bottom-Up

<ul><li>IAC reported its second-quarter results recently and sold off sharply. In my view, the market reaction was overly punitive. While results came in slightly below expectations, they were far from disastrous.</li><li>The stock now looks exceptionally cheap, trading at just 3.4x EBITDA, and I see 43% to 78% upside.</li><li>Over time, I’m confident that management will unlock value—most likely through strategic asset spin-offs.</li></ul>

IAC reported its second-quarter results recently and sold off sharply. In my view, the market reaction was overly punitive. While results came in slightly below expectations, they were far from disastrous.The stock now looks exceptionally cheap, trading at just 3.4x EBITDA, and I see 43% to 78% upside.Over time, I’m confident that management will unlock value—most likely through strategic asset spin-offs.

IAC: Reviewing Q2 and Updating My Valuation

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.


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.

<ul><li>The latest quarterly results for IAC Inc. provide a complex picture of the company's financial health and strategic direction.</li><li>Q1 2025 was described as a solid start, underpinned by strategic initiatives and corporate restructuring.</li><li>The company completed the spin-off of Angi to shareholders, marking a significant step as the 10th independent company birthed by IAC.</li></ul>

The latest quarterly results for IAC Inc. provide a complex picture of the company's financial health and strategic direction.Q1 2025 was described as a solid start, underpinned by strategic initiatives and corporate restructuring.The company completed the spin-off of Angi to shareholders, marking a significant step as the 10th independent company birthed by IAC.

IAC: Leveraging First-Party Data & Predictive Analytics To Build A Competitive Edge!

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<li>
<p>On May 7, 2025, Lions Gate Entertainment (LGF.A/LFG.B) spun off Lions Gate Entertainment (LION).</p>
<figure class="editor-figure mceNonEditable"></figure>
</li>
<li>Lionsgate Studio has carved out a niche as a lean, franchise-focused independent studio that thrives in the mid-budget, IP-driven segment of the entertainment industry.</li>
<li>It punches above its weight by targeting profitable genre films, franchise extensions, and strategic licensing — while avoiding the financial risk of mega-budget blockbusters.</li>
</ul>



On May 7, 2025, Lions Gate Entertainment (LGF.A/LFG.B) spun off Lions Gate Entertainment (LION).


Lionsgate Studio has carved out a niche as a lean, franchise-focused independent studio that thrives in the mid-budget, IP-driven segment of the entertainment industry.
It punches above its weight by targeting profitable genre films, franchise extensions, and strategic licensing — while avoiding the financial risk of mega-budget blockbusters.


Weekly Update (LION, STRZ, MAGN, IAC, ANGI)

<ul><li>April 17, 2025, ABB Ltd (ABB) announced its intention to spin off its entire robotics division.</li><li>The robotics unit, recognized as the world’s second-largest industrial robot manufacturer after Japan’s FANUC, generated $2.3 billion in revenue in 2024, accounting for approximately 7% of ABB’s total sales.</li><li>However, its profit margin stood at 12.1%, trailing the group’s overall margin of 18.1%, primarily due to subdued demand in the automotive sector.​</li></ul>

April 17, 2025, ABB Ltd (ABB) announced its intention to spin off its entire robotics division.The robotics unit, recognized as the world’s second-largest industrial robot manufacturer after Japan’s FANUC, generated $2.3 billion in revenue in 2024, accounting for approximately 7% of ABB’s total sales.However, its profit margin stood at 12.1%, trailing the group’s overall margin of 18.1%, primarily due to subdued demand in the automotive sector.​

United States

People Incorporated operates as a digital media and publishing company. The Company provides digital publishing, online content creation, multimedia distribution, and advertising solutions. People serves customers and audiences in the United States.

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People Incorporated (IAC) (PPLI US)

IAC: Reviewing Q2 and Updating My Valuation

IAC reported its second-quarter results recently and sold off sharply. In my view, the market reaction was overly punitive. While results came in...

Richard Howe

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

IAC: Leveraging First-Party Data & Predictive Analytics To Build A Competitive Edge!

The latest quarterly results for IAC Inc. provide a complex picture of the company's financial health and strategic direction. Q1 2025 was...

Baptista Research

Weekly Update (LION, STRZ, MAGN, IAC, ANGI)

On May 7, 2025, Lions Gate Entertainment (LGF.A/LFG.B) spun off Lions Gate Entertainment (LION). Lionsgate Studio has carved out a niche...

Richard Howe

Weekly Update (ABB, MEDXF, LION)

April 17, 2025, ABB Ltd (ABB) announced its intention to spin off its entire robotics division. The robotics unit, recognized as the world’s second...

Richard Howe

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