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>Angi Inc. (“Angi”) is set to be spun off from IAC Inc. (IAC owns 85% of the company) on March 31, 2025 following a multi-year turnaround that restored profitability and improved cash flow.</li><li>The first day of regular way trading will be April 1, 2025.</li><li>Angi operates the largest digital marketplace for home services in the U.S., connecting homeowners with contractors across Angi’s Ads and Leads platform (formerly HomeAdvisor/Angie’s List) and Services (pre-priced jobs fulfilled via Angi’s network), with an international segment spanning Europe and Canada.</li></ul>

Angi Inc. (“Angi”) is set to be spun off from IAC Inc. (IAC owns 85% of the company) on March 31, 2025 following a multi-year turnaround that restored profitability and improved cash flow.The first day of regular way trading will be April 1, 2025.Angi operates the largest digital marketplace for home services in the U.S., connecting homeowners with contractors across Angi’s Ads and Leads platform (formerly HomeAdvisor/Angie’s List) and Services (pre-priced jobs fulfilled via Angi’s network), with an international segment spanning Europe and Canada.

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>IAC Inc.'s second quarter earnings call highlighted a series of financial maneuvers and operational adjustments aimed at propelling growth and efficiency across their business segments.</li><li>With Joseph Levin and Christopher Halpin at the helm, IAC appears poised to strengthen its market stance through strategic initiatives and disciplined capital management.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

IAC Inc.'s second quarter earnings call highlighted a series of financial maneuvers and operational adjustments aimed at propelling growth and efficiency across their business segments.With Joseph Levin and Christopher Halpin at the helm, IAC appears poised to strengthen its market stance through strategic initiatives and disciplined capital management.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

IAC Inc.: Capitalizing on Online Dating and Video Streaming Trends! - Major Drivers

<ul><li>IAC's first quarter of 2023 portrays a mixed landscape of challenges and opportunities as it treads cautiously in a transforming digital environment marked by the emergence of generative AI.</li><li>Revenue and profit growth signify a resilient performance in specific segments, underscored by strategic realignment and enhanced focus on operational efficiency.</li><li>A key positive from this quarter is the notable progress IAC has made in growing profit and expanding its free cash flows, further bolstering its capital deployment capabilities.</li></ul>

IAC's first quarter of 2023 portrays a mixed landscape of challenges and opportunities as it treads cautiously in a transforming digital environment marked by the emergence of generative AI.Revenue and profit growth signify a resilient performance in specific segments, underscored by strategic realignment and enhanced focus on operational efficiency.A key positive from this quarter is the notable progress IAC has made in growing profit and expanding its free cash flows, further bolstering its capital deployment capabilities.

IAC Inc.: The Story Of Expanding Digital Content and Advertising Platforms!  - Major Drivers

<ul><li>InterActiveCorp (IAC) has undergone changes throughout 2023 that resulted in substantial earnings growth in the fourth quarter, which is an encouraging indication of the company's overall strategic direction.</li><li>Among the company's accomplishments are a solid level of service professional retention, better targeting of service professionals, and improvements in its paid marketing, resulting in higher margins.</li><li>Notably, IAC's European segment showed strong growth, demonstrating the effectiveness of its strategies when applied in different markets.</li></ul>

InterActiveCorp (IAC) has undergone changes throughout 2023 that resulted in substantial earnings growth in the fourth quarter, which is an encouraging indication of the company's overall strategic direction.Among the company's accomplishments are a solid level of service professional retention, better targeting of service professionals, and improvements in its paid marketing, resulting in higher margins.Notably, IAC's European segment showed strong growth, demonstrating the effectiveness of its strategies when applied in different markets.

IAC/ InterActiveCorp: Is The Improved User Experience and Premium Traffic Growth Here To Stay? - Major Drivers

<ul><li>IAC had a mixed quarter with on-par revenues and below-par earnings given the impact of the recent market downturn.</li><li>Changes implemented by the company have impacted its position, with an active real estate market proving beneficial for business demand.</li><li>We have further incorporated a sensitivity analysis/ scenario analysis to understand how changes in key assumptions could impact the valuation under 3 scenarios - a base case, a bull case, and a bear case.</li></ul>

IAC had a mixed quarter with on-par revenues and below-par earnings given the impact of the recent market downturn.Changes implemented by the company have impacted its position, with an active real estate market proving beneficial for business demand.We have further incorporated a sensitivity analysis/ scenario analysis to understand how changes in key assumptions could impact the valuation under 3 scenarios - a base case, a bull case, and a bear case.

IAC Inc.: Strong Performance in Marketing Despite Uncertainty - A Promising Future? - Major Drivers

United States

IAC Inc operates as a holding company. The Company, through its subsidiaries, provides media and Internet services. IAC serves customers worldwide.

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IAC (IAC US)

ANGI Spin-off Deep Dive

Angi Inc. (“Angi”) is set to be spun off from IAC Inc. (IAC owns 85% of the company) on March 31, 2025 following a multi-year turnaround...

Richard Howe

IAC Inc.: Capitalizing on Online Dating and Video Streaming Trends! - Major Drivers

IAC Inc.'s second quarter earnings call highlighted a series of financial maneuvers and operational adjustments aimed at propelling growth and...

Baptista Research

IAC Inc.: The Story Of Expanding Digital Content and Advertising Platforms! - Major Drivers

IAC's first quarter of 2023 portrays a mixed landscape of challenges and opportunities as it treads cautiously in a transforming digital...

Baptista Research

IAC/ InterActiveCorp: Is The Improved User Experience and Premium Traffic Growth Here To Stay? - Major Drivers

InterActiveCorp (IAC) has undergone changes throughout 2023 that resulted in substantial earnings growth in the fourth quarter, which is an...

Baptista Research

IAC Inc.: Strong Performance in Marketing Despite Uncertainty - A Promising Future? - Major Drivers

IAC had a mixed quarter with on-par revenues and below-par earnings given the impact of the recent market downturn. Changes implemented by the...

Baptista Research

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