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

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Before I dig into my regular update, I want to share one chart that caught my eye this week.
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Colin King did a nice job modeling out Lionsgate RemainCo Stub / Starz valuation from last May to now.
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Interesting to see that at one point it was trading at a negative $1 price.
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Before I dig into my regular update, I want to share one chart that caught my eye this week.


Colin King did a nice job modeling out Lionsgate RemainCo Stub / Starz valuation from last May to now.


Interesting to see that at one point it was trading at a negative $1 price.



<ul><li>S&amp;P Global (SPGI) announced on April 29, 2025, its intention to spin off its Mobility division into a standalone publicly traded company.</li><li>This strategic move aims to streamline operations and allow S&amp;P Global to concentrate on its core businesses: Market Intelligence, Ratings, Commodity Insights, and Dow Jones Indices.<section class="figure"><figure class="editor-figure mceNonEditable"></figure></section></li><li>The Mobility division, which provides data and analytics to the automotive industry, generated $1.6 billion in revenue in fiscal year 2024, marking an 8% year-over-year increase.<section class="figure"><figure class="editor-figure mceNonEditable"></figure></section></li></ul>

S&amp;P Global (SPGI) announced on April 29, 2025, its intention to spin off its Mobility division into a standalone publicly traded company.This strategic move aims to streamline operations and allow S&amp;P Global to concentrate on its core businesses: Market Intelligence, Ratings, Commodity Insights, and Dow Jones Indices.The Mobility division, which provides data and analytics to the automotive industry, generated $1.6 billion in revenue in fiscal year 2024, marking an 8% year-over-year increase.

Weekly Update (LION, STRZ, GTX, LBTYA, WDC)

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I’m closing out my Kenvue (KVUE) recommendation and will be selling my shares.
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Following the spin-off from Johnson &amp; Johnson (JNJ), KVUE shares performed poorly for a variety of reasons (lockluster growth, Tylenol related litigation, etc.) that I thought were overblown.
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At the time, Kenvue was trading at a sharp discount to its consumer health care peers. Today, Kenvue trades at a slight discount to peers (21 P/E vs. 23.3x for the group).
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I’m closing out my Kenvue (KVUE) recommendation and will be selling my shares.


Following the spin-off from Johnson &amp; Johnson (JNJ), KVUE shares performed poorly for a variety of reasons (lockluster growth, Tylenol related litigation, etc.) that I thought were overblown.


At the time, Kenvue was trading at a sharp discount to its consumer health care peers. Today, Kenvue trades at a slight discount to peers (21 P/E vs. 23.3x for the group).



<ul><li>I want to use my introduction to provide some comments on Howard Hughes (HHH).</li><li>Bill Ackman’s Pershing Square Capital Management has disclosed a new offer related to Howard Hughes.</li><li>The proposal is that Pershing Square Capital Management purchases 10 million newly issued shares at $90 each, totaling $900 million, which would increase Pershing Square’s stake from 37.6% to 48%.</li></ul>

I want to use my introduction to provide some comments on Howard Hughes (HHH).Bill Ackman’s Pershing Square Capital Management has disclosed a new offer related to Howard Hughes.The proposal is that Pershing Square Capital Management purchases 10 million newly issued shares at $90 each, totaling $900 million, which would increase Pershing Square’s stake from 37.6% to 48%.

Weekly Update (SNDK, LBTYA, MRP, HHH, GTX)

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We view Liberty Costa Rica’s ESG as “Adequate”. The score mirrors our assessment of parent Liberty Latin America (LLA), which discloses ESG-related information on a consolidated basis, without meaningful details on the bond-issuing credit pools that we cover (C&amp;W Communications and Liberty Puerto Rico).  We assess LLA’s Social and Governance pillars as “Strong” and “Adequate”, respectively, offsetting the “Weak” Environmental score. Controversies are “Immaterial” and Disclosure is “Adequate”.

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We view Liberty Costa Rica’s ESG as “Adequate”. The score mirrors our assessment of parent Liberty Latin America (LLA), which discloses ESG-related information on a consolidated basis, without meaningful details on the bond-issuing credit pools that we cover (C&amp;W Communications and Liberty Puerto Rico).   We assess LLA’s Social and Governance pillars as “Strong” and “Adequate”, respectively, offsetting the “Weak” Environmental score. Controversies are “Immaterial” and Disclosure is “Adequate”. 

Liberty Costa Rica - ESG Report - Lucror Analytics

United States

Liberty Global plc owns interests in broadband, distribution, and content companies operating outside the continental United States, principally in Europe, Asia, and Latin America.

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Liberty Global Plc Series C (LBTYK US)

Weekly Update (MCK, LBTYA, SNRE, AMRZ)

Before I dig into my regular update, I want to share one chart that caught my eye this week. Colin King did a nice job modeling out Lionsgate...

Richard Howe

Weekly Update (LION, STRZ, GTX, LBTYA, WDC)

S&P Global (SPGI) announced on April 29, 2025, its intention to spin off its Mobility division into a standalone publicly traded company.

Richard Howe

Sell Kenvue + What I’m Buying

I’m closing out my Kenvue (KVUE) recommendation and will be selling my shares. Following the spin-off from Johnson & Johnson (JNJ), KVUE shares...

Richard Howe

Weekly Update (SNDK, LBTYA, MRP, HHH, GTX)

I want to use my introduction to provide some comments on Howard Hughes (HHH). Bill Ackman’s Pershing Square Capital Management has disclosed a new...

Richard Howe

Liberty Costa Rica - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We view Liberty Costa Rica’s ESG as...

Lucror Analytics

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