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>This week, Corteva and Vylor hosted their respective analyst days.</li>
<li>Corteva also set the distribution ratio (1:1) for the spin-off, announced a ticker (VYLR), and confirmed expected regular way trading (10/1/2026).</li>
<li>Meanwhile, Medtronic announced it would distribute its ~90% stake in its diabetes business, MiniMed (MMED), through an exchange offer (MDT shareholders get to decide which stock they want to own).</li>
</ul>


This week, Corteva and Vylor hosted their respective analyst days.
Corteva also set the distribution ratio (1:1) for the spin-off, announced a ticker (VYLR), and confirmed expected regular way trading (10/1/2026).
Meanwhile, Medtronic announced it would distribute its ~90% stake in its diabetes business, MiniMed (MMED), through an exchange offer (MDT shareholders get to decide which stock they want to own).


Deep Dives, Special Situations, Generals and Workouts

Generals and Workouts

Deep Dives, Special Situations

Deep dives on net-nets, special situations and other mispriced opportunities in the stock market.

Equity Bottom-Up

<ul><li>I haven’t written up an idea for a while, and this is a fairly simple one.</li><li>It isn’t going to make anybody rich, but it could be valuable for those readers with smaller accounts. </li><li>MiniMed (NASDAQ:MMED) is offering to exchange Medtronic (NYSE:MDT) shares for its own shares at a discount of 7%, subject to an upper limit of 4.5939 shares of Minimed per Medtronic share. </li></ul>

I haven’t written up an idea for a while, and this is a fairly simple one.It isn’t going to make anybody rich, but it could be valuable for those readers with smaller accounts. MiniMed (NASDAQ:MMED) is offering to exchange Medtronic (NYSE:MDT) shares for its own shares at a discount of 7%, subject to an upper limit of 4.5939 shares of Minimed per Medtronic share. 

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>MMED fell nearly 50% below its IPO price before a strong June report sparked a dramatic recovery and renewed investor interest.</li>
<li>September results again exceeded expectations, with $843 million of sales versus an $827.1 million consensus estimate.</li>
<li>Shares reached a post-IPO high of $24.43, but Medtronic's ownership creates potential future secondary-offering overhang.</li>
</ul>


MMED fell nearly 50% below its IPO price before a strong June report sparked a dramatic recovery and renewed investor interest.
September results again exceeded expectations, with $843 million of sales versus an $827.1 million consensus estimate.
Shares reached a post-IPO high of $24.43, but Medtronic's ownership creates potential future secondary-offering overhang.


MiniMed Group, Inc. (MMED): Post 180-Days, From Nearly 50% Below IPO to a New Post-IPO High

<ul><li>Healthcare’s relative performance to the S&amp;P 500 is at a historic low.</li><li>According to Bank of America, the sector’s relative forward P/E now sits at roughly 0.8x the S&amp;P 500, down from peaks of 1.4x in the late 1990s.</li><li>To me, it looks like an excellent fishing pond.</li></ul>

Healthcare’s relative performance to the S&amp;P 500 is at a historic low.According to Bank of America, the sector’s relative forward P/E now sits at roughly 0.8x the S&amp;P 500, down from peaks of 1.4x in the late 1990s.To me, it looks like an excellent fishing pond.

<ul><li>The S&amp;P 500 is sitting near 7,800, a record high.</li><li>At the same time, the 25-day average of new lows on the NYSE has spiked to levels we last saw in the April 2025 selloff.</li><li>The index is at an all-time high while a lot of individual stocks are trading like it’s a bear market.</li></ul>

The S&amp;P 500 is sitting near 7,800, a record high.At the same time, the 25-day average of new lows on the NYSE has spiked to levels we last saw in the April 2025 selloff.The index is at an all-time high while a lot of individual stocks are trading like it’s a bear market.

United States

MiniMed Group, Inc. is a medical technology company. The Company develops, manufactures, and markets smart insulin pen, injection port, therapy management, and insulin pump systems for diabetic patients. MiniMed Group operates globally.

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MiniMed Group (MMED US)

Weekly Update (MMED, MDT, ZD)

This week, Corteva and Vylor hosted their respective analyst days. Corteva also set the distribution ratio (1:1) for the spin-off...

Richard Howe

MDT/MMED Exchange Offer

I haven’t written up an idea for a while, and this is a fairly simple one. It isn’t going to make anybody rich, but it could be valuable for those...

Generals and Workouts

MiniMed Group, Inc. (MMED): Post 180-Days, From Nearly 50% Below IPO to a New Post-IPO High

The company has turned around and is now trading well-above issue price after its IPO originally priced and opened below original targets.

IPO Boutique

Weekly Update (IAC/MGM, OCTV, HOH.V)

Healthcare’s relative performance to the S&P 500 is at a historic low. According to Bank of America, the sector’s relative forward P/E now sits at...

Richard Howe

Weekly Update (IDT, MSGS, MSGR)

The S&P 500 is sitting near 7,800, a record high. At the same time, the 25-day average of new lows on the NYSE has spiked to levels we last saw in...

Richard Howe

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