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>Liberty filed an 8-K this week authorizing management to repurchase its Class A and Class C shares. </li><li>The company says it doesn’t anticipate more than $200MM of selective repurchases in any twelve-month period, so this is an opportunistic authorization, not a firm commitment.</li><li>But the signal fits my thesis cleanly.</li></ul>

Liberty filed an 8-K this week authorizing management to repurchase its Class A and Class C shares. The company says it doesn’t anticipate more than $200MM of selective repurchases in any twelve-month period, so this is an opportunistic authorization, not a firm commitment.But the signal fits my thesis cleanly.

<ul><li>Liberty reported Q2 2026 on July 24 and the stock fell about 6%.</li><li>The drop wasn’t about the value-unlock thesis, which advanced on nearly every front.</li><li>It was about Virgin Media O2, the most leverage-sensitive piece of the sum-of-the-parts, where the trend clearly softened.</li></ul>

Liberty reported Q2 2026 on July 24 and the stock fell about 6%.The drop wasn’t about the value-unlock thesis, which advanced on nearly every front.It was about Virgin Media O2, the most leverage-sensitive piece of the sum-of-the-parts, where the trend clearly softened.

<ul><li>This month, the momentum factor has had a sharp and historic reversal. AI beneficiaries like Western Digital (WDC) got caught in the downdraft.</li><li>The pullback is a bit jarring, but it is not completely unexpected. July, for whatever reason, often serves up a momentum reversal. And I think this one is healthy.</li><li>What is more interesting to me is that the broader U.S. market looks fine underneath it.</li></ul>

This month, the momentum factor has had a sharp and historic reversal. AI beneficiaries like Western Digital (WDC) got caught in the downdraft.The pullback is a bit jarring, but it is not completely unexpected. July, for whatever reason, often serves up a momentum reversal. And I think this one is healthy.What is more interesting to me is that the broader U.S. market looks fine underneath it.

<ul>
<li>While I do not own MGM and am not formally recommending the stock, it is an important company to analyze given that IAC Inc. is a core holding and its most valuable asset is its approximately $2 billion stake in MGM.</li>
<li>REZI is a situation I will be watching closely as the company approaches the planned 2026 spin-off of its distribution business.</li>
<li>On December 29, 2025, Applied Digital (APLD) and EKSO Bionics (EKSO) announced a non-binding term sheet to separate Applied Digital’s cloud computing business</li>
</ul>


While I do not own MGM and am not formally recommending the stock, it is an important company to analyze given that IAC Inc. is a core holding and its most valuable asset is its approximately $2 billion stake in MGM.
REZI is a situation I will be watching closely as the company approaches the planned 2026 spin-off of its distribution business.
On December 29, 2025, Applied Digital (APLD) and EKSO Bionics (EKSO) announced a non-binding term sheet to separate Applied Digital’s cloud computing business


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

Resideo Technologies Inc / Equity Bottom-Up

<ul><li>Resideo Technologies, Inc. recently reported its second-quarter results for 2025, demonstrating robust financial performance with record highs in net revenue and adjusted EBITDA.</li><li>The company notably exceeded its guidance, which underscores its operational resilience amidst a challenging macroeconomic environment.</li><li>The company's ADI Global Distribution (ADI) and Products & Solutions (P&S) segments both experienced organic revenue growth, with ADI reaching a notable 10% and P&S achieving 5% growth.</li></ul>

Resideo Technologies, Inc. recently reported its second-quarter results for 2025, demonstrating robust financial performance with record highs in net revenue and adjusted EBITDA.The company notably exceeded its guidance, which underscores its operational resilience amidst a challenging macroeconomic environment.The company's ADI Global Distribution (ADI) and Products & Solutions (P&S) segments both experienced organic revenue growth, with ADI reaching a notable 10% and P&S achieving 5% growth.

Resideo Technologies Focuses On Smart Home Innovation–Can New Products Like Honeywell Home FocusPRO Help Capture Market Share?

United States

Resideo Technologies, Inc. provides home comfort and security solutions. The Company offers low voltage connected devices which delivers access to controls, monitoring, and alerts. Resideo Technologies serves customers worldwide.

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Resideo Technologies Inc (REZI US)

Weekly Update (REZI, LBTYA, KBR)

Next week, Resideo Technologies (REZI) will spin off its distribution arm, ADI Global Distribution, Inc. (ADIG). with regular-way trading set to...

Richard Howe

Weekly Update (ADIG, CMCSA, LBTYA)

Liberty reported Q2 2026 on July 24 and the stock fell about 6%. The drop wasn’t about the value-unlock thesis, which advanced on nearly every...

Richard Howe

Weekly Update (REZI, ADIG, WDC)

This month, the momentum factor has had a sharp and historic reversal. AI beneficiaries like Western Digital (WDC) got caught in the...

Richard Howe

Weekly Update (MGM, REZI, APLD)

While I do not own MGM and am not formally recommending the stock, it is an important company to analyze given that IAC Inc. is a core holding...

Richard Howe

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Weekly Update (REZI, LBTYA, KBR)

Next week, Resideo Technologies (REZI) will spin off its distribution arm, ADI Global Distribution, Inc. (ADIG). with regular-way trading set to...

Richard Howe

Weekly Update (ADIG, CMCSA, LBTYA)

Liberty reported Q2 2026 on July 24 and the stock fell about 6%. The drop wasn’t about the value-unlock thesis, which advanced on nearly every...

Richard Howe

Weekly Update (REZI, ADIG, WDC)

This month, the momentum factor has had a sharp and historic reversal. AI beneficiaries like Western Digital (WDC) got caught in the...

Richard Howe

Weekly Update (MGM, REZI, APLD)

While I do not own MGM and am not formally recommending the stock, it is an important company to analyze given that IAC Inc. is a core holding...

Richard Howe

Resideo Technologies Focuses On Smart Home Innovation–Can New Products Like Honeywell Home FocusPRO Help Capture Market Share?

Resideo Technologies, Inc. recently reported its second-quarter results for 2025, demonstrating robust financial performance with record highs in...

Baptista Research