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).


<ul><li>People Incorporated (PPLI, formerly IAC) reported a solid Q2. People Inc grew digital revenue 6%, its 11th straight quarter of growth, and expanded digital adjusted EBITDA 18% with margins still climbing.</li><li>The headline $6.68 of EPS is almost entirely the mark-to-market gain on the MGM stake, so I’d ignore it and focus on the operating business, which keeps executing well.</li><li>The leadership handoff is done, with Neil Vogel now CEO, Tim Quinn CFO, and Barry Diller staying on as Chairman. </li></ul>

People Incorporated (PPLI, formerly IAC) reported a solid Q2. People Inc grew digital revenue 6%, its 11th straight quarter of growth, and expanded digital adjusted EBITDA 18% with margins still climbing.The headline $6.68 of EPS is almost entirely the mark-to-market gain on the MGM stake, so I’d ignore it and focus on the operating business, which keeps executing well.The leadership handoff is done, with Neil Vogel now CEO, Tim Quinn CFO, and Barry Diller staying on as Chairman. 

Weekly Update (CMCSA, MFP, HONA, MBGL) - 2026-08-07

<ul><li>Aptiv completed the Versigent (VGNT) spin on April 1 and reported Q1 May 5.</li><li>The spin executed cleanly, the thesis is intact, and the stock has sold off putting APTV at $57 against my $83 SOTP target.</li><li>New Aptiv is a focused industrial technology company: Engineered Components (comparable to Amphenol) and Intelligent Systems, which houses Wind River, the OS powering F-35s, satellites, and 5G networks. </li></ul>

Aptiv completed the Versigent (VGNT) spin on April 1 and reported Q1 May 5.The spin executed cleanly, the thesis is intact, and the stock has sold off putting APTV at $57 against my $83 SOTP target.New Aptiv is a focused industrial technology company: Engineered Components (comparable to Amphenol) and Intelligent Systems, which houses Wind River, the OS powering F-35s, satellites, and 5G networks. 

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>Ziff Davis reported its first-quarter 2025 results, revealing performance facets that present both opportunities and challenges for potential investors.</li><li>The company posted revenues of $328.6 million, reflecting a 4.5% year-over-year growth from $314.5 million in the same period last year.</li><li>Adjusted EBITDA came in slightly lower at $100.2 million, compared to $100.8 million previously, maintaining a robust margin of 30.5%.</li></ul>

Ziff Davis reported its first-quarter 2025 results, revealing performance facets that present both opportunities and challenges for potential investors.The company posted revenues of $328.6 million, reflecting a 4.5% year-over-year growth from $314.5 million in the same period last year.Adjusted EBITDA came in slightly lower at $100.2 million, compared to $100.8 million previously, maintaining a robust margin of 30.5%.

Ziff Davis Breaks Out With 12% Ad Surge—Can CNET & IGN Keep the Momentum Alive?

<ul><li>Ziff Davis concluded the fourth quarter and fiscal year 2024 with mixed financial results, highlighting both achievements and challenges.</li><li>The company’s revenue for the fourth quarter grew by 5.9% to $412.8 million, reflecting a respectable increase compared to the previous year's figures.</li><li>However, the revenue fell short of the company’s own expectations, primarily due to underperformance in their Humble Games publishing segment and lower-than-expected sales in the connectivity segment.</li></ul>

Ziff Davis concluded the fourth quarter and fiscal year 2024 with mixed financial results, highlighting both achievements and challenges.The company’s revenue for the fourth quarter grew by 5.9% to $412.8 million, reflecting a respectable increase compared to the previous year's figures.However, the revenue fell short of the company’s own expectations, primarily due to underperformance in their Humble Games publishing segment and lower-than-expected sales in the connectivity segment.

Ziff Davis: Will Its Latest Innovations In Digital & Subscription Offerings Provide Sustainable Growth In The Long Term?

United States

Ziff Davis, Inc. operates as a digital media and Internet company. The Company provides portfolio which includes brands in technology, entertainment, shopping, health, cybersecurity, and martech. Ziff Davis serves customers worldwide.

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Ziff Davis (ZD 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

Weekly Update (CMCSA, MFP, HONA, MBGL) - 2026-08-07

People Incorporated (PPLI, formerly IAC) reported a solid Q2. People Inc grew digital revenue 6%, its 11th straight quarter of growth....

Richard Howe

Weekly Update (APTV, VGNT, Earnings!)

Aptiv completed the Versigent (VGNT) spin on April 1 and reported Q1 May 5. The spin executed cleanly, the thesis is intact, and the stock has sold...

Richard Howe

Ziff Davis Breaks Out With 12% Ad Surge—Can CNET & IGN Keep the Momentum Alive?

Ziff Davis reported its first-quarter 2025 results, revealing performance facets that present both opportunities and challenges for potential...

Baptista Research

Ziff Davis: Will Its Latest Innovations In Digital & Subscription Offerings Provide Sustainable Growth In The Long Term?

Ziff Davis concluded the fourth quarter and fiscal year 2024 with mixed financial results, highlighting both achievements and challenges. The...

Baptista Research

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