Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

After graduating from Trinity College in Connecticut, I joined Eaton Vance full-time as an equity research associate. While at Eaton Vance, I completed the Chartered Financial Analyst program and earned the CFA designation. In 2013, I left Eaton Vance to join Citi Private Bank to work in the private equity research group.

Founder at Stock Spin-off Investing

Brightstar Lottery (fka IGT) Capital Return is Better Than Expected

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Equity Bottom-Up

<ul>
<li>Brightstar Lottery (BRSL) reported solid Q2 2025 results and is delivering on every aspect of the original thesis I laid out in June.</li>
<li>The company has now begun executing on the largest capital return in its history: a $3.00 per share tax-free special dividend (paid July 29) and a $250MM accelerated share repurchase (ASR) — the first half of a $500MM buyback authorization.</li>
<li>Brightstar also reiterated that it will maintain its $160MM annual dividend, so with fewer shares outstanding, the per-share dividend will increase, potentially rising to ~$0.22–$0.24 per quarter.</li>
</ul>


Brightstar Lottery (BRSL) reported solid Q2 2025 results and is delivering on every aspect of the original thesis I laid out in June.
The company has now begun executing on the largest capital return in its history: a $3.00 per share tax-free special dividend (paid July 29) and a $250MM accelerated share repurchase (ASR) — the first half of a $500MM buyback authorization.
Brightstar also reiterated that it will maintain its $160MM annual dividend, so with fewer shares outstanding, the per-share dividend will increase, potentially rising to ~$0.22–$0.24 per quarter.


Brightstar Lottery Capital Return Continues to Exceed Expectations