AlphaSituations-Event/Catalyst Driven Research, AlphaSituations

Robert Sassoon

Robert Sassoon has been an equity analyst for more than twenty years focusing primarily on global special situations. Robert has worked in research for several large sell-side institutions, including Credit Suisse, Natwest Capital Markets and Societe Generale. During his career, he has achieved top 5 rankings in various analyst surveys, including the Extel and Greenwich surveys.

In 2017, Robert founded AlphaSituations, an idea-generating investment research service with the goal of delivering a unique portfolio of ideas to drive client growth and returns by uncovering compelling and highly profitable value propositions as well as lucrative shorter-term trading situations arising from select dislocating corporate restructuring events and catalysts. Currently, the main geographical focus of the research is North America. Since its establishment, AlphaSituations has delivered a track record of outperformance with a hit rate of winners of more than 70% of its portfolio of ideas generating annualized average returns of 20%.

In January 2022, AlphaSituations was contracted  by Water Tower Research,  an investor engagement and stakeholder communication platform to provide coverage of Special Situations.

AlphaSituations-Event/Catalyst Driven Research

SpinTalk -Valuation Update On Our Favorite Fallen Spins: Perspecta, Newmark & Spirit Realty Capital

SpinTalk -Update On Our Favorite Now Not So Fallen Spins: Perspecta, Spirit Realty Capital, Newmark

SpinTalk:Spirit Realty Capital (SRC US)- A Rising Spirit

AlphaSituations

Since its establishment, AlphaSituations has delivered a track record of outperformance with a hit rate of winners of more than 70% of its portfolio of ideas generating annualized average returns of 20%. In January 2022, AlphaSituations was contracted by Water Tower Research, an investor engagement and stakeholder communication platform to provide coverage of Special Situations

Event-Driven

On April 24, 2019, we published an insight- SpinTalk: Spirit Realty Capital - A Rising Spirit - in which we highlighted the transitioning process that Spirit Realty has been undergoing over the past year towards becoming a conventional triple net lease REIT  with the goal of closing its large valuation gap to its primary peers. There have since been significant developments which are likely to accelerate the process, notably the announcement on June 3, 2019 that Spirit MTA REIT (SMTA US) will sell the assets of its Master Trust in a process that will lead to its liquidation. Closing of the transaction is targeted by the end of 3Q 2019 at which time Spirit Realty' will receive gross proceeds od ~$260 MN from SMTA, which in addition to the expected ~$450 MN of net proceeds that will be available from its recent public offering, significantly increases Spirit Realty's deployable growth capital. Moreover, Spirit Realty's external management contract with SMTA will be replaced by a much more modest interim version to help manage the sale of SMTA's remaining assets.Since our previous insight on Spirit Realty, the shares have risen by 12% in value, and are up ~30% since the start of the year. Still, our updated valuation thesis indicates further value upside of  ~20% plus as Spirit Realty continues its progress in narrowing its valuation gap relative to peers. But, our valuation assessment could prove quite conservative given the significant increase in deployable capital that Spirit Realty will enjoy. Furthermore, having already received a credit rating upgrade from S&amp;P Global following the public stock offer launch, we expect both Moody's and Fitch to follow suit with the latest SMTA news only  being another source of encouragement.

On April 24, 2019, we published an insight- SpinTalk: Spirit Realty Capital - A Rising Spirit - in which we highlighted the transitioning process that Spirit Realty has been undergoing over the past year towards becoming a conventional triple net lease REIT  with the goal of closing its large valuation gap to its primary peers. There have since been significant developments which are likely to accelerate the process, notably the announcement on June 3, 2019 that Spirit MTA REIT (SMTA US) will sell the assets of its Master Trust in a process that will lead to its liquidation. Closing of the transaction is targeted by the end of 3Q 2019 at which time Spirit Realty' will receive gross proceeds od ~$260 MN from SMTA, which in addition to the expected ~$450 MN of net proceeds that will be available from its recent public offering, significantly increases Spirit Realty's deployable growth capital. Moreover, Spirit Realty's external management contract with SMTA will be replaced by a much more modest interim version to help manage the sale of SMTA's remaining assets.Since our previous insight on Spirit Realty, the shares have risen by 12% in value, and are up ~30% since the start of the year. Still, our updated valuation thesis indicates further value upside of  ~20% plus as Spirit Realty continues its progress in narrowing its valuation gap relative to peers. But, our valuation assessment could prove quite conservative given the significant increase in deployable capital that Spirit Realty will enjoy. Furthermore, having already received a credit rating upgrade from S&amp;P Global following the public stock offer launch, we expect both Moody's and Fitch to follow suit with the latest SMTA news only  being another source of encouragement.

SpinTalk: Spirit Realty Capital(SRC US) - 예상보다 빨리 전환 완료 예정