Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Event-Driven

Unilever PLC manufactures personal care products. The Company offers consumer goods, food, detergents, fragrances, beauty, home, and personal care products. Unilever serves customers worldwide.

<ul>
<li>Unilever is set to complete the spin-off of its ice cream business by December 6, 2025. The new company will start trading from December 8, 2025.</li>
<li>The Magnum Ice Cream Company lists with ~€8 billion in revenue and improving margins, though elevated leverage post-spin is a concern.</li>
<li>Unilever’s ice cream spin-off streamlines its portfolio, but valuation uplift appears limited.</li>
</ul>


Unilever is set to complete the spin-off of its ice cream business by December 6, 2025. The new company will start trading from December 8, 2025.
The Magnum Ice Cream Company lists with ~€8 billion in revenue and improving margins, though elevated leverage post-spin is a concern.
Unilever’s ice cream spin-off streamlines its portfolio, but valuation uplift appears limited.


Unilever PLC to Spin Off Ice Cream Business on December 6

DuPont de Nemours, Inc. operates as a chemical company. The Company offers elastomeric photopolymer printing plates, structural and elastic adhesives, fluids, reinforcing composites, foams, coatings, rubber and elastomers, topical ingredients, food ingredients, animal nutrition, biomaterials, water purification technologies, and fibers.

<ul>
<li>On November 1, 2025, DuPont (NYSE: DD) completed the separation of its Electronics business as Qnity Electronics, Inc. (NYSE: Q), into a separate public company.</li>
<li>Regular-Way trading commenced on November 3, 2025.DD gained 2.97%, while Q lost -1.02% on the first day of regular way trading.</li>
<li>On an overall basis, DD (consolidated) gained 5.91% since the spin-off announcement on May 22, 2024, underperforming S&amp;P 500 which gained 29.1% during the same period.</li>
</ul>


On November 1, 2025, DuPont (NYSE: DD) completed the separation of its Electronics business as Qnity Electronics, Inc. (NYSE: Q), into a separate public company.
Regular-Way trading commenced on November 3, 2025.DD gained 2.97%, while Q lost -1.02% on the first day of regular way trading.
On an overall basis, DD (consolidated) gained 5.91% since the spin-off announcement on May 22, 2024, underperforming S&amp;P 500 which gained 29.1% during the same period.


DuPont Completes the Spin-Off of Qnity Electronics Inc.; Regular Way Trading Commences

Thematic (Sector/Industry)

<ul>
<li>U.S. had 78,692 public EV stations and 235,398 ports as of Oct 2025, up 4.9% YTD; California led with 24% share.</li>
<li>ChargePoint dominates Level 2 chargers (33% share), while Tesla leads in DC Fast charging (54% of total DC ports). Electrify America and EVgo follow with ~8% and 7% shares.</li>
<li>Europe surpassed 1 million charge points; China reached 4.32 million public and 17.35 million total chargers by Aug 2025.</li>
</ul>


U.S. had 78,692 public EV stations and 235,398 ports as of Oct 2025, up 4.9% YTD; California led with 24% share.
ChargePoint dominates Level 2 chargers (33% share), while Tesla leads in DC Fast charging (54% of total DC ports). Electrify America and EVgo follow with ~8% and 7% shares.
Europe surpassed 1 million charge points; China reached 4.32 million public and 17.35 million total chargers by Aug 2025.


US EV Charging Infrastructure Tracker - October 2025

<ul>
<li>DuPont will separate its Electronics unit as Qnity Electronics Inc. on Nov 1, 2025, creating two focused platforms - a high-growth semiconductor materials business and a steadier diverfied industrial company</li>
<li>Qnity launches with ~$4.3B sales, ~29% margins, strong semiconductor exposure but higher leverage and cyclicality</li>
<li>We value Qnity at $106/share (17.2× FY26E EBITDA) and DuPont (ex-Qnity) at $47.5/share (13.0× FY26E EBITDA).</li>
</ul>


DuPont will separate its Electronics unit as Qnity Electronics Inc. on Nov 1, 2025, creating two focused platforms - a high-growth semiconductor materials business and a steadier diverfied industrial company
Qnity launches with ~$4.3B sales, ~29% margins, strong semiconductor exposure but higher leverage and cyclicality
We value Qnity at $106/share (17.2× FY26E EBITDA) and DuPont (ex-Qnity) at $47.5/share (13.0× FY26E EBITDA).


DuPont De Nemours, Inc. (NYSE: DD) To Separate Its Electronics Business on Nov 1

Honeywell International Inc. is a worldwide diversified technology and manufacturing company providing aerospace products and services, control, sensing and security technologies, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and energy efficient products and solutions.

<ul>
<li>Honeywell completed the spin-off of Solstice Advanced Materials Inc. on October 30, 2025.</li>
<li>Both the parent and the spin-off commenced regular-way trading from October 30, 2025. On the first day of trading, parent lost 0.84%, while spin-off gained 0.29%.</li>
<li>On an overall basis, HON (consolidated) gained 2.6% since the spin-off announcement on October 8, 2024, underperforming the S&amp;P 500’s which gained 18.6% gain over the same period.</li>
</ul>


Honeywell completed the spin-off of Solstice Advanced Materials Inc. on October 30, 2025.
Both the parent and the spin-off commenced regular-way trading from October 30, 2025. On the first day of trading, parent lost 0.84%, while spin-off gained 0.29%.
On an overall basis, HON (consolidated) gained 2.6% since the spin-off announcement on October 8, 2024, underperforming the S&amp;P 500’s which gained 18.6% gain over the same period.


Update - Honeywell Completes the Spin-Off of Solstice; Regular-Way Trading Commences

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Garvit Bhandari
Founder, CEO
• GSBR Research

Unilever PLC to Spin Off Ice Cream Business on December 6

Unilever to spin off ice cream business by December 6, 2025, new company to start trading on December 8. Overall, spin-off unlikely to create...

GSBR Research

DuPont Completes the Spin-Off of Qnity Electronics Inc.; Regular Way Trading Commences

DuPont (DD) shares have jumped 21% since the regular way trading began on November 3, 2025. We had a bullish view on DD compared to its spin-off...

GSBR Research

US EV Charging Infrastructure Tracker - October 2025

The pace of growth of EV charging infrastructure in the U.S. remains modest. In contrast, the pace of adoption in China remains much higher...

GSBR Research

DuPont De Nemours, Inc. (NYSE: DD) To Separate Its Electronics Business on Nov 1

DuPont to spin-off Electronics unit into Qnity Electronics Inc. on Nov 1, 2025, creating two focused platforms - high-growth semiconductor...

GSBR Research

Update - Honeywell Completes the Spin-Off of Solstice; Regular-Way Trading Commences

Honeywell completes spin-off of Solstice Advanced Materials Inc., with parent company seeing a decrease in stock price while spin-off gains on...

GSBR Research

Unilever PLC to Spin Off Ice Cream Business on December 6

​Unilever to spin off ice cream business by December 6, 2025, new company to start trading on December 8. Overall, spin-off unlikely to create...

GSBR Research

DuPont Completes the Spin-Off of Qnity Electronics Inc.; Regular Way Trading Commences

DuPont (DD) shares have jumped 21% since the regular way trading began on November 3, 2025. We had a bullish view on DD compared to its spin-off...

GSBR Research

US EV Charging Infrastructure Tracker - October 2025

The pace of growth of EV charging infrastructure in the U.S. remains modest. In contrast, the pace of adoption in China remains much higher...

GSBR Research

DuPont De Nemours, Inc. (NYSE: DD) To Separate Its Electronics Business on Nov 1

​DuPont to spin-off Electronics unit into Qnity Electronics Inc. on Nov 1, 2025, creating two focused platforms - high-growth semiconductor...

GSBR Research

Update - Honeywell Completes the Spin-Off of Solstice; Regular-Way Trading Commences

​Honeywell completes spin-off of Solstice Advanced Materials Inc., with parent company seeing a decrease in stock price while spin-off gains on...

GSBR Research

Unilever to spin off ice cream business by December 6, 2025, new company to start trading on December 8. Overall, spin-off unlikely to create...

DuPont to spin-off Electronics unit into Qnity Electronics Inc. on Nov 1, 2025, creating two focused platforms - high-growth semiconductor...

Honeywell completes spin-off of Solstice Advanced Materials Inc., with parent company seeing a decrease in stock price while spin-off gains on...