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During the episode, Kris shares his background and then dives deeply intoAmentum (AMTM) andMagnera (MAGN). We then cover questions aboutMillrose (MLP), Net Lease Office Properties (NLOP) and others.
1:00 – Kris shares his background and experience buying andselling a small business
2:15 – Finance and entrepreneurship runs in Kris’ family
5:10 – How Kris evaluates a spin-off
9:00 – Why spin-offs are a great starting place for a newinvestor
9:55 – Why Amentum (AMTM) looks interesting today
12:50 – What has driven the weakness in the stock?
19:00 – What impact will DOGE have on AMTM?
23:40 – What is fair value for Amentum?
26:25 – How much of an overhang is PE ownership?
28:15 – Magnera (MAGN) overview
34:30 – Margin expansion potential at Magnera
35:30 – Magnera risks
41:15 – Magnera sell side estimates are conservative
44:45 – Thoughts on upcoming Millrose spin-off?
51:40 – What is your favorite spin-off situation on thehorizon?
57:40 – How to get in touch with Kris
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In this episode, I talk with Peter Smith of Palm Harbour Capital. Peter shares his background and then dives deeply into InternationalGaming Technologies (ITG).
In a nutshell, IGT is interesting because it has agreed to sell its Gaming & Digital business to Apollo. IGT will receive ~$3.6BN of net proceeds, when the transaction closes and the Remaining Lottery business is trading at 5x EBITDA on a pro forma basis (peers trade in the high single digit range). What’s the catch? ITG has a large Italian lottery contract up for renewal in Q2 2025 which investors are worried about.
1:45 – Peter shares his background and how a Texas native ended up in London
3:30 – Palm Harbour overview
4:30 – Peter’s experience backpacking around Europe
4:50 – How Peter landed his first job in Germany
6:45 – How Peter thinks about portfolio construction
8:45 – Why Peter thinks ex-US markets are less competitive
10:30 – Peter’s approach to spin-offs
12:00 - Peter provides an overview of International Game Technology (IGT)
13:45 – Apollo is buying the slot machine side of the business
15:45 – History of IGT’s lottery business
16:00 – Economic resilience of the lottery business
20:00 – Why IGT launched a strategic review
21:30 – Why the market did not like the initial spin-off proposal
23:30 – Overview of Italian lottery renewal
27:30 – Why is the market concerned about the Italian lottery renewal?
35:45 – Why is IGT likely to win the Italian renewal?
40:35 – How important is this contract for IGT?
44:35 – How do you think about IGT’s valuation in a scenario where it loses the Italian contract?
46:45 – What odds is the market implying that IGT is going to lose this contract?
48:10 – How much of Apollo’s $4.05BN bid will be lost to expenses and taxes?
50:20 – How do you view IGT’s management team?
52:05 – Would the RemainCo ever get sold?
54:10 – What is timing of Italian renewal and the Apollo transaction closing?
1:00 – Where you can go to learn more about Peter Smith and Palm Harbour Capital
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Saknas det avsnitt?
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In this episode, I talk with Christian Ryther of Curreen Capital. Christian starts off by sharing his experience at Columbia Business School in the Value Investing program, and also how he managed to finish second in a 100mile race. During the podcast episode, we discuss several spin-offs: Solventum (SOLV), Enhabit (EHAB), Millrose (MRP), Havas (HAVAS), and Pluxee (PLX).
1:35 – Christian’s background including his time in the Columbia Business School Value Investing Program
4:15 – A discussion of how long market cycles (value vs growth, small cap vs. large cap) last.
5:20 – Christian’s experience in the Peace Corps in Morrocco
7:00 – Christian’s experience coming in 2nd place in a 100-mile race
9:30 – Christian discusses his approach to investing in spin-offs
13:20 – A discussion on Solventum (SOLV), the MMM spin-off
15:15 – How Christian thinks about portfolio position size
17:30 – What market cap Christian focuses on
19:45 – A discussion of Enhabit (EHAB)
28:30 – How meaningful Enhabit’s lawsuit win vs. VitalCaring Group
31:45 – Why is United Health (UNH) interested in buying home health companies?
33:15 – A discussion of insider buying at Enhabit (EHAB)
34:20 – Why the Millrose spin-off from Lennar (LEN) pisses Christian off
37:10- Why Christian views the Millrose spin-off as a preferred stock
37:50 – Does this make Lennar (LEN) more interesting?
39:15 – Would Lennar (LEN) ever walk away from its agreement with Millrose?
42:05 – Quick pitch on Havas, the Vivendi spin-off
48:15 – Quick discussion of Pluxee (PLX)
53:05 – How to get in touch with Christian
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In this episode, Rich Howe interviews Ameya of Multiples Capital.
We discuss Multiples Capital's founding story and why MGM and GTX are two of Ameya's favorite stocks today.
What we covered:
1:15 – Ameya’s background
3:15 – Using Jeff Bezos’ regret minimization framework
4:15 – The formation of Multiples Capital
4:35 – When Ameya immigrated to the United States
5:00 – Multiples Capital performance to date
5:25 – How Ameya approaches managing capital and portfolioconstruction
9:35 – How concentrated is the Multiples Capital portfolio
11:26 – MGM Resorts International (MGM) investment case
17:45 – How Ameya thinks about MGM’s debt burden
28:42 – Have there been any rumors that MGM may be takenprivate?
29:40 – Why Ameya likes Garrett Motion (GTX)
30:56 – Overview of Garrett Motion’s valuation
33:26 – Why did Garrett Motion go bankrupt
35:17 – Why Garrett’s murky history provides an opportunity
40:02 – 3 catalysts for Garrett Motion
43:57 – How tariffs will benefit Garrett Motion
46:30 – How Ameya views the market today
51:05 – Where to find more information about Multiples Capital
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In this episode, Rich Howe interviews Colin King of Circle CityCapital.
We discuss how Colin built his $28MM holding company, lessonslearned from investing in spin-offs for over a decade and what he thinks ofrecent spin-off, Magnera (MAGN).
1:01 – Colin’s background
3:25 – Colin discusses quitting his job to found Circle CityCapital Group
4:27 – How Colin splits his time between public and privateinvestments
6:47 – How Colin allocates his capital between public andprivate investments
8:27 – How Colin things about cash at the holding companylevel
11:30 – How Colin things about investing in spin-offs
14:05 – Discussion of Zimvie (ZIMV)
17:03 – Overview of recent spin-off, Magnera (MAGN)
20:03 – What has caused the downturn in the nonwovenbusiness?
21:50 – Has Magnera’s business bottomed?
23:49 – Discussion of Magnera’s valuation
25:20 – How much free cash flow Magnera will generate
27:20 – The biggest risk factor for Magnera
29:43 – Indiscriminate selling pressure from Berry shareholders
32:43 – How Colin evaluates the management team of a spin-off
35.05 – Quick Discussion of SiteCenter (SITC) RemainCo andCurbline (CURB) spin-off
37:24 – Where to learn more about Colin
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In this episode, Rich Howe interviews Derek Pilecki of GatorCapital.
We discuss how Derek approaches spin-offs in the financial sector. He shares lessons learned from Jackson Financial (JXN), BBX Capital (BBXIA), Virtis Investment Partners (VRTS), and Voya Financial (VOYA).
0:54 – How Derek founded Gator Capital
4:40 – Gator Capital current AUM
5:40 – What it was like to start a financials focused hedge fund right before the Great Financial Crisis
7:40 – If Derek had to start his hedge fund from scratch, he would do this differently
10:00 – How Derek Approaches investing in spin-offs
12:45 – Derek’s Jackson Financial (JXN) thesis
17:17 – Is Jackson Financial a “Black Box”?
19:38 – Spin-offs and paired trades
21:54 – Derek shares his BBX Capital investment thesis?
23:36 – Corporate governance at BBX Capital
24:36 – Why Derek is expecting a tender offer for BBXIA relatively soon
27:23 – How Derek uses barebones technical analysis.
31:25 – What was Derek’s thesis with Virtis Investment Partners (VRTS)?
36:16 – Derek shares his Voya Financial (VOYA) investment case?
38:46 – Why weren’t investors interested in the VOYA IPO?
40:18 – Why Derek view secondary share overhangs as nonevents
41:30 – Derek walks through the Primerica IPO from Citigroup and how it was an attractive setup
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In the first Stock Spin-off Investing Podcast episode ever, Asif Suria and I talk about Lions Gate Entertainment and Western Digital.
Here's what we cover:
1:18 Asif’s background
5:07: How do you think about spin-offs?
7:57: Discussion of GE / GEV?
9:51: Why are Lions Gate Entertainment (LFGA/LGFB) and Lionsgate Studios (LION) interesting today?
17:18: Insider buying at Lions Gate?
21:46: How confident are you that the Lionsgate Studios spin-off will take place?
23:31: What are the risks to the Lions Gate story?
25:10: What is the Western Digital Investment Case?
30:48: How does flash memory compare to hard drive memory?
31:24: Cyclicality of flash industry and hard drive industry?
32:30: How does Seagate’s HDD business to Western Digitals?
34:23: Is Seagate a good comp to Western Digital on the HDD business?
35:25: Does Western Digital look attractive on a SOTP basis?
40:59: Will AI benefit both of Western Digital’s businesses?
43:00: Where can folks find more information about you and InsideArbitrage?
