The Spin-Off Report

The Spin-Off Report monitors the progress of all U.S. spin-offs from announcement date through when-issued trading, and continues coverage through the first quarter of trading.




Comprehensive research reports analyzing the strategic rationale for the separation and examine the business segments in order to obtain fair value estimates and recommendations on both the spinco and parent company prior to completion of the spin-off.



Periodic updates on every spin-off that provide updated fair value estimates to reflect any significant developments within the company, the industry or the structure of the transaction.



This monthly publication provides ongoing analysis on 20-25 companies where we see potential for a value-unlocking event. A similar company may have recently announced a spin-off, the company may be under investor pressure to consider strategic alternatives, or the business segments may lack operational and supply chain synergies.



Published monthly, The Spin-Off Calendar provides one-page summaries of every spin-off under coverage from the announcement date, followed by the filing of the Form 10 and continuing 60 days post completion.


The Spin-Off Report

Published quarterly, the Spin-Off Report Compendium is authored by Murray Stahl of Horizon Kinetics and includes commentary and analysis on a wide-range of topics including recent spin-offs, structural inflation, currency debasement, the effects of equity indexation as well as three to four single-stock recommendations.


Bits & Pieces

This monthly publication covers mispriced stub securities, tracking stocks and other arbitrage opportunities.

Our Process

For over 25 years, The Spin-Off Report has been the preeminent independent research service for tracking and analyzing the U.S. spin-off space by covering all transactions over $250 million from announcement through distribution date and 60 days post-completion.  Our comprehensive reports provide fair value estimates and buy/hold/sell recommendations for both the spin-off company and the parent and these may be updated periodically, based on peer and M&A multiples, changes to the distribution ratio as well as industry trends and market conditions.

The Spin-Off Report is the only service that provides detailed fundamental analysis and thorough valuation work on every spin-off. And in a market where equity returns are faltering, the spin-off space continues to reward investors that rely on us to cover it.

Who we are

The Institutional Research Group

The Institutional Research Group (IRG) was formed in January of 2008 to produce investment research focused on "special situation" investments, with a focus on spin-off transactions.

In addition to publishing the Spin-Off Report, IRG began publishing Hidden Opportunities in 2014, leveraging our expertise in analyzing spin-offs to identify companies with qualitative attributes proven to accelerate the market’s recognition of value.

PCS Research Group

Since 1982, PCS Research Group has specialized in providing unique, niche-focused research that focuses on areas of the financial markets that are ignored or misunderstood by traditional sources of investment research.

Despite the abundance of research produced by typical sell-side research houses, there continues to be corners of the investment landscape that lack deep, insightful analysis. It is within these areas that we believe we can add value for our clients. PCS Research Group represents a select roster of research originators that have been carefully selected for their ability to add value in specific areas of the market that often exhibit inefficiencies.

Selected Research on Completed Spin-Offs

Madison Square Garden Entertainment Corp. (MSGE)

Initiation date: Mar 20, 2023

Jul 20, 2023
Update: DROP COVERAGE: Dropping Coverage of SPHR and MSGE
Apr 21, 2023
Update: Madison Square Garden Entertainment Corp. (NYSE: MSGE) – UPDATE

Crane Holdings Co. (NYSE: CR)

Initiation date: Feb 10, 2023

Jul 6, 2023
Update: DROP COVERAGE: Dropping Coverage of CXT and CR
Apr 4, 2023
Update: UPDATE: Crane Holding Co. (CR)

Jefferies Financial Group Inc. (NYSE: JEF)

Initiation date: Nov 8, 2022

May 23, 2023
Update: DROP COVERAGE: Dropping Coverage of JEF and VTS
Jan 17, 2023
Update: UPDATE: Jefferies Financial Group Inc. (JEF)

XPO Logistics, Inc. (XPO) – GXO Logistics, Inc. (GXO)

Initiation date: Apr 7, 2021

Sep 22, 2022
Update: The Spin-Off Report – Dropping Coverage of GXO
Mar 9, 2022
Update: ALERT: XPO to Spin-Off Brokerage Business, Divest European Business, and North American Intermodal

United Technologies Corporation (UTX) – Otis Worldwide Corporation (OTIS) – Carrier Global Corporation (CARR)

Initiation date: Mar 10, 2020

Feb 23, 2021
Update: UPDATE: Drop Coverage of Raytheon Technologies Corp. Effective Immediately
Dec 7, 2020
Update: UPDATE: Drop Coverage of Carrier Global Corp. Effective Immediately

International Paper Co. (IP) – Sylvamo Corp. (SLVM)

Initiation date: Aug 27, 2021

Jan 4, 2022
Update: UPDATE: Drop Coverage of IP, SLVM
Nov 10, 2021
Update: UPDATE: Sylvamo Reports Strong 3Q 2021 Results