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.
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
XPO Logistics, Inc. (XPO) – GXO Logistics, Inc. (GXO)
Initiation date: Apr 7, 2021Download
United Technologies Corporation (UTX) – Otis Worldwide Corporation (OTIS) – Carrier Global Corporation (CARR)
Initiation date: Mar 10, 2020Download
International Paper Co. (IP) – Sylvamo Corp. (SLVM)
Initiation date: Aug 27, 2021Download