Oasis Petroleum (OAS) carved out a 27.3% LP interest in Oasis Midstream Partners (OMP) at $17 per share on September 20, 2017. Oasis Midstream will become a primary vehicle for the midstream operations, with the stated goal to generate stable and increasing cash flows and to support the growth of high quality assets in the Williston Basin. Total revenue for 2016 was approximately $121 million, up 15% from the year-ago period due to increased water and natural gas volumes.
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Dover (DOV) announced that it is exploring strategic alternatives for the separation of its upstream energy businesses within its Energy segment, collectively the “Wellsite” business. Options include a tax-free spin-off, sale or other strategic combination. In 2017, the Wellsite business is expected to generate approximately $1 bn in revenue. Dover expects to complete its assessment of strategic separation alternatives by the end of the year.
Wolfe Research's Chief Investment Strategist, Chris Senyek, hosted a Webcast on market expectations through year's end.
Activist Investor Trian Partners, a Procter & Gamble shareholder, has issued a white paper to the company, discussing certain proposals. Among Trian’s proposals is the call for a leaner organization with three independent businesses: Beauty, Grooming & Health Care, Fabric & Home Care, and Baby, Feminine & Family Care. A link to the presentation can be found here.
We track the share price performance of ~50 thematic stock baskets on an absolute and relative basis daily. In the pages that follow, we provide details of these thematic baskets’ performance over the past month and year-to-date as well as market, sector and industry long-term relative valuations. In August, momentum, growth, and international themes outperformed, while value and quality themes underperformed.
Earlier this week we published our 280 page quarterly report, Spin-offs, Post Bankruptcy Equity & Value Opportunities: Quarterly Guide to Investing in Special Situation Ideas. In the report, we analyze current investment opportunities in spin-offs, “stub” equity, REIT conversions, NOL companies, post-bankruptcy equity, 13D filings (shareholder activism), busted IPO’s, net-net’s, thrift conversions, deep value ideas, dividend actions, multiple share classes, asset sales and CEO changes. Top ideas highlighted include Varex Imaging (VREX), Arris International (ARRS), TiVo (TIVO) White Mountains Insurance (WTM), Valvoline (VVV) and Arconic (ARNC).
Investing in special situation ideas has historically produced alpha and is an investment theme we closely follow. In this quarterly report, we analyze current investment opportunities in spin-offs, “stub” equity, NOL companies, post-bankruptcy equity, 13D filings (shareholder activism), asset sales, busted IPO’s, net-net’s, thrift conversions, deep value ideas, high net cash, dividend actions, multiple share classes, governance, and CEO changes.
Platform Specialty Products (PAH) has announced its intention to separate the Agricultural Solutions and Performance Solutions segments. The spin-off is expected to occur in 2018. Platform is a global, diversified producer of high-technology specialty chemicals and provider of technical services.
Our quarterly earnings quality (EQ) score is an objective way to identify potential accounting related short ideas and as a risk tool to avoid potential blow-ups in the portfolio. We strongly believe that the balance sheet and cash flow statement are forward indicators of potential income statement problems and that management teams may mask deteriorating business fundamentals through various accounting maneuvers (e.g., cookie jar reserves, cost capitalization, aggressively recognizing revenue, changing depreciation policies, etc.).
Delphi (DLPH) has filed its form 10 with regards to its planned tax-free spin-off of the Powertrain Systems Segment, which is expected to be completed by March 2018. For fiscal year 2016, the Powertrain segment reported $4.5B in revenue. Additional details can be found in the latest investor presentation here.
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