TriMas Corp. (TRS)
Pitch Summary: TriMas (TRS) is a diversified manufacturer with three largely independent units—Packaging (~55% of revenue), Aerospace (~35%), and Specialty (~10%)—trading well below its sum-of-the-parts value. Activists Barington Capital and Trend International (~12.5% stake) have pushed for a breakup or sale after years of underperformance and structural complexity. A strategic review is underway following CEO […]
Sun International Limited (SUI SJ)
Pitch Summary: Sun International is a South African omni-channel gaming and hospitality operator that emerged from COVID over-leverage with a cleaner balance sheet, tighter cost base, and renewed capital returns. The core urban casino estate (11 properties) holds dominant provincial share and benefits from limited license supply, while refurbishment and self-generation initiatives mitigate load-shedding risk. […]
Arvinas Inc. (ARVN)
Pitch Summary: Arvinas trades at a massive discount to its $13/share cash balance and valuable Novartis partnership, with upcoming ASCO data and a potential Pfizer deal reset on vepdegestrant providing near-term catalysts—and activist potential if management fails to unlock value. BSD Analysis: Arvinas (ARVN) is a clinical-stage biotech focused on targeted protein degradation, now trading […]
Match Group Inc (MTCH)
Pitch Summary: Match Group is the global leader in online dating with flagship platforms Tinder and Hinge. Shares trade near historical lows following years of user stagnation and investor pessimism, but the business remains highly profitable and cash generative. In December 2024, management committed to return more than 100% of cumulative free cash flow (> […]
Host Hotels & Resorts Inc. (HST)
Pitch Summary: Host Hotels & Resorts (HST) is the largest public hotel REIT, owning ~43k rooms across 81 primarily luxury and upper-upscale properties. Despite strong assets, low leverage, and an IG rating, the public REIT model has failed to capture private-market value, leaving HST trading at a 40–80% discount to NAV. Author argues the business […]
Host Hotels & Resorts Inc. (HST)
Pitch Summary: Host Hotels & Resorts (HST) is the largest public hotel REIT, owning ~43k rooms across 81 primarily luxury and upper-upscale properties. Despite strong assets, low leverage, and an IG rating, the public REIT model has failed to capture private-market value, leaving HST trading at a 40–80% discount to NAV. Author argues the business […]
Pitney Bowes Inc. (PBI)
Pitch Summary: Pitney Bowes, post the 2024 exit of its cash-burning Global E-Commerce unit, is now a two-segment company—Presort and SendTech—producing ~$2B TTM revenue and ~$525–575M EBITDA with structurally high free cash flow. Presort holds ~25% share in U.S. mail sortation (next competitor ~2%), generating ~32% EBITDA margins on a service with durable, sticky enterprise […]
WEX Inc. (WEX)
Pitch Summary: WEX Inc. offers a compelling investment from current levels. WEX is a payments company with three segments: fleet fuel cards, health savings accounts, and corporate payments. WEX’s business model is attractive because it is capital-light. Almost all net income generated by the company is available as free cash flow to pay down debt, […]
