Archive
Analyses on Spin Off
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Liberty Global: The share price pays for the cash, Ziggo comes free
Five parts, one price: at €6.90 the share covers only cash and the investment portfolio. The market values the Ziggo Group at almost zero.
Medtronic: Strong Quarter, Solid Value, but No 15% Return
Without MiniMed, Medtronic grows at double digits and earns 9.6% on capital. Fair value ~$110, but my 15% hurdle needs an entry below $89.
MiniMed: A Good Split-off Setup, but No Margin of Safety Yet
Medtronic is out and 90% of MiniMed shares sit with exchangers under water. The margin bet only pays for me below $16.70.