This week’s additions and highlights
1. SPIN-OFFS
- MSG Rangers (MSGR US). A reminder that the Knicks completed the Rangers spin, with sell-side coverage quickly picking up (at ~20% upside, fwiw).
- WISA Group (WISA FH). WISA, the spin-off of UPM’s Plywood operations is live. No crash yet, but as mentioned before this thing might be interesting given its quite small size and different business from the rest of the group. On top of that, basically every other UPM unit (roughly six) has been performing poorly. We’re keeping an eye out for a big dump here.
- Thyssenkrupp (TKA GR). Thyssenkrupp shareholders have approved the spin of TK Accelis, the company’s Materials Services division. The structure remains as previously flagged: Thyssenkrupp will keep a 51% strategic stake, while 49% of TK Accelis shares will be distributed, listing expected in late 2026. TK Accelis generates roughly €11.4bn revenues (~35% of TKA Group) and EBIT of €132m (~20% of the group). UPDATE (October 13, 2026) A reminder of the upcoming spin of tk accelis, Thyssenkrupps’ materials distribution business. This is another spin that could be interesting as quite different from the rest of the business. tk accelis has strong positions in Europe and is growing in North America. Europe has been tougher because of slower steel demand, but new import rules and major German infrastructure spending should help. Margins are expected to improve as the mix shifts toward higher‑value services. We estimate €2.5-2.9b equity value here. Let’s see where this thing get priced at. Timing should be end of October, early November.
UPDATE (November 3, 2026) TK Accelis listed at only €1.77bn, well below our €2.5-2.9bn guesstomate. Also, not a great debut, with the shares down ~6%. Also, TKA CEO Lopez already confirmed steel is next in line for a spin or IPO.
- S&P Global (SPGI US). S&P Global keeps cleaning up. After spinning Mobility (MBGL) in the summer, it’s now reviewing Capital IQ and other data assets (incl. SNL and Visible Alpha) and could spin them. This makes sense (ioo). These assets run at mid-30s% margins, while Ratings and Indices are at ~66% and ~72%. Selling the lower-margin piece leaves an even higher-quality compounder. Q3 beat, guidance raised, and $7bn+ of buybacks this year. Expected more around February.
- Valmet (VALMT FH). Valmet launched a strategic review to see if it makes sense to split the company into two listed businesses, separating its Biomaterial Solutions and Process Performance Solutions units. Spoiler alert: it makes a lot of sense. This thing has long carried a large holdco discount, with one unit (PPS) growing nicely (dd topline growth + solid margin expansion), while the other just being a big drag. The shares moved strongly on the news but are just back at levels of a few months ago. The group is trading at ~8x forward EV/EBITDA – that won’t be the case for each unit separately.
UPDATE (November 3, 2026) Valmet is progressing on its split. The company says the review is on track and is spending ~€10m in Q4 to get both businesses ready to stand on their own. Update at full-year results at the latest. The shares jumped 7%+ on Q3. A reminder of the thesis: the automation and flow control side are great assets, the biomaterials side the drag. At ~8x group EV/EBITDA, the good part seems to be not getting the multiple it deserves.
2. STRATEGIC ALTERNATIVES & REVIEWS
(Potential take-outs, asset sales, M&A, etc.)
- Artiva Biotherapeutics (ARTV US). Artiva is a negative $133m EV biotech, which recently discontinued its program, cut pretty much all of its workforce, and announced a review of strategic alternatives.
- LKQ (LKQ US). Reset at LKQ. The board is pausing its strategic review, including the sale of the Specialty business, so new CEO Abbate (starting Dec. 15) can take a fresh look. Guidance was pulled as well. Q3 was ugly: sales down 5%, adjusted EPS down to $0.50 from $0.84, a write-down on Specialty, and a botched IT system rollout in Germany that cost ~$43m of EBITDA. A restructuring firm has been called in for Europe. So, no quick catalyst here anymore and the turnaround story starts from scratch (at a much lower price though).