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A quick note: This week is Easter, and we will be taking the week off. We will be back with another publication on April 12th.
Kuppy’s Tweet of the Week
Kliff Note of the Week
Spin-off Monitor: We’re starting to dig a little deeper into the action at Modine Manufacturing (MOD). Modine is in the middle of a major transformation that may not yet be fully appreciated.
The company is spinning off its legacy automotive‑focused business, leaving behind a much more focused company centered on cooling solutions for AI data centers. This remaining business is benefiting from soaring demand (powerful AI chips generate extreme heat and require advanced cooling).
Modine’s specialty chillers are becoming a critical part of modern data centers, and production capacity is ramping quickly. Because this shift is recent and somewhat complex, the stock still looks expensive on old metrics.
We certainly do not believe in the trillions-into-AI-infra-
Insider Cluster Buy Monitor: Let’s check up on what Greenland Resources’ (MOLY CN) CEO and largest shareholder is doing. Yep, no surprises here. The guy keeps smashing that Buy button.
As a reminder, MOLY has a 30-year exploitation license for Molybdenum, with quite some funding and offtake agreements already in the pocket. Meanwhile, the Molybdenum price keeps drifting higher, with the project’s NAV now estimated at close to US$3bn – compared to a market cap of US$145m. And getting closer and closer to being sold.
Announced Buyback Monitor: Children’s publishing company Scholastic (SCHL) popped a $300m buyback, roughly 34% of its market cap. Of this, $200m will be bought back via a Dutch auction tender, offering to buy shares at $36-40.
The offer runs until April 20 and will be mainly funded with cash from the closing of a few large real‑estate sales, aimed at optimizing the balance sheet and returning cash to shareholders. Scholastic had a few tough years after COVID, but the company seems to be back on track.
“If you like these Kliff Notes, you’ll love KEDM Lite. Every week, Lite flags 30+ timely, actionable event-driven and special situations ideas.”
IPO Monitor: Like its peer Gabler, European defense company Vincorion (V1NC GR) just ignored the market turbulence and completed its IPO. The price was set at €17, and shares traded as high as €19, implying a market cap of close to €1bn.
This gives an idea about the (European) hunger for defense companies. The company is seeing a surge in orders driven by geopolitical tensions, especially in the Middle East, and is strongly scaling up operations.
Vincorion had €240m in revenues in 2025, up from about €200m in 2024 and €145m in 2021 (pre-Ukraine war). Current order backlog stands at a whopping €1.1bn. There’s just so much appetite / hype for these companies.
Newsletter Shorts Monitor: Muddy Waters published a short report on SoFi Technologies (SOFI). The thesis alleges that SoFi’s true personal loan charge-off rate is approximately 6.1%, nearly double the reported 2.89%, and that the company manufactures market validation for its fair value marks through subsidized, seller-financed whole loan sales that fail ASC 860 sale-recognition criteria.
Strategic Alternatives Monitor: TriMas (TRS) recently closed the sale of its Aerospace division to PennAero (Tinicum + Blackstone) for $1.45bn in cash, generating about $1.2bn in net proceeds. Quite significant, given the company’s roughly $1.8bn enterprise value.
This large divestment followed the appointment of a new CEO and activists pushing for the split. What remains is the company’s legacy packaging business, which had roughly the same level of operating earnings as Aerospace in 2025, but of course much less growth.
The proceeds will be used to reduce debt, fund organic growth and some acquisitions (the packaging space is quite fragmented), and share buybacks. TriMas popped up in the past, given the regular buying by insiders.
KEDM Event Driven Monitor scans over 20 corporate events for market moving information and distills them into our propietary “Kliff Notes.” One profitable trade should more than cover an annual subscription and access to the Event Driven chatroom!