KEDM Lite Vol. 16
This week’s additions and highlights 1. SPIN-OFFS Hexagon (HEXAB SS). Hexagon provided additional financial and organizational information for its upcoming Octave spin-off. The unit’s results have been under pressure over H1 25 but sported >30% ebit margins in 2024 and 27% in H1 25. Let’s hope for some interesting action after the spin. UPDATE (February…
KEDM Lite Vol. 15
This week’s additions and highlights 1. SPIN-OFFS S&P Global (SPGI US). A reminder of the upcoming spin of S&P Global’s Mobility division. This is a high-quality asset with little overlap with SPGI’s core business, guided by 7.5%-10% organic revenue and 8-11% EBITDA growth. So, the spin seems to make sense and should unlock value. However,…
KEDM Lite Vol. 14
This week’s additions and highlights 1. SPIN-OFFS Corteva (CTVA US). Corteva recently confirmed the Q4 separation of Seeds (Vylor) and Crop Protection (New Corteva), with dis‑synergies cut to $50m. This in itself is an attractive catalyst given the different business dynamics. Seed volumes were boosted by timing shifts and strong North American demand, and Crop…
KEDM Lite Vol. 13
This week’s additions and highlights 1. SPIN-OFFS Essity (ESSITYB SS). Essity is considering a separation / spin of its Consumer Tissue unit. Is it finally going to happen? The Tissue business is rough, there’s not much growth and operating margins are much below the group average. A separation has long been discussed and makes sense…
KEDM Lite Vol. 12
This week’s additions and highlights 1. SPIN-OFFS Textron (TXT US). Generally, it is too large for a KEDM Lite flag, but there’s just so much going on a Textron. They recently announced to be looking to spin the industrials arm and reposition as a pure‑play defense company. Obviously strong tailwinds. A reminder that Textron is…
KEDM Lite Vol. 11
This week’s additions and highlights 1. SPIN-OFFS Honeywell (HON US). It might be a good time to look at Honeywell, which recently corrected on rather poor results. The company is preparing to separate Aerospace, while also selling non-core businesses (last one is PSS to Brady for $1.4bn). Aerospace faced a tough Q1 on supply chain…
KEDM Lite Vol. 10
This week’s additions and highlights 1. SPIN-OFFS AB Foods (ABF LN). Generally, it is too large for Lite (and thus KEDM Pro material), but still good to flag. Interesting day today (April 21) for AB Foods, with the company confirming plans to separate Primark from its food operations. Primark generates over half of group profit,…
KEDM Lite Vol. 9
This week’s additions and highlights 1. SPIN-OFFS G2 Goldfields (GTWO CN). G Mining is buying G2 Goldfields in a C$3B all‑share deal. G2 holders get 0.212 G Mining shares (C$10.84 value), plus shares in a new exploration spin‑off (G3 SpinCo). The spinco will hold interest in all the remaining G2 properties that G Mining isn’t…
KEDM Lite Vol. 8
This week’s additions and highlights 1. SPIN-OFFS AnaptysBio (ANAB US). ANAB announced that it plans to explore separating its business into two independent, publicly traded companies in 2026.UPDATE (March 31, 2026) AnaptysBio approved the spin. First Tracks (TRAX) is expected to begin trading around April 6. The set-up here is interesting in that it will…
KEDM Lite Vol. 7
This week’s additions and highlights 1. SPIN-OFFS Addvalue Technologies (ADDV SP). Addvalue is exploring a range of options to maximise the value of its inter-satellite data relay (IDRS) system. A spin + US listing seems to be probable choice. US peers are trading at much higher valuations, potentially unlocking even US$200-300m according to some analysts…