KEDM Lite Vol. 26
This week’s additions and highlights 1. SPIN-OFFS Siemens Energy (ENR GY). Siemens Energy is rumored to be considering spinning off its “Transformation of Industry” division, which makes compressors and steam turbines. This unit generates ~€5.5bn revenues (roughly 14% of group sales), with the reports also mentioning that this could grow to €10-11bn by 2031 and…
KEDM Lite Vol. 25
This week’s additions and highlights 1. SPIN-OFFS VivoPower (VIVO US). VivoPower confirmed its plan to spin Caret Digital (5:1), its DOGE mining operations, at a target market cap of $308m. They’re also looking for $50m investment. There’s so much (craziness) going on at VivoPower that for the first time we decided to split this company’s…
KEDM Lite Vol. 24
This week’s additions and highlights 1. SPIN-OFFS Thyssenkrupp (TKA GY). 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…
KEDM Lite Vol. 23
This week’s additions and highlights 1. SPIN-OFFS Liberty Global (LBTYA US). Liberty Global completed the buyout of Vodafone’s 50% stake in VodafoneZiggo, so creating Ziggo Group, a Benelux telco with 13m customers and ~€6.6bn revenue. Vodafone receives €1bn cash plus 10% equity, with Liberty owning the remaining 90% and planning an Amsterdam spin‑off in 2027.…
The return of ED
Discipline! Before we get started, what a difference a couple of weeks can make… Last week, we did a deep dive into Japanese activism and introduced our dedicated Japan monitor. We also mentioned 2 ways to play the improvement in Japanese corporate governance that were easy enough for a gaijin to wrap your head around:…
August 02, 2026, Vol. 284
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KEDM Lite Vol. 22
This week’s additions and highlights 1. SPIN-OFFS 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,…
KEDM Lite Vol. 21
This week’s additions and highlights 1. SPIN-OFFS Midera Food Processing (MFP US). Flagging the upcoming spin-off of Middleby’s Food Processing business as Midera Food Processing (MFP; expected this week). As mentioned, interesting timing given the unit’s relatively smaller size, stronger growth but worse margin dynamic compared to the Middleby’s larger Commercial Foodservice segment. The Food…
KEDM Lite Vol. 20
This week’s additions and highlights 1. SPIN-OFFS Mobility Global (MBGL-W US). Mobility Global began trading when‑issued, and we’re keeping an eye on this one. The stock is getting quite some attention (Fintwit / VIC / Substack), but let’s see if we’ll see some (forced) selling given its small size, lack of overlap with SPGI and…
KEDM Lite Vol. 19
This week’s additions and highlights 1. SPIN-OFFS Middleby (MIDD US). Middleby has set June 26 as the record date for the spin of Midera Food Processing. Trading on roughly in the first week of July. Interesting timing given the unit’s relatively smaller size, stronger growth but worse margin dynamic compared to the Middleby’s larger Commercial…