Subscribe

Theme: Actionable

KEDM Lite Vol. 33

This week’s additions and highlights 1. SPIN-OFFS National Gas Fuel (NFG US). National Fuel Gas will spin its upstream gas production and gathering business. The idea here is a clear SOTP value unlock, separating exposure to growing natural gas production and simpler, fully regulated utility and pipeline assets. Roxmore Resources (RM CN). SSR Mining will…

KEDM Lite Vol. 32

This week’s additions and highlights 1. SPIN-OFFS Emera (EMA CN). Emera is buying Canadian Utilities from ATCO (ACO/X CN) in a C$14bn all-stock deal, creating a huge, coast-to-coast utility. This will be the largest merger between two Canadian companies ever. Interestingly, ATCO will spin off its remaining businesses into a new industrial-services company, including housing…

KEDM Lite Vol. 30

This week’s additions and highlights 1. SPIN-OFFS Corteva (CTVA US). Good time to take a look at the upcoming Cortiva of Seeds (Vylor) and Crop Protection (New Corteva), with the shares down recently on poor results. Dis‑synergies were recently cut to $50m. The case is worth a look given the different business dynamics; seed volumes…

KEDM Lite Vol. 29

This week’s additions and highlights 1. SPIN-OFFS Resonac (4004 JP). Resonac’s spin of Crasus Chemical (646A JP) is good to go, to be effective Oct. 1. A reminder that while Resonac has done quite well in recent years, Crasus’ performance has been a major headwind for the group. Spinning Crasus is a big move (over…