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Theme: Actionable

KEDM Lite Vol. 17

This week’s additions and highlights 1. SPIN-OFFS Honeywell (HON US). With the listing of Quantinuum (QNT) completed, the next action point for Honeywell is the upcoming spin of Aerospace. Aerospace will trade under HONA on June 29 (record date June 15), and we note the Aerospace investor day of June 3 for more info on…

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…