Stock Spin-off Investing Podcast

During this episode of SSOI podcast, I spoke with Colin Kingof Circle City Capital. Colin runs Value Don’t Lie where heshares his highest conviction ideas. In this episode, Colin and I discuss NCR Atleos Corporation (NATL), Aumovio SE (AMVO), and Solstice (SOLS),Here’s what we discussed:3:00 Why Colin thinks NATL isinteresting.6:30 Why Colin loves charts thatshow growing earnings but a flat stock chart.6:50 What the next big catalyst isfor NATL.8:00 Brief description of EuronetWorldwide (EEFT) and why it also looks interesting.9:00 Discussion of NATL’s leverageprofile.11:00 How big could ATMaaS get?12:30 Is revenue and earnings growthsustainable?14:45 NATL’ s buyback plan.15:50 NATL’s 2026 free cash flowpotential.17:15 Why does Colin think Aumoviois interesting?18:30 Aumovio’s balance sheet is adifferentiator.20:40 Discussion of Aumovio’spension liabilities.22:50 Margin growth potential forAumovio.24:30 The upside to Aumovio’smoney losing segments.26:30 What is interesting aboutHoneywell’s upcoming spin-off, Solstice (SOLS)29:00 The capital intensity ofSolstice’s business.32:00 Why I think Solstice’sEBITDA guidance might be conservative.37:50 What Colin and I thinkSolstice is worth.41:00 Does Honeywell (HON) RemainColook attractive?44:30 Where you can find moreabout Colin.

On this episode of the Stock Spin-off Investing Podcast, Iinterview Dom St. George of Cayucos Capital. Dom has 15 years of experience investing in emerging markets. Today he shares his investment case on recent spin-off, Valterra Platinum.You can follow Dom on X here and subscribe to his substack here.Here's what we covered:1:05 – Dom’s Background2:05 – How Dom decided on the name Cayucos Capital3:05 – How Dom finds his investment ideas7:00 – How Dom approaches investing in spin-offs9:30 – The opportunity in emerging market stocks vs.developed markets11:59 – Why is Valterra Platinum an interesting opportunity14:55 – Why do mining companies have a poor track record oftiming their own cycles?16:05 – Why have platinum prices been strong recently?20:15 – What is the main use for platinum?21:20 – Why Dom is confident in the long-term outlook for platinumdespite the rise of EVs25:45 – The use of catalytic converters in hybrids27:15 – The competitive landscape for platinum group metals30:45 – Why has Valterra’s stock price lagged its public competitorsin the last 6 months33:05 – Timing of when Anglo America could sell its remaining19.9% stake in Valterra33:20 – How Dom thinks about Valterra’s valuation36:00 – Capital allocation for Valterra38:45 – Valterra’s hedging policy40:10 – How to get in touch with Dom

During this episode of SSOI podcast, I spoke with SimeonMcMillan of Accrued Interest. Simeon is a Columbia Value Investing program trained special sits investor with a background in media operations. In other words, he is theperfect person to talk to about media spin-offs!Here’s what we discussed:2:00 – Simeon’s background and whyhe started Accrued Interest4:35 – Simeon’s experience in ColumbiaValue Investing Program 5:15 – Joel Greenblatt’s course atColumbia8:15 – Why Simeon Started AccruedInterest12:15 – Overview of Starz22:25 – Will new shows and seasonlaunches be positive catalysts for Starz?29:40 – Is bundling a viable wayto grow the Starz subscriber base?35:45 – What is a fair valuationfor Starz?45:25 – How Simeon is thinkingabout WBD’s recent spin-off announcement.58:40 – How valuable is the WBDstudio business?60:04 - Where to follow Simeon

In the episode, I cover my "Dividend as a Catalyst" playbook. I review two case studies and then discuss two live ideas.Here's what I cover:1:15 - What is the "Dividend as a Catalyst" Playbook2:30 - Case Study #1 : Kontoor Brands (KTB)6:20 - Case Study #2: Jackson Financial (JXN)9:45 - Current Example #1: Sunrise Communications (SNRE)13:36 - Current Example #2: Havas N.V. (HAVAS)

During the episode, we welcome back Colin King of CircleCity Capital. Instead of just diving deep into one spin-off situation, Colin and I share which ideas look particularly interesting today.1:20 – Rich explains why IAC Inc (IAC) is particularlyinteresting today.3:35 – IAC’s imminent spin-off of ANGI6:10 – Colin shares his perspective on IAC and ANGI9:25 – IAC is finally buying back stock11:15 – Does IAC actually generate free cash flow?15:45 – Current IAC SOTP valuation17:15 – Colin shares his thoughts on the right multiple for DotdashMeredith 20:00 – Colin shares how he thinks about IAC’s valuation21:55 – Rich explains why Sunrise Communication (SNRE/SUNN)is interesting today22:45 – “Dividend as a Catalyst” playbook26:30 – Colin discusses Sunrise’s balance sheet30:15 – Colin shares why he thinks NCR Voyix (VYX) isinteresting.31:45 – Discussion of NCR Voyix’s (VYX) valuation32:35 – Why Colin thinks step change leverage reductions canbe profitable investment opportunities’36:45 – Why Colin thinks Havas N.V. (HAVAS) is attractive38:50 – Havas’ dividend policy39:45 – Havas expects to grow consistently over the next coupleof years.40:15 – Colin discusses the Havas competitive landscape 42:00 – Quick discussion of Canal+ (CAN)43:55 – Quick discussion of Resolute Holdings (RHLD)

During the episode, Kris shares his background and then dives deeply intoAmentum (AMTM) andMagnera (MAGN). We then cover questions aboutMillrose (MLP), Net Lease Office Properties (NLOP) and others.1:00 – Kris shares his background and experience buying andselling a small business2:15 – Finance and entrepreneurship runs in Kris’ family5:10 – How Kris evaluates a spin-off9:00 – Why spin-offs are a great starting place for a newinvestor9:55 – Why Amentum (AMTM) looks interesting today12:50 – What has driven the weakness in the stock?19:00 – What impact will DOGE have on AMTM?23:40 – What is fair value for Amentum?26:25 – How much of an overhang is PE ownership?28:15 – Magnera (MAGN) overview34:30 – Margin expansion potential at Magnera35:30 – Magnera risks41:15 – Magnera sell side estimates are conservative44:45 – Thoughts on upcoming Millrose spin-off?51:40 – What is your favorite spin-off situation on thehorizon?57:40 – How to get in touch with Kris

In this episode, I talk with Peter Smith of Palm Harbour Capital. Peter shares his background and then dives deeply into InternationalGaming Technologies (ITG). In a nutshell, IGT is interesting because it has agreed to sell its Gaming & Digital business to Apollo. IGT will receive ~$3.6BN of net proceeds, when the transaction closes and the Remaining Lottery business is trading at 5x EBITDA on a pro forma basis (peers trade in the high single digit range). What’s the catch? ITG has a large Italian lottery contract up for renewal in Q2 2025 which investors are worried about. 1:45 – Peter shares his background and how a Texas native ended up in London 3:30 – Palm Harbour overview 4:30 – Peter’s experience backpacking around Europe 4:50 – How Peter landed his first job in Germany 6:45 – How Peter thinks about portfolio construction 8:45 – Why Peter thinks ex-US markets are less competitive 10:30 – Peter’s approach to spin-offs 12:00 - Peter provides an overview of International Game Technology (IGT) 13:45 – Apollo is buying the slot machine side of the business 15:45 – History of IGT’s lottery business 16:00 – Economic resilience of the lottery business 20:00 – Why IGT launched a strategic review 21:30 – Why the market did not like the initial spin-off proposal 23:30 – Overview of Italian lottery renewal 27:30 – Why is the market concerned about the Italian lottery renewal? 35:45 – Why is IGT likely to win the Italian renewal? 40:35 – How important is this contract for IGT? 44:35 – How do you think about IGT’s valuation in a scenario where it loses the Italian contract? 46:45 – What odds is the market implying that IGT is going to lose this contract? 48:10 – How much of Apollo’s $4.05BN bid will be lost to expenses and taxes? 50:20 – How do you view IGT’s management team? 52:05 – Would the RemainCo ever get sold? 54:10 – What is timing of Italian renewal and the Apollo transaction closing? 1:00 – Where you can go to learn more about Peter Smith and Palm Harbour Capital

In this episode, I talk with Christian Ryther of Curreen Capital. Christian starts off by sharing his experience at Columbia Business School in the Value Investing program, and also how he managed to finish second in a 100 mile race. During the podcast episode, we discuss several spin-offs: Solventum (SOLV), Enhabit (EHAB), Millrose (MRP), Havas (HAVAS), and Pluxee (PLX). 1:35 – Christian’s background including his time in the Columbia Business School Value Investing Program 4:15 – A discussion of how long market cycles (value vs growth, small cap vs. large cap) last. 5:20 – Christian’s experience in the Peace Corps in Morrocco 7:00 – Christian’s experience coming in 2nd place in a 100-mile race 9:30 – Christian discusses his approach to investing in spin-offs 13:20 – A discussion on Solventum (SOLV), the MMM spin-off 15:15 – How Christian thinks about portfolio position size 17:30 – What market cap Christian focuses on 19:45 – A discussion of Enhabit (EHAB) 28:30 – How meaningful Enhabit’s lawsuit win vs. VitalCaring Group 31:45 – Why is United Health (UNH) interested in buying home health companies? 33:15 – A discussion of insider buying at Enhabit (EHAB) 34:20 – Why the Millrose spin-off from Lennar (LEN) pisses Christian off 37:10- Why Christian views the Millrose spin-off as a preferred stock 37:50 – Does this make Lennar (LEN) more interesting? 39:15 – Would Lennar (LEN) ever walk away from its agreement with Millrose? 42:05 – Quick pitch on Havas, the Vivendi spin-off 48:15 – Quick discussion of Pluxee (PLX) 53:05 – How to get in touch with Christian

In this episode, Rich Howe interviews Ameya of Multiples Capital. We discuss Multiples Capital's founding story and why MGM and GTX are two of Ameya's favorite stocks today. What we covered: 1:15 – Ameya’s background 3:15 – Using Jeff Bezos’ regret minimization framework 4:15 – The formation of Multiples Capital 4:35 – When Ameya immigrated to the United States 5:00 – Multiples Capital performance to date 5:25 – How Ameya approaches managing capital and portfolio construction 9:35 – How concentrated is the Multiples Capital portfolio 11:26 – MGM Resorts International (MGM) investment case 17:45 – How Ameya thinks about MGM’s debt burden 28:42 – Have there been any rumors that MGM may be taken private? 29:40 – Why Ameya likes Garrett Motion (GTX) 30:56 – Overview of Garrett Motion’s valuation 33:26 – Why did Garrett Motion go bankrupt 35:17 – Why Garrett’s murky history provides an opportunity 40:02 – 3 catalysts for Garrett Motion 43:57 – How tariffs will benefit Garrett Motion 46:30 – How Ameya views the market today 51:05 – Where to find more information about Multiples Capital

In this episode, Rich Howe interviews Colin King of Circle City Capital. We discuss how Colin built his $28MM holding company, lessons learned from investing in spin-offs for over a decade and what he thinks of recent spin-off, Magnera (MAGN). 1:01 – Colin’s background 3:25 – Colin discusses quitting his job to found Circle City Capital Group 4:27 – How Colin splits his time between public and private investments 6:47 – How Colin allocates his capital between public and private investments 8:27 – How Colin things about cash at the holding company level 11:30 – How Colin things about investing in spin-offs 14:05 – Discussion of Zimvie (ZIMV) 17:03 – Overview of recent spin-off, Magnera (MAGN) 20:03 – What has caused the downturn in the nonwoven business? 21:50 – Has Magnera’s business bottomed? 23:49 – Discussion of Magnera’s valuation 25:20 – How much free cash flow Magnera will generate 27:20 – The biggest risk factor for Magnera 29:43 – Indiscriminate selling pressure from Berry shareholders 32:43 – How Colin evaluates the management team of a spin-off 35.05 – Quick Discussion of SiteCenter (SITC) RemainCo and Curbline (CURB) spin-off 37:24 – Where to learn more about Colin

In this episode, Rich Howe interviews Derek Pilecki of Gator Capital. We discuss how Derek approaches spin-offs in the financial sector. He shares lessons learned from Jackson Financial (JXN), BBX Capital (BBXIA), Virtis Investment Partners (VRTS), and Voya Financial (VOYA). 0:54 – How Derek founded Gator Capital 4:40 – Gator Capital current AUM 5:40 – What it was like to start a financials focused hedge fund right before the Great Financial Crisis 7:40 – If Derek had to start his hedge fund from scratch, he would do this differently 10:00 – How Derek Approaches investing in spin-offs 12:45 – Derek’s Jackson Financial (JXN) thesis 17:17 – Is Jackson Financial a “Black Box”? 19:38 – Spin-offs and paired trades 21:54 – Derek shares his BBX Capital investment thesis? 23:36 – Corporate governance at BBX Capital 24:36 – Why Derek is expecting a tender offer for BBXIA relatively soon 27:23 – How Derek uses barebones technical analysis. 31:25 – What was Derek’s thesis with Virtis Investment Partners (VRTS)? 36:16 – Derek shares his Voya Financial (VOYA) investment case? 38:46 – Why weren’t investors interested in the VOYA IPO? 40:18 – Why Derek view secondary share overhangs as nonevents 41:30 – Derek walks through the Primerica IPO from Citigroup and how it was an attractive setup

In the first Stock Spin-off Investing Podcast episode ever, Asif Suria and I talk about Lions Gate Entertainment and Western Digital. Here's what we cover: 1:18 Asif’s background 5:07: How do you think about spin-offs? 7:57: Discussion of GE / GEV? 9:51: Why are Lions Gate Entertainment (LFGA/LGFB) and Lionsgate Studios (LION) interesting today? 17:18: Insider buying at Lions Gate? 21:46: How confident are you that the Lionsgate Studios spin-off will take place? 23:31: What are the risks to the Lions Gate story? 25:10: What is the Western Digital Investment Case? 30:48: How does flash memory compare to hard drive memory? 31:24: Cyclicality of flash industry and hard drive industry? 32:30: How does Seagate’s HDD business to Western Digitals? 34:23: Is Seagate a good comp to Western Digital on the HDD business? 35:25: Does Western Digital look attractive on a SOTP basis? 40:59: Will AI benefit both of Western Digital’s businesses? 43:00: Where can folks find more information about you and InsideArbitrage?

In this episode, Rich Howe interviews David Bastian of Kingdom Capital. We discuss recent spin-offs, Net Lease Office Properties (NLOP), Curbline Properties (CURB), and Magnera Corporation (MAGN).