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 ANGI

6:10 – Colin shares his perspective on IAC and ANGI

9:25 – IAC is finally buying back stock

11:15 – Does IAC actually generate free cash flow?

15:45 – Current IAC SOTP valuation

17:15 – Colin shares his thoughts on the right multiple for DotdashMeredith

20:00 – Colin shares how he thinks about IAC’s valuation

21:55 – Rich explains why Sunrise Communication (SNRE/SUNN)is interesting today

22:45 – “Dividend as a Catalyst” playbook

26:30 – Colin discusses Sunrise’s balance sheet

30:15 – Colin shares why he thinks NCR Voyix (VYX) isinteresting.

31:45 – Discussion of NCR Voyix’s (VYX) valuation

32:35 – Why Colin thinks step change leverage reductions canbe profitable investment opportunities’

36:45 – Why Colin thinks Havas N.V. (HAVAS) is attractive

38:50 – Havas’ dividend policy

39:45 – 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)