Spin-Off Research Volume XVII, Issue 7

Spin-Off Research

Joe Cornell

Research

394 Pages

Spin-Off Research examines the strategic rationale and investment implications behind corporate spin offs, highlighting newly completed transactions and upcoming separations. The July 2013 issue suggests investors may benefit by evaluating each business independently, as post separation fundamentals and valuations can diverge significantly.

Key Takeaways

Large 2013 Pipeline: As of July 1, 2013, the publication tracked 18 completed 2013 spin offs and carve outs with a combined spin off market capitalization of $135.4 billion.
Media Separation: The 21st Century Fox analysis estimates 14% upside for FOXA versus 10% for News Corp, arguing the faster growing media assets deserve a higher valuation than the publishing business.
Publishing Headwinds: News Corporation's advertising revenues declined 6.5% in FY12, while management expected Australian and U.S. publishing assets to be written down by as much as $1.4 billion.
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