Stock Spin-off Investing Podcast

Stock Spin-off Investing
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In this podcast, Rich Howe discusses all things related to stock spin-offs.

  1. MAR 10

    15. Chris Waller – Plural Investing on GCI Liberty (GLIBK) and Seaport Entertainment (SEG)

    I recently had the opportunity to speak with Chris Wallerof Plural Investing and Hidden Gems Investing about two recent spin-offs: GCI Liberty (GLIBK) and SeaportEntertainment (SEG). Both situations feature strong investor alignment withwell-known investors and have recently completed rights offerings (as Joel Greenblatt famously says: buy all spin-off rights offerings!). I really enjoyed the conversation and hope you do as well.Here’s what we discussed: 1:50 – Chris shares his background5:10 – How Chris approaches investing in spin-offs8:10 – GCI Liberty investment case overview13:50 – What recent insider purchases by John Malone might signal17:05 – What GCI Liberty could look like in 12–18 months22:22 – How much runway John Malone may have24:40 – Thoughts on constructing a portfolio of investment ideas26:15 – The biggest risk for GCI Liberty28:15 – Overview of Seaport Entertainment34:05 – Will Seaport Entertainment generate profits going forward?35:50 – Does the Las Vegas stadium have meaningful value?39:30 – How important this investment may be for Pershing Square and Bill Ackman45:15 – Why Chris believes Seaport Entertainment could significantly cut costs48:00 – Where to learn more about Chris, Plural Investing, and Hidden Gem Investing

    49 min

  2. 12/03/2025

    14. Dominick D'Angelo on TopGolf Callaway (MODG)

    During this episode of SSOI podcast, I spoke with DominickD'Angelo, Head of Research, of O’Keefe Stevens Advisory. Dominick shared his TopGolf Callaway (MODG) investmentcase. Here’s what we discussed: 1:55 Dom shares his background 4:35 O’Keefe Stevens Advisory’sapproach to managing client assets 6:35 How O’Keefe Stevens Advisory constructsclient portfolios 8:15 Topgolf Callaway high leveloverview 15:30 Why the partial sale ofTopgolf will unlock value 20:10 Expected capital returnafter Topgolf sale closes 23:25 Overview of CallowayRemainCo 26:20 Growing interest in golfshould be a tailwind for Calloway RemainCo 30:15 Dom shares his fair valueestimate for Calloway RemainCo 36:35 How Dom gets to over $1/shareof earnings for RemainCo in 2027 40:35 The biggest risks to MODG 43:35 Why Dom is comfortable thatmanagement won’t make another bad acquisition 46:15 Two potential positive righttail events 48:15 How to get in touch with Domand learn about O’Keefe Stevens Advisory During this episode of SSOI podcast, I spoke with DominickD'Angelo, Head of Research, of O’KeefeStevens Advisory. Dominick shared his TopGolf Callaway (MODG) investmentcase.

    49 min

  3. 10/23/2025

    13. Colin King on NCR Atleos, Aumovio, and Solstice

    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.

    45 min

  4. 07/14/2025

    12. Dom St. George of Cayucos Capital on Valterra Platinum

    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 Background 2:05 – How Dom decided on the name Cayucos Capital 3:05 – How Dom finds his investment ideas 7:00 – How Dom approaches investing in spin-offs 9:30 – The opportunity in emerging market stocks vs.developed markets 11:59 – Why is Valterra Platinum an interesting opportunity 14:55 – 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 EVs 25:45 – The use of catalytic converters in hybrids 27:15 – The competitive landscape for platinum group metals 30:45 – Why has Valterra’s stock price lagged its public competitorsin the last 6 months 33:05 – Timing of when Anglo America could sell its remaining19.9% stake in Valterra 33:20 – How Dom thinks about Valterra’s valuation 36:00 – Capital allocation for Valterra 38:45 – Valterra’s hedging policy 40:10 – How to get in touch with Dom

    41 min

  5. 07/02/2025

    11. Simeon McMillan of Accrued Interest (STRZ, WBD, CMCSA)

    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 Interest 4:35 – Simeon’s experience in ColumbiaValue Investing Program 5:15 – Joel Greenblatt’s course atColumbia 8:15 – Why Simeon Started AccruedInterest 12:15 – Overview of Starz 22:25 – 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

    1h 6m

  6. 04/15/2025

    10. My "Dividend as a Catalyst" Playbook

    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" Playbook 2:30 - 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)

    17 min

  7. 03/19/2025

    9. Colin King on What Spin-offs Look Compelling TODAY

    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)

    49 min

  8. 02/11/2025

    8. Kris Rymer of Safe Harbor Stocks on Amentum (AMTM) and Magnera (MAGN)

    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 business 2:15 – Finance and entrepreneurship runs in Kris’ family 5:10 – How Kris evaluates a spin-off 9:00 – Why spin-offs are a great starting place for a newinvestor 9:55 – Why Amentum (AMTM) looks interesting today 12:50 – 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) overview 34:30 – Margin expansion potential at Magnera 35:30 – Magnera risks 41:15 – Magnera sell side estimates are conservative 44:45 – 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

    1 hr
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In this podcast, Rich Howe discusses all things related to stock spin-offs.

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