Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul><li>On March 31, 2025, IAC Inc (IAC) will spin off Angi Inc (ANGI). The first day of trading will be April 1st.</li><li>Transaction Structure: The spin-off is designed to be tax-free, providing IAC shareholders with direct ownership of Angi. This move will eliminate Angi’s dual-class share structure, transitioning to a one share/one vote system.</li><li>Distribution Ratio: IAC shareholders will receive approximately 0.5178 shares of Angi Class A common stock for each IAC share they hold. This ratio accounts for a planned 1-for-10 reverse stock split of Angi’s shares, effective March 24, 2025.</li></ul>

On March 31, 2025, IAC Inc (IAC) will spin off Angi Inc (ANGI). The first day of trading will be April 1st.Transaction Structure: The spin-off is designed to be tax-free, providing IAC shareholders with direct ownership of Angi. This move will eliminate Angi’s dual-class share structure, transitioning to a one share/one vote system.Distribution Ratio: IAC shareholders will receive approximately 0.5178 shares of Angi Class A common stock for each IAC share they hold. This ratio accounts for a planned 1-for-10 reverse stock split of Angi’s shares, effective March 24, 2025.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>IAC's recent earnings outlined significant changes and challenges, highlighting both strategic adjustments and the impact of previous business decisions.</li><li>The company has faced considerable difficulties in two of its principal businesses: Angi Inc. and Dotdash Meredith.</li><li>For Angi Inc., the shift from a previous $260 million EBITDA to just $35 million was a primary concern.</li></ul>

IAC's recent earnings outlined significant changes and challenges, highlighting both strategic adjustments and the impact of previous business decisions.The company has faced considerable difficulties in two of its principal businesses: Angi Inc. and Dotdash Meredith.For Angi Inc., the shift from a previous $260 million EBITDA to just $35 million was a primary concern.

IAC Inc.: Can Its Traffic Growth & Monetization Efforts Drive Sustained Revenue Growth?

<ul><li>April 17, 2025, ABB Ltd (ABB) announced its intention to spin off its entire robotics division.</li><li>The robotics unit, recognized as the world’s second-largest industrial robot manufacturer after Japan’s FANUC, generated $2.3 billion in revenue in 2024, accounting for approximately 7% of ABB’s total sales.</li><li>However, its profit margin stood at 12.1%, trailing the group’s overall margin of 18.1%, primarily due to subdued demand in the automotive sector.​</li></ul>

April 17, 2025, ABB Ltd (ABB) announced its intention to spin off its entire robotics division.The robotics unit, recognized as the world’s second-largest industrial robot manufacturer after Japan’s FANUC, generated $2.3 billion in revenue in 2024, accounting for approximately 7% of ABB’s total sales.However, its profit margin stood at 12.1%, trailing the group’s overall margin of 18.1%, primarily due to subdued demand in the automotive sector.​

<ul><li>InterActiveCorp (IAC) recently discussed its third-quarter 2024 performance in a call that highlighted several strategic and financial developments.</li><li>As one of the essential takeaways, IAC announced that it is contemplating spinning off Angi Inc., which, if executed, will be its first spin-out in four years.</li><li>This planned spin-off aims to create two separate focused companies, allowing Angi to stand independently with improved liquidity and a tailored strategy for growth.</li></ul>

InterActiveCorp (IAC) recently discussed its third-quarter 2024 performance in a call that highlighted several strategic and financial developments.As one of the essential takeaways, IAC announced that it is contemplating spinning off Angi Inc., which, if executed, will be its first spin-out in four years.This planned spin-off aims to create two separate focused companies, allowing Angi to stand independently with improved liquidity and a tailored strategy for growth.

IAC Inc.: An Insight Into Its Strategic Growth Landscape & Major Growth Drivers

<ul><li>IAC Inc.'s second quarter earnings call highlighted a series of financial maneuvers and operational adjustments aimed at propelling growth and efficiency across their business segments.</li><li>With Joseph Levin and Christopher Halpin at the helm, IAC appears poised to strengthen its market stance through strategic initiatives and disciplined capital management.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

IAC Inc.'s second quarter earnings call highlighted a series of financial maneuvers and operational adjustments aimed at propelling growth and efficiency across their business segments.With Joseph Levin and Christopher Halpin at the helm, IAC appears poised to strengthen its market stance through strategic initiatives and disciplined capital management.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

IAC Inc.: Capitalizing on Online Dating and Video Streaming Trends! - Major Drivers

United States

IAC Inc operates as a holding company. The Company, through its subsidiaries, provides media and Internet services. IAC serves customers worldwide.

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IAC (IAC US)

Weekly Update (ANGI, IAC, SNRE)

On March 31, 2025, IAC Inc (IAC) will spin off Angi Inc (ANGI). The first day of trading will be April 1st. The spin-off is designed to be tax-free...

Richard Howe

IAC Inc.: Can Its Traffic Growth & Monetization Efforts Drive Sustained Revenue Growth?

IAC's recent earnings outlined significant changes and challenges, highlighting both strategic adjustments and the impact of previous business...

Baptista Research

Weekly Update (ABB, MEDXF, LION)

April 17, 2025, ABB Ltd (ABB) announced its intention to spin off its entire robotics division. The robotics unit, recognized as the world’s second...

Richard Howe

IAC Inc.: An Insight Into Its Strategic Growth Landscape & Major Growth Drivers

InterActiveCorp (IAC) recently discussed its third-quarter 2024 performance in a call that highlighted several strategic and financial...

Baptista Research

IAC Inc.: Capitalizing on Online Dating and Video Streaming Trends! - Major Drivers

IAC Inc.'s second quarter earnings call highlighted a series of financial maneuvers and operational adjustments aimed at propelling growth and...

Baptista Research

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