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

IDT Corporation offers consumer services focused primarily on the telecommunications industry. The Company, through its subsidiaries, provides retail and wholesale telecommunications services and products, including pre-paid and rechargeable calling cards and wholesale carrier services.

<ul><li>An accelerated return of capital looks unavoidable. IDT has a net cash balance sheet yet generates substantial cash every quarter.</li><li>Traditional business is “adding” ice. Investors (including me) view the traditional telecom business as a “melting ice cube,” but IDT’s CFO says the business might start “adding ice.” Key areas of strength include IDT Digital and Mobile Top Up.</li><li>Spin-offs aren’t imminent. NRS is performing incredibly well, but IDT’s CEO doesn’t see a spin-off happening until the business is generating $100MM of EBITDA.</li></ul>

An accelerated return of capital looks unavoidable. IDT has a net cash balance sheet yet generates substantial cash every quarter.Traditional business is “adding” ice. Investors (including me) view the traditional telecom business as a “melting ice cube,” but IDT’s CFO says the business might start “adding ice.” Key areas of strength include IDT Digital and Mobile Top Up.Spin-offs aren’t imminent. NRS is performing incredibly well, but IDT’s CEO doesn’t see a spin-off happening until the business is generating $100MM of EBITDA.

After graduating from Trinity College in Connecticut, I joined Eaton Vance full-time as an equity research associate. While at Eaton Vance, I completed the Chartered Financial Analyst program and earned the CFA designation. In 2013, I left Eaton Vance to join Citi Private Bank to work in the private equity research group.

Richard Howe
Founder at Stock Spin-off Investing
• Stock Spin-Off Investing

IDT 2024 Annual Meeting Summary

An accelerated return of capital looks unavoidable. IDT has a net cash balance sheet yet generates substantial cash every quarter.

Richard Howe