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January to June 2013 Recap: 18 Spin-Offs and Counting

Covering all U.S. and all major global spins, Spin-Off Research covered 18 completed spin-offs in the first half of 2013. With 26+ on deck, the spin-off space continues to provide investment oportunities.

1H-2013 Completed Spin-Offs

        Spin-Off
Parent                                        Symbol     Spin-Off                                           
Symbol   
Date
Abbott ABT AbbVie ABBV 1/1/2013
Starz STRZA Liberty Media Corporation LMCA 1/11/2013
CVR Energy  CVI CVR Refining CVRR 1/17/2013
Cincinnati Bell Inc. CBB CyrusOne Inc. CONE 1/18/2013
SunCoke Energy Inc. SXC SunCoke Energy Partners L.P. SXCP 1/18/2013
PPG Industries Inc. PPG Eagle (Merged with Axiall) AXLL 1/28/2013
Pfizer Inc. PFE Zoetis ZTS 1/31/2013
Seacor Holdings Inc. CKH ERA Group ERA 1/31/2013
Leucadia National LUK Crimson Wine Group CWGL 2/25/2013
Brookfield Asset Management BAM Brookfield Property Partners BPY 4/15/2013
Safeway SWY Blackhawk Network Holdings HAWK 4/19/2013
Valero Energy Corp. VLO CST Brands CST 5/1/2013
ING Groep NV ING ING U.S. Insurance Unit VOYA 5/2/2013
Newcastle NCT New Residential Investment NRZ 5/15/2013
Dean Foods DF WhiteWave Foods WWAV 5/23/2013
Pfizer
PFE
Zoetis ZTS 6/19/2013
Covidien COV Mallinckrodt "MNK" 6/28/2013
 News Corp.*  "FOX"  New News Corporation**  "NWSA"  6/28/2013

*Renamed 21st Cent. Fox Post Spin
**Named News Corp Post Spin
Source: Spin-Off Research

Spin-Off, Spinoff, IPO Carve-out

Bloomberg U.S. Spun-Off Index

Following is a summary of the latest results of the Bloomberg capitalization-weighted index of U.S. spun-off companies and their historical performance. To see the members’ index weighting, use {BNSPIN Index MEMB <GO>}.

     Current    Total Returns(%)*    Mrk Cap

Ticker

Name  Price YTD   1-Year  Life  ($Bln)
 BNSPIN^  Bberg US Spin-Off Index  454.38  22.9  54.0  409.5  236.35
 SPX  S&P 500 INDEX  1626.73  15.2  25.2  n/a  14,999
      Index Members@        
 ABBV  ABBVIE INC  43.21  29.2  n/a  25.6  68.43
 ADT  ADT CORP/THE  39.41  -14.8  n/a  6.6  8.62
 ALEX  ALEXANDER & BALDWIN INC  36.93  25.7  40.8  46.0  1.57
 AMCX  AMC NETWORKS INC-A  63.86  29.0  66.6  60.3  4.62
 BWC  BABCOCK & WILCOX CO/THE  30.18  15.9  27.2  31.6  3.39
 CST  CST BRANDS INC  32.41 n/a   n/a  7.0  2.44
 FBHS  FORTUNE BRANDS HOME & SEC  40.10  37.6  86.2  226.8  6.62
 HHC  HOWARD HUGHES CORP/THE  106.26  45.5  78.6  188.0  4.20
 HII  HUNTINGTON INGALLS IND  56.09  29.9  49.6  36.0  2.81
 KRFT  KRAFT FOODS GROUP INC  55.68  23.6  n/a  25.2  33.10
 LVNTA  LIBERTY VENTURES - SER A  82.56  21.8  n/a  83.5  3.04
 STRZA  STARZ - A**  22.31  68.0  130.8  43.1  2.72
 MPC  MARATHON PETROLEUM CORP  79.61  27.5  106.5  97.6  25.86
 NRZ  NEW RESIDENTIAL INVESTMENT  6.59  n/a  n/a  -4.8  1.67
 POST  POST HOLDINGS INC  45.72  33.5  46.8  70.0  1.49
 PSX  PHILLIPS 66  63.81  21.3  94.3  98.9  39.57
 QEP  QEP RESOURCES INC  29.27  -3.2  11.1  0.6  5.25
 TRIP  TRIPADVISOR INC  63.75  52.1  44.7  130.4  9.14
 WPX  WPX ENERGY INC  19.00  27.7  36.0  5.0  3.80
 XLS  EXELIS INC  12.88  16.4  32.7  17.6  2.42
 XYL  XYLEM INC  27.12  0.9  10.3  4.8  5.03

Source: Bloomberg

*T     
* -- Including gross dividend reinvestments.
** -- Including Starz instead of Liberty Media since Starz is
      the smaller entity of the spin-off activity.
^ -- Incepted since 12/31/2002.
@ -- Including the most recent three year spun-off companies with at least $1 billion market value at spun-off.

 

 

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Investors have multiple choices, either throw your money blindly at all spin-offs, choose an ETF, grind through all filings and prospectus, or focus on the best spin-off on an individual case-by-case basis (just last 9 months there were 30 spins in the US alone.)  If you are a Professional, Institutional or a High-worth Individual, Spin-Off Research can focus your limited resources.

To get a copy of our timely and detailed spin-off analysis, please contact us.  Our monthly publication, Spin-Off Research, is a subscription-based service and is supplemented with timely Email Bulletins.  We are an independent research boutique focused solely on corporate divestures, spin-off, carve-outs, and split-offs.

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Spin-Off Research is published by Spin-Off Advisors, LLC. Spin-Off Research is a subscription-based service for Professional and Institutional Investors.  Blog entries are delayed.  Subscriber-base receives the spinoff report at time of press via Email Bulletins.  To learn more about becoming a subscriber, please contact us. Spin-Off Advisors, LLC provides coverage on all US and major Global spinoffs, carve-outs and split-offs; Spin-Off Research published since March 1997.