Below is our research library, listed in reverse chronological order. Please use the search box to look for research on a specific company or topic, or use the Calendar, Archives, or Sector links at left to browse for research from a specific time period or sector. If you are a Wolfe Trahan client and can not access any of the links in our library, please contact ITSupport@WolfeResearch.com to request our PDF decryption plug-in.
Investing in corporate action ideas has historically produced alpha and is an investment theme we are closely following in 2012. In this report, we analyze current investment opportunities in spin-offs, special dividends, “stub” equity, NOL companies, post-bankruptcy equity, busted IPO’s, net-net’s, thrift conversions, deep value ideas, dividend initiations, multiple share classes, CEO changes and U.S. M&A activity. Our favorite corporate action ideas are Visteon, Tyco (ADT spin-off), and Liberty Media.
We upgraded RRTS from Peer Perform to Outperform. We believe RRTS should continue to see strong near-term EPS momentum as it benefits from a combination of 1) LTL tonnage growth above the market, 2) LTL industry pricing discipline, 3) a company-specific shift of purchased transportation towards lower-cost independent contractors (IC’s) versus 3rd party carriers, and 4) strong growth in its TL and TMS segments off a low base including previously completed and expected future acquisitions. More generally, we have grown increasingly comfortable with RRTS’s operating model and management team since we initiated coverage of the stock six months ago. Similar to other asset-light providers in the past, we expect RRTS to earn multiple expansion gradually over time, as management continues to execute and as investors become increasingly comfortable with its unique model.
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