Uncovering Value

26 active separations tracked. One completion: Resideo's ADI Global (ADIG) distributed August 3. Two thesis reversals dominate the month. Honeywell Aerospace (HONA) broke — a Q2 miss and guidance cut on August 6 — and is downgraded A (4.05) to B+ (3.20) on six years of segment history rather than on the cut itself; STRONG BUY to BUY. Solstice (SOLS) and Element Solutions mutually terminated their $14.5B merger on August 27 with no break fee either way, restoring the standalone security and taking the stock up 12.8% in a session; first grade A- (3.63), HOLD. FedEx Freight cut A- (3.80) to B+ (3.15) and BUY to HOLD on the FY2026 10-K; Qnity trimmed to A- (3.58) and HOLD despite beating consensus by 83%. Corteva/Vylor stays the highest-graded upcoming name at A- (3.80) with the leverage question answered benignly, and separates October 1. MSG Sports filed the Rangers Form 10 on August 14 for an end-October target. New this month: Solventum's Health Information Systems, announced August 5. Ralliant and Sandisk join Part 3 coverage.