COMPREHENSIVE SPINOFF INVESTMENT OPPORTUNITIES

Upcoming Spinoffs Over Next 12 Months (April 2026 - April 2027)

Analysis Date: April 15, 2026

EXECUTIVE SUMMARY: KEY CHANGES SINCE LAST REPORT (March 2, 2026)

Completed Since Last Report

Major Developments

• Aptiv → Versigent: Distribution completed April 1, 2026; VGNT opened at $27.85, closed April 15 at $34.23 (+23% from Day 1). Added to S&P SmallCap 600 April 2. Versigent took $2.1B in new debt and distributed $2.125B cash to Aptiv for debt repayment.
• Honeywell Aerospace: Form 10 filed March 3, 2026 with Nasdaq ticker HONA; Aerospace launched up to $16B senior notes offering in March; Investor Day scheduled June 3, 2026 in Phoenix. Targets Q3 2026 completion.
• MiniMed IPO: Priced March 5 at $20 (below $25-$28 range); opened $19.05 on March 6; ~$5.3B valuation. Trading around $14.39 (April 13), -28% from IPO. Medtronic lowered FY2026 EPS guidance to $5.50-$5.54 (down $0.12).
• KDP / JDE Peet’s: Acquisition CLOSED April 1, 2026 with 96.22% initial acceptance, rising to 97.75% post-closing. JDE Peet’s delisting April 30. Rafael Oliveira named Global Coffee Co CEO.
• Hexagon → Octave Intelligence: Formal AGM proposal March 24; AGM vote April 24, 2026; 1-for-10 distribution ratio; record date May 22; first NY trading May 28, 2026.
• AnaptysBio → First Tracks Bio (TRAX): Board approved March 27; record date April 6; distribution April 20, 2026; 1-for-1 ratio; $180M cash launch. JEMPERLI royalty business retained as ANAB.
• Mobility Global: Investor Day set for May 12, 2026 (not Q2 broadly); Renato Negro named CAO effective April 6.
• FedEx Freight Investor Day (April 8): CFO laid out 15% medium-term margin target (from ~12%), $1B+ FCF, 4-6% revenue CAGR, 10-12% op income CAGR. June 1, 2026 distribution reaffirmed.
• Middleby Food Processing: Amy Campbell named CFO April 1; Investor Day scheduled May 12, 2026; Form 10 not yet filed. Analysts raised price targets (JPM $180, Canaccord $203).
• Versant (VSNT): Q4 2025 earnings March 3: $6.69B revenue, $2.42B adj EBITDA. $1B buyback authorized, $0.375 quarterly dividend. 2026 guidance: $6.15-$6.4B revenue, $1.85-$2.0B EBITDA. Stock surged to $41 from $33 earnings day forward.
• Waters (WAT): Reported first combined-entity quarter. UBS cut price target to $330 on April 16. Trading near $376.89.
• ABB Robotics: AGM vote pending; still targeting Q2 2026 Swiss/Swedish listing.
• Enviri/Clean Earth: HSR Act early termination received; mid-2026 close on track. Exchange ratio: 0.33 New Enviri shares per Enviri share, plus $14.50-$16.50 cash.
• Barrick Mining: Goldman Sachs tapped April 2, 2026 to lead the North American Gold IPO; late-2026 target, 10-15% minority stake.
• L3Harris Missile Solutions: April 15: Announced $1.27B Virginia expansion for solid rocket motor capacity; H2 2026 IPO targeted.
• Corteva (CTVA): Luke Kissam named CEO of “New Corteva” (crop protection) on April 14, effective June 1; Investor Day Sept 15, 2026. Q4 2026 separation. (Newly added to tracking.)

NEW Spinoffs Added to Tracking

NEW Completed / Trading Spinoffs Added to Tracking (Now Live)

Removed / Status Changed

• Healthpeak → Janus Living: Completed as IPO (was H1 2026 target); moved to Completed tracking
• Aptiv → Versigent: Completed April 1; moved to Completed tracking
• MiniMed: Partial IPO completed; Medtronic retains ~90%; moving toward full split-off by year-end 2026
• CSL Seqirus: Officially delayed beyond FY2026 (no revival date); remains off active list
• Kraft Heinz: Still PAUSED indefinitely
• WBD / Discovery Global: Still CANCELED (Paramount Skydance acquisition pending Q3-Q4 2026 close)

Part 1: Upcoming Spinoffs Overview (Next 12 Months)

IMMEDIATE OPPORTUNITIES (Next 30 Days)

Q2 2026 SPINOFFS

Q3 2026 SPINOFFS

H2 2026 SPINOFFS

2027 SPINOFFS (Approaching 12-Month Window)

EXPLORATORY / UNCERTAIN TIMING

Summary: 26 major spinoffs/separations identified over the next 12 months, plus 5 approaching in 2027. Most imminent: First Tracks Biotherapeutics (April 20) and Octave Intelligence (May 28). Largest by revenue: Honeywell Aerospace ($17.4B), KDP Global Coffee Co (~$16B), McKesson Med-Surg ($11.4B), Corteva SpinCo ($9.9B), FedEx Freight ($8.9B). Highest quality: Mobility Global (60% margins), Octave (31% EBIT margins), Middleby Food Processing (26%+ margins). Biggest new additions: Unilever/McCormick RMT ($42.7B) and Corteva ($17.7B combined revenue split). Major status shifts: Versigent completed (April 1), Janus Living IPO’d (March 20), MiniMed IPO’d (March 6), CSL Seqirus officially delayed.

Part 2: Detailed Spinoff Analysis - TOP TIER OPPORTUNITIES

1. S&P GLOBAL → MOBILITY GLOBAL ⭐ TOP PICK

Executive Summary

• Company: S&P Global Inc. (SPGI) — Current Price: ~$432.94 (April 15, 2026)
• SpinCo: Mobility Global, Inc.
• Industry: Automotive Data & Technology
• Expected Completion: Mid-2026
• Structure: Classic Spinoff
• Structural Features: None
• Investment Grade: A+ (TOP PICK)
• Key Thesis: Exceptional 60% EBITDA margins, iconic CARFAX brand with near-monopoly in used car data, high acquisition potential. Investor Day confirmed for May 12, 2026 in New York City.

Transaction Overview

• Original Company: S&P Global — financial information and analytics leader
• SpinCo: Mobility Global, Inc. — CARFAX, automotiveMastermind, Polk, Market Scan ($1.6B revenue, 8% growth)
• RemainCo: S&P Global — ratings, indices, Platts, Market Intelligence
• Rationale: Sharpen RemainCo’s financial-markets focus while giving Mobility standalone autonomy in $30B+ automotive data market

Financial Structure

Key Developments Since Last Report

• April 6, 2026: Renato Negro named CAO (reporting to CFO-designate Matt Calderone)
• March 25, 2026: Investor Day formally set for May 12, 2026 in NYC (was referenced as Q2)
• Form 10 remains confidentially filed; public filing expected shortly ahead of May 12 Investor Day
• Public debt offering, equity roadshow still expected Q2 2026

Management Team (Unchanged from Prior Report)

Transaction Timeline

• April 29, 2025: Spinoff announced
• November 13, 2025: S&P Global Investor Day
• February 3, 2026: Rebranded as Mobility Global
• April 6, 2026: CAO appointed
• May 12, 2026: Mobility Global Investor Day 📅
• Mid-2026: Expected separation
• Record date: TBD (late Q2 2026)

Investment Analysis

SpinCo Strengths:

• ⭐ 60% EBITDA margins — exceptional for data businesses
• ⭐ CARFAX near-monopoly in used-vehicle history data
• Full C-suite in place — CEO, CFO, CAO, and business-unit presidents named
• 8% revenue growth in mature auto market
• EV transition opens new data opportunities (battery, charging)
• Targeting investment-grade credit rating

SpinCo Risks:

• Cyclical automotive market exposure
• Dealer/OEM building competing data platforms
• Smaller scale as standalone ($1.6B)

SpinCo Catalysts:

• ⭐ May 12 Investor Day — major pricing-discovery event
• Form 10 public filing imminent
• Q2 public debt offering
• ⭐ Acquisition potential remains very high

Investment Scorecard

Grade Change: Unchanged (A+). CAO appointment and confirmed Investor Day reinforce thesis.

Acquisition Analysis

Potential Acquirers:

1. Cox Automotive ⭐: Autotrader, KBB, Manheim — obvious strategic combination with CARFAX
2. Auto dealer groups (AutoNation, Lithia, CarMax): Want to own customer data
3. Microsoft/Google: Automotive data for AI training
4. Vista, Thoma Bravo, Silver Lake: High-margin data asset fit

Acquisition Likelihood: VERY HIGH (90%+)

Recommendation: ⭐⭐⭐⭐⭐ STRONG BUY

• Action: Position before May 12 Investor Day and record date announcement

Sources

• S&P Global Mobility Investor Day May 12
• Renato Negro Named Chief Accounting Officer

2. HONEYWELL → HONEYWELL AEROSPACE (HONA) ⭐ STRONG OPPORTUNITY

Executive Summary

• Company: Honeywell International (HON) — Current Price: ~$229.04 (April 15, 2026)
• SpinCo: Honeywell Aerospace (ticker HONA, Nasdaq)
• Industry: Aerospace
• Expected Completion: Q3 2026
• Structure: Classic Spinoff
• Structural Features: 3-Way (part of Honeywell’s 3-way split: SOLS already completed Oct 2025; Automation RemainCo continues)
• Investment Grade: A (Strong Opportunity) — UPGRADED from A-
• Key Thesis: Form 10 filed March 3. 2025 net sales $17.4B disclosed, pro forma EBIT $4.3B. Aerospace raising up to $16B in senior notes. Investor Day set for June 3, 2026 in Phoenix.

Transaction Overview

• SpinCo: Honeywell Aerospace — engines, avionics, electronic solutions, control systems
• RemainCo: Honeywell Automation — Building/Industrial/Process Automation
• Structure: 100% tax-free spinoff via share distribution

Financial Structure (from Form 10)

Key Developments Since Last Report

• March 3, 2026: Form 10 registration statement filed with SEC. Ticker: HONA (Nasdaq).
• March 2026: Aerospace launched offering of up to $16 billion aggregate principal of senior notes
• March 2026: Entered into $3B 5-year and $1B 364-day senior unsecured revolving credit facilities
• June 3, 2026: Investor Day confirmed in Phoenix — detailed financial model and strategy
• Segment reorganization into three divisions finalized

Management Team (Unchanged)

Transaction Timeline

• February 2025: 3-way split announced
• October 2025: Solstice spinoff completed (SOLS)
• November 2025: CEO/Chairman named
• January 2026: New segment structure
• March 3, 2026: Form 10 filed ✅
• March 2026: Senior notes offering launched
• June 3, 2026: Investor Day
• Q3 2026: Expected distribution
• Record date: TBD (likely Q3 2026)

Investment Analysis

Strengths:

• ⭐ $37B order backlog = exceptional revenue visibility
• ⭐ Largest pure-play aerospace supplier upon separation
• $17.4B revenue base confirmed in Form 10
• Tax-free to HON shareholders
• Experienced C-suite named

Risks:

• Aerospace cycle uncertainty
• Aggressive $16B debt load at separation
• Competition from GE Aerospace, RTX
• HON stock has pulled back from $248 to $229 (potentially margin/guidance concerns)

Catalysts:

• June 3 Investor Day — detailed financial guidance
• Form 10 becoming effective
• Record date announcement

Investment Scorecard

Grade Change: Upgraded A- → A after Form 10 disclosure confirmed $17.4B revenue and $4.3B EBIT.

Sources

• Honeywell Files Form 10 for HONA
• Honeywell Aerospace $16B Senior Notes Offering

3. FEDEX → FEDEX FREIGHT (FDXF) ⭐ STRONG OPPORTUNITY

Executive Summary

• Company: FedEx Corporation (FDX) — Current Price: ~$374.08 (April 10, 2026, most recent available)
• SpinCo: FedEx Freight (ticker FDXF on NYSE)
• Industry: Less-Than-Truckload (LTL) Freight
• Expected Completion: June 1, 2026 (reaffirmed)
• Structure: Classic Spinoff
• Structural Features: None
• Investment Grade: A- (Strong Opportunity)
• Key Thesis: Investor Day April 8 laid out clear standalone targets: 15% margin, $1B+ FCF, 4-6% revenue CAGR.

Transaction Overview

• SpinCo: FedEx Freight — North America’s largest LTL carrier
• RemainCo: FedEx — express, ground, other logistics
• Structure: Tax-free spinoff

Financial Structure & Investor Day Targets

Key Developments Since Last Report

• April 8, 2026: FedEx Freight Investor Day at NYSE — delivered detailed financial framework
• CFO Marshall Witt outlined the margin bridge from 12% → 15% (yield expansion > half of improvement)
• Capital allocation framework: organic investment, debt reduction to maintain investment-grade, then dividends/buybacks
• Separation reaffirmed for June 1, 2026
• Record date and exchange ratio still to be announced

Transaction Timeline

• December 2024: Announcement
• January 16, 2026: Form 10 filed
• February 5, 2026: $3.7B senior notes issued
• April 8, 2026: Inaugural Investor Day ✅
• May 2026 (expected): Record date announcement
• June 1, 2026: Expected distribution

Investment Analysis

Strengths:

• $8.9B revenue, largest US LTL carrier
• 300 bps margin expansion pathway articulated
• $1B+ FCF target with 90%+ conversion = strong cash generation
• $3.7B debt already in place, investment-grade targeted
• Commercial initiatives + IT modernization laid out

Risks:

• LTL demand is cyclical, currently soft
• Tariff uncertainty pressuring freight market
• Execution risk on 300 bps margin lift
• FDX stock down modestly since March 2 ($387 → $374)

Catalysts:

• Record date announcement (May)
• ⭐ M&A potential — XPO, Old Dominion, PE firms
• Q1 FY2026 earnings before separation

Investment Scorecard

Grade Change: Unchanged (A-). Investor Day confirmed thesis.

Acquisition Analysis

Potential Acquirers:

1. XPO Logistics ⭐: Major LTL consolidator
2. Old Dominion Freight Line
3. Canadian National Railway (intermodal synergies)
4. KKR, Blackstone (PE)

Acquisition Likelihood: HIGH — consolidating LTL market

Recommendation: ⭐⭐⭐⭐ BUY

• Action: Own FDX before May record date announcement

Sources

• FedEx Freight Investor Day Targets 15% Margins
• FedEx Freight Inaugural Investor Day Press Release

4. HEXAGON → OCTAVE INTELLIGENCE ⭐ STRONG OPPORTUNITY — IMMINENT

Executive Summary

• Company: Hexagon AB (HXGBF)
• SpinCo: Octave Intelligence plc
• Industry: Enterprise Software / Asset Lifecycle Intelligence
• Expected Completion: May 28, 2026 (first trading day) ⚠️
• Structure: Classic Spinoff
• Structural Features: Dual-Listed (Nasdaq Global Select NY + Nasdaq Stockholm SDR for ~2 years)
• Investment Grade: A- (Strong Opportunity) — UPGRADED from B+
• Key Thesis: AGM approval April 24; record date May 22; dual Nasdaq NY + Stockholm SDR listing. 31% EBIT margins, EUR 1.45B revenue.

Transaction Overview

• SpinCo: Octave — Asset Lifecycle Intelligence, Safety/Infrastructure/Geospatial, Bricsys, ETQ, Projectmates
• RemainCo: Hexagon — manufacturing intelligence, autonomous solutions
• Structure: 100% spin-off, 1-for-10 distribution ratio

Financial Structure

Key Developments Since Last Report

• March 24, 2026: Board proposed distribution & listing at April 24 AGM
• Distribution ratio: 10 Hexagon shares → 1 Octave share (SDR)
• Record date: May 22, 2026
• First NY trading: May 28, 2026
• SDR program on Nasdaq Stockholm to run for ~2 years

Transaction Timeline

• 2025: Spinoff announced; “Octave” brand unveiled
• February 12, 2026: Form 10 filed with SEC
• March 24, 2026: Distribution & listing proposed
• April 24, 2026: AGM vote ⚠️
• May 22, 2026: Record date ⚠️
• May 28, 2026: First trading day (NY) ⚠️

Investment Analysis

Strengths:

• ⭐ 31% EBIT margins — high-quality software business
• EUR 1.45B revenue — meaningful scale
• Dual US/Swedish listing = broad investor access
• Full regulatory path articulated

Risks:

• Enterprise software competition
• Separation from Hexagon integrated platform
• Swedish-parent tax/investor-base dynamics
• SDR program adds complexity

Catalysts:

• AGM vote April 24
• Record date May 22
• First NY trading May 28

Investment Scorecard

Grade Change: Upgraded B+ → A- after finalized distribution terms, AGM date, and exchange ratio.

Recommendation: ⭐⭐⭐⭐ BUY

• Action: Own Hexagon before May 22 record date

Sources

• Hexagon Proposes Distribution and Listing of Octave

5. ANAPTYS → FIRST TRACKS BIOTHERAPEUTICS (TRAX) ⚠️ IMMINENT — APRIL 20, 2026

Executive Summary

• Company: AnaptysBio, Inc. (ANAB) — Current Price: ~$45.50 (April 14, 2026, ANABV when-issued)
• SpinCo: First Tracks Biotherapeutics, Inc. (ticker TRAX on Nasdaq)
• Industry: Biotech — Autoimmune/Inflammatory
• Expected Completion: April 20, 2026 ⚠️
• Structure: Classic Spinoff
• Structural Features: None
• Investment Grade: B (Moderate) — upgraded from B-
• Key Thesis: Biopharma/Royalty split with clear terms. SpinCo launches with $180M cash and 3 clinical assets. RemainCo is a JEMPERLI royalty vehicle.

Transaction Overview

• SpinCo (TRAX): First Tracks Biotherapeutics — clinical-stage biotech with ANB033 (CD122), rosnilimab (T-cell depleter), ANB101 (BDCA2)
• RemainCo (ANAB): RoyaltyCo — JEMPERLI royalties from GSK (8-25% rate), imsidolimab milestones/royalties from Vanda, ~$140-145M cash
• Structure: 1-for-1 tax-free spinoff

Financial Structure

Key Developments Since Last Report

• March 27, 2026: Board approved spinoff; $100M buyback announced at ANAB level
• April 6, 2026: Record date
• April 20, 2026: Distribution — TRAX begins regular-way Nasdaq trading
• $80M PIPE financing secured for TRAX at $13.81/share (independent third-party validation)

Transaction Timeline

• Originally targeted: Year-end 2026
• Pulled forward to Q2 2026, then April 20, 2026
• Record date: April 6, 2026
• Distribution: April 20, 2026

Investment Analysis

TRAX (Biopharma SpinCo) Strengths:

• 3 clinical-stage assets with near-term data catalysts
• $180M cash for 2-year runway
• $80M PIPE provides price floor validation

TRAX Risks:

• Pre-revenue, clinical-stage = high failure risk
• Biotech sentiment volatile
• Orphan selling day-1

ANAB (RoyaltyCo) Strengths:

• JEMPERLI is blockbuster candidate (royalties 8% up to $1B, scaling to 25% above $2.5B)
• $100M buyback = shareholder-friendly capital return
• Predictable cash flows

ANAB Risks:

• Single-asset concentration risk (JEMPERLI)
• GSK commercial execution dependency

Investment Scorecard (SpinCo TRAX)

Recommendation: ⚠️ SPECULATIVE — biotech specialists only. ANAB (RoyaltyCo) is the more interesting vehicle for most investors given JEMPERLI economics and $100M buyback.

Sources

• AnaptysBio Approves Spin-Off of First Tracks Biotherapeutics
• First Tracks Bio $145M Private Placement

6. MIDDLEBY → FOOD PROCESSING ⭐ SOLID OPPORTUNITY

Executive Summary

• Company: The Middleby Corporation (MIDD) — Current Price: ~$143.03 (April 12, 2026)
• SpinCo: Middleby Food Processing (name TBD)
• Industry: Food Processing Equipment
• Expected Completion: Q2 2026
• Structure: Classic Spinoff
• Structural Features: None
• Investment Grade: B+ (Solid Opportunity)
• Key Thesis: 26%+ margins, CEO Mark Salman and CFO Amy Campbell (named April 1) confirmed. Investor Day May 12, 2026. JPMorgan raised PT to $180.

Transaction Overview

• SpinCo: Food Processing equipment ($850M revenue, 26%+ margins)
• RemainCo: Middleby commercial kitchen equipment (majority)
• Structure: Tax-free spinoff

Key Developments Since Last Report

• April 1, 2026: Amy Campbell named CFO of Food Processing SpinCo
• May 12, 2026: Investor Day scheduled
• March 5, 2026: Management presentation on proposed separation
• Form 10 not yet filed
• Analyst Action: JPMorgan PT raised to $180 (from $140); Canaccord raised to $203 (from $187); average PT $178.88 with Strong Buy consensus

Management Team

Investment Analysis

Strengths:

• ⭐ 26%+ EBITDA margins — best-in-class equipment economics
• $850M revenue base with growth upside
• Full C-suite named
• Residential Kitchen 51% stake sold to 26North for $885M valuation — clean up of portfolio

Risks:

• Form 10 not yet filed (timing risk)
• Commercial food equipment cyclicality
• Smaller scale than initial $700M forecast

Catalysts:

• May 12 Investor Day
• Form 10 filing
• Record date announcement

Investment Scorecard

Recommendation: ⭐⭐⭐ BUY

• Action: Watch Investor Day May 12 for detailed guidance

Sources

• Middleby Completes Food Processing Leadership Team

7. VERSIGENT (VGNT) ⭐ NEW COMPLETED — RAISED TO STRONG BUY

Executive Summary

• Parent (APTV): Aptiv PLC — Current Price: $58.46 (April 15, 2026) (down from pre-spin ~$77.69)
• SpinCo: Versigent PLC (VGNT on NYSE)
• Industry: Automotive Electrical Distribution Systems
• Completion: April 1, 2026
• Structure: Classic Spinoff
• Structural Features: None
• Investment Grade: B+ (Solid Opportunity) — unchanged; but TD Cowen Strong-Buy rating April 15

Completed Transaction Details

VGNT Stock Performance

Key Developments Since Completion

• April 2: Added to S&P SmallCap 600 — drove index demand
• April 15: TD Cowen raised to Strong Buy rating
• Investors responded positively to the clean capital structure

APTV RemainCo Performance

• Multiple analyst PT cuts to reflect post-spin valuation
  • BNP Paribas: $107 → $83
  • Baird: $105 → $74
  • RBC: lowered
• UBS upgraded Aptiv rating based on post-spin valuation
• APTV trading at $58.46 (down ~25% from pre-spin, roughly matching the value carved out)

Investment Thesis

The clean separation mechanics (full leadership, $2.1B debt placement, index inclusion) delivered a rare positive post-spin return for VGNT. The +23% move from Day 1 defies the typical “spinoff dip” pattern and reflects better-than-expected market reception of the EV electrical architecture thesis. TD Cowen’s Strong Buy rating, combined with index demand, suggests momentum may continue. APTV post-spin is now a cleaner software/ADAS pure-play and may benefit from multiple re-rating.

Recommendation: ⭐⭐⭐⭐ BUY (both VGNT and APTV)

• VGNT: Momentum play with index support
• APTV: Value re-rating opportunity as post-spin pure-play

Sources

• Aptiv Completes Versigent Spin-off
• Versigent Joins S&P SmallCap 600
• TD Cowen Raises Versigent to Strong-Buy

Part 3: COMPLETED SPINOFFS — Extended Post-Spinoff Analysis

COMPLETED SPINOFFS SUMMARY TABLES

Table A: Overview & Ratings

All returns as of April 15, 2026 vs Day 1 price. UL adjusted for 8:9 share consolidation. UL down reflects McCormick deal reaction.

Table B: SpinCo Price Performance (Updated April 15, 2026)

* STRZ Day 1 open of $8.00 was abnormal; $11.20 close used as reference. ** LION close of $8.15 post-separation reference.

Table C: Parent Company Performance Post-Spinoff

* UL decline reflects McCormick RMT announcement reaction. ** BDX close on Feb 9 is ex-distribution adjusted.

1. SOLSTICE ADVANCED MATERIALS (SOLS) ⭐⭐⭐⭐ — BUY MAINTAINED

Key Price Metrics (Updated April 15, 2026)

Key Developments Since Last Report

• Q1 2026 earnings scheduled May 6, 2026 (not yet reported)
• FY 2026 Guidance (issued at Q4 call, remains in place):
  • Net sales: $3.9B – $4.1B
  • Adjusted EBITDA: $975M – $1.025B (~25% margin)
  • Adjusted diluted EPS: $2.45 – $2.75
  • Q1 guidance: $935M-$985M revenue, $235M-$245M EBITDA
• New quarterly dividend of $0.075/share initiated (Q4 2025)
• Analyst consensus: Buy, average PT ~$83.83
• RBC Capital maintains Outperform; Mizuho maintains Neutral at PT $80

Investment Thesis

Maintained at BUY. SOLS continues to demonstrate why S&P 500 inclusion matters for high-quality industrial spinoffs — persistent institutional demand has supported the stock near its all-time high. FY2026 guidance provides solid floor, and Q1 report on May 6 is the next major catalyst. Uranium processing monopoly and low-GWP refrigerant business remain the core long-term theses.

Recommendation: ⭐⭐⭐⭐ BUY

• Consider adding on dips to $70-$75
• Watch May 6 Q1 earnings for any Q1 beat/miss dynamics

Sources

• Solstice Advanced Materials Q1 Results Due May 6

2. QNITY ELECTRONICS (Q) ⭐⭐⭐⭐ — BUY MAINTAINED

Key Price Metrics (Updated April 15, 2026)

Key Developments Since Last Report

• Q1 2026 earnings scheduled for May 12, 2026 (not yet reported)
• Market continues to reward Q4 earnings beat and above-consensus guidance
• $500M buyback + $0.08 quarterly dividend both active
• FY 2026 guidance remains: $5.07B revenue, $3.75 adj EPS
• AI/semiconductor tailwind persists

Investment Thesis

Maintained at BUY. Qnity continues to trade like a premium semiconductor-adjacent name, not a DuPont carve-out. The 27% gain from opening is remarkable given the $4.2B special dividend debt load that initially worried investors. Stock is at new highs; Q1 earnings May 12 will test whether momentum can continue.

Recommendation: ⭐⭐⭐⭐ BUY

• Consider buying dips to $115-$120

Sources

• Qnity Electronics Schedules Q1 2026 Earnings

3. VERSANT MEDIA GROUP (VSNT) ⭐⭐⭐ — UPGRADED TO HOLD FROM SPECULATIVE

Key Price Metrics (Updated April 15, 2026)

Key Developments Since Last Report

• March 3, 2026: First earnings report delivered results that beat the bearish thesis:
  • 2025 Revenue: $6.69B
  • Net Income: $930M
  • Adjusted EBITDA: $2.42B
  • Standalone Adj EBITDA: $2.18B
• Capital Returns:
  • $0.375 quarterly dividend declared
  • $1B share buyback authorized
• 2026 Guidance: Revenue $6.15-$6.4B; Adj EBITDA $1.85-$2.0B; FCF $1.0-$1.2B
• Platforms (GolfNow, Fandango): Revenue up 4% to $826M
• Non-pay TV revenue: grew from 17% to 19% of total; targeting 33% within 3-5 years
• Market rewarded buyback + profitability stability

Investment Thesis Update

UPGRADED from SPECULATIVE to HOLD. The Q4 earnings report delivered exactly what the deep-value thesis required: demonstrated profitability, meaningful capital returns ($1B buyback), and stabilization. The stock’s ~23% rise since March 2 reflects a successful transition from forced-selling-dominated trading to fundamentals-driven pricing. With 4.2x P/E still cheap and a 4%+ implied buyback yield, VSNT has become a legitimate value name rather than a pure speculation. The non-pay TV growth to 33% target gives a long-term re-rating path.

Recommendation: ⭐⭐⭐ HOLD — from Speculative

• Deep value characteristics remain; $1B buyback is ~17% of market cap
• Risk: pay TV secular decline continues
• Action: Hold existing positions; accumulation on pullbacks to $35 range

Sources

• Versant Media Reports Full-Year 2025 Results

4. BD / WATERS RMT — UPDATED — HOLD (Downgraded from NEUTRAL)

Transaction Summary

BD (BDX) RemainCo — Pure-Play MedTech

• Completed $2.0B debt tender offer (upsized from $1.6B)
• Reaffirmed FY2026 guidance
• Next earnings May 7, 2026

Waters (WAT) Combined Entity

• Waters has partially recovered from the -12% deal-close-day drop
• Q1 2026 guidance: $2.25-$2.35 EPS
• Mixed analyst sentiment — Moderate Buy consensus

Investment Thesis Update

DOWNGRADED to HOLD. BD’s 20%+ YTD decline reflects broader MedTech weakness and the loss of high-margin biosciences revenue. The capital allocation ($2B tender) was completed cleanly, but the fundamental business has been re-rated downward. Waters remains in integration mode; the $345M synergy targets for 2030 are on the long horizon. Both names appear value trades at current levels, but neither offers compelling catalysts in the near term.

Recommendation: ⭐⭐ HOLD

• BD upside of ~26% to analyst PT, but sector headwinds
• Waters integration story remains multi-year

Sources

• BD $2B Debt Tender Pricing
• UBS Cuts Waters Price Target

5. MAGNUM ICE CREAM COMPANY (MICC) ⭐⭐ — DOWNGRADED TO HOLD(-)

Key Price Metrics (Updated April 15, 2026)

Key Developments

• No material news since last report
• Stock has drifted down; near 52-week low

Investment Thesis Update

Downgraded within HOLD rating. MICC’s weak drift reflects ongoing separation costs and lack of positive catalysts. While the 40-60bps margin improvement guidance remains intact, the market isn’t rewarding the story. India acquisition still pending.

Recommendation: ⭐⭐ HOLD (reduced conviction)

• Wait for margin improvement evidence before increasing conviction

6. MILLROSE PROPERTIES (MRP) ⭐⭐⭐⭐ — BUY MAINTAINED

Key Price Metrics (Updated April 15, 2026)

Key Developments

• Stock continued steady performance; near 52-week high
• 5 analysts covering, Strong Buy consensus
• 2026 outlook intact: ~$1B additional invested capital by mid-2026
• Targeting 40%+ invested capital outside Lennar

Lennar (LEN) RemainCo Performance

• Q1 FY2026 earnings disappointed: Revenue $6.6B (-13.3% YoY, miss), EPS $0.88 (vs $0.95)
• LEN stock down to ~$90.44 (from $110.61 in March) = -18.4% since March 2
• Housing affordability headwinds weighing on parent
• Analyst median PT $107.5 — modest upside

Investment Thesis

MRP remains the standout. Unique land-bank REIT with 9.2% portfolio yield, 8-10% dividend yield, zero option terminations, and rapid counterparty diversification (2.4B outside Lennar vs $2.2B target). LEN struggles only reinforce the rationale for MRP’s asset-light model.

Recommendation: ⭐⭐⭐⭐ BUY (maintained)

• Consider buying dips to $28-$30

7. STARZ (STRZ) ⭐⭐⭐ — UPGRADED TO HOLD (was SPECULATIVE)

Key Price Metrics (Updated April 15, 2026)

Key Developments

• Strong recovery from the 52-week low of $8.40 (Feb 13, 2026)
• Streaming pivot story is gaining traction
• OTT subscriber focus vs total subscriber reporting change
• 2.9x leverage targeting 2.7x

Investment Thesis

UPGRADED from Speculative to HOLD. The +44.8% move since March 2 is a dramatic reversal. Combined with Q4’s doubled OIBDA ($93.3M from $45.5M), STRZ has moved beyond pure speculation. Still carries leverage risk but has proven the standalone model works.

Recommendation: ⭐⭐⭐ HOLD — from Speculative

8. LIONSGATE STUDIOS (LION) ⭐⭐⭐ — UPGRADED TO BUY

Key Price Metrics (Updated April 15, 2026)

Key Developments

• New 52-week high
• Morgan Stanley PT $11 (raised from $10)
• Hunger Games: Sunrise on the Reaping tentpole Nov 2026
• Housemaid franchise delivering $300M+ box office
• Legendary M&A talks ongoing

Investment Thesis

UPGRADED from HOLD to BUY. Strong content slate executing, losses narrowing, and M&A optionality with Legendary all contribute. Stock at new high reflects successful execution.

Recommendation: ⭐⭐⭐ BUY — from HOLD

9. ATRIUM THERAPEUTICS (RNAM) ⚠️ — SPECULATIVE MAINTAINED

Key Price Metrics (Updated April 15, 2026)

Key Developments

• No new pipeline updates since last report
• Analyst PT ~$25 (86% upside per projection — speculative)
• IND filings (ATR-1072 H2 2026, ATR-1086 2027) remain key catalysts

Recommendation: ⚠️ SPECULATIVE (maintained)

10. MINIMED (MMED) ⚠️ NEW COMPLETED — SPECULATIVE

Key Price Metrics (Updated April 15, 2026)

Key Developments

• March 5: IPO priced $20 (below $25-$28 range)
• March 6: First trading day opened $19.05
• March 9: ATH $19.05 on opening weakness
• March: Medtronic cut FY2026 EPS guidance $0.12 lower to $5.50-$5.54 (due to MiniMed non-control accounting)
• MiniMed Diabetes laid off 81 ahead of full separation
• Full separation remains on track for year-end 2026

Investment Thesis

SPECULATIVE. The IPO has been a disappointment — priced below range, opened below issue, now down 28% from IPO. Medtronic retaining 90% creates ongoing overhang concerns (eventual secondary supply). The 10%+ growth rate is real, but the market isn’t rewarding it yet.

Recommendation: ⚠️ SPECULATIVE / WAIT

• Let Medtronic’s full exit structure crystallize before committing
• Price below IPO may attract value hunters; but float overhang is real

Sources

• MiniMed Prices IPO at $20
• Medtronic Cuts Forecast After MiniMed IPO

11. JANUS LIVING (JAN) ⭐⭐⭐ NEW COMPLETED — BUY

Key Price Metrics (Updated April 15, 2026)

Key Developments

• March 20, 2026: Upsized IPO priced at $20/share
• Day 1: Closed +18% at $23.60
• April 14: Morgan Stanley initiated at Overweight
• April 14: Scotiabank upgraded to Outperform — stock jumped 7.46% to $25.54
• 34 senior living communities, 10,422 units
• RIDEA structure (resident-paid, not government reimbursement)

Investment Thesis

BUY. Janus Living has been the cleanest IPO launch of the tracked cohort. The +18% first-day close reflected strong institutional interest in the first pure-play RIDEA senior housing REIT. Now up 27.7% from IPO and at new highs on Scotiabank upgrade. Aging demographics tailwind is structural.

Recommendation: ⭐⭐⭐ BUY

• Healthpeak retained stake creates some overhang but the 83.6% voting interest means they won’t divest quickly
• Pure-play senior housing scarcity supports premium valuation

Sources

• Janus Living Prices $840M Upsized IPO
• Scotiabank Upgrade to Outperform

12. VERSIGENT (VGNT) ⭐⭐⭐⭐ — SEE PART 2 SECTION 7 FOR FULL ANALYSIS

(Already covered as the flagship new completed spinoff in Part 2 Section 7.)

SPINOFF PERFORMANCE PATTERNS (Updated with 12 Data Points)

1. The “Spinoff Dip” Pattern — Now with Clearer Divergence

Key Updated Insight: The “spinoff dip” pattern is NOT universal. Quality spinoffs with pre-staged index inclusion (VGNT → S&P SmallCap 600) or upsized IPO demand (JAN) can skip the dip entirely and deliver positive Day 1 and early returns. Forced selling is most pronounced with unwanted conglomerate discards (VSNT) or junk-rated names; less so when the index rebalance creates demand rather than supply.

2. Quality Spinoffs Continue to Recover

Updated Insight: The doubling-from-low pattern has played out across the cohort. The key predictor is business quality — SOLS and Q (highest quality) delivered ~90-100% recoveries within 5-6 months. Even stressed names (VSNT, STRZ) recovered 50-95% from lows.

3. Parent Companies — Mixed Patterns Now Emerging

Updated Insight: Parent companies have had a broadly weaker 6 weeks than the prior report suggested. UL (-19%), LEN (-18%), BDX (-12%), and HON (-8%) are all in corrections. APTV’s -25% is mechanical (ex-distribution). This contrasts with SpinCo quality performance, suggesting the value creation is concentrating in the SpinCos, not the RemainCos, which is the classic spinoff alpha thesis playing out.

COMPLETED SPINOFFS: ACQUISITIONS & EXITS

Completed Acquisitions:

Acquisition Watch List:

Part 4: STATUS CHANGES & REMOVED FROM LIST

KRAFT HEINZ — SPLIT PAUSED (NO CHANGE)

Status: Still paused. No update from prior report.

WARNER BROS. DISCOVERY — STILL ACQUIRED BY PARAMOUNT

Status: Paramount Skydance deal proceeding. Expected close Sep-Dec 2026. Discovery Global spinoff canceled.

TELEFLEX — CONFIRMED SALE (NO CHANGE)

$2.03B cash sale expected H2 2026.

CSL SEQIRUS — OFFICIALLY DELAYED BEYOND FY2026

Status Update: CSL is no longer targeting completion in FY2026. The timing will be revisited when market conditions stabilize. US flu vaccine rates remain 12-14% below prior years. Spinoff remains strategically intended but indefinitely postponed.

Sources

• CSL Delays Seqirus Spinout

Part 5: OTHER TRACKED SPINOFFS — BRIEF UPDATES

Keurig Dr Pepper (KDP) → Global Coffee Co. — Year-End 2026

• Structure: Classic Spinoff · Structural Features: None
• MILESTONE: JDE Peet’s acquisition CLOSED April 1, 2026 (96.22% initial, 97.75% post-closing)
• Rafael Oliveira named CEO of future Global Coffee Co.
• Tim Cofer continues as KDP CEO, will become Beverage Co CEO post-split
• JDE Peet’s delisting April 30, 2026
• KDP stock: ~$26.06 (April 15) — down from $30.28 on March 2 (-14%)
• Separation readiness target: year-end 2026, subject to leverage levels and market conditions
• Grade: B ⭐⭐⭐

Middleby (MIDD) → Food Processing — Q2 2026 (See Part 2 Section 6)

• Structure: Classic Spinoff · Structural Features: None
• Amy Campbell CFO named April 1
• Investor Day May 12, 2026
• JPMorgan PT $180 (from $140); Canaccord PT $203

Resideo (REZI) → ADI Global Distribution — H2 2026

• Structure: Classic Spinoff · Structural Features: None
• FY2025 sales $7.47B; 2026 guidance $7.80-$7.90B
• Separation still tax-free, subject to standard conditions
• Tom Surran (Resideo), Rob Aarnes (ADI) continuing
• No material update since prior report
• Grade: B ⭐⭐⭐

KBR (KBR) → Mission Technology Solutions — Mid-to-Late 2026

• Structure: Classic Spinoff · Structural Features: None
• MTS: ~$5.8B revenue, 20,000 employees
• FY2026 midpoint guidance: $8.13B revenue, $1.01B adj EBITDA
• Shad Evans CFO; still searching for SpinCo CEO
• Grade: B ⭐⭐⭐

Modine (MOD) / Gentherm (THRM) → Performance Tech RMT — Q4 2026

• Structure: RMT · Structural Features: None
• $1.0B transaction: Modine 40%, Gentherm 60% of combined
• Modine gets $210M cash + $790M Gentherm stock
• Subject to Gentherm shareholder vote, IRS ruling, regulatory approvals
• Grade: B ⭐⭐⭐

AnaptysBio (ANAB) → First Tracks Bio (TRAX) — April 20, 2026 (See Part 2 Section 5)

• Structure: Classic Spinoff · Structural Features: None
• Distribution April 20; record date April 6
• TRAX launches with $180M cash
• ANAB RoyaltyCo: $100M buyback active
• Grade: B- (TRAX SpinCo), B+ (ANAB RoyaltyCo)

Eaton (ETN) → Mobility Group — End Q1 2027

• Structure: Classic Spinoff · Structural Features: None
• Announced Jan 26, 2026
• Morgan Stanley financial advisor; Paul Weiss legal
• Tax-free
• Strategic: Eaton focuses on Electrical + Aerospace
• Grade: B ⭐⭐⭐

Johnson & Johnson (JNJ) → DePuy Synthes — Late 2026 / Early 2027

• Structure: Classic Spinoff (or outright Sale — TBD) · Structural Features: None
• Material update expected mid-2026 from JNJ
• Still evaluating spinoff vs $20B+ PE sale
• CFO Joseph Wolk acknowledged multiple structures being considered
• Grade: B (pending structure) ⭐⭐⭐

McKesson (MCK) → Medical-Surgical Solutions — H2 2027

• Structure: IPO Carve-Out (followed by eventual split-off / spin-off of remaining stake) · Structural Features: None
• $11.4B revenue, 17% of adj operating profit
• TSAs in place since Jan 1, 2026
• Expected to use IPO + split-off/spin-off combination
• Grade: B ⭐⭐⭐

International Paper (IP) → EMEA Packaging — Pushed to H2 2027

• Structure: Classic Spinoff · Structural Features: Dual-Listed (NYSE + LSE)
• Timeline clarified to 12-15 months from Jan 29, 2026 announcement → H2 2027
• $400M investment in EMEA during 2026
• Dual NYSE + LSE listing
• 30 countries
• Grade: B ⭐⭐⭐

L3Harris (LHX) → Missile Solutions — H2 2026

• Structure: IPO Carve-Out · Structural Features: Anchor Investor ($1B DoD convertible preferred)
• April 15, 2026: $1.27B Virginia expansion announced for solid rocket motor capacity
• $1B DoD convertible preferred investment
• Missile Solutions: ~$3.6-3.8B revenue, 7,000 employees
• Key programs: PAC-3, THAAD, Tomahawk, Standard Missile
• LHX stock: ~$355.56 (April 14)
• Strong Buy consensus
• Grade: B ⭐⭐⭐

Healthpeak → Janus Living (JAN) — COMPLETED (IPO) (See Part 3 Section 11)

Applied Digital (APLD) → ChronoScale/EKSO RMT — Q2 2026

• Structure: RMT · Structural Features: None
• Fiscal Q3 2026 earnings April 8
• APLD will own ~97% of combined ChronoScale
• AI compute focus
• Grade: B- (speculative) ⭐⭐

Barrick Mining (B) → North American Gold — Late 2026

• Structure: IPO Carve-Out · Structural Features: None
• April 2, 2026: Goldman Sachs tapped as lead underwriter
• Targets 10-15% minority IPO
• Assets: Nevada Gold Mines, Pueblo Viejo, Fourmile
• Potential $60B+ pure-play gold entity
• Grade: B ⭐⭐⭐

Enviri/Harsco (NVRI) → Environmental and Rail — Mid 2026

• Structure: Classic Spinoff · Structural Features: Taxable · Paired Sale ($3.04B Clean Earth → Veolia)
• HSR Act waiting period early terminated (positive sign)
• Clean Earth sale to Veolia for $3.04B remains core
• Enviri shareholders get $14.50-$16.50 cash + 0.33 New Enviri shares per share held
• Grade: B- ⭐⭐

ABB (ABBN) → ABB Robotics — Q2 2026

• Structure: Classic Spinoff · Structural Features: Dual-Listed (Switzerland + Sweden)
• AGM vote still pending
• $2.3B revenue, 12.1% operational EBITA margin
• Dual Swiss/Swedish listing
• Grade: B+ ⭐⭐⭐

MSG Sports (MSGS) → Knicks / Rangers — Exploratory

• Structure: Classic Spinoff · Structural Features: None
• Feb 18, 2026: Board unanimously approved exploration
• Tax-free pro-rata distribution planned
• Requires NBA and NHL approvals
• No timetable set
• Grade: C+ (exploratory) ⭐⭐

Corteva (CTVA) → New Corteva (Crop Protection) / SpinCo (Seed) — Q4 2026 (NEW)

• Structure: Classic Spinoff · Structural Features: None
• Announced October 2025; NEW to tracking
• April 14, 2026: Luke Kissam named CEO of New Corteva (effective June 1)
• Chuck Magro to lead SpinCo (Seed)
• New Corteva: $7.8B rev (44%); SpinCo: $9.9B rev (56%)
• SpinCo includes Pioneer, Brevant, Dairyland Seed
• Investor Day Sept 15, 2026
• Grade: B+ ⭐⭐⭐

Unilever (UL) → Foods / McCormick RMT — Mid-2027 (NEW)

• Structure: RMT · Structural Features: None
• March 31, 2026: Announced $42.7B Reverse Morris Trust with McCormick
• UL shareholders receive 65% of combined ($29.1B) + $15.7B cash
• Combines Knorr, Hellmann’s with McCormick, Cholula, Frank’s
• Combined revenues: $20B global flavor portfolio
• McCormick targets 3-5% organic growth post-merger
• Unilever supports €6B buyback 2026-2029
• UL stock DOWN 14% since March 17 announcement; now ~$57.81-$58.31
• Grade: B ⭐⭐⭐ (complex RMT structure)

New Fortress Energy (NFE) → BrazilCo / New NFE — Q3 2026 (NEW - DISTRESSED)

• Structure: Distressed · Structural Features: None
• March 17, 2026: Restructuring Support Agreement signed
• $5.7B debt restructuring
• BrazilCo: private, creditor-owned (Brazil terminals, power plants)
• New NFE: public integrated LNG-to-power
• UK Restructuring Plan process
• Amended Form 10 filed March 6
• Grade: C (distressed) ⭐ — not a typical shareholder-value spinoff

KEY TAKEAWAYS & INVESTMENT RECOMMENDATIONS

TIER 1: TOP PICKS (A+ to A)

TIER 2: SOLID OPPORTUNITIES (B+ to B)

TIER 3: CAUTION / REMOVED

IMMEDIATE ACTION ITEMS

1. AnaptysBio / First Tracks Bio (April 20) ⚠️ URGENT — 5 DAYS

   • Record date already passed (April 6)
   • Distribution April 20, TRAX begins trading
   • 1:1 distribution
   • Own ANAB to receive TRAX

2. Hexagon / Octave Intelligence Record Date (May 22) 📅

   • AGM vote April 24
   • Record date May 22
   • First NY trading May 28
   • Own Hexagon before May 22

3. Mobility Global Investor Day (May 12) 📅

   • Major pricing-discovery event for top pick
   • Public Form 10 expected ahead of event

4. Middleby Food Processing Investor Day (May 12) 📅

   • Same day as Mobility Global
   • Analyst price targets already moving up

5. Honeywell Aerospace Investor Day (June 3) 📅

   • Detailed financial guidance
   • In Phoenix

6. FedEx Freight Record Date (May, expected) 📅

   • Investor Day complete
   • Record date announcement any day

7. Versigent (VGNT) Post-Spin Momentum ⚡

   • Up 23% since Day 1
   • TD Cowen Strong Buy April 15
   • Consider if momentum continues

8. Janus Living (JAN) Momentum ⚡

   • Up 27.7% from IPO
   • Scotiabank Outperform April 14
   • Pure-play senior housing thesis intact

PORTFOLIO CONSTRUCTION STRATEGY

Aggressive Growth Portfolio:

1. Mobility Global (60% margins, acquisition target) — via S&P Global
2. Honeywell Aerospace (HONA) — via HON
3. Hexagon → Octave Intelligence (before May 22 record date)
4. FedEx Freight (15% margin target) — via FDX

Conservative Value Portfolio:

1. Mobility Global (best risk/reward)
2. Middleby Food Processing (26%+ margins)
3. ANAB RoyaltyCo (post-April 20, JEMPERLI royalties + $100M buyback)
4. Millrose Properties (MRP) — continuing income play
5. Solstice (SOLS) on pullbacks to $70-$75

Momentum Portfolio:

1. VGNT (post-spin, +23% momentum, index inclusion)
2. JAN (IPO momentum, senior housing)
3. STRZ (recovery from lows)
4. Q (Qnity, new highs)

Avoid:

1. MMED (until Medtronic exit path clarifies; overhang risk)
2. New Fortress Energy (distressed restructuring)
3. MICC (drifting without catalysts)
4. Kraft Heinz / WBD / CSL (paused/canceled/delayed)

CALENDAR OF KEY EVENTS

April 2026:

• April 8: FedEx Freight Investor Day ✅ (completed)
• April 14: Luke Kissam named New Corteva CEO; Morgan Stanley initiates JAN; Scotiabank upgrades JAN ✅
• April 15: L3Harris $1.27B Virginia expansion; TD Cowen Strong-Buy on VGNT; UL McCormick deal pressure continues ✅
• April 20: AnaptysBio → First Tracks Biotherapeutics distribution ⚠️
• April 23: Comcast Q1 earnings
• April 24: Hexagon AGM vote on Octave distribution 📅
• April 25: Unilever earnings
• April 30: DuPont Q1 earnings; L3Harris Q1 earnings

May 2026:

• May 6: Solstice (SOLS) Q1 earnings 📅
• May 7: BD Q1 earnings
• May 12: Mobility Global Investor Day 📅; Middleby Investor Day 📅; Qnity Q1 earnings
• May 22: Hexagon / Octave record date ⚠️
• May 28: Octave Intelligence first trading day (NY) ⚠️
• May: FedEx Freight record date (expected)

June 2026:

• June 1: FedEx Freight distribution ⚠️
• June 1: Luke Kissam CEO of crop protection effective (Corteva)
• June 3: Honeywell Aerospace Investor Day (Phoenix) 📅
• June 3: Medtronic Q4 FY2026 earnings

Q2 2026:

• Mobility Global public Form 10, roadshow, debt offering
• ABB Robotics AGM vote and listing
• Middleby Food Processing separation
• ChronoScale/EKSO RMT close
• First Tracks Bio (TRAX) begins trading

Q3 2026:

• Honeywell Aerospace (HONA) distribution ⚠️
• L3Harris Missile Solutions IPO
• New Fortress Energy spinoff completion
• Paramount/WBD deal closes

Q4 2026:

• Corteva split (Seed SpinCo + New Corteva) ⚠️
• Modine/Gentherm Performance Tech RMT close
• Barrick North American Gold IPO
• KDP Global Coffee Co / Beverage Co separation (year-end target)
• Medtronic MiniMed full separation
• Enviri / Environmental and Rail spinoff (mid-2026 close target)

2027:

• Q1: Eaton Mobility Group
• H2: McKesson Medical-Surgical; International Paper EMEA; Unilever/McCormick close

APPENDIX: COMPLETE SPINOFF LIST (April 2026)

Completed / Now Trading:

• Honeywell → Solstice (SOLS) — Oct 2025 — ~$80.22 (+60% from open)
• DuPont → Qnity (Q) — Nov 2025 — ~$133.79 (+27% from open)
• Unilever → Magnum (MICC) — Dec 2025 — ~$14.22 (-5% from open)
• Comcast → Versant (VSNT) — Jan 2026 — ~$40.92 (-9% from open) — BIG RECOVERY
• BD → Waters RMT (WAT) — Feb 2026 — ~$376.89 combined
• Avidity → Atrium (RNAM) — Feb 26, 2026 — ~$13.72 (-7%)
• Lionsgate → Starz (STRZ) / Lionsgate (LION) — May 2025 — STRZ ~$16.38 (+46%), LION ~$11.02 (+35%)
• Lennar → Millrose (MRP) — Feb 2025 — ~$31.48 (+34%)
• Medtronic → MiniMed (MMED) — Mar 6, 2026 — ~$14.39 (-28% from $20 IPO)
• Healthpeak → Janus Living (JAN) — Mar 20, 2026 — ~$25.54 (+28% from $20 IPO)
• Aptiv → Versigent (VGNT) — Apr 1, 2026 — ~$34.23 (+23% from Day 1)

Paused / Canceled:

• Kraft Heinz → PAUSED
• WBD → CANCELED (Paramount acquiring)
• Teleflex → SALE ($2.03B)
• CSL Seqirus → POSTPONED beyond FY2026

APPENDIX B: SPINOFF STRUCTURE REFERENCE

Not all corporate spinoffs are structured the same way. The sections above use short tags to label each transaction by its primary legal/mechanical structure, with an optional set of “orthogonal features” that can modify any primary structure. This appendix defines those tags.

Primary Structures (mutually exclusive — the core mechanic)

Orthogonal Features (can apply to any primary structure; multiple possible)

How to Read the Tags in This Report

• Part 1 overview tables use the Structure tag only (e.g., Classic Spinoff, RMT, IPO Carve-Out).
• Part 2 detailed analyses and Part 5 brief updates list both Structure and Structural Features so deep-dive readers get the full shape of the transaction.
• Part 3 Table A uses the Structure tag only (orthogonal features omitted for scannability).
• The Appendix Complete Spinoff List includes both columns — Structure and Orthogonal Features — so the master table carries full information. A cell reading “None” in the Orthogonal Features column means no modifying features apply; the transaction is characterized entirely by its primary structure.

Report Generated: April 15, 2026 Next Update Recommended: June 2026 (after Hexagon/Octave distribution, FedEx Freight distribution, Honeywell Aerospace Investor Day, Mobility Global Investor Day, multiple Q1 earnings) Methodology: This comprehensive analysis is built primarily from company investor relations websites, SEC filings (Form 10, 8-K, S-1, DEF 14A), press releases, and financial news coverage, supplemented by internet searches for “upcoming spinoffs” and backwards-looking searches for announcements 24-36 months ago (as corporate spinoffs typically take 24-36 months to complete from initial announcement to distribution). The prior spinoff report (March 2, 2026) serves as the baseline tracking list. Online community spinoff trackers (The Zen of Investing, Inside Arbitrage, StockSpinoffs.com) are used as secondary corroborative sources to cross-check completeness against primary material. Source: Spinoff Investment Analysis Skill v4.0

SOURCES

Company IR Primary Sources

• S&P Global Mobility Investor Day May 12
• Honeywell Files Form 10 for HONA
• FedEx Freight Inaugural Investor Day
• Aptiv Completes Versigent Spin-off
• Hexagon Proposes Octave Distribution
• AnaptysBio Approves First Tracks Spin-Off
• Versigent Joins S&P SmallCap 600
• MiniMed IPO Pricing
• Janus Living Upsized IPO Prices
• KDP / JDE Peet’s Acquisition Close
• Corteva Names Luke Kissam CEO
• McCormick / Unilever Foods Combination
• Versant 2025 Full Year Results
• L3Harris Virginia Expansion Apr 15
• Barrick Taps Goldman for NA Gold IPO
• CSL Delays Seqirus Spinout
• Enviri Clean Earth HSR Termination
• MSG Sports Board Approves Separation Exploration
• New Fortress Energy Restructuring Support Agreement

Online Community Corroborative Sources

• The Zen of Investing - Upcoming Spinoffs
• Inside Arbitrage - Spinoffs
• StockSpinoffs.com - Upcoming Spinoffs

Financial Data / Price Sources

• Yahoo Finance, CNBC, Investing.com, Stock Analysis, Morningstar, MarketBeat, Robinhood (for real-time and historical stock prices for all tracked tickers)

DISCLAIMER

This report is for informational and educational purposes only. Not investment advice. Spinoff transactions are subject to change, delay, or cancellation. Stock prices referenced are as of April 15, 2026 close (or most recent trading day available) and may be approximate for individual tickers. Always conduct your own due diligence and consult with financial advisors before making investment decisions. Past spinoff performance does not guarantee future results.