About Every Spin-Off

Every Spin-Off is independent research on corporate separations in the United States and Europe.

Spin-offs remain one of the more persistent sources of mispricing in public equities. Index funds sell what they receive, sell-side coverage of the new company takes time to form, and the only financial history available is a reconstruction prepared by the parent.

The financial statements in a Form 10 or a demerger prospectus are allocations, not history. Overhead, debt, pensions and working capital are assigned by the parent within a wide range of discretion. The work begins by rebuilding the business as if it had always operated independently, then values the spin-off, the remaining parent and the agreements between them.

This site keeps the calendar: upcoming and completed spin-offs in the United States since 2015 and in Europe since 2023, with the press release, investor presentation and prospectus for each one where they exist. The research is published on Substack, and every price target stays on the record with its date.

Questions, corrections and missing deals: reply to any Every Spin-Off email or send a message on Substack.