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academy · special situations

Academy

How is the list card read?

Each number marks one line or figure of the card; below, what it shows and how it is read. The card is a schematic: it carries no deal's data.

  1. 1Line 1 · Identity of the Targeted Stock

    Shows the listed company targeted by the influence or governance-change campaign: ticker, exchange and country, the family label and the days since the announcement («Day N»).

  2. 2Line 2 · Company Targeted by the Campaign

    Name of the company whose management the activist is challenging and, below it, its sector.

  3. 3Line 3 · Registered Activist Investor

    After the «Counterparty» label, the institutional fund that has formally disclosed accumulating more than 5% of the capital with voting intent.

  4. 4Line 4 · No economic score

    In the economic families this is where the composite score and the DRI go. They are not a reading for this family: a governance campaign has no agreed price or close date to start from, and the governance case page shows no score at all. What is measured —seats, votes, stake— is read in Board & meeting and in Stakes.

  5. 5Main figure: not applicable in governance

    In the economic families this box shows the spread and its IRR. An activism campaign has no agreed price to derive them from, so it is not a reading for this family: N/D is expected, and it is never estimated.

  6. 6Spot Price: reference only

    Market price of the share, if we have it with a source. In governance it is not compared with any target price or intrinsic value: this family's case page shows no economic figure.

  7. 7Offer and floor: not applicable

    Under the price, the card shows the offer price when there is one. An activism campaign is not an offer: there is no offer price or floor to read, and the governance case page computes no downside.

  8. 8Footer: Stage (Shareholder Meeting Vote)

    Shows the campaign's stage, such as the general meeting where shareholders vote on whether to renew the current board or let the activist in, and the close date if there is one: «Close (formal date)» only if it appears in an official document.