The Hidden Opportunities Report
Hidden Opportunities seeks to identify underfollowed small and mid-cap companies that are undervalued on a sum-of-the-parts basis with the potential for a value unlocking event.
• 10-12 in-depth (20+ page) company-specific investment ideas per year
• Analysis focusing on sum-of-the-parts valuations, industry trends, activist investors, managerial turnover, board composition and other predictive attributes for value-unlocking events
• Periodic updates on companies under coverage and their progress towards a value unlocking event
• Includes updated fair value estimates, analysis of recent financial results and other developments relevant to our investment thesis
• Monthly publication providing ongoing analysis on 20-25 companies where we see potential for a value-unlocking event
• A similar company may have recently announced a spin-off, the company may be under investor pressure to consider strategic alternatives or the current segments may lack operational and supply chain synergies
Published every Friday afternoon, this one page note summaries new recommendations, relevant news flow and upcoming events and critical dates
Online Research Archive
All historical research reports are accessible via an online searchable library
Unlimited Analyst Contact
• Direct access to our team via phone and email correspondence
• A product specialist assigned to your account, keeping you up-to-date on our most actionable and highest conviction ideas
Hidden Opportunities provides in-depth analysis of North American small and mid-cap companies that present a compelling sum-of-the-parts valuation with a potential future catalyst. This unique approach is based on a set of predictive attributes evidenced by our internal research process to be precursors to a value-unlocking event. Such events include spin-offs, carve outs, assets sales and outright takeovers.
The service aims to present these situations to clients long before the likelihood of such events are evident in the marketplace and reflected in the share price. The scope of our research process also includes ongoing or potential activist involvement, restructuring trends within a particular industry and the strategic rational behind separating disparate business segments.
Who we are
The Institutional Research Group
The Institutional Research Group (IRG) was formed in January of 2008 to produce investment research focused on "special situation" investments, with a focus on spin-off transactions.
In addition to publishing the Spin-Off Report, IRG began publishing Hidden Opportunities in 2014, leveraging our expertise in analyzing spin-offs to identify companies with qualitative attributes proven to accelerate the market’s recognition of value.
PCS Research Group
Since 1982, PCS Research Group has specialized in providing unique, niche-focused research that focuses on areas of the financial markets that are ignored or misunderstood by traditional sources of investment research.
Despite the abundance of research produced by typical sell-side research houses, there continues to be corners of the investment landscape that lack deep, insightful analysis. It is within these areas that we believe we can add value for our clients. PCS Research Group represents a select roster of research originators that have been carefully selected for their ability to add value in specific areas of the market that often exhibit inefficiencies.
RCI Hospitality Holdings, Inc. (RICK)
Initiation date: Jun 30, 2022Download
Amerco (NASDAQ: UHAL)
Initiation date: Jun 1, 2018Download
XPO Logistics, Inc. (XPO)
Initiation date: Apr 7, 2021Download
Vonage Holdings Corp. (NASDAQ: VG)
Initiation date: Sep 14, 2021Download
Extended Stay America (STAY)
Initiation date: May 14, 2020Download
Domtar Corp. (UFS)
Initiation date: Sep 23, 2020Download
Lydall, Inc. (LDL)
Initiation date: Jul 10, 2020Download
O-I Glass, Inc. (OI)
Initiation date: Mar 12, 2020Download