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.

Overview

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Comprehensive Investment
Recommendations

• 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

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Update Reports

• 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

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Radar Screen

• 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

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Weekly Wrap-Up

Published every Friday afternoon, this one page note summaries new recommendations, relevant news flow and upcoming events and critical dates

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Online Research Archive

All historical research reports are accessible via an online searchable library

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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

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Our Process

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

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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.

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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.

Performance

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Average return relative to S&P 500 since inception

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of investment ideas showed a positive return

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of investment ideas announced a spin-off, asset sale, merger or were acquired while under coverage

Coverage Attributes

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Average market capitalization of current recommendations

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Median market capitalization of current recommendations

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Average Daily Value Traded on current recommendations

Past Recommendations

Closed

Amerco (NASDAQ: UHAL)

Initiation date: June 1, 2018

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October 22, 2021
Update: UPDATE: Close coverage of UHAL
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August 5, 2021
Update: UPDATE: Operating leverage persists into F2022; fair value increased to $630 per share
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Closed

XPO Logistics, Inc. (XPO)

Initiation date: April 7, 2021

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February 16, 2022
Update: UPDATE: GXO Logistics, Inc. (GXO) / XPO Logistics, Inc. (XPO)
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November 3, 2021
Update: UPDATE: XPO posts 3Q 2021 results ahead of consensus
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Closed

Vonage Holdings Corp. (NASDAQ: VG)

Initiation date: September 14, 2021

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January 14, 2022
Update: UPDATE: Vonage Holdings Corp. (NASDAQ: VG)
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November 22, 2021
Update: UPDATE: Vonage Holdings Corp. (VG)
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Closed

Domtar Corp. (UFS)

Initiation date: September 23, 2020

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June 4, 2021
Update: UPDATE: Close coverage of UFS with shares trading roughly in-line with Paper Excellence’s $55.50 per share cash offer
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May 11, 2021
Update: UPDATE – Paper Excellence to acquire UFS for $55.50 per share in cash
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Closed

Extended Stay America (STAY)

Initiation date: May 14, 2020

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April 14, 2021
Update: Extended Stay America (STAY) – UPDATE
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March 25, 2021
Update: Extended Stay America (STAY) – UPDATE
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Closed

Lydall, Inc. (LDL)

Initiation date: July 10, 2020

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February 26, 2021
Update: Lydall, Inc. (LDL) – FINAL UPDATE
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December 9, 2020
Update: Lydall, Inc. (LDL) – UPDATE
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