During this episode of SSOI podcast, I spoke with Colin Kingof Circle City Capital. Colin runs Value Don’t Lie where heshares his highest conviction ideas. In this episode, Colin and I discuss NCR Atleos Corporation (NATL), Aumovio SE (AMVO), and Solstice (SOLS),

Here’s what we discussed:

3:00 Why Colin thinks NATL isinteresting.

6:30 Why Colin loves charts thatshow growing earnings but a flat stock chart.

6:50 What the next big catalyst isfor NATL.

8:00 Brief description of EuronetWorldwide (EEFT) and why it also looks interesting.

9:00 Discussion of NATL’s leverageprofile.

11:00 How big could ATMaaS get?

12:30 Is revenue and earnings growthsustainable?

14:45 NATL’ s buyback plan.

15:50 NATL’s 2026 free cash flowpotential.

17:15 Why does Colin think Aumoviois interesting?

18:30 Aumovio’s balance sheet is adifferentiator.

20:40 Discussion of Aumovio’spension liabilities.

22:50 Margin growth potential forAumovio.

24:30 The upside to Aumovio’smoney losing segments.

26:30 What is interesting aboutHoneywell’s upcoming spin-off, Solstice (SOLS)

29:00 The capital intensity ofSolstice’s business.

32:00 Why I think Solstice’sEBITDA guidance might be conservative.

37:50 What Colin and I thinkSolstice is worth.

41:00 Does Honeywell (HON) RemainColook attractive?

44:30 Where you can find moreabout Colin.

On this episode of the Stock Spin-off Investing Podcast, Iinterview Dom St. George of Cayucos Capital. Dom has 15 years of experience investing in emerging markets. Today he shares his investment case on recent spin-off, Valterra Platinum.

You can follow Dom on X here and subscribe to his substack here.

Here's what we covered:

1:05 – Dom’s Background

2:05 – How Dom decided on the name Cayucos Capital

3:05 – How Dom finds his investment ideas

7:00 – How Dom approaches investing in spin-offs

9:30 – The opportunity in emerging market stocks vs.developed markets

11:59 – Why is Valterra Platinum an interesting opportunity

14:55 – Why do mining companies have a poor track record oftiming their own cycles?

16:05 – Why have platinum prices been strong recently?

20:15 – What is the main use for platinum?

21:20 – Why Dom is confident in the long-term outlook for platinumdespite the rise of EVs

25:45 – The use of catalytic converters in hybrids

27:15 – The competitive landscape for platinum group metals

30:45 – Why has Valterra’s stock price lagged its public competitorsin the last 6 months

33:05 – Timing of when Anglo America could sell its remaining19.9% stake in Valterra

33:20 – How Dom thinks about Valterra’s valuation

36:00 – Capital allocation for Valterra

38:45 – Valterra’s hedging policy

40:10 – How to get in touch with Dom

During this episode of SSOI podcast, I spoke with SimeonMcMillan of Accrued Interest. Simeon is a Columbia Value Investing program trained special sits investor with a background in media operations. In other words, he is theperfect person to talk to about media spin-offs!

Here’s what we discussed:

2:00 – Simeon’s background and whyhe started Accrued Interest

4:35 – Simeon’s experience in ColumbiaValue Investing Program

5:15 – Joel Greenblatt’s course atColumbia

8:15 – Why Simeon Started AccruedInterest

12:15 – Overview of Starz

22:25 – Will new shows and seasonlaunches be positive catalysts for Starz?

29:40 – Is bundling a viable wayto grow the Starz subscriber base?

35:45 – What is a fair valuationfor Starz?

45:25 – How Simeon is thinkingabout WBD’s recent spin-off announcement.

58:40 – How valuable is the WBDstudio business?

60:04 - Where to follow Simeon

In the episode, I cover my "Dividend as a Catalyst" playbook. I review two case studies and then discuss two live ideas.

Here's what I cover:

1:15 - What is the "Dividend as a Catalyst" Playbook

2:30 - Case Study #1 : Kontoor Brands (KTB)

6:20 - Case Study #2: Jackson Financial (JXN)

9:45 - Current Example #1: Sunrise Communications (SNRE)

13:36 - Current Example #2: Havas N.V. (HAVAS)

During the episode, we welcome back Colin King of CircleCity Capital. Instead of just diving deep into one spin-off situation, Colin and I share which ideas look particularly interesting today.

1:20 – Rich explains why IAC Inc (IAC) is particularlyinteresting today.

3:35 – IAC’s imminent spin-off of ANGI

6:10 – Colin shares his perspective on IAC and ANGI

9:25 – IAC is finally buying back stock

11:15 – Does IAC actually generate free cash flow?

15:45 – Current IAC SOTP valuation

17:15 – Colin shares his thoughts on the right multiple for DotdashMeredith

20:00 – Colin shares how he thinks about IAC’s valuation

21:55 – Rich explains why Sunrise Communication (SNRE/SUNN)is interesting today

22:45 – “Dividend as a Catalyst” playbook

26:30 – Colin discusses Sunrise’s balance sheet

30:15 – Colin shares why he thinks NCR Voyix (VYX) isinteresting.

31:45 – Discussion of NCR Voyix’s (VYX) valuation

32:35 – Why Colin thinks step change leverage reductions canbe profitable investment opportunities’

36:45 – Why Colin thinks Havas N.V. (HAVAS) is attractive

38:50 – Havas’ dividend policy

39:45 – Havas expects to grow consistently over the next coupleof years.

40:15 – Colin discusses the Havas competitive landscape

42:00 – Quick discussion of Canal+ (CAN)

43:55 – Quick discussion of Resolute Holdings (RHLD)

During the episode, Kris shares his background and then dives deeply intoAmentum (AMTM) andMagnera (MAGN). We then cover questions aboutMillrose (MLP), Net Lease Office Properties (NLOP) and others.

1:00 – Kris shares his background and experience buying andselling a small business

2:15 – Finance and entrepreneurship runs in Kris’ family

5:10 – How Kris evaluates a spin-off

9:00 – Why spin-offs are a great starting place for a newinvestor

9:55 – Why Amentum (AMTM) looks interesting today

12:50 – What has driven the weakness in the stock?

19:00 – What impact will DOGE have on AMTM?

23:40 – What is fair value for Amentum?

26:25 – How much of an overhang is PE ownership?

28:15 – Magnera (MAGN) overview

34:30 – Margin expansion potential at Magnera

35:30 – Magnera risks

41:15 – Magnera sell side estimates are conservative

44:45 – Thoughts on upcoming Millrose spin-off?

51:40 – What is your favorite spin-off situation on thehorizon?

57:40 – How to get in touch with Kris

In this episode, I talk with Peter Smith of Palm Harbour Capital. Peter shares his background and then dives deeply into InternationalGaming Technologies (ITG).

In a nutshell, IGT is interesting because it has agreed to sell its Gaming & Digital business to Apollo. IGT will receive ~$3.6BN of net proceeds, when the transaction closes and the Remaining Lottery business is trading at 5x EBITDA on a pro forma basis (peers trade in the high single digit range). What’s the catch? ITG has a large Italian lottery contract up for renewal in Q2 2025 which investors are worried about.

1:45 – Peter shares his background and how a Texas native ended up in London

3:30 – Palm Harbour overview

4:30 – Peter’s experience backpacking around Europe

4:50 – How Peter landed his first job in Germany

6:45 – How Peter thinks about portfolio construction

8:45 – Why Peter thinks ex-US markets are less competitive

10:30 – Peter’s approach to spin-offs

12:00 - Peter provides an overview of International Game Technology (IGT)

13:45 – Apollo is buying the slot machine side of the business

15:45 – History of IGT’s lottery business

16:00 – Economic resilience of the lottery business

20:00 – Why IGT launched a strategic review

21:30 – Why the market did not like the initial spin-off proposal

23:30 – Overview of Italian lottery renewal

27:30 – Why is the market concerned about the Italian lottery renewal?

35:45 – Why is IGT likely to win the Italian renewal?

40:35 – How important is this contract for IGT?

44:35 – How do you think about IGT’s valuation in a scenario where it loses the Italian contract?

46:45 – What odds is the market implying that IGT is going to lose this contract?

48:10 – How much of Apollo’s $4.05BN bid will be lost to expenses and taxes?

50:20 – How do you view IGT’s management team?

52:05 – Would the RemainCo ever get sold?

54:10 – What is timing of Italian renewal and the Apollo transaction closing?

1:00 – Where you can go to learn more about Peter Smith and Palm Harbour Capital

In this episode, I talk with Christian Ryther of Curreen Capital. Christian starts off by sharing his experience at Columbia Business School in the Value Investing program, and also how he managed to finish second in a 100

1:35 – Christian’s background including his time in the Columbia Business School Value Investing Program

4:15 – A discussion of how long market cycles (value vs growth, small cap vs. large cap) last.

5:20 – Christian’s experience in the Peace Corps in Morrocco

7:00 – Christian’s experience coming in 2nd place in a 100-mile race

9:30 – Christian discusses his approach to investing in spin-offs

13:20 – A discussion on Solventum (SOLV), the MMM spin-off

15:15 – How Christian thinks about portfolio position size

17:30 – What market cap Christian focuses on

19:45 – A discussion of Enhabit (EHAB)

28:30 – How meaningful Enhabit’s lawsuit win vs. VitalCaring Group

31:45 – Why is United Health (UNH) interested in buying home health companies?

33:15 – A discussion of insider buying at Enhabit (EHAB)

34:20 – Why the Millrose spin-off from Lennar (LEN) pisses Christian off

37:10- Why Christian views the Millrose spin-off as a preferred stock

37:50 – Does this make Lennar (LEN) more interesting?

39:15 – Would Lennar (LEN) ever walk away from its agreement with Millrose?

42:05 – Quick pitch on Havas, the Vivendi spin-off

48:15 – Quick discussion of Pluxee (PLX)

53:05 – How to get in touch with Christian

In this episode, Rich Howe interviews Ameya of Multiples Capital.

We discuss Multiples Capital's founding story and why MGM and GTX are two of Ameya's favorite stocks today.

1:15 – Ameya’s background

3:15 – Using Jeff Bezos’ regret minimization framework

4:15 – The formation of Multiples Capital

4:35 – When Ameya immigrated to the United States

5:00 – Multiples Capital performance to date

5:25 – How Ameya approaches managing capital and portfolio

9:35 – How concentrated is the Multiples Capital portfolio

11:26 – MGM Resorts International (MGM) investment case

17:45 – How Ameya thinks about MGM’s debt burden

28:42 – Have there been any rumors that MGM may be taken

29:40 – Why Ameya likes Garrett Motion (GTX)

30:56 – Overview of Garrett Motion’s valuation

33:26 – Why did Garrett Motion go bankrupt

35:17 – Why Garrett’s murky history provides an opportunity

40:02 – 3 catalysts for Garrett Motion

43:57 – How tariffs will benefit Garrett Motion

46:30 – How Ameya views the market today

51:05 – Where to find more information about Multiples Capital

In this episode, Rich Howe interviews Colin King of Circle City

We discuss how Colin built his $28MM holding company, lessons

1:01 – Colin’s background

3:25 – Colin discusses quitting his job to found Circle City

4:27 – How Colin splits his time between public and private

6:47 – How Colin allocates his capital between public and

8:27 – How Colin things about cash at the holding company

11:30 – How Colin things about investing in spin-offs

14:05 – Discussion of Zimvie (ZIMV)

17:03 – Overview of recent spin-off, Magnera (MAGN)

20:03 – What has caused the downturn in the nonwoven

21:50 – Has Magnera’s business bottomed?

23:49 – Discussion of Magnera’s valuation

25:20 – How much free cash flow Magnera will generate

27:20 – The biggest risk factor for Magnera

29:43 – Indiscriminate selling pressure from Berry shareholders

32:43 – How Colin evaluates the management team of a spin-off

35.05 – Quick Discussion of SiteCenter (SITC) RemainCo and

37:24 – Where to learn more about Colin