Large Discount To NAV / Liquidation – 30%+ Upside
Liberty TripAdvisor (LTRPA) – Discount to NAV – 45% Upside
Current Discount: 30%
Target Discount: 0%
Potential Upside: 45%
Expected Timeline: Q2 2023
Calumet Specialty Products (CLMT) – Discount to SOTP – 50%-200%+ Upside
Current Price: $16
Target Price: $24-$51
Upside: 50%-200%
Expected Timeline: 1-2 years
Tidewater Midstream And Infrastructure (TWM.TO) – Large Asset Sale – Upside TBD
Current Price: C$1.03
Target Price: C$1.42
Upside: 40%
Expiration Date: Q4 2023
Enzo Biochem (ENZ) – Divesture and SOTP Discount – 50%+ Upside
Current Price: $2.1
Target Price: $3.25
Upside: 50%+
Expiration Date: Q2’23
Opera (OPRA) – Share Buybacks/Hidden Assets – Upside TBD
Current Price: $5.72
Target Price: TBD
Upside: TBD
Expiration Date: TBD
Advanced Emissions Solutions (ADES) – Large Capital Return/Company Sale – Upside TBD
Current Price: $6.2
Target Price: TBD
Upside: TBD
Expiration Date: Mid-2022
Liberty TripAdvisor Holdings (LTRPA) – Capital Structure Arbitrage – Upside 10%-20%+
Current Premium: 20% (LTRPA at $2.01 and TRIP at $24.2)
Target Premium: -15%
Upside: 20%+ (depending on hedging ratio used)
Expiration Date: TBD
Grayscale Digital Large Cap Fund (GDLC) – Discount to NAV Elimination – 24% Upside
Current Price: $33.75
Target Price: $41.87
Upside: 24%
Expiration Date: Nov’21