US Value Destruction
Purpose: Stewart Investors would like to identify which US companies have used capital particularly well or poorly since 2007.
Identify leaders and laggards in the use of capital to protect and grow their businesses.
Identify which companies have been very good or very poor at share buybacks. Particular attention to be paid to how the buybacks have been funded and their timing.
Identify which companies have been very good or very poor at M&A. Particular attention to be paid to pricing, funding method, integration and the use of tax inversions as a driver of acquisitions.
Detours to be avoided:
Descriptions of buybacks, capital management theory, sector or country-level analysis.
100 listed US companies, names to be provided by SI. Maximum 20 page report.
Research proposals are closed for this tender.