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.

Hidden Opportunities

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.

For more information, please visit

sample research

Sep 14, 2021
Vonage Holdings Corp. (NASDAQ: VG)
Sep 23, 2020
Domtar Corp. (UFS)
Jul 10, 2020
Lydall, Inc. (LDL)
May 14, 2020
Extended Stay America (STAY)

The Spin-Off Report

For over 25 years, The Spin-Off Report has been the preeminent independent research service for tracking and analyzing the U.S. spin-off space by covering all transactions over $250 million from announcement through distribution date and 60 days post-completion. Our comprehensive reports provide fair value estimates and buy/hold/sell recommendations for both the spin-off company and the parent and these may be updated periodically, based on peer and M&A multiples, changes to the distribution ratio as well as industry trends and market conditions.

The Spin-Off Report is the only service that provides detailed fundamental analysis and thorough valuation work on every spin-off. And in a market where equity returns are faltering, the spin-off space continues to reward investors that rely on us to cover it.

For more information, please visit

sample research

Oct 7, 2021
UPDATE: Sell-Off in Sylvamo Presents Increasingly Attractive Risk Reward Scenario
Aug 27, 2021
International Paper Co.(NYSE: IP)
Apr 7, 2021
XPO Logistics, Inc. (XPO)
Mar 10, 2020
United Technologies Corporation (UTX)

The European Spin-Off Report

The European Spin-Off Report provides comprehensive coverage of every European corporate spin-off situation from announcement through the first quarter of trading. Within several hours of a spin-off announcement, a summary and initial valuation report is published. A comprehensive analysis of each spin-off is typically published months before the share distribution occurs, providing fair value estimates for the pre-spin company and each entity after distribution. A monthly Calendar monitors the status of every pending spin-off as well as other situations under coverage. The Compendium provides an effective forum for Murray Stahl to discuss these situations, and broad investment themes.

For more information, please visit

sample research

Dec 1, 2020
Allgeier SE (AEIN GR)
Mar 19, 2020
Electrolux AB (ELUXB SS)