A Portfolio Manager at a US$5bn event driven fund needed help evaluating a potential special situations investment opportunity. He believed that a leading player in the global manufacturing space was being undervalued (by potentially as much as 50%), as a stand-alone entity when compared to the sum of its parts. JMI was engaged to perform a viability study of the client hypothesis, identify mile markers likely to catalyze a valuation re-rating and develop qualitative and quantitative metrics as well as sensitivities around up/down side scenarios.