Palliser Capital Publishes Value Enhancement Plan for Toyo Tires
Toyo, a premium tire brand with a leading U.S. market share in Wide Light Truck Tires, has consistently underperformed and is materially undervalued, trading at a significant discount to peers across key valuation multiples, despite the company's far superior revenue and profitability profile. In Palliser's view, the factors driving this value gap are readily solvable and, if remedied, could deliver over 45% upside to shareholders – or materially more with a Palliser-proposed stakeholder value enhancement committee actively exploring options for Toyo, including interest from multiple PE and strategic buyers.
Palliser's enhancement plan includes:
Adopting best-in-class performance targets and incentive structures to fully align management incentives and shareholder interests;
Implementing a TSE-aligned capital allocation framework, grounded in clear and distinct metrics, returns and hurdle rates; and
Conducting a comprehensive review of all strategic options to maximize stakeholder value, including privatization and resolving overhang from Mitsubishi's investment in the company.
Full details of the presentation are outlined in the accompanying attachment.
About Palliser Capital
Palliser Capital is a global multi-strategy fund. Our value-oriented investment philosophy is applied to a broad range of opportunities across the capital structure with a focus on situations where positive change and value enhancement can be achieved through thoughtful, constructive and long-term engagement with companies and across a range of different stakeholder groups.
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