KEDM Lite Vol. 5

Actionable event-driven and special situations

We highlight and monitor actionable event-driven trades and special situations.

🚨 IMPORTANT 🚨

The TMM is now KEDM Lite!

We recently announced that TMM will be partnering with KEDM.

KEDM is a weekly event-driven monitor, screening 30+ event-driven strategies, each week, and flagging what’s interesting. It also highlights a new investing theme each week. 150+ pages of data!

Going forward, the TMM has been incorporated into the KEDM world and rebranded to KEDM Lite.

The goal remains the same: flagging 30+ interesting event-driven sits. Only now we’ll be able to leverage a MUCH larger platform (and bigger team).

For you, this will mean the same TMM, but better.

And a last reminder to free subscribers: you can subscribe (for free) to KEDM Weekly. This will give you a taste of what to expect for KEDM Lite!

Weekly Monitor | KEDM

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Disclaimer. KEDM Lite is provided for informative purposes only. No due diligence has (yet) been performed on the names on this list. The list might change strongly on a regular basis. This overview does not constitute advice; always do your own due diligence. The list is dynamic; it continues to grow and change. If you have interesting additions to the list, feel free to contact us at info@kedm.com or on Twitter.

This week’s additions and highlights

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1. SPIN-OFFS

• MiniMed Group, Inc. (MMED US). MiniMed recently started trading independently after spinning from Medtronic (MDT). As previously mentioned, this is an interesting spin to keep an eye on, as the unit is ~10% of total revenues but is one of the key growth drivers of the group, and also just a fraction of MDT’s market cap. Shares are down c. 6% so far.

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2. STRATEGIC ALTERNATIVES & REVIEWS

(Potential take-outs, asset sales, M&A, etc.)

• Roots Corp. (ROOT CN). Roots has announced a strategic review that could include a full sale of the company. They’ve hired ao JPM to look for buyers (basically). Roots has struggled for years, including the 2020 bankruptcy of its US unit and a multiyear plan focused on closing weak stores and rebuilding profitability. Recent results show some modest sales growth. Still decent EBITDA margins (high-teens) and FCF generation, but debt is still annoying while manageable. <5x EV/EBITDA.

• DSM-Firmenich AG (DSFIR NA). dsm-firmenich finally sold its ANH unit. While the €2.2bn + €0.5bn earn-out was pretty much in line with what we expected, the market didn’t like. Sell the news? Or is the announced buyback too low? Whatever the reason, a reminder that this divestment significantly alters the financial profile of the company, pushing it all to more growth, higher margins, more pricing power. Cyclical headwinds have pushed the share price to strong lows.

  UPDATE (March 10, 2026) A heads-up for the upcoming Investor Day this Thursday, which could be an interesting catalyst. Dsm-firmenich still has to provide its 2026 outlook, and with the current market turmoil on top of an already very weak sentiment, we would not be surprised of the story will be quite bullish.