The Separation

What this pack runs.

The same factories make the same things for the same customers, run by the same people. No customer notices. What changes is who owns which cash flows and who signs for them — so the prize cannot come from the operations. It comes from the market paying more for the same profits once they are legible separately, which happens, and is still an assumption. The cost is not. Two boards, two listings, two audit relationships, two of most of a center, every year for as long as both companies exist, plus a one-time bill. This pack computes the gap between the sum of the parts and the group's own value, sets it against that one-time bill and against the duplicated center capitalized at the group's own multiple, and reduces the whole decision to two figures in turns of multiple: the re-rating your own comparables imply, and the re-rating that breaks even. It also prices the cheaper thing almost nobody tries — reporting the pieces separately, which costs a formatting decision. It stops on three conditions: nobody has said what multiple the group trades on, nobody has named a comparable company for each piece, and nobody has counted what separating costs.

The casebooks these cases come from.

The pack reads nine sourced decisions through the framework. They are drawn from these casebooks, each one a set of verified records on a single decision type.

A verified record has passed a mechanical claim-versus-source check, a second model's read, and human approval. The count is what exists today, not a target.