IAC Inc.'s undervalued assets and upcoming spin-off could lead to potential re-rating

From Yahoo Finance: 2025-06-23 10:50:00

IAC Inc.’s share price was $37.14 as of June 20th. Despite trading below intrinsic value, shares are at $47 with a $4.0 billion market cap following Q3 2024. The planned 2025 spin-off of Angi could distribute roughly 5 Angi shares per IAC share, with Angi expected to stabilize with a 2024 EBITDA of $130–150 million.

IAC’s 21.8% stake in MGM is now its largest asset, worth ~$2.4 billion, nearly covering IAC’s market cap. The unlisted portfolio, including Dotdash Meredith, Turo, and Care, is estimated at $3.9 billion, implying ~$46/share in hidden value. The Angi spin-off could reduce complexity and showcase this mispricing for potential re-rating.

Stefan Waldhauser and Boyar Research both have bullish theses on IAC Inc., emphasizing the company’s spin-off strategy, management reshuffle, and undervalued unlisted assets. Despite recent stock price depreciation due to Angi’s underperformance, the potential re-rating post-Angi spin-off and Turo’s IPO signal long-term upside for IAC.



Read more at Yahoo Finance: IAC Inc. (IAC): A Bull Case Theory