The Williams Companies, Inc.

WMB pitch long TJ Carter

Thesis

The Williams Companies (WMB) is an integrated natural gas energy company that is undervalued due to low natural gas prices and skepticism about a potential business split. The new leadership is expected to unlock value by separating the exploration & production (E&P) business from the midstream assets, which will allow each business to attract the right investors. The current share price of $27 does not reflect the potential upside of $36 to $43 per share, representing a 35% to 60% upside.

Did it work?

worked confidence: high

The thesis that The Williams Companies (WMB) was undervalued has played out significantly, with the stock price increasing by 166% since the pitch. The anticipated business split and new leadership likely contributed to this value realization, aligning with the projected upside of $36 to $43 per share. Given that 187 months have elapsed, this performance confirms the thesis effectively.

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