Sanken Electric Co., Ltd.
Thesis
Sanken Electric has a crown jewel asset in Allegro MicroSystems, and its shares are trading at a significant discount to the tax-affected value of this stake. With activist investors like Effissimo and Oasis involved, there is potential for value enhancement and a realization of this discount.
Did it work?
No price data or elapsed time is provided, so the judgement rests on whether the thesis's stated catalysts occurred. Based on known developments, they largely did: Effissimo and Oasis built activist stakes, Sanken monetized portions of its Allegro MicroSystems holding via secondary offerings, directed proceeds to large share buybacks, and the shares re-rated sharply, narrowing the NAV discount. Because this assessment relies on background knowledge rather than supplied price performance, confidence is low.