Spinoff worth at least double it's stock price

The company I am currently presenting finds itself in a fairly typical situation that arises after a spin-off, as described by Joel Greenblatt in his book 'You Can Be a Stock Market Genius.' When a larger company executes a spin-off of a smaller company, there can be selling pressure on the shares of the smaller company. This can have various reasons, such as the fact that investors in the parent company may not have any interest in the spun-off subsidiary. It could also be that the new smaller company is simply too small for institutional funds or does not fit within the investment mandates of funds because the company operates in the wrong sector, is too illiquid, and so on. In short, there can be various reasons, but they are usually not based on the fundamental data of the company.

This is just a decent company that currently appears to be significantly undervalued. Even with zero growth, the valuation according to the discounted cash flow method is approximately three times higher than the current stock price.

However, I am even more cautious. I do not see any special competitive advantages or other factors that would make the company superior to its competitors. Therefore, it seems safe to work with the reproduction value, which means the costs a competitor would have to incur to build a similar company. This reproduction value is currently about twice as high as the current stock price.

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