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  • February 2015
  • Case
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Longbow Capital Partners

By: Malcolm Baker, Samuel G. Hanson and James Weber
  • Format:Print
  • | Language:English
  • | Pages:21
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Abstract

Longbow Capital Partners is a value-oriented long/short hedge fund focused on stocks in the energy sector. In January 2011, Longbow had invested in NiSource, a Fortune 500 company that owns a diverse portfolio of regulated energy businesses. In late 2014, Longbow was deciding whether or not to maintain its position in NiSource. To make this decision, students must perform a discounted dividend analysis to determine the fundamental value of NiSource's stock. Students are also asked to perform a sum-of-the-parts analysis to assess the implications of NiSource's recent proposal to pursue a tax-advantaged spin-off of its pipeline business.

Keywords

Value Investing; Investment Strategy; Dividend Yield; Intrinsic Value; Dividend Discount Model; Master Limited Partnership; Hedge Fund; Energy Industry; Regulation; Utilities; Finance; Financial Services Industry; United States

Citation

Baker, Malcolm, Samuel G. Hanson, and James Weber. "Longbow Capital Partners." Harvard Business School Case 215-026, February 2015.
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About The Authors

Malcolm P. Baker

Finance
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Samuel G. Hanson

Finance
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More from the Authors
  • To Feed the Planet: Juan Luciano at ADM By: Joshua D. Margolis, David E. Bell, Damien McLoughlin, Stacy Straaberg and James Weber
  • Demand-and-Supply Imbalance Risk and Long-Term Swap Spreads By: Samuel G. Hanson, Aytek Malkhozov and Gyuri Venter
  • The Pricing and Ownership of U.S. Green Bonds By: Malcolm Baker, Daniel Bergstresser, George Serafeim and Jeffrey Wurgler
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