The Williams Companies, Inc.
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?
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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