(Bloomberg) -- Engaged Capital believes NCR Atleos Corp. and NCR Voyix Corp., which were broken out of NCR Corp., could attract buyout interest from financial or strategic buyers if the market doesn’t begin to properly value the businesses, the activist investor said during the Bloomberg Activism Forum 2024 on Tuesday.
The market is “failing to see the significant upside” at both companies following the breakup of NCR Corp. into two separate companies in 2023, Engaged Capital Senior Analyst Blake Zacharias said.
Engaged Capital is among the top five shareholders at both companies, according to data compiled by Bloomberg.
A representative for NCR Voyix didn’t immediately respond to a request for comment. A spokesperson for NCR Atleos declined to comment.
NCR Voyix, which provides point-of-sale and self-checkout technology, could potentially double its share price, Zacharias said. It also trades below the average of industry peers when measured by its multiple to earnings before interest, taxes, depreciation and amortization, he said.
NCR Atleos provides ATMs as a service to major banks and other customers, saying it owns or manages 285,000 ATMs, according to its website.
Engaged Capital took a stake in NCR and won a board seat in 2022. Its other previous positions include Portillo’s Inc., Nevro Corp. and VF Corp.
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