Spin-offs/NCR Voyix (formerly NCR Corporation) → NCR Atleos

NCR AtleosNATL

Spin-off from NCR Voyix (formerly NCR Corporation) (VYX) · Oct 16, 2023 · NYSE

Announced

Sep 15, 2022

Form 10 filed

Jun 26, 2023

Record date

—

Distributed

Oct 16, 2023

Ratio

1 : 2

Debt loaded

$2.9B

Cash to parent

—

Latest filing

Aug 3, 2023

one share of NCR Atleos for every two shares of NCR

Documents

Form 10 Information statement Announcement 8-K Press release New company filings Parent filings

Both companies today

The new company

NCR AtleosNATL

Market cap

$3.39B

Moat

None

Quality

Price

$46.09

Fair value

$98.72

Price / FV

0.47×

The parent

NCR Voyix (formerly NCR Corporation)VYX

Market cap

$1.27B

Moat

None

Quality

Price

$9.14

Fair value

$19.90

Price / FV

0.44×

Moat ratings, quality scores and fair value estimates are MoatScope research opinions and refresh with the data pipeline. Price / FV below 1.00× means the shares trade under our base-case estimate.

What is being separated

NCR Atleos is the ATM-focused financial technology business of NCR, providing self-directed banking solutions — ATMs, the ATM-as-a-Service platform and related software and services — to financial institutions, retailers and consumers worldwide.

Stated rationaleNCR said separating its ATM businesses from its digital commerce operations would give each company a clearer strategy and capital structure.

The four questions

The four-question write-up for NCR Atleos is pending. Terms, documents and both companies’ numbers above are live; the checklist is added once the information statement has been worked through.

Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months.