Bausch Health (BHC) has become a relatively easy to understand company compared to its days as Valeant. Oddly, despite settling many of the problems that constituted the bear case, the share price remains flat, and the enterprise value has declined. Management is now taking decisive action to create value; spinning off its crown-jewel eye-care business. Should this spin-off sell for a multiple close to its peer group than Bausch currently does, it'd bring the company's debt into a safe long-term range. Bausch trading at <2x 2019 EBITDA means any multiple revision can generate