Investment Thesis
Buy at $80-$85 with a long-term PT of $160/share. Those who are looking for a quick turnaround may want to wait at least a month until the spinoff unlocks some value to sell.
While this price is of course unlikely to fully materialize in the near-term, the downside is somewhat insulated due to the expectation of the spin-off. Longer-term the company is further protected due to the ability of the IT distribution business to generate FCF during sluggish economic cycles.
I think a reasonable total P/E is around 13.25x and on the consensus