Babcock & Wilcox (BWC) just announced it is considering separating into two companies:
"...Board of Directors is evaluating the separation of the Company’s Power Generation Business and Government & Nuclear Operations Business into two publicly traded companies. The Board’s goal is to determine whether a separation creates the opportunity for enhanced shareholder value and business focus. B&W has retained JPMorgan as its financial advisor and Wachtell, Lipton, Rosen & Katz and Jones Day as legal advisors to assist in this process."
The company reports its results in 4 segments (one of which is the experimental money losing mPower - tiny nuclear generator - business). So it is easy to analyze what the company will look like post any possible break-up. The stock is up 7% as I write this.
It still looks cheap.