We've just delivered our January issue of Singular Diligence to subscribers. This month we've taken a deep dive into Babcock & Wilcox Co (NYSE:BWC)

Babcock & Wilcox will separate into two publicly traded companies in “mid-summer” 2015. At that time, investors will be able to choose which of the two newly minted stocks they prefer to buy. One stock will be the power generation business. The other stock will be the government and nuclear operations business. For now, however, investors can buy shares in the combined Babcock & Wilcox Company and then hold those shares through “mid-summer” 2015 when their investment will then be split into two different shares in two different public companies.

We take a close look at the combined entity, the spin-out proposal, and our assessment of the prospects for the spun-out businesses.