Irenic takes a position at KBR. Here's how the activist may help improve shareholder value

1. Irenic Capital plans to push KBR for a separation of segments. 2. KBR's Government Solutions segment is low-margin, while Sustainable Tech is high-margin. 3. Sector-wide de-rating has affected KBR shares, falling over 18%. 4. KBR's STS may benefit from potential regulatory reversals under new administration. 5. A strategic separation could enhance shareholder value significantly.