The document discusses carving out Alcon from Nestle to increase company value. It finds that carving out Alcon and valuing it separately from Nestle's food business, using industry multiples, increases Nestle's total enterprise value by approximately 7% to over $104 million compared to its current $97500 million value. The best option for listing Alcon is the US market, which would provide high liquidity, regulation, and attract more pharmaceutical investors, despite some costs of restructuring. Carving out and listing Alcon in the US is recommended to realize increased value.