3 firms unleashing big value: Cramer
Cramer is a big fan of breakups as a tool for unlocking value for two reasons; "1) companies typically become leaner and more focused and 2) Wall Street prefers pure plays over more diversified conglomerates."

They are Baxter International, H&R Block and ADP, all of which are involved in some kind of spinoff or break up.

Jim Cramer always scours the market for value. And he thinks 3 companies are actively unlocking serious value right now.

Baxter International

Earlier this year, Baxter International announced plans to separate its medical device and instruments division from its biosciences segment.

"I've been advocating a Baxter breakup for ages," reminded Cramer. "I believe the fast-growing biosciences business could command a much higher multiple as an independent company, and the slower-growing medical supply business could pay a larger dividend. This is a textbook breakup play: when you have a growth business and a cash-cow under the same roof, you can create a lot of value simply by splitting them up."

Although the spinoff has been known to the market for several weeks already, Cramer has crunched the numbers and he doesn't think it's all priced in.

"The Medical Supply business generated $9.4 billion in revenue last year, so if it were to trade in-line with other large-cap hospital supply plays, then I think it could have an enterprise value of $25 billion," he said.

"Baxter's Bioscience division brought in $5.8 billion last year, but it has higher margins and a faster growth rate. Still, even if we assume it will trade at a sizable discount to other biopharma companies, you end up with a company that should have an enterprise value of at least $25 billion, maybe much more."

"Add them up, and subtract the net debt on Baxter's balance sheet, you end up with two companies that could be worth $45 to $50 billion on a break-up. That's 14 to 25% higher than Baxter's current market cap of below $40 billion.

"At $72, I think there's a lot more upside ahead, although I'd prefer to buy this one into weakness."

H&R Block

Cramer says H&R Block is unleashing value through the spinoff of its bank business.

"Because owning a bank classifies H&R Block as a bank holding company, the Federal Reserve has the power to limit the company's ability to return capital to shareholders via buybacks and higher dividends," Cramer explained.

However by jettisoning its bank business, H&R Block will rid themselves of such strict oversight.

"In January, during an interview on Mad Money, H&R Block CEO William Cobb made it very clear to me that he plans to buy back stock aggressively, the kind of buyback that could dramatically shrink the company's share count over time," Cramer said.

The spinoff should allow for that kind of a buyback to get underway.

"I can see H&R Block gobbling up roughly a third of its market capitalization," Cramer said. "That would be just huge."

---------------------------------------------------------

Read more from Mad Money with Jim Cramer

9 earnings that Cramer wouldn't miss

Does Twitter hold key to market

Cramer's favorite stock under $10

---------------------------------------------------------

ADP

Cramer noted that ADP intends to spin off its dealer services business in a move that should raise roughly $700 million.

"Now, ADP has already spun off its claims business and its brokerage business, so with this move, it will finally become a pure play on the human capital management business. The company can use the money from the spin-off to buy back stock, in a move that should boost ADP's annual earnings per share by 7 cents. Right now ADP is trading at $74. I think the leaner, more focused, post-spin-off ADP could ultimately be worth $90 a share," Cramer said