It means earnings aren't driving the price of this stock at the moment (which is a cause for concern post-split). What appears to be driving it is the value expected to be unlocked from this divestiture. The first couple quarters post-split after they adjust to he new corporate structure... finish with the layoffs (I think there are probably still some klingons and deadwood that needs sorted out -- probably in their BD department) and right-size their corporate structure based on the revenues being realized without the COI shackles they allege they have currently (Gee, maybe their wrap-rate is too high?). I trust they will need to sort that out, they will and the draconian, cut-rate environment of FY14 should help focus their attention on a better business execution.
I'm no expert either but for all the attraction of a pending stock split, many investors are cold to the idea of the LDOS reverse stock split. Reverse splits often mean a company needs to pump up the stock value or risk getting delisted or falling into the penny stock category. Reverse splits also often mean a long uphill climb to get back to value (sometimes ten to fifteen years). If LDOS maintains a four times current SAI value over the next six months it may be an exception to this rule. Usually exceptions do extremely well. I think SAIC is positioned well for both the short term budget issues and the longer term sequestration issues. Its diversity in services and especially its position in the healthcare segment support growth in the near to mid-term. Just my two cents.