{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6da-030ce6a5bfa8", "slug": "abaf5785289f", "title": "eBay Inc. (EBAY)", "subtitle": "Peter A. Feld · 2020-02", "author": "Peter A. Feld", "date": "2020-02-04 00:00:00", "pageCount": 6, "kind": "shareholder-letter", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "eBay Inc.", "targetTicker": "EBAY", "document": { "id": "019dd923-622b-71dc-a6da-030ce6a5bfa8", "slug": "abaf5785289f", "title": "eBay Inc. (EBAY)", "rawTitle": "Starboard Value LP Letter to EBAY CEO and Board 02.04.2020", "authorId": "03_Starboard_Value", "authorName": "Peter A. Feld", "authorDisplay": "Peter A. 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Feld (Managing Member, Starboard Value LP) addressed to Chairman Thomas Tierney and Interim CEO Scott Schenkel, cc'd to the Board of Directors. Follow-up to the March 2019 Starboard/Elliott/eBay cooperation agreement. Stake disclosed only as 'more than 1%' — recorded as 1.0 (the explicitly-claimed floor). Tone is collaborative on the surface ('we have tremendous respect for eBay... open to working together') but firm about unmet commitments; critique is institutional rather than targeting a named villain. Document quotes prior management commitments ('target operational excellence...', '[we] anticipate having an update... by the middle of this year') to expose delay. Four charts (TSR table, Classifieds peer multiples, cost-savings waterfall, RemainCo vs. dept-store vs. e-commerce) carry the visual argument; otherwise Word-letter style.", "kpisCited": [ { "detail": "Median 22.0x (Adevinta 29.6x, REA 26.0x, Rightmove 23.9x, Scout24 20.2x, carsales.com 20.0x, Auto Trader 19.0x) vs. eBay consolidated 8.1x", "metric": "EV / 2020E EBITDA multiple (Classifieds peers)" }, { "detail": "eBay +19% vs. S&P 500 +69%, NASDAQ +88%, S&P 500 IT +151% — ~50-132pp underperformance", "metric": "TSR since PayPal spin-off (2015)" }, { "detail": "eBay -9% vs. S&P 500 +19%, NASDAQ +24%, S&P 500 IT +39%", "metric": "TSR since March 2019 cooperation agreements" }, { "detail": "Only 2% over 3 years on a ~28% base — 'level we would expect any company to strive to achieve in normal course'", "metric": "Operating margin expansion target (Operating Review)" }, { "detail": "~$250m on a >$5bn cost base (<5%); erased ~$3bn of market value the day after announcement", "metric": "Implied net cost savings in Operating Review target" }, { "detail": "$4.05bn to viagogo at >20x 2019E Adj. EBITDA (pre-tax)", "metric": "StubHub sale metrics" }, { "detail": "Low-to-mid 40% range, consistent with high-single-digit growth guidance", "metric": "Classifieds Adj. EBITDA margin (Starboard est.)" }, { "detail": ">$2bn in revenue and $500m in operating profit annually", "metric": "Managed Payments 2022 contribution" }, { "detail": "~5.0x vs. department-store median 5.2x (DDS/JWN/KSS) vs. e-commerce median 16.3x (ETSY/ANGI/BKNG)", "metric": "RemainCo implied EV/EBITDA" }, { "detail": "Declined 5% in 2019 on reported basis despite heavy R&D and S&M spend", "metric": "Marketplace GMV trend" } ], "closingAsk": "Starboard again requests a meeting with members of the Board to share its views ahead of eBay's upcoming governance deadlines, urging urgent action to separate Classifieds and drive Marketplace profitability.", "extraction": { "at": "2026-04-22 15:27:17+00", "model": "unknown-legacy", "runId": null, "seconds": 147.51775, "promptVersion": null }, "scqaReward": "Classifieds peers trade at a ~22x 2020E EBITDA median versus eBay's consolidated 8.1x, while the implied ~5.0x RemainCo multiple sits below department stores (5.2x) and well below e-commerce peers (16.3x) — implying multi-turn re-rating upside.", "thesisTypes": [ "breakup_spinoff", "operational_turnaround", "cost_cutting", "multiple_rerating", "undervaluation" ], "top3Reasons": [ "Classifieds peers trade at ~22x 2020E EBITDA vs. eBay's consolidated 8.1x — separation unlocks value", "Shares fell ~9% since the March 2019 cooperation agreement while the S&P 500 rose 19%", "Operating Review's 2% margin-expansion target implies <5% cost cuts — too modest for eight months of work" ], "scqaSituation": "eBay is a pioneering e-commerce marketplace (~$8.6bn 2019 Marketplace revenue) that Starboard first engaged in 2018 and then partnered on via a March 2019 cooperation agreement with Elliott, adding directors and launching an Operating Review and a Strategic Review of StubHub and Classifieds.", "thesisSummary": "Starboard, owning more than 1% of eBay, argues the company is deeply undervalued after a year of inadequate progress since its March 2019 cooperation agreement. While management completed the StubHub sale to viagogo for $4.05bn at 20x+ EBITDA, it has not committed to separating Classifieds and has proposed only a 2% three-year Marketplace margin expansion, implying under $250m of cost savings on a $5bn+ base. Starboard demands a public commitment to separate Classifieds — where peers such as Adevinta, REA Group, Rightmove and Auto Trader trade at a ~22x median EBITDA multiple versus eBay's consolidated 8.1x — plus a more stringent cost review of core Marketplace and better revenue execution through Managed Payments and advertising. Shares have fallen 9% since the agreements while the S&P 500 rose 19%; Starboard again requests a board meeting ahead of upcoming governance deadlines.", "primaryDemands": [ "Publicly commit to separating the eBay Classifieds Group via spin-off or sale", "Adopt a more stringent cost-cutting plan for the core Marketplace business beyond the 2% / 3-year target", "Improve Marketplace revenue execution via Managed Payments, advertising, and refocus on core 'treasure-hunter' buyers", "Complete the pending board refresh (add a new director and announce the departure of an incumbent per the March 2019 agreement)", "Grant Starboard a meeting with members of the Board ahead of upcoming governance deadlines" ], "scqaResolution": "Publicly commit to separating Classifieds through a tax-free spin-off or sale, adopt a more stringent Marketplace cost-cutting plan, execute on Managed Payments and advertising growth initiatives, and immediately meet with the Board ahead of governance deadlines.", "thesisOneLiner": "eBay is deeply undervalued; 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