{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6dc-327f028f6a26", "slug": "27ad4a25cc09", "title": "Dell Technologies (Class V / DVMT tracking stock) (DVMT)", "subtitle": "Carl C. Icahn · 2018-11", "author": "Carl C. Icahn", "date": "2018-11-15 00:00:00", "pageCount": 20, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Dell Technologies (Class V / DVMT tracking stock)", "targetTicker": "DVMT", "document": { "id": "019dd923-622b-71dc-a6dc-327f028f6a26", "slug": "27ad4a25cc09", "title": "Dell Technologies (Class V / DVMT tracking stock) (DVMT)", "rawTitle": "DVMT VMW", "authorId": "14_Icahn", "authorName": "Carl C. Icahn", "authorDisplay": "Carl C. 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Who? Where? When? Scale?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Architect", "layer": "slide", "agents": [ "Architect" ], "matchId": "c7d1d1d9-9d8a-42bc-8234-b32c4f4b0e11", "evidence": "To even consider accepting such an uneven and undesirable trade, DVMT shareholders would have to be offered a PREMIUM over the current VMware price, not a discount.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.6, "extraction": { "at": "2026-07-16 22:54:00.23263+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "49e185ff-e245-4b29-8d96-eb639ddaea4e", "evidence": "Value to DVMT Shares bridge table", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.6, "extraction": { "at": "2026-07-16 22:54:00.331595+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "5a5a94ed-2bfe-4077-ab86-7f7a6682c3a7", "evidence": "On July 2, 2018 Dell Technologies announced a merger agreement to 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22:54:00.470317+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "f45b4919-17f6-418a-ade9-45641447af58", "evidence": "The slide contains a table/valuation titled 'DVMT's Current Trading Value Suggests Management is Highly Overstating Dell's IPO Price' which implies a waterfall chart", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:54:09.976585+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": 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Co-opts Dell's own corporate branding (Dell Technologies logo bottom-left, Icahn Capital L.P. bottom-right) — a pointed visual choice. Heavy use of management's own quotes against them: Dell CFO calling DVMT discount 'opportunistic' (Dec 2016 / Mar 2017), Dell IR boasting about 'using those proceeds to buy DVMT' (June 2017). Distinct mix of valuation argument (sum-of-parts on p.6, VMware DCF/comp on p.17), governance critique (capital structure diagram on p.10), and legal threat (Delaware 'entire fairness' on p.15). Date inferred as mid-November 2018 — cover says 'November 2018', references VMware closing price as of Nov 8, 2018. Outcome: Dell ultimately raised the offer to a sweetened deal that closed Dec 28, 2018; Icahn dropped litigation and the campaign is generally treated as a partial win (price was bumped, but the merger went through).", "kpisCited": [ { "detail": "$89.89/share vs. stated $109 — a 42% discount to $154 intrinsic value", "metric": "Effective offer value to DVMT" }, { "detail": "~35% average since IPO vs. promised 5–10% per EMC's June 2016 proxy", "metric": "DVMT discount to VMW" }, { "detail": "$49.28 (April 2018 equity grants) and $32.70 (Sept 2017 tender) vs. $79.77 used in the merger math", "metric": "Dell internal Class C valuation" }, { "detail": "$56.52 implied by DVMT trading vs. $79.77 management-claimed price", "metric": "Implied IPO price of Class C" }, { "detail": "~$11bn; their VMware economic ownership rises from 32% to 64%", "metric": "Value transfer to Michael Dell / Silver Lake" }, { "detail": "Total debt $46.3bn; Debt/EBITDA 6.7x; Debt/Implied Market Equity 144%", "metric": "Dell leverage" }, { "detail": "$7.0bn at 5.0x — implies core Dell equity worth just $5.1bn", "metric": "Core Dell EBITDA / multiple" }, { "detail": "$198–$305/share at 15–24x NTM peer multiples on $4.8bn EBITDA", "metric": "VMware 2023E equity value" }, { "detail": "Down 29% from 2011 peak (Gartner) — secular headwind on Dell core", "metric": "Worldwide PC shipments" }, { "detail": "87% of attendees believed the Dell bid would be voted down (Oct 21, 2018)", "metric": "DB conference poll" } ], "closingAsk": "Vote AGAINST the Michael Dell/Silver Lake buyout scheme at the December 11 special meeting of DVMT shareholders.", "extraction": { "at": "2026-04-22 17:29:11+00", "model": "unknown-legacy", "runId": null, "seconds": 160.23172, "promptVersion": null }, "scqaReward": "Fair value of DVMT today is ~$154/share (vs. the $90 effectively offered), and VMware itself — using IBM/Red Hat comparables — could be worth $300/share, implying multibillion-dollar upside that the current deal would hand to Michael Dell and Silver Lake.", "thesisTypes": [ "undervaluation", "governance_board", "activist_defense" ], "top3Reasons": [ "Dell's $109 offer is really worth only ~$90 — a 42% discount to DVMT's $154 intrinsic value", "Deal transfers ~$11bn from DVMT holders to Michael Dell and Silver Lake via overvalued Class C currency", "IPO and 'status quo' threats are empty: forced conversion invites Delaware litigation, Dell core is over-levered" ], "scqaSituation": "Dell's publicly traded Class V (DVMT) tracking stock was issued in 2016 to fund the EMC acquisition and was supposed to track VMware within a 5–10% discount, but instead has traded at a ~35% discount under a punitive governance structure.", "thesisSummary": "Icahn Capital, holder of ~9.3% of Dell's Class V (DVMT) tracking stock, urges shareholders to reject Dell's proposed merger to repurchase all DVMT shares at a stated $109. By Icahn's math the offer is worth only $89.89 — a 42% discount to DVMT's $154 intrinsic value implied by VMware — because the Class C stock used as currency is overvalued ($79.77 vs. an implied $56.52 and Dell's own internal $33–49 marks). Coupled with a convoluted capital structure, ~$46bn of Dell debt, and 'opportunistic' DVMT buybacks since 2016, the deal would transfer ~$11bn from DVMT holders to Michael Dell and Silver Lake, doubling their VMware economic stake from 32% to 64%. Threats of a forced IPO or 'status quo' are dismissed as scare tactics that would trigger Delaware entire-fairness litigation. Recommendation: vote AGAINST on December 11.", "primaryDemands": [ "Vote AGAINST the proposed Dell/DVMT merger at the December 11 special meeting", "Force Dell to raise the offer to a price above the current VMware market value (a premium, not a discount)", "Reject the 'forced IPO conversion' and 'status quo' threats as coercive scare tactics", "Hold Michael Dell, Silver Lake and the independent directors accountable under Delaware 'entire fairness' standard" ], "scqaResolution": "Shareholders should vote AGAINST the merger at the December 11 special meeting; Dell must instead pay a price that reflects DVMT's true VMware-linked value, and any retaliatory forced IPO conversion will be met with Delaware entire-fairness litigation.", "thesisOneLiner": "Dell's $109 buyout of the DVMT tracker is really $90 — a 42% discount engineered to transfer $11bn from public holders to Michael Dell and Silver Lake. Vote no.", "precedentsCited": [ "2013 Dell go-private fight (Icahn forced increased shareholder remuneration)", "IBM's October 2018 offer for Red Hat (used as VMware valuation comp)" ], "scqaComplication": "Michael Dell and Silver Lake now propose to swap DVMT for cash plus Dell Class C stock at a stated $109 — a price that relies on an inflated $79.77 Class C valuation versus Dell's own internal marks of $33–49, indirectly transferring ~$11bn to the controlling shareholders.", "narrativeInterest": 4, "notableSlidePages": [ 4, 6, 8, 10, 11, 17 ], "peerCompaniesCited": [ "VMware", "Pivotal", "SecureWorks", "EMC", "IBM", "Red Hat" ], "valuationFrameworks": [ "sum_of_parts", "multiple_comparison", "precedent_transactions", "asset_value" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": 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Dell faces stiff competition from low-cost providers without having any competitive advantage.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.132+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "235ae11d-a717-4f17-aee8-84254c2a40c0", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.6, "x": 0.05, "y": 0.11 }, "kind": "list", "text": "Dell's second threat, to essentially do nothing and keep DVMT stockholders from realizing their true value, is equally without merit simply because Dell is not in a financial position to do so, and destroys value for its controlling shareholders with every day that goes by.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.132+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "301104d1-718f-44fb-b6c0-2fb48218855a", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.6, "x": 0.05, "y": 0.5 }, "kind": "list", "text": "As such, it is no surprise that Dell's controlling shareholders are desperately trying to get access to VMware's pristine balance sheet and steady stream of free cash flow.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.132+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6cbddddf-71a1-4aed-b739-4e61e11b2170", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.6, "x": 0.05, "y": 0.38 }, "kind": "list", "text": "Dell is really just an over-levered secularly challenged business facing massive competitive threats. The next downturn could significantly impair the company's cash flow and with over $2 billion in annual interest payments, it is unclear whether its equity holders would even weather the storm.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.132+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d6c4ab9d-d86b-474e-bc81-83a2c5060a44", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Debt / EBITDA: 6.7x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:54:01+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee3d-779f-824e-e24f12688df6", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.6, "x": 0.05, "y": 0.65 }, "kind": "paragraph", "text": "Dell's Core Business in Management's Words: \"Given current market trends, we expect that the demand environment will continue to be cyclical and that competitive dynamics will continue to pressure our CSG business.\" – Dell Q2 2019FY 10Q. \"There is a risk that Dell Technologies' competitors may provide products that are less costly, perform better or include additional features that are not available with Dell Technologies' products.\" – Dell Q2 2019FY 10Q. \"It's a tough market. 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It's a cyclical market.\" – Dell CFO comments, Deutsche Bank Conference Sept, 2016.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:01:02.132+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eef241d8-49a3-4ce3-9ab3-10f09921d472", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Given current market trends, we expect that the demand environment will continue to be cyclical and that competitive dynamics will continue to pressure our CSG business.” — Dell Q2 2019FY 10Q. “There is a risk that Dell Technologies’ competitors may provide products that are less costly, perform better or include additional features that are not available with Dell Technologies’ products.” — Dell Q2 2019FY 10Q. “It's a tough market. 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Dell trailing twelve months interest expense as of Q2 2019FY, excluding VMware and DFS. (1) Based on market price of DVMT shares, see analysis on page 13. (2) TTM Core Dell EBITDA and Free Cash Flow as of Q1 2018FY as stated in Dell Technologies July 2, 2018 investor presentation.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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