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Jesse Cohn · shareholder-letter

Cognizant Technology Solutions (CTSH)

16 pages · 3 arc beats · 2 loops

Shareholder-Letter Download JSON
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Cognizant Technology Solutions (CTSH)

Jesse Cohn · 2016-11
arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 1
— No image bound to this slide. Wire up imgproxy to display the rendered slide JPEG.
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Deck intelligence map

3
coverage by narrative range · generated from this deck JSON
Narrative range 15 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Problem (Identify pain) 4 slides 100% 4/4 slides 100% 4/4 slides · 33 hits
— 0/4 slides
25% 1/4 slides · 2 hits 100% 4/4 slides 100% 4/4 slides
— 0/4 slides
Agitate (Make it worse) 4 slides 100% 4/4 slides 100% 4/4 slides · 33 hits
— 0/4 slides
— 0/4 slides
100% 4/4 slides 100% 4/4 slides 100% 4/4 slides Solution (Provide relief) 7 slides 100% 7/7 slides 100% 7/7 slides · 54 hits
— 0/7 slides
42.9% 3/7 slides · 4 hits 85.7% 6/7 slides · 7 hits 100% 7/7 slides 100% 7/7 slides

Slide inventory

16
every slide · same image gating as the playbook
01
Slide 1
This is the cover letter of an activist investor presentation.front_matter
Open slide detailBeat · Problem (Identify pain)
02
The slide uses a table to highlight Cognizant's stock underperformance relative to various indices and peer groups over 1-5 year periods.compare_peers
Open slide detailBeat · Problem (Identify pain)
03
The slide uses a combination of a line chart for historical NTM P/E and a waterfall-style bar chart to show the shift in valuation premiums/discounts over time.expose_gap
Open slide detailBeat · Problem (Identify pain)
04
Uses analyst quotes to frame management's strategy as outdated compared to market expectations.expose_contradiction
Open slide detailBeat · Problem (Identify pain)
05
The slide argues that Cognizant's management is intentionally keeping margins low, contrary to industry trends.compare_peers
Open slide detailBeat · Agitate (Make it worse)Loop · Cost Of Inaction
06
Uses a combination of a combo chart (bar/line) and a direct quote to highlight the gap between management's stated goals and actual performance.expose_contradiction
Open slide detailBeat · Agitate (Make it worse)Loop · Cost Of Inaction
07
Includes a quote from J.P. Morgan to support the thesis on capital allocation.compare_peers
Open slide detailBeat · Agitate (Make it worse)Loop · Cost Of Inaction
08
The slide highlights Cognizant's lack of dividends and high cash accumulation relative to peers.compare_peers
Open slide detailBeat · Agitate (Make it worse)Loop · Cost Of Inaction
09
The slide uses a comparison table followed by a narrative argument to frame Cognizant as 'shareholder-unfriendly' due to its capital allocation strategy.compare_peers
Open slide detailBeat · Solution (Provide relief)Loop · Hypothesis Test
10
Uses analyst quotes to build a case for capital return (dividends/buybacks) as a remedy for slowing growth.expose_contradiction
Open slide detailBeat · Solution (Provide relief)Loop · Hypothesis Test
11
This is a text-heavy slide from an activist investor letter detailing the methodology and initial operational targets.propose_solution
Open slide detailBeat · Solution (Provide relief)Loop · Hypothesis Test
12
This is page 12 of a shareholder letter, likely from an activist investor (Elliott Management).propose_solution
Open slide detailBeat · Solution (Provide relief)Loop · Hypothesis Test
13
This is a page from an activist investor letter (Elliott Management) proposing a 'Value-Enhancement Plan' for Cognizant.propose_solution
Open slide detailBeat · Solution (Provide relief)Loop · Hypothesis Test
14
This is page 14 of a shareholder letter, likely from an activist investor (Elliott Management) targeting Cognizant.summarize
Open slide detailBeat · Solution (Provide relief)Loop · Hypothesis Test
15
Includes detailed footnotes regarding dividend yields, share repurchases, and EPS rounding.show_valuation_bridge
Open slide detailBeat · Solution (Provide relief)Loop · Hypothesis Test
16
Includes a call to action for a board meeting and a signature from Jesse Cohn.show_valuation_bridge
Open slide detail