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  "documentTitle": "Box, Inc. (BOX)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2021-08-06 00:00:00",
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  "notes": "The chart uses a dashed green line to indicate the median valuation multiple of the peer group.",
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      "text": "We believe there is opportunity to bridge the valuation gap between Box and its peers",
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      "text": "Enterprise Value / CY2022E Revenue",
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      "text": "We believe Box is exposed to favorable end-market trends in a large, growing market and should strive to be best-in-class.\nIf Box is able to accomplish this transformation, there is enormous potential upside based on current market valuations.",
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      "text": "Enterprise Value / CY2022E Revenue: 4.0x",
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      "kind": "paragraph",
      "text": "Box's Peer Group has been recently revised to include lower growth companies as Box's own growth rate has slowed.",
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      "kind": "source-note",
      "text": "Source: Capital IQ. Note: Best-in-class group represents what Starboard believes is the group of best-in-class peer software companies and review of related Wall Street research that is subject to a certain degree of subjectivity – the full universe of potential Box peers is not listed here and the comparisons made herein may differ materially as a result. Market data as of 8/4/21.",
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      "kind": "title",
      "text": "Box Trades at a Massive Discount to Best-In-Class Software Companies",
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      "evidence": "Comparison of Box's valuation multiple against a peer group median to argue for upside potential.",
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