{
  "docId": "019dd923-622b-71dc-a6da-2986bb2f67e2",
  "docSlug": "b2898144f996",
  "documentTitle": "Multiple (Wix, Salesforce, Splunk, Vertiv) (WIX / CRM / SPLK / VRT)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-10-19 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 17,
  "pageCount": 51,
  "prevPage": 16,
  "nextPage": 18,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "overcrowded",
  "nDataPoints": 16,
  "notes": "The slide uses a 'before-after' style framing for the thesis, highlighting the discount relative to peers.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bullet_list",
    "bar_chart_vertical",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-2986bb2f67e2/17",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-2986bb2f67e2",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-2986bb2f67e2.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-2986bb2f67e2#slide-17",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Salesforce trades at a discount to its peers and has an outsized margin expansion opportunity.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-25b5-768c-bb3b-f1a3134f1ef4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.92,
        "x": 0.04,
        "y": 0.61
      },
      "kind": "chart",
      "text": "Price / CY2023E Free Cash Flow",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "43c773a7-8242-4d1c-826f-c72942c469ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.92,
        "x": 0.04,
        "y": 0.33
      },
      "kind": "chart",
      "text": "Enterprise Value/ CY2023E Revenue",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ee867501-4afa-4c11-9f92-e157cf2c1017",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.04,
        "y": 0.21
      },
      "kind": "list",
      "text": "The Company is currently valued significantly below the peer median multiple on forward revenue and free cash flow expectations.\nSalesforce’s valuation is even more attractive when considering the magnitude of the margin expansion opportunity.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "49853686-0c3e-4996-8f9a-9d3509c8be16",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EV/Revenue and Price/FCF: 3.8x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b5-768c-bb3b-f45ef111b16d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.04,
        "y": 0.13
      },
      "kind": "paragraph",
      "text": "Salesforce is currently trading well below peer multiples, despite the Company’s leading market position, solid long-term growth profile, and significant margin expansion opportunity.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c60ae257-c506-4fcd-9b94-f3c72cb44a72",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.04,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: Capital IQ, Bloomberg. Market data as of October 14, 2022. Starboard has identified ADBE, INTU, MSFT, NOW, ORCL, SAP, and WDAY as the relevant peer set for comparison with CRM.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "51454f32-16d8-4b91-9f00-2ff4a1e154a7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.92,
        "x": 0.04,
        "y": 0.89
      },
      "kind": "title",
      "text": "Salesforce trades at a discount to its peers and has an outsized margin expansion opportunity",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d5932dc1-0fad-439f-b5f0-5119bb64d190",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.04,
        "y": 0.06
      },
      "kind": "title",
      "text": "Salesforce Trades at a Discount to Its Peer Group",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f709a3c0-c725-49b8-9de5-d5fc838dc893",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "8af2b779-a5eb-4453-811f-b16b5e2fb74d",
      "evidence": "Direct comparison of valuation multiples against a peer group median.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 51,
      "from": 13,
      "beatId": "deb95d14-7adb-47e7-a301-c46ca5c27508",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document suggests a solution (margin expansion and disciplined capital allocation) and highlights specific companies with significant upside potential",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 51,
      "from": 3,
      "name": "Before After",
      "slug": "21-before-after",
      "bestFor": "Product demos, process improvements, ROI justification",
      "matchId": "824c4208-889f-48bf-9ad5-bbaa9f13ff3c",
      "evidence": "The document presents a clear before-and-after analysis for companies like Wix, Salesforce, and Splunk",
      "position": 0,
      "objective": "To show how companies can improve their valuation multiples through operational improvement",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
      "confidence": 0.8,
      "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}