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  "docSlug": "b2898144f996",
  "documentTitle": "Multiple (Wix, Salesforce, Splunk, Vertiv) (WIX / CRM / SPLK / VRT)",
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  "presentationDate": "2022-10-19 00:00:00",
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  "notes": "Uses a waterfall-bridge style to show valuation gaps relative to peer averages.",
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      "text": "Given Vertiv's business quality, high-growth end market exposure, and margin opportunity, we believe the Company warrants a premium valuation.",
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      "text": "Given Vertiv’s business quality, high-growth end market exposure, and margin opportunity, we believe the Company warrants a premium valuation.",
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      "text": "Pro-Forma EV/EBITDA",
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      "text": "EV/EBITDA: 13x",
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      "kind": "source-note",
      "text": "Source: Public company filings and presentations, Capital IQ, Bloomberg, Wall Street consensus estimates, Starboard estimates.",
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      "kind": "subtitle",
      "text": "We believe Vertiv has a significant opportunity to improve operational execution, close the margin gap to peers, and realize a further improvement in the Company's valuation multiple.",
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      "text": "There Is a Significant Value Creation Opportunity at Vertiv",
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