{
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  "documentTitle": "Match Group, Inc. (MTCH)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey Smith",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-07-15 00:00:00",
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  "density": "dense",
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  "notes": "The slide argues for aggressive share repurchases based on the valuation gap shown in the chart.",
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      "text": "At or around the current valuation, we believe Match should be using 75% or more of its free cash flow, plus some or all of the approximately $900 million of available capacity under its 3.0x net leverage target, to repurchase shares.",
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      "text": "Bar chart showing valuation multiples for various tech companies compared to Match (MTCH)",
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      "kind": "metric",
      "text": "Price / CY2024E FCF: 5.5x",
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      "kind": "paragraph",
      "text": "As shown above, Match is currently trading at less than 8.5x 2024 free cash flow, a level we believe dramatically undervalues the Company.",
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      "kind": "paragraph",
      "text": "We believe Match can generate $5.50 or more of free cash flow per share in 2026.",
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      "text": "Figures reflect Capital IQ consensus estimates as of July 13, 2024.",
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      "kind": "title",
      "text": "Price / CY2024E FCF – Moderate Growth, High Recurring Revenue Technology Companies",
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      "evidence": "Comparison of valuation multiples against peer group",
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      "evidence": "The document uses peer comparison to make a point",
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      "objective": "Highlight the gap between Match's valuation and peers",
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