{
  "docId": "019dd923-622b-71dc-a6dc-327f028f6a26",
  "docSlug": "27ad4a25cc09",
  "documentTitle": "Dell Technologies (Class V / DVMT tracking stock) (DVMT)",
  "authorId": "14_Icahn",
  "authorName": "Carl C. Icahn",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-11-15 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 13,
  "pageCount": 20,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 25,
  "notes": "Includes a Statista chart on PC market decline and a valuation bridge table comparing implied vs. management-claimed share prices.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "bar_chart_vertical",
    "valuation_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-327f028f6a26/13",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-327f028f6a26",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-327f028f6a26.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-327f028f6a26#slide-13",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Implied price of Dell Class C Shares $56.52 vs Management Claimed Class C price $79.77",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee3d-779f-824e-5ac17cac120c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.42,
        "x": 0.55,
        "y": 0.1
      },
      "kind": "chart",
      "text": "No Growth in Sight for Stagnant PC Market",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b598bb9c-e649-4df0-b74a-f67f933aefe2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.75,
        "w": 0.5,
        "x": 0.03,
        "y": 0.1
      },
      "kind": "list",
      "text": "Dell's core business has historically been comprised of PC sales, which still make up an estimated 50% of overall revenues. But more recently the PC industry has become commoditized... Setting aside governance... Dell's core business is facing secular headwinds... Even Dell's own board valued the Class C common stock at only $33.17 per share... Further, prior to its acquisition, EMC's core business traded at an implied forward EBITDA multiple of ~4.5x... Unsurprisingly, DVMT's current trading price implies an IPO price almost 30% below that used by Dell in its forecasts.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2e19b339-ef90-48a4-a7ba-de224cfc3650",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Implied price of Dell Class C Shares: $56.52",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee3d-779f-824e-5c6d4096e54d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.95,
        "x": 0.03,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "1. Per Dell's 2018FY 10K... 2. Dell Technologies Proxy statement... 3. Implied core EMC multiple per Jefferies research...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8fecdbe5-5dfc-4c0f-9f3d-80ad60fdde98",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.42,
        "x": 0.55,
        "y": 0.5
      },
      "kind": "table",
      "text": "DVMT's Current Trading Value Suggests Management is Highly Overstating Dell's IPO Price",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "49de6031-b1a3-498d-9cd2-fc7e9b350bfb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.03,
        "y": 0.02
      },
      "kind": "title",
      "text": "Dell's Overvaluation of its Class C Shares",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6462d9a7-8e93-463b-bd85-9c4e8fc78907",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "f45b4919-17f6-418a-ade9-45641447af58",
      "evidence": "The slide contains a table/valuation titled 'DVMT's Current Trading Value Suggests Management is Highly Overstating Dell's IPO Price' which implies a waterfall chart",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}