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  "docSlug": "27ad4a25cc09",
  "documentTitle": "Dell Technologies (Class V / DVMT tracking stock) (DVMT)",
  "authorId": "14_Icahn",
  "authorName": "Carl C. Icahn",
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  "presentationDate": "2018-11-15 00:00:00",
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  "pageNumber": 17,
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  "notes": "The slide uses a valuation build-up to justify a price target of $250-$300 per share, referencing IBM's acquisition of Red Hat as a precedent.",
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      "text": "Based on IBM’s recent offer for Red Hat, a deal we believe should have a comparable valuation to a future VMware deal, VMW should be worth $300 per share.",
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      "text": "Unlike the decaying business of PC hardware, VMware is at the forefront of the rapidly growing cloud infrastructure and business mobility software space.\nWe believe that at VMware's current trading price the market is underappreciating VMW's true earnings power as the uptake and ever increasing complexity of the cloud-native world will drive sustainable long-term growth.\nBased on IBM's recent offer for Red Hat, a deal we believe should have a comparable valuation to a future VMware deal, VMW should be worth $300 per share.\nSimply using the 2023E forecasts provided by Dell management, it is easy to see how VMware could be worth upwards of $250 per share in just a few years.",
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      "text": "Equity Value per Share: $304.60",
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      "text": "(1)Management forecasts per Dell Technologies S4 dated October 19, 2018. (2)Assumes 10% discount rate. 1. Based on IBM's October 29, 2018 offer price of $190 per share and 2020FY EBITDA consensus per Bloomberg. 2. Dell Technologies Proxy filing dated October 19, 2018.",
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      "kind": "table",
      "text": "VMware Valuation table showing EBITDA, multiples, Enterprise Value, Net Cash, Equity Value, Shares, and Equity Value per Share.",
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      "kind": "title",
      "text": "VMware's True Value",
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