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  "documentTitle": "Hess Corporation (HES)",
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  "authorName": "Elliott Management",
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  "presentationDate": "2013-01-29 00:00:00",
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  "notes": "Uses a matrix to compare valuation metrics and a Venn diagram to show analyst coverage overlap.",
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      "text": "Result is Hess is penalized twice: Penalty #1: Multiple-based valuation undervalues Bakken; Penalty #2: Hess given lower multiple than peers due in part to higher capital intensity and cash flow gap.",
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      "text": "Analysis of why Hess is penalized: Bakken operators use NAV, Large Caps use multiples, and Hess is caught in the middle.",
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      "text": "Sources: Bloomberg, Cap IQ, Company Filings. Definitions for metrics and coverage.",
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