Cognizant Technology Solutions (CTSH)

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Enhancement Plan would leave Cognizant with a comparable operating margin target of ~21.5% in FY18E – still a highly conservative ~400–500 basis-point discount to peers.

Problem-Agitate-Solve (PAS) slide · 60%

Given Cognizant will continue to grow roughly 10

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This is page 12 of a shareholder letter, likely from an activist investor (Elliott Management).