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  "documentTitle": "Cognizant Technology Solutions (CTSH)",
  "authorId": "02_Elliott_Management",
  "authorName": "Jesse Cohn",
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  "presentationDate": "2016-11-28 00:00:00",
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      "text": "we believe using conservative assumptions that Cognizant can achieve a value of $80–$90+ per share by the end of 2017.",
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      "text": "Assumes 1.5% dividend yield... Assumes $2.5bn accelerated share repurchase... EPS figures rounded... Value targets rounded... Relative to current share price...",
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      "text": "By implementing the Cognizant Value-Enhancement Plan and providing the oversight necessary to ensure its execution, we believe using conservative assumptions that Cognizant can achieve a value of $80–$90+ per share by the end of 2017.",
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      "text": "Our base case assumes what we believe to be a conservative NTM P/E multiple of 16.0x, which is well below Cognizant's 1- and 3-year averages of 16.8x and 18.6x, respectively...",
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      "text": "Moreover, we believe a major driver behind Cognizant's lower multiple is its antiquated policies around margin expansion and capital return.",
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