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  "documentTitle": "Starboard Value | Activist Presentation Deck | 14 slides",
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  "notes": "The chart uses a broken axis for ORCL and NOW to accommodate higher multiples.",
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      "text": "Salesforce at the Rule of 50",
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      "text": "Price / CY2025E Free Cash Flow",
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      "text": "If Salesforce can achieve a financial profile that is at least in-line with peer levels, its stock is currently trading at ~14x FY2028 free cash flow.",
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      "text": "We believe Salesforce can reach the Rule of 50 and generate more than $20 of free cash flow per share in FY2028.",
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      "text": "Source: Capital IQ, Visible Alpha. Market data as of October 18, 2024.",
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      "text": "Salesforce's Current Valuation Is Compelling, Especially If the Company Can Reach, and Exceed, the Rule of 50",
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