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  "documentTitle": "BCG Dell and Pivotal Project Denali",
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  "notes": "The slide uses a waterfall-style build-up logic presented in a table format to arrive at a per-share valuation range.",
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      "text": "1. Denali balance sheet as of November 2, 2012 2. Assumes 90% cash and investments are offshore and subject to 25%-35% US taxes on repatriation. 3. TV based on no revaluation vs. the unaffected late 2012 trading multiple (which is 4.5x EBITA) 3. TV based on revaluation upward to reflect the NPV of the TV over FY'17-28 (which calculates out to 7.5x EBITA) Note: 1742M diluted shares outstanding as at Nov 02, 2012. Numbers may not foot due to rounding. Discount rate of 8.5% used to calculate present values. BCG does not provide fairness opinions or valuations of market transactions. Third-Parties may not rely on these materials for any purpose whatsoever. Source: BCG analysis, Denali Data Room, Industry Publications, Denali 10Q and 10K",
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