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  "documentTitle": "Elliott Management Western Digital Letter May 2022",
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  "notes": "Includes analyst quotes supporting the SOTP valuation approach.",
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      "text": "The board of directors, senior management and shareholders should be aware of the potential value unlocking via the sum of the parts, splitting up the company... - Citi, March 2022\n[W]e would also highlight continued SOTP valuation support... - Evercore, May 2021",
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      "text": "Western Digital is currently valued at an enterprise value of $21 billion, representing a multiple of 1.1x LTM revenue and 3.4x LTM gross profit. This valuation compares to Seagate's $22 billion valuation and multiples of 1.8x LTM revenue and 6.1x LTM gross profit.",
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      "text": "As successful industry leaders, and both demonstrated superior performance prior to Western Digital and SanDisk coming together in 2016. We have high conviction that this is the best path forward for each business' long-term success and position in the industry.",
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      "text": "Note: Seagate financials represent group figures. Source: Western Digital and Seagate disclosure, IDC Worldwide Hard Disk Drive Market Shares, 2021: Year Shaped by Ability to Supply High-Capacity HDDs, Doc # US48952722 March 2022.",
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      "text": "In $bn | Western Digital | Seagate\nHDD Market Share, % | 38% | 46%\nHDD LTM Revenue (Mar-22) | $ 9,413 | $ 12,046\nYoY Growth, % | 21% | 18%\nHDD LTM Gross Profit (Mar-22) | $ 2,820 | $ 3,633\nHDD Gross Margin, % | 30% | 30%",
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