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  "documentTitle": "Elliott Management Western Digital Letter May 2022",
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  "presentationDate": "2022-05-01 00:00:00",
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  "notes": "Includes a waterfall-style bridge for Western Digital EV and a bar chart for historical M&A multiples.",
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      "text": "Current Multiples: EV/LTM Revenue and EV/LTM Gross Profit for Western Digital vs Seagate",
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      "kind": "paragraph",
      "text": "The Flash industry has grown tremendously over the last decade and is expected to continue growing at a 12% annual rate over the next several years.",
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      "kind": "source-note",
      "text": "Note: Intel NAND range represents initial and total consideration paid. Kioxia IPO precedent represents the IPO pricing range as per Bloomberg. (1) Based on the court filing detailing the JPY1.6tn bid in Apr 2017. Source: public disclosure, Bloomberg.",
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      "text": "Source: Western Digital and Seagate disclosure, Bloomberg.",
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