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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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      "text": "Source: Western Digital disclosure, Elliott analyses. Note: targets compared to FY21 results and FY17-FY21 revenue CAGR",
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      "text": "Today, Western Digital has an enterprise value of $21 billion with revenue of $19 billion—a 1.1x multiple. This valuation compares to the combined $34 billion pro forma enterprise value of Western Digital and SanDisk...",
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      "text": "These missed targets are especially disappointing because Western Digital has claimed that ownership of both HDD and Flash provides greater “understanding” and “predictability.”...",
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