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  "documentTitle": "Elliott Management Western Digital Letter May 2022",
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  "notes": "Includes waterfall charts for EV evolution, a line chart for forward P/E, and a bar chart for P/E premium/discount.",
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      "kind": "chart",
      "text": "Western Digital vs. Seagate P/E Multiple Premium / Discount",
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      "text": "Seagate EV Evolution, $bn",
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      "kind": "paragraph",
      "text": "Given that Western Digital and Seagate operate highly comparable HDD businesses with similar financial profiles, comparing valuation multiples over time between these companies is instructive.",
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      "text": "When Western Digital announced its acquisition of SanDisk, its stock was trading at $75 per share. Six years later, the stock has declined by nearly 30% to $53 per share.",
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      "text": "Source: Bloomberg, Western Digital, SanDisk and Seagate disclosure, Elliott analyses.",
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