{
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  "docSlug": "jarvis-legion-one-span-presentation-may-2021",
  "documentTitle": "Legion One Span Presentation May 2021",
  "authorId": "legion-one-span-presentation-may-2021",
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  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-05-01 00:00:00",
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  "pageNumber": 44,
  "pageCount": 154,
  "prevPage": 43,
  "nextPage": 45,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 18,
  "notes": "The chart uses a bar-vertical format to show the valuation gap. PFPT is excluded from the average calculation due to an acquisition.",
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  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-2c96-7579-a769-2e509f3e13c4/44",
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  "components": [
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        "x": 0.67,
        "y": 0.62
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      "kind": "annotation",
      "text": "Average: 12.4x",
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        "h": 0.55,
        "w": 0.8,
        "x": 0.09,
        "y": 0.28
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      "kind": "chart",
      "text": "Cybersecurity Peers - 2021E EV/Revenue",
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        "x": 0.09,
        "y": 0.88
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      "kind": "other",
      "text": "Note: PFPT not included in peer average calculation due to announced acquisition by Thoma Bravo. Source: SEC Filings, Capital IQ (as of 5/14/21), Legion Partners' Estimates",
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      "kind": "title",
      "text": "Despite the transition nearing completion, OneSpan continues to trade near the bottom of Cybersecurity Peers at a ~70% discount to the average",
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      "kind": "title",
      "text": "OSPN vs. Cybersecurity Peers – 2021E EV / Revenue",
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      "confidence": null,
      "componentId": "452cbd8d-9bf0-4aa3-8c64-19ec040a2f0c",
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  "metrics": [],
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      "matchId": "a0a8d460-b494-492d-bdfc-d72d9c04d855",
      "evidence": "Direct comparison of OSPN valuation against a peer group to highlight undervaluation.",
      "confidence": 0.9
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  "arcBeats": [
    {
      "to": 60,
      "from": 31,
      "beatId": "949d87d3-4d2d-49c1-8245-156aae134348",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle for Change",
      "beatSlug": null,
      "evidence": "Legion presents its efforts to engage with the board and push for change",
      "position": 1,
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