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Valuation Bridge
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219
Includes a callout box explaining the logic of the valuation bridge.Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor 1 hit
226
The slide uses a valuation bridge structure to arrive at total real estate value by adding ground lease value to the rent-based valuation.Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor 1 hit
227
Includes a specific reference to Life Time Fitness REIT conversion as a precedent.Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor 1 hit
233
Includes a valuation bridge calculation for SRG and a peer benchmarking table.Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor 1 hit
15
The chart uses a bridge-like logic to show how Fortrea's valuation multiple would compress if it achieved peer-level margins, implying it is currently undervalued.Fortrea Holdings Inc. (FTRE) · Starboard Value
Conference presentation Activist investor Loop · Cost Of Inaction1 hit
17
The slide uses a comparison table to show how closing the margin gap to peer levels could increase the implied share price from $47 to $72.Fortrea Holdings Inc. (FTRE) · Starboard Value
Conference presentation Activist investor Loop · Cost Of Inaction1 hit
09
Uses a simple arithmetic bridge (Market Cap * Ownership = Stake Value) to highlight undervaluation.News Corporation (NWSA) · Starboard Value
Conference presentation Activist investor 1 hit
10
Uses a simple subtraction bridge to highlight undervaluation.News Corporation (NWSA) · Starboard Value
Conference presentation Activist investor Beat · Agitate (Make it worse)Loop · Cost Of Inaction1 hit
15
The slide uses a visual bridge/decomposition to isolate the 'RemainCo' valuation.News Corporation (NWSA) · Starboard Value
Conference presentation Activist investor Beat · Agitate (Make it worse)Loop · Cost Of Inaction1 hit
16
The slide uses a simple multiplication bridge to justify a $7B+ valuation.News Corporation (NWSA) · Starboard Value
Conference presentation Activist investor Loop · Cost Of Inaction1 hit
17
Uses a simple subtraction bridge to highlight undervaluation.News Corporation (NWSA) · Starboard Value
Conference presentation Activist investor Loop · Cost Of Inaction1 hit
19
Uses a summation/bridge visual to imply value creation.News Corporation (NWSA) · Starboard Value
Conference presentation Activist investor Loop · Cost Of Inaction1 hit
47
The slide uses a simple arithmetic bridge to show how different multiples (2.4x, 3.3x, 3.5x) applied to $13.3B in sales result in different implied values, compared against current market valuations.Pfizer Inc. (PFE) · Starboard Value
Conference presentation Activist investor Beat · Agitate (Make it worse)Loop · Cost Of Inaction1 hit
24
The slide uses a waterfall-style bridge to demonstrate the impact of the NuScale stake on the valuation multiple.Fluor Corporation (FLR) · Starboard Value
Conference presentation Activist investor Loop · Iceberg1 hit
05
The slide uses a valuation bridge approach to compare private market NAV per share ($23.50 mid) against the current public share price ($12.00).2026 02 Investor Presentation · Pebblebrook Hotel Trust
Consulting deck Strategy consulting Beat · Problem & ComplicationLoop · Aha Moment1 hit
03
The slide uses a peer PNAV multiple analysis to argue for undervaluation and includes a narrative summary of investor sentiment.Sumitomo Realty & Development Co., Ltd. (8830) · Aaron Tai
Shareholder letter Activist investor Beat · ProblemLoop · Cost Of Inaction1 hit
18
Includes specific assumptions for Elliott Management's valuation thesis.Marathon Petroleum Corporation (MPC) · Elliott Management
Activist deck Activist investor Beat · Agitation1 hit
20
Includes a scatter plot showing 2017 LP Yield vs 2017-2020 LP Distribution CAGR for peer MLPs.Marathon Petroleum Corporation (MPC) · Elliott Management
Activist deck Activist investor Beat · Agitation1 hit
21
Includes a callout box highlighting the percentage of market cap represented by LP units and cash.Marathon Petroleum Corporation (MPC) · Elliott Management
Activist deck Activist investor Beat · Agitation1 hit
27
Uses peer multiples (VLO/HFC) to value Marathon's refining segment.Marathon Petroleum Corporation (MPC) · Elliott Management
Activist deck Activist investor Beat · Solution1 hit
04
Includes footnotes regarding methodology for capex and peer comparison.Phillips 66 (PSX) · John Pike and Mike Tomkins
Shareholder letter Activist investor Beat · Agitate (Make it worse)Loop · Cost Of Inaction1 hit
29
The chart uses a waterfall-style bridge to isolate the core business value from other assets/liabilities.Toyota Industries Corporation (6201) · Elliott Investment Management
Activist deck Activist investor Loop · So What Cascade1 hit
74
Includes a waterfall-style bridge diagram showing the components of the BMY deal value.Bristol-Myers Squibb Company (BMY) · Starboard Value
Activist deck Activist investor Loop · Iceberg1 hit
79
Includes a waterfall-style bridge diagram comparing the $62B calculated value to the $75B management claim.Bristol-Myers Squibb Company (BMY) · Starboard Value
Activist deck Activist investor 1 hit
80
The slide uses a waterfall-style logic to bridge the total synergy value into two distinct buckets (marketed vs pipeline).Bristol-Myers Squibb Company (BMY) · Starboard Value
Activist deck Activist investor 1 hit
129
Uses a Gordon Growth Method for terminal value calculation.Bristol-Myers Squibb Company (BMY) · Starboard Value
Activist deck Activist investor 1 hit
131
Uses a waterfall-style logic to bridge from base case to adjusted case, highlighting value destruction.Bristol-Myers Squibb Company (BMY) · Starboard Value
Activist deck Activist investor 1 hit
133
Uses a waterfall-bridge style chart to illustrate the gap between base case and historical performance.Bristol-Myers Squibb Company (BMY) · Starboard Value
Activist deck Activist investor 1 hit
135
Includes a waterfall-style bridge diagram showing the components of BMY management's valuation view.Bristol-Myers Squibb Company (BMY) · Starboard Value
Activist deck Activist investor 1 hit
138
Uses red dashed boxes and arrows to highlight the specific EPS comparison between the two scenarios.Bristol-Myers Squibb Company (BMY) · Starboard Value
Activist deck Activist investor 1 hit
14
The slide uses a valuation bridge to demonstrate the value leakage of keeping real estate assets within an operating company (OpCo) versus separating them into a REIT structure.Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 hit
52
The slide uses a comparative valuation table to highlight the difference in EBITDA multiples between the operating business (6.5x) and the real estate assets (14.6x).Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor Beat · Propose Solution1 hit
33
Uses a waterfall-style bridge to show implied value of specific segments based on market multiples of other segments.Phillips 66 (PSX) · 02_Elliott_Management
Activist deck Activist investor Beat · Agitate (Make it worse)Loop · Iceberg1 hit
131
The table uses a 6.1x EBITDA multiple as a baseline for valuation across different business segments and scenarios.Phillips 66 (PSX) · 02_Elliott_Management
Activist deck Activist investor 1 hit
15
Uses a sum-of-the-parts (SOTP) valuation bridge to highlight market undervaluation.Phillips 66 (PSX) · John Pike
Activist deck Activist investor 1 hit
44
Part of the 'Streamline 66' activist campaign deck.Phillips 66 (PSX) · John Pike
Activist deck Activist investor Loop · Mece Breakdown1 hit
47
Includes a sensitivity table for share buyback premiums and their impact on stock price upside.Phillips 66 (PSX) · John Pike
Activist deck Activist investor Loop · Mece Breakdown1 hit
39
The slide uses a simple arithmetic bridge (Market Cap * Ownership = Stake Value) to argue for undervaluation.Multiple (GoDaddy, News Corp, Fortrea) (GDDY, NWSA, FTRE) · Starboard Value
Conference presentation Activist investor Beat · Impact & Next Steps1 hit
40
Uses a simple subtraction bridge to highlight undervaluation.Multiple (GoDaddy, News Corp, Fortrea) (GDDY, NWSA, FTRE) · Starboard Value
Conference presentation Activist investor Beat · Impact & Next StepsLoop · The Reveal1 hit
46
Uses a simple multiplication bridge to derive a $7B+ valuation.Multiple (GoDaddy, News Corp, Fortrea) (GDDY, NWSA, FTRE) · Starboard Value
Conference presentation Activist investor Beat · Impact & Next Steps1 hit
47
Uses a simple subtraction bridge to highlight undervaluation.Multiple (GoDaddy, News Corp, Fortrea) (GDDY, NWSA, FTRE) · Starboard Value
Conference presentation Activist investor Beat · Impact & Next Steps1 hit
69
The slide uses a valuation bridge approach to demonstrate potential share price appreciation through margin expansion.Multiple (GoDaddy, News Corp, Fortrea) (GDDY, NWSA, FTRE) · Starboard Value
Conference presentation Activist investor Beat · Impact & Next Steps1 hit
39
The slide uses a simple arithmetic bridge (Market Cap * Ownership = Stake Value) to argue that News Corp is undervalued.GoDaddy Inc. (GDDY) · Starboard Value
Conference presentation Activist investor 1 hit
40
Uses a simple subtraction bridge to highlight undervaluation.GoDaddy Inc. (GDDY) · Starboard Value
Conference presentation Activist investor Loop · Before After1 hit
46
Uses a simple multiplication bridge to derive a $7B+ valuation.GoDaddy Inc. (GDDY) · Starboard Value
Conference presentation Activist investor 1 hit
47
Uses a simple subtraction bridge to highlight undervaluation.GoDaddy Inc. (GDDY) · Starboard Value
Conference presentation Activist investor 1 hit
69
The slide uses a valuation bridge approach to demonstrate potential share price appreciation through margin expansion.GoDaddy Inc. (GDDY) · Starboard Value
Conference presentation Activist investor 1 hit
50
Uses a waterfall-bridge style to show valuation gaps relative to peer averages.Multiple (Wix, Salesforce, Splunk, Vertiv) (WIX / CRM / SPLK / VRT) · Starboard Value
Conference presentation Activist investor Beat · SolutionLoop · Before After1 hit
39
The slide uses a simple arithmetic bridge to highlight the hidden value of the stake.GoDaddy, News Corp, Fortrea · Starboard Value
Conference presentation Activist investor Beat · Impact & Next Steps1 hit
40
The slide uses a simple arithmetic bridge to highlight undervaluation.GoDaddy, News Corp, Fortrea · Starboard Value
Conference presentation Activist investor Beat · Impact & Next Steps1 hit
45
Uses a waterfall-style visual to decompose the valuation of News Corp.GoDaddy, News Corp, Fortrea · Starboard Value
Conference presentation Activist investor 1 hit
46
The slide uses a simple multiplication bridge to justify a $7B+ valuation.GoDaddy, News Corp, Fortrea · Starboard Value
Conference presentation Activist investor 1 hit
47
Uses a simple subtraction bridge to highlight undervaluation.GoDaddy, News Corp, Fortrea · Starboard Value
Conference presentation Activist investor 1 hit
67
The chart uses a 'valuation bridge' logic to show how Fortrea's multiple would compress if it achieved peer-level margins.GoDaddy, News Corp, Fortrea · Starboard Value
Conference presentation Activist investor 1 hit
69
The slide uses a comparison table to calculate implied share price based on EBITDA margin expansion to peer levels.GoDaddy, News Corp, Fortrea · Starboard Value
Conference presentation Activist investor 1 hit
46
The chart highlights two specific Pfizer deal data points (3.3x and 5.1x) against a 10-year industry median of 2.4x.Pfizer Inc. (PFE) · Starboard Value
Conference presentation Activist investor Loop · Cost Of Inaction1 hit
21
Includes pro forma cash and debt tables showing the impact of JV transactions.Macy's Inc. (M) · Starboard Value
Activist deck Activist investor Beat · Impact & Next StepsLoop · Before After1 hit
04
The slide uses a 'before-after' comparison of performance metrics followed by a 'valuation bridge' calculation to isolate the value of the underperforming asset.Dollar Tree, Inc. (DLTR) · Jeffrey C. Smith
Shareholder letter Activist investor Beat · Problem & Complication1 hit
03
The slide uses a bar chart to compare current price against two future upside scenarios for FY2026.GoDaddy Inc. (GDDY) · Peter A. Feld
Shareholder letter Activist investor Beat · DesireLoop · Cost Of Inaction1 hit
130
The table uses a 6.1x EBITDA multiple as a baseline, with specific adjustments for midstream and asset sales.Phillips 66 (PSX) · Elliott
Activist deck Activist investor 1 hit