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Show Valuation Bridge
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Matching slides 1,328
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Slide function
31-60 of 1,328
12
The slide uses a sum-of-the-parts valuation approach to justify a higher share price than the current $48.07.Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor 1 hit
37
Uses a waterfall bridge to isolate the value of the operating business vs. real estate and other costs.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
228
Includes a specific exclusion for the Darden headquarters complex.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
23
Uses a bridge/waterfall structure to reconcile operating business valuations and financial assets against the TOB price.Toyota Industries Corporation (6201) · Elliott Investment Management
Activist deck Activist investor Loop · Cost Of Inaction1 hit
24
The chart decomposes NAV growth into 'Stakes in Publicly Traded Companies' and 'Operating Business and Other'.Toyota Industries Corporation (6201) · Elliott Investment Management
Activist deck Activist investor Loop · Cost Of Inaction1 hit
26
The slide uses a waterfall bridge to reconcile operating business valuations, financial assets, and adjustments to arrive at an implied NAV per share.Toyota Industries Corporation (6201) · Elliott Investment Management
Activist deck Activist investor Loop · Cost Of Inaction1 hit
27
The chart highlights that the current TOB offer represents a 0.88x PBR, which the activist argues is an undervaluation.Toyota Industries Corporation (6201) · Elliott Investment Management
Activist deck Activist investor 1 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
35
Uses a waterfall-style bridge to illustrate financial impact of a corporate action.Toyota Industries Corporation (6201) · Elliott Investment Management
Activist deck Activist investor Beat · Solution1 hit
48
The slide uses a waterfall-bridge style visualization to demonstrate the accounting adjustment.Toyota Industries Corporation (6201) · Elliott Investment Management
Activist deck Activist investor 1 hit
23
The chart uses a waterfall-bridge structure to reconcile business value, financial assets, and tax adjustments to arrive at an implied NAV per share.Toyota Industries Corporation (6201.T) · Elliott Management
Activist deck Activist investor Beat · Evidence & Proof1 hit
24
The chart tracks NAV per share from June 2025 to January 2026, showing a cumulative increase of 5,438 JPY.Toyota Industries Corporation (6201.T) · Elliott Management
Activist deck Activist investor Beat · Evidence & Proof1 hit
26
The chart bridges business value and financial asset value to arrive at a total NAV of 7.9 trillion yen, compared to the 5.6 trillion yen TOB price.Toyota Industries Corporation (6201.T) · Elliott Management
Activist deck Activist investor Beat · Evidence & Proof1 hit
27
The chart bridges book value from FY3/25 Q4 to the current date, adjusting for earnings and FX impacts.Toyota Industries Corporation (6201.T) · Elliott Management
Activist deck Activist investor Beat · Evidence & Proof1 hit
29
The slide uses a waterfall bridge to visualize the discount and includes analyst quotes to support the undervaluation thesis.Toyota Industries Corporation (6201.T) · Elliott Management
Activist deck Activist investor Beat · Evidence & Proof1 hit
36
The chart shows the components of value creation: cross-shareholding divestment, operating cash flow, industrial vehicle business growth, and automotive business governance/ROI improvements.Toyota Industries Corporation (6201.T) · Elliott Management
Activist deck Activist investor Beat · Impact & Next Steps1 hit
48
Uses a waterfall-bridge framework to illustrate the adjustment of financial assets and liabilities.Toyota Industries Corporation (6201.T) · Elliott Management
Activist deck Activist investor Beat · Impact & Next Steps1 hit
12
The slide uses a break-even analysis to argue that a spin-off is value-destructive unless the remaining Darden entity sees significant multiple expansion.Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor Beat · Expose ContradictionLoop · Logic Chain1 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
47
The slide uses a 'break-even' analysis to argue that the remaining Darden entity would need to trade at a higher multiple to offset the discount applied to the spun-off Red Lobster.Darden Restaurants, Inc. (DRI) · Starboard Value
Activist deck Activist investor Beat · Propose Solution1 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
05
The slide uses a waterfall bridge to expose the discrepancy between reported transaction multiples and actual economic value received.Darden Restaurants, Inc. (DRI) · Jeffrey C. Smith
Shareholder letter Activist investor 1 hit
09
The chart uses a waterfall-bridge structure to reconcile business value and financial assets to arrive at an implied NAV per share.Toyota Industries Corporation (6201) · Aaron Tai & Gordon Singer
Shareholder letter Activist investor 1 hit
10
The chart uses a waterfall-bridge structure to reconcile business value and financial assets to arrive at an implied NAV per share vs the TOB offer price.Toyota Industries Corporation (6201) · Aaron Tai & Gordon Singer
Shareholder letter Activist investor 1 hit
12
The slide argues that the book value understates the true value of Toyota Industries Corporation due to tax considerations and unrealized gains.Toyota Industries Corporation (6201) · Aaron Tai & Gordon Singer
Shareholder letter Activist investor 1 hit
13
The chart uses a waterfall-bridge structure to reconcile market capitalization to core business fair value.Toyota Industries Corporation (6201) · Aaron Tai & Gordon Singer
Shareholder letter Activist investor 1 hit
06
Uses a waterfall-style build for EBITDA and a bridge-style calculation for enterprise value.Macy's Inc. (M) · Starboard Value
Activist deck Activist investor Beat · Problem & ComplicationLoop · Logic Chain1 hit
08
The slide uses a waterfall chart to bridge individual property values to the total portfolio value.Macy's Inc. (M) · Starboard Value
Activist deck Activist investor Beat · Evidence & ProofLoop · Logic Chain1 hit