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The chart uses a waterfall-style logic to show the impact of specific strategic actions on the valuation multiple.Multiple (BILL Holdings, Tripadvisor, Fluor Corporation) · Starboard Value
Conference presentation Activist investor Beat · Evidence & ProofLoop · Cost Of Inaction1 hit
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The slide highlights the company's investment-grade status and debt maturity schedule.2025 Q3 Investor Presentation · Hyatt
Consulting deck Strategy consulting Loop · Cost Of Inaction1 hit
14
Includes footnotes detailing methodology for FCF calculations and peer group composition.2025 Q4 Slides · United Parks & Resorts
Consulting deck Strategy consulting Beat · Evidence & ProofLoop · Pattern Hunter1 hit
24
Includes Z-score analysis for relative valuation against 10-year and 30-year historical averages.350e000c acff 48f1 ab1e fc2abe7a5f3c · Goldman Sachs
Consulting deck Equity research Beat · Development1 hit
62
The slide uses a waterfall bridge to demonstrate how specific adjustments (Revs/Doc, margins, WACC) reduce the valuation.AerCap Holdings (AER) · David Einhorn
Conference presentation Activist investor Beat · Resolution1 hit
61
The slide uses arrows to visually connect the three trend charts to the final DCF value.athenahealth, Inc. (ATHN) · David Einhorn
Conference presentation Activist investor Beat · The Victory (Alternative perspective)1 hit
26
The slide provides a high-level summary of a DCF model, including reserve volume, pricing, costs, capex, and WACC, resulting in a $3 billion valuation.CONSOL Energy (CNX) · David Einhorn
Conference presentation Activist investor 1 hit
37
The slide uses a negative value to highlight 'Value destruction' of $3.37 per BOE.CONSOL Energy (CNX) · David Einhorn
Conference presentation Activist investor 1 hit
38
The table uses color coding to distinguish between May 2015 (yellow) and November 2015 (orange) DCF valuations.CONSOL Energy (CNX) · David Einhorn
Conference presentation Activist investor 1 hit
47
The cartoon depicts a classroom scene with a teacher writing simple math on the board, captioned 'When people say 'Do the math,' is this the kind of thing they're referring to?'.CONSOL Energy (CNX) · David Einhorn
Conference presentation Activist investor Beat · Satisfaction1 hit
48
The title is a play on the film 'Last Tango in Paris', referencing Paris, Pennsylvania.CONSOL Energy (CNX) · David Einhorn
Conference presentation Activist investor Beat · Satisfaction1 hit
49
The slide includes a narrative note about the drilling restart timing and a source citation.CONSOL Energy (CNX) · David Einhorn
Conference presentation Activist investor Beat · Satisfaction1 hit
50
The slide acts as a summary conclusion for the preceding valuation analysis.CONSOL Energy (CNX) · David Einhorn
Conference presentation Activist investor Beat · Satisfaction1 hit
75
The table highlights the sensitivity of the valuation to market variables, with a specific focus on the 8.4% WACC and 0% premium scenario.CONSOL Energy (CNX) · David Einhorn
Conference presentation Activist investor 1 hit
83
The table includes operational metrics like production and reserves alongside financial metrics like EBITDA, Capex, and After-tax cash flow.CONSOL Energy (CNX) · David Einhorn
Conference presentation Activist investor 1 hit
96
Base Case scenario, figures in $M unless otherwise noted.CONSOL Energy (CNX) · David Einhorn
Conference presentation Activist investor 1 hit
80
The years listed (2085-2094) appear to be placeholders or specific long-term projection periods.Pioneer Natural Resources (PXD) · David Einhorn
Conference presentation Activist investor Beat · Evidence & ProofLoop · Quick Win Big Bet1 hit
81
A-10Pioneer Natural Resources (PXD) · David Einhorn
Conference presentation Activist investor Beat · Impact & Next Steps1 hit
82
B-1Pioneer Natural Resources (PXD) · David Einhorn
Conference presentation Activist investor Beat · Impact & Next Steps1 hit
83
Includes operational metrics like Capex, Reserves, and Production alongside financial metrics like Revenues, Opex, EBITDA, and After-tax cash flow.Pioneer Natural Resources (PXD) · David Einhorn
Conference presentation Activist investor Beat · Impact & Next Steps1 hit
84
The table includes key metrics such as Capex, Reserves, Production, Revenues, Opex, EBITDA, and After-tax cash flow.Pioneer Natural Resources (PXD) · David Einhorn
Conference presentation Activist investor Beat · Impact & Next Steps1 hit
85
The table includes operational metrics like Capex, Reserves, and Production alongside financial metrics like Revenues, Opex, EBITDA, and After-tax cash flow.Pioneer Natural Resources (PXD) · David Einhorn
Conference presentation Activist investor Beat · Impact & Next Steps1 hit
86
The table displays annual financial data including Capex, Reserves, Production, Revenues, Opex, EBITDA, and After-tax cash flow.Pioneer Natural Resources (PXD) · David Einhorn
Conference presentation Activist investor Beat · Impact & Next Steps1 hit
87
The table displays annual financial metrics including Capex, Reserves, Production, Revenues, Opex, EBITDA, Cash flow, and After tax cash flow.Pioneer Natural Resources (PXD) · David Einhorn
Conference presentation Activist investor Beat · Impact & Next Steps1 hit
88
The table displays annual financial metrics including Capex, Reserves, Production, Revenues, Opex, EBITDA, Cash flow, and Cash tax.Pioneer Natural Resources (PXD) · David Einhorn
Conference presentation Activist investor Beat · Impact & Next Steps1 hit
89
The table displays annual financial metrics including Capex, Reserves, Production, Revenues, Opex, EBITDA, Cash flow, and Cash tax.Pioneer Natural Resources (PXD) · David Einhorn
Conference presentation Activist investor Beat · Impact & Next Steps1 hit
90
The table displays annual financial metrics including Capex, Reserves, Production, Revenues, Opex, EBITDA, Cash flow, Cash tax, and After tax cash flow.Pioneer Natural Resources (PXD) · David Einhorn
Conference presentation Activist investor Beat · Impact & Next Steps1 hit
91
The slide is labeled B-10, indicating it is an appendix page.Pioneer Natural Resources (PXD) · David Einhorn
Conference presentation Activist investor Beat · Impact & Next Steps1 hit
63
The slide highlights a specific row in a financial schedule to derive a valuation figure.The St. Joe Company (JOE) · David Einhorn
Conference presentation Activist investor 1 hit
09
The slide includes a bottom callout emphasizing that value creation is concentrated in B or better mall stores.Macy's Inc. (M) · Starboard Value
Activist deck Activist investor Beat · Evidence & ProofLoop · Logic Chain1 hit