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Campaigns / Elliott Management → Cognizant Technology Solutions
Elliott Management vs. Cognizant Technology Solutions

Cognizant Technology Solutions · CTSH

1 deck published between 2016-11-28 and 2016-11-28 — 16 pages, 16 analysed slides total.

initial thesis

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2016-11-28 initial thesis

    2016 11 28_Cognizant Letter

    16pp · letter

    Cognizant's two-decade-old 19-20% margin policy and absent capital return have cratered its multiple; lifting margins to 23% plus a $2.5bn buyback and 75% FCF payout unlocks $80-$90/share, 50-69% upside.