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Campaigns / Elliott Management → Commvault Systems, Inc.
Elliott Management vs. Commvault Systems, Inc.

Commvault Systems, Inc. · CVLT

2 decks published between 2018-04-02 and 2018-04-02 — 30 pages, 30 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. 2018-04-02 initial thesis

    CVLT Letter

    16pp · letter

    Commvault, a product-respected software leader, trades at half the peer multiple because of 1,200bps of margin collapse and 20-year stale governance; a board refresh, operational review and capital return will close the gap.

    N 4 V 2 C 3
    ⌂ ”
  2. 2018-04-02 initial thesis

    pdf_exhibit2

    14pp · letter

    Commvault is a product-great but company-broken data management software leader; Elliott (10.3%) demands an operational review, four new directors, and a capital-return program to close a deep valuation discount.