Commvault Systems, Inc.

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.

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.