Valuation frameworks
How activists quantify the gap — the math behind the upside number.
multiple comparison
531
Elliott Investment M → Phillips 66 (2025)
Greenlight Capital → Peloton Interactive (2024)
Land & Buildings Inv → Welltower Inc. (2026)
not shown
227
Elliott Investment M → Phillips 66 (2025)
Elliott Investment M → Phillips 66 (2025)
ValueAct Capital → The Walt Disney Company (2024)
sum of parts
173
Elliott Investment M → Phillips 66 (2025)
Elliott Investment M → Toyota Industries Corporation (2026)
Elliott Management → Toyota Industries Corporation (2026)
precedent transactions
143
Elliott Investment M → Phillips 66 (2025)
Land & Buildings Inv → Welltower Inc. (2026)
Spruce Point Capital → Bunge Global SA (2026)
asset value
119
Land & Buildings Inv → Welltower Inc. (2026)
Elliott Investment M → Toyota Industries Corporation (2026)
Elliott Management → Toyota Industries Corporation (2026)
other
61
Ancora Alternatives → Norfolk Southern Corporation (2024)
Elliott Management → Juniper Networks (2014)
Pershing Square Capi → Herbalife Ltd. (2012)
dcf
55
Pershing Square Capi → Fannie Mae and Freddie Mac (2025)
Pershing Square Capi → Fannie Mae / Freddie Mac (2025)
Engine Capital → Dye & Durham Limited (2024)
lbo math
12
Icahn Partners → Time Warner Inc. (2006)
Trian Partners → PepsiCo, Inc. (2013)
Glenview Capital Man → Health Management Associates (2013)