Valuation frameworks
How activists quantify the gap — the math behind the upside number.
multiple comparison
399
Elliott Investment M → Phillips 66 (2025)
Elliott Management → Arconic Inc. (2017)
Greenlight Capital → Peloton Interactive (2024)
not shown
204
Elliott Management → Telecom Italia (2019)
Elliott Investment M → Phillips 66 (2025)
Elliott Investment M → Southwest Airlines (2024)
sum of parts
149
Elliott Investment M → Phillips 66 (2025)
Elliott Investment M → Toyota Industries Corporation (2026)
Elliott Management → Toyota Industries Corporation (2026)
precedent transactions
106
Elliott Investment M → Phillips 66 (2025)
Elliott Management → Arconic Inc. (2017)
Land & Buildings Inv → Welltower Inc. (2026)
asset value
98
Land & Buildings Inv → Welltower Inc. (2026)
Elliott Investment M → Toyota Industries Corporation (2026)
Elliott Management → Toyota Industries Corporation (2026)
other
48
Elliott Investment M → Southwest Airlines (2024)
Ancora Alternatives → Norfolk Southern Corporation (2024)
Pershing Square Capi → Herbalife Ltd. (2012)
dcf
45
Pershing Square Capi → Fannie Mae and Freddie Mac (2025)
Engine Capital → Dye & Durham Limited (2024)
Palliser Capital → Samsung C&T Corporation (2023)
lbo math
12
Elliott Management → Juniper Networks (2014)
Elliott Management → BMC Software (2012)
Icahn Partners → Time Warner Inc. (2006)