ValueAct Capital Activist Presentation Deck
ValueAct Engagement With Seven & i on Strategic Initiatives
ValueAct has presented specific value-creating initiatives to Seven & i's management and Board
that would result in over 40% higher earnings per share and 45% higher return on invested
capital compared to the Company's Medium-Term Management Plan ("MTMP")
We shared detailed research on these initiatives in the first half of 2021, prior to the release of
the MTMP. Seven & i declined requests to discuss our input in detail until after the release of the
MTMP, a missed opportunity for alignment
After the release of the MTMP, we discussed and presented our plan side by side with the
Company's plan. Individuals from the Seven & i Board and management expressed that our
ideas would improve corporate value. Nevertheless, we saw neither decisions from top
leadership nor public comments showing the necessary drive to tackle key issues and focus
In the recent public letter from Seven & i Holdings, management wrote, "We understand
ValueAct has not expressly presented any strategic plans that the Company believes will
contribute to enhance our corporate value."
With this context, we are presenting our strategic plan here. We invite ideas with superior
value from other stakeholders, and expect with this dialogue the plan may improve further
25View entire presentation