Greenlight Company Presentation
iPrefs are Best for Shareholders
Cash or Pfd Payout
New Stock Price
Total Value
Greenlight Capital, Inc.
Special
Dividend
$89
$361-450
$450-539
One-Time On-Going Double the
Repurchase Repurchases Dividend
N/A
N/A
N/A
$539
$539
$525
$525
$471-530
$471-530
5:1
iPrefs
$250
$350
$600
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Let's compare iPrefs to the conventional alternatives for the purpose of calculating unlocked value.
The range of outcomes is pretty wide. We can see most of the numbers fall in the low 500s of total
value. Depending upon how much credit the market is currently giving Apple for its cash, the
outcomes for increasing the dividend could be even lower than that.
At $600 of total value, iPrefs unlock $61 per share more than the second best alternative.
You can see that quantitatively, iPrefs give Apple shareholders the greatest benefit.
As reviewed earlier, we only assume P/E multiple expansion in the cases of the ongoing repurchases
and doubling the dividend.
If iPrefs lead to a higher P/E multiple, then the disparity will be even greater.
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