ValueAct Capital Activist Presentation Deck
Transformation Leads to >40% Higher EPS Than The MTMP
¥397
Seven & i PF
Speedway
(FY 2022)
JPY/USD = 115
Global Champion 7-Eleven Earnings Per Share Potential
112
US operational
improvement
38
International
expansion
71
Non-core exits
130
Organic growth
and capital
allocation
¥748
Seven & i
potential
(FY 2026)
JPY/USD = 105
>40%
higher
¥533
Seven & i
MTMP
(FY 2026)
JPY/USD = 105
Sources: Public company documents, VAC analysis
Memo: Core 7-Eleven earnings drivers included in the appendix. Non-core exits assume businesses are sold at a price based on detailed real estate appraisal, earnings potential following
structural reform, and comparable company multiple analysis, with capital then reinvested in the core business. EPS is adjusted for amortization of goodwill and one-time expenses
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