29 documents showing 1–29
Welltower Inc. WELL
Welltower's 10-year executive program could pay CEO Mitra up to $3 billion while incentivizing dilutive growth at a 144% NAV premium — shareholders should sell WELL and rotate into Ventas or AHR.
Multiple REITs (21 underperformers)
Land & Buildings names 21 REIT CEOs who trail their own proxy peers on 1-, 3-, and 5-year TSR yet collect multi-million packages — shareholders should vote against say-on-pay and the comp committees.
SoFi Technologies SOFI
SOFI's silence on 11 specific accounting questions confirms Muddy Waters' view that 2025 Adjusted EBITDA is inflated ~90% via mislabeled financings, hidden debt, and misstated risk retention.
CarMax Inc. KMX
CarMax's omnichannel flywheel is intact but stalled; new CEO Keith Barr can unlock value by fixing digital conversion, reconditioning costs, dynamic pricing, and SG&A discipline.
Credit Acceptance Corporation CACC
Citron reverses course on CACC: with CFPB/NYAG overhang resolved Feb 13 2026, 61% of float retired, and an Amazon-bred CEO, fair value is $714 (16x 2026E EPS of $44.62).
Riot Platforms, Inc. RIOT
Riot's 1.7GW of powered Texas sites could generate $1.6bn of AI/HPC EBITDA and drive shares to $23-$53 if management urgently signs more hyperscaler deals like the AMD proof-of-concept.
Tripadvisor, Inc. TRIP
Tripadvisor's Board has tolerated ~50% value destruction under CEO Goldberg; Starboard demands a sale of the entire company or will run a majority-slate proxy fight at the 2026 meeting.
Toyota Industries Corporation 6201
Toyota Industries' ¥18,800 take-private undervalues the company by 39%; shareholders should reject the tender and pursue a Standalone Plan worth >¥40,000 per share.
Toyota Industries Corporation 6201
Toyota Industries' ¥18,800 take-private undervalues NAV ¥26,134 by 40%; rejecting the TOB and executing Elliott's Standalone Plan unlocks >¥40,000 per share by 2028.
Toyota Industries Corporation 6201
Toyota Fudosan's ¥18,800 squeeze-out of Toyota Industries undervalues NAV by ~40%; reject the TOB and back Elliott's Standalone Plan targeting >¥40,000 per share by 2028.
UniFirst Corporation UNF
UniFirst is stagnating under Croatti trustee stewardship that rejected a premium Cintas bid; Engine demands a sale, board refresh, and fair proxy process to unlock value.
National Healthcare Corporation NHC
NHC's below-market 1991 lease with NHI expires 2026; renegotiation will cut NHC EBITDA 19-38% — L&B is short NHC.
D-Wave Quantum Inc QBTS
D-Wave's quantum annealing is a commercial dead end, its 'hybrid' solvers are almost entirely classical, and at 57x 2026E revenue the stock will collapse as reality sets in.
Autodesk, Inc. ADSK
Autodesk's long-term share price and margin underperformance reflects a board incapable of holding management accountable; electing Starboard's three nominees installs oversight needed to drive non-GAAP operating margins to 41-42% by FY2028.
Autodesk, Inc. ADSK
Autodesk has best-in-class 93% gross margins but bloated opex; disciplined cost cuts plus 55% incremental margins can lift adjusted operating margins to ~45% by FY2028.
Phillips 66 PSX
Phillips 66's conglomerate structure masks world-class midstream and chemicals assets; separating them, fixing refining, and refreshing the board closes a decade-long 188% TSR gap versus peers.
Public REIT sector (vs. private real estate)
Public REITs have crushed private real estate over 30 years (9.9% vs 7.0%); with institutions at GFC-low underweights and supply rolling over, listed REITs are a generational buy.
Match Group, Inc. MTCH
Match owns Tinder and Hinge yet trades at <8.5x FCF; fixing Tinder, lifting margins above 40%, and aggressive buybacks — or a sale — can unlock substantial upside.
Texas Instruments TXN
TI's rigid $5bn/year capex ramp is building ~50% excess capacity and has collapsed FCF per share 75%; flex capex to demand and commit to $9.00+ per share by 2026.
Keisei Electric Railway Co., Ltd. 9009.T
Palliser, a 1.6% holder, asks Keisei shareholders to vote on an advisory resolution forcing the board to publish a capital allocation plan and cut its OLC cross-holding below 15% by March 2026.
National Health Investors, Inc. NHI
NHI is an undervalued senior-housing REIT whose conflicted, interlocked board threatens to give away the upcoming NHC lease renewal — vote AGAINST Webb and Swafford to force change.
TIM S.p.A. (Telecom Italia) TIT
Vote Bluebell's slate to replace TIM's worst-in-class CEO Labriola with Google Cloud exec Laurence Lafont, halt strategic chaos, and unlock ~100% upside versus European telco peers.
The Walt Disney Company DIS
Disney's decade of underperformance stems from a passive Board; Trian's nominees Peltz and Rasulo will fix CEO succession, right-size legacy media, and drive DTC to Netflix-like 15-20% margins by 2027.
Carvana Co. CVNA
Carvana at $70 is priced as a tech disruptor, but it's 'just a dealership' with CarMax-like unit economics and a levered balance sheet — fair value is $16, -77%.
GoDaddy Inc. GDDY
GoDaddy is a high-quality infrastructure business trading at a wide FCF-multiple discount; committing to 40% growth-plus-profitability and buying back stock unlocks $170-$200+ per share.
Parkland Corporation PKI
Parkland's board re-nominated its 24-year chairman and set sub-cost-of-capital ROIC targets; Engine urges shareholders to WITHHOLD on all incumbents to force governance, pay, and portfolio reform.
Bristol-Myers Squibb BMY
BMY is overpaying ~$30B for Celgene's risky pipeline, betting on 10 blockbusters in 8 years vs 3 in 15; shareholders should vote against and unlock 900bps of standalone margin upside.
Bristol-Myers Squibb BMY
BMY's $91B Celgene deal bets the company on a REVLIMID patent cliff and pipeline requiring 10 blockbusters in 8 years — shareholders should vote no and pursue a standalone Amgen-style transformation.
Bristol-Myers Squibb Company BMY
Starboard urges BMY shareholders to reject the $91B Celgene acquisition — it imports a massive REVLIMID patent cliff and was rushed through without exploring standalone turnaround or a sale of Bristol-Myers.