Elliott Management

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.T

Toyota Real Estate's ¥18,800 TOB undervalues Toyota Industries by 39% versus NAV and 85% on core business; shareholders should refuse to tender and pursue a standalone plan instead.

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.

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.

PepsiCo Inc. PEP

Elliott argues a refocused PepsiCo — refranchising PBNA bottling, realigning PFNA's cost base, divesting non-core assets and setting new targets — can re-rate to peers and deliver 50%+ upside.

PepsiCo Inc. PEP

PepsiCo is a dislocated CPG bellwether; refranchising PBNA bottling, rightsizing PFNA costs and enforcing accountability can rerate the stock for 50%+ upside.

PepsiCo PEP

Sumitomo Realty & Development Co., Ltd. 8830

Sumitomo Realty trades at half its post-tax real-estate NAV due to excessive cross-shareholdings, weak payouts, and worst-in-class TOPIX 100 governance; fixing these unlocks 43% upside to ~¥8,000.

Phillips 66 PSX

Phillips 66 is an underperforming energy conglomerate; vote Elliott's GOLD card for four independent directors to streamline operations and unlock long-term shareholder value.

Phillips 66 PSX

Phillips 66 shareholders should vote the GOLD card for Elliott's four board nominees by May 21 to replace the failing status quo and unlock 75%+ stock upside.

Phillips 66 PSX

Phillips 66 has trailed Valero and Marathon by 138-188% over a decade while paying its CEOs $140M; Elliott's four nominees will simplify the conglomerate and unlock 75%+ upside.

Phillips 66 PSX

Phillips 66's conglomerate structure masks value; electing Elliott's four nominees to execute the Streamline 66 plan and fix governance lifts shares from $103 to $180+ (75% upside).

Phillips 66 PSX

Both top proxy advisors (ISS and Glass Lewis) back Elliott's Streamline 66 campaign, endorsing all four dissident nominees to fix Phillips 66's CEO-driven underperformance by the May 21 vote.

Phillips 66 PSX

Phillips 66 is underperforming under a board that obfuscates results; elect Elliott's four nominees on the GOLD card to replicate the Marathon playbook and unlock value.

Phillips 66 PSX

Phillips 66 is deeply undervalued under a conflicted, overpaid leadership team; electing Elliott's four directors and adopting the Streamline 66 portfolio-simplification plan could unlock 75%+ upside.

Phillips 66 PSX

Phillips 66 has underperformed Marathon and Valero for years while CEO Mark Lashier collected $79M; elect four Elliott nominees to break up the conglomerate and restore accountability.

Phillips 66 PSX

Phillips 66 shares jumped 11% on Elliott's Streamline 66 plan and sank when the board defended its conglomerate; vote for change to unlock value.

Phillips 66 PSX

Phillips 66 is a conglomerate trading at a refiner multiple; replace four directors, spin Midstream/CPChem/JET, and buy back 80% of shares for ~75% upside to $183.

Phillips 66 PSX

Elliott urges Phillips 66 holders to vote the GOLD card for four new directors and board declassification to unlock value via midstream spinoff and refining focus.

Phillips 66 PSX

Phillips 66's board has been captured by CEO-Chairman Mark Lashier; electing Elliott's four Gold Card nominees will restore independence and unlock value at this peer-lagging refiner.

Phillips 66 PSX

Phillips 66's dilutive midstream pivot has destroyed TSR versus refining peers; a midstream spin and refreshed governance — as at Marathon and Suncor — can unlock the buried value.

Phillips 66 PSX

Phillips 66 has squandered value through a failed midstream pivot and a captured board; electing Elliott's four nominees and separating midstream unlocks ~$40B+ of trapped value.

Phillips 66 PSX

Phillips 66's conglomerate structure traps midstream value and operational performance; replace four directors and separate midstream to close the gap with MPC and VLO peers.

Phillips 66 PSX

Phillips 66 is an underperforming energy conglomerate; adding Elliott's four operator-nominees to the board and simplifying the portfolio will reverse years of peer-lagging returns.

Phillips 66 PSX

Phillips 66's conglomerate structure has trapped value and lagged peers by 97% over 5 years; spinning midstream, fixing refining and refreshing the board unlocks ~75% upside to $183/share.

Phillips 66 PSX

Phillips 66's conglomerate discount and lagging refining execution have cost shareholders 450% vs peers; spinning midstream, divesting CPChem, and refreshing the board unlock ~75% upside to $183.

Phillips 66 PSX

Phillips 66 is a wonderful company with fantastic assets trapped inside a complex structure; electing Elliott's nominees and simplifying the portfolio unlocks long-term shareholder value.

Phillips 66 PSX

Phillips 66 lags refining peers under an ineffective CEO and legacy integrated structure; Elliott's GOLD card nominees and annual-election proposal are the vehicle to unlock trapped value.

Phillips 66 PSX

Phillips 66 keeps its staggered board despite 99% of voting shareholders wanting it gone — an entrenchment structure used by only 10% of S&P 500 firms.

Phillips 66 PSX

Phillips 66 is a chronically underperforming energy conglomerate; Elliott seeks four board seats and annual director elections to drive a breakup, refining turnaround and midstream separation.

Phillips 66 PSX

Elliott-commissioned investor survey ranks Phillips 66 last among refining peers on execution and capital allocation, reinforcing the Streamline 66 case for boardroom change.

Phillips 66 PSX

Phillips 66's conglomerate structure suppresses refining performance; spinning midstream and electing Elliott's four nominees replicates Marathon's ~150% outperformance playbook and restores PSX to industry leadership.

Phillips 66 PSX

Phillips 66's conglomerate structure masks refining underperformance; spinning midstream, monetizing the chemicals JV, refreshing the board and destaggering elections will unlock Marathon-style peer-gap upside.

Phillips 66 PSX

Phillips 66 is an underperforming energy conglomerate whose midstream and non-core assets should be sold or spun, with four Elliott nominees added to the board to drive the Streamline 66 plan.

Phillips 66 PSX

Phillips 66's three-business conglomerate is the root cause of peer underperformance; electing Elliott's four nominees and fully separating midstream from refining unlocks substantial value.

Phillips 66 PSX

Phillips 66's quality refining and midstream assets underperform under weak leadership; Elliott's four nominees plus annual board elections restore accountability and unlock value.

Phillips 66 PSX

Phillips 66's quality refining and midstream assets are being wasted by entrenched leadership; vote the GOLD card to install four industry veterans and de-stagger the Board.

Phillips 66 PSX

Elliott's Streamline 66 proxy fight argues Phillips 66 refining is underperforming its potential and that replacing directors with operators like Brian Coffman will unlock value.

Phillips 66 PSX

Phillips 66's world-class refining assets are underperforming Valero and Marathon because leadership has lost operating focus; Elliott's GOLD-card nominees can restore peer-leading excellence.

Phillips 66 PSX

Phillips 66 has trailed Valero and Marathon by triple digits over a decade; an upgraded Board via Elliott's Gold Card slate is needed to end entrenchment and unlock value.

Phillips 66 PSX

Phillips 66's inefficient conglomerate structure hides $40B+ midstream value; spinning it off, refocusing on refining, and refreshing the Board could lift shares from ~$120 to $200+.

Phillips 66 PSX

Elliott's $2.5B Phillips 66 stake argues that unlocking midstream value, returning capital and upgrading the board can drive PSX from $120 to $200+, a 65% upside.

Phillips 66 PSX

PSX has underperformed peers for a decade and the CEO is talking down the stock

Phillips 66 PSX

Streamline 66 plan could boost Phillips 66 stock 65%+ (from $120 to $200)

Phillips 66 PSX

Phillips 66 trades at $120 vs. Elliott's $200 Streamline 66 target — 65% upside

Phillips 66 PSX

Phillips 66's refining + midstream conglomerate has underperformed pure-play peers by up to 188% over a decade; separating the businesses would eliminate the structural discount.

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.

Phillips 66 PSX

Phillips 66's refining kit rivals Valero's, but weak commercial execution and bloated corporate leave a multi-dollar EBITDA-per-barrel gap that Streamline66 — portfolio fixes and a refreshed board — closes.

Phillips 66 PSX

Phillips 66 has persistently underperformed peers, requiring new Board perspectives

Phillips 66 PSX

Inefficient conglomerate structure trades like a refiner despite ~40% of EBITDA from midstream

Phillips 66 PSX

Conglomerate structure hides a Midstream worth >$40bn standalone; market gives refining ~$1bn of credit

Phillips 66 PSX

Phillips 66's conglomerate hides world-class midstream worth $40bn+; spinning midstream, closing the $3.75/bbl refining gap to Valero, and refreshing the board can lift PSX from $120 to $200+.

Southwest Airlines LUV

Southwest's board lacks the airline-operator experience needed to lead a turnaround

Southwest Airlines Co. LUV

Southwest is the most compelling airline turnaround opportunity in two decades

Southwest Airlines LUV

Southwest management has destroyed more value through inaction than anyone in the industry

Southwest Airlines Co. LUV

Management and Board are entrenching via poison pill and defensive maneuvers instead of accepting accountability

Southwest Airlines LUV

Worst-performing management team in airlines has destroyed more value than any peer

Southwest Airlines LUV

Southwest is the most compelling airline turnaround opportunity in two decades

Southwest Airlines Co. LUV

Shareholders lost more than 50% over three years under Kelly and Jordan

Southwest Airlines LUV

Eighth guidance cut in 18 months proves leadership cannot deliver

Southwest Airlines LUV

Share price down >50% over 3 years; 2024 EBITDAR tracking ~50% below 2018 despite record industry revenues

Southwest Airlines LUV

Southwest's outdated strategy collapsed margins from best-in-class 21% to worst-in-class 8%

Southwest Airlines LUV

Southwest lost 50%+ of market value and EV is below the value of its aircraft alone

Southwest Airlines LUV

Southwest lost 50%+ of market value in 3 years while peers thrived

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.

Phillips 66 PSX

Phillips 66 has lost investor trust by taking its eye off refining; adding two refining-experienced directors — and Marathon's 2019 playbook if targets slip — unlocks ~75% upside to $205+.

The Goodyear Tire & Rubber Company GT

Retail stores alone could be worth nearly Goodyear's entire market capitalization

Sampo Oyj SAMPO

Sampo core insurance has de-rated ~8x P/E vs Nordic peers since 2018

Crown Castle International CCI

Crown Castle's fiber capex earns just 3% ROI versus ~20% for its tower business

Alexion Pharmaceuticals, Inc. ALXN

Alexion's stand-alone strategy has failed — serial M&A missteps and a deep valuation discount mean the Board must pursue a sale now to unlock 40-50% upside for shareholders.

AT&T T

Unizo Holdings Company 3258.T

Unizo's employee-buyout 'mechanism' was invented after the fact to favor a friendly bidder

Marathon Petroleum Corporation MPC

Separating Marathon into three independent businesses unlocks $22-$40bn of value (60%+ upside)

AT&T T

AT&T Inc. T

Telecom Italia TIT.MI

Vivendi's control of TIM destroyed 54% of shareholder value

QEP Resources, Inc. QEP

QEP's core-of-the-core Permian assets are stranded in a broken public-company wrapper; Elliott offers $8.75/share cash — a 44% premium — to deliver certain value through sale.

Mitek Systems, Inc. MITK

Mitek's board is entrenching against ASG's $10 cash bid (51% premium) despite a declining core business, departed leadership, and a chairman dumping his own stock below the offer price.

athenahealth, Inc. ATHN

Elliott's $160 cash offer for athenahealth is being stonewalled by a disengaged board; immediate engagement on a take-private transaction is the value-maximizing path for shareholders.

athenahealth, Inc. ATHN

Elliott offers $160/share cash for athenahealth — a 27% premium valuing the company at ~$6.9bn — arguing chronic execution failures make going private the only path to realizing its HCIT potential.

Telecom Italia (TIM) TIT.MI

Vivendi holds only 18% economic stake yet controls TIM to its own benefit

Hyundai Motor Group (Hyundai Mobis, Hyundai Motor Company, Kia Motors) 012330.KS / 005380.KS / 000270.KS

Mobis, HMC and Kia trade at 57%, 26% and 73% EV/EBITDA discounts to global peers — peers re-rate if structure is fixed

Telecom Italia SpA (TIM) TIT.MI

Vivendi controls TIM with just 24% voting stake, running it as a subsidiary while minorities suffer

Commvault Systems, Inc. CVLT

Commvault, a product-respected software leader, trades at half the peer multiple because of 1,200bps of margin collapse and 20-year stale governance; a board refresh, operational review and capital return will close the gap.

BHP Billiton BHP

US$46bn value unlock: demerger (+$15bn) + capital return (+$20bn) + franking credits (+$11bn)

Arconic Inc. ARNC

Arconic shareholders lost ~70% of their value; CEO Kleinfeld is one of the worst-performing tenured CEOs in the U.S.

BHP Billiton BHP

DLC structure traps US$9.7bn of franking credits and a 12.7% Plc/Ltd discount

Cognizant Technology Solutions CTSH

Cognizant has deliberately capped margins at 19-20% for 20 years while revenue grew 70x

Marathon Petroleum Corporation MPC

Marathon's integrated structure hides $14–19bn of value; dropping all MLP-qualifying assets to MPLX and spinning Speedway, refining, and midstream into three standalone companies would lift shares 60–80%+.

Marathon Petroleum Corporation MPC

Marathon is priced like a merchant refiner despite a 69% stable-earnings mix; dropping assets to MPLX and spinning Speedway, RefiningCo, and MidstreamCo unlocks $14-19bn (~60-80%+ upside).

Samsung Electronics Co., Ltd. 005930.KS

Samsung Electronics trades at a 30-70% discount to peers on EV/EBITDA, P/E and P/B

Bank of East Asia, Limited 0023.HK

BEA delivered 2.7% annualised return since 1997 vs 12.8% for family-run HK bank peers

American Capital Ltd. ACAS

ACAS trades at 71% of NAV vs 115% peer median — chronic discount since 2008

Riverbed Technology RVBD

$21 cash bid is a 43% premium, exceeding median tech-deal premia across comparables

Juniper Networks JNPR

Juniper underperformed NASDAQ by 104% over 3 years — value destruction is avoidable

Hess Corporation HES

Hess intrinsic value is $96-$128/share vs. discounted current price - ~$50bn TEV trapped in opaque conglomerate

Hess Corporation HES

Hess intrinsic value is over $126/share — 94-153% upside to the current price

BMC Software BMC

BMC has underperformed every peer and index over 1-, 2-, 3-year and YTD windows

Iron Mountain Incorporated IRM

IRM's core storage is a compelling REIT — conversion unlocks ~$10.58/share in tax savings plus cap rate re-rating

Hess Corporation HES

Hess has underperformed every relevant peer over every time frame of John Hess's 17-year CEO tenure

Norwegian (unspecified — inferred from filename)