Callouts & quotes from 875+ activist slides

"None of this changes the fact that Oklo's cost estimate for the initial core of fuel for their reactor design is too low by a factor of 5x or more."

"Therefore, we believe iKentoo had very little growth from 2017-2019, and we estimate its ARPU was $100 per month, or 50% below LSPD's ARPU of $200."

"Assuming an implied purchase price of ~$30 billion, we estimate pipeline products will need to generate ~$15 billion of revenue to be NPV neutral!"

"Based on a global peer benchmarking analysis in the dairy industry, we estimate Saputo spends the least amount of its revenue on R&D expenditures."

"In instances where we do not have reporting from our partners, we estimate revenue based on information available to us at the time. — Intuit 10-K"

"Our recurring revenue backlog represents an estimate of first year revenue from Closed sales that has not yet been recognized. — Q4 2018 Conf Call"

"In a majority of the cases, the share price has met or exceeded our downside estimate of intrinsic value. The average share price decline is 57%."

"The range of implied recoveries generate a net present value loss between $2.7 billion to $4.5 billion, with a midpoint estimate of $3.6 billion."

"Spruce Point finds a large deviation between our estimated ending gross PP&E and actual PP&E in 2023 which is the period the auditor was changed."

"Spruce Point estimates that Porch has a maximum potential liability associated with financial guarantees made to home inspectors of $1.1 billion."

"The net effect of this extra year of customer life on the books is that we estimate EHTH’s constrained LTV for MA members is overstated by 28.2%."

"One estimated that 25-50% of Nevro’s revenue comes from surgery centers pushing patients into "one stimulator and then another and then another.""

"Wall Street analysts estimated Adjusted EBITDA would be 30% BELOW the Company's initial 2018 Investor Day target even before the global pandemic."

"Veronis Suhler Stevenson estimates consumer magazine advertising spending will grow at a compound annual growth rate of 6.4% from 2005 - 2009(a)."

"Our one-year price target of $68 is based on a blended rate of 29.9x EV/EBITDA multiple of our FY20 EBITDA estimate of $123mn. — Imperial Capital"

"The reference range of $39.5 - $43.5 billion (12.2x - 13.4x 2006PF OIBDA) is at the high end of the range of Wall Street estimates for Networks."

"We estimate that the Rosie EMI accounted for approximately 12% of our ~$300 million estimate of HASI’s 2021 non-cash, unrealizable HLBV income."

"The magnitude of the "discount" at TWX, as estimated by various research analysts, is approximately 10% - 15% of the gross equity value of TWX."

"We believe the long-term risk from AVs is limited and estimate that Uber’s share price is likely to more than double over the next 3 to 4 years"

"Consumables revenue of $3.9MM divided by 92 machines in the field yields $43K of consumable revenue per machine – or 2-3 runs, by our estimate."

"By funding itself with 80% equity, we estimate the Company loses approximately $105 million annually or $286,540 per day of shareholders' money"

"If met coal prices went to $300, Teck would generate over $1 billion Canadian dollars of incremental EBITDA each quarter vs. analyst estimates."

"We believe the long-term risk from AVs is limited and estimate that Uber’s share price is likely to more than double over the next 3 to 4 years"

""If I were to take a conservative estimate, well over 50% of GFL's 100+ acquisitions I'd characterize as a failure." — Canada Industry Observer"

"We estimate fair value using an equally weighted combination of discounted cash flows and multiples of revenue and EBITDA. — 2014 Annual Report"

"At McDonald's current price of approximately $33 per share, we estimate Pro Forma McDonald's dividend / FCF yield would be approximately 6.7%."

"We estimate 50% to 70% upside in Amcor shares as the combined company executes on synergies and the acquisition integration comes to fruition."

"TWX does not break down revenues by business line within Filmed Entertainment, however, an estimate of the division's revenues are as follows:"

"These are our estimates, and we acknowledge that for 2026, we are 30-40% higher than consensus, which we think is justified based on our work."

"We estimate $661m of costs have been capitalized in software since 2007, yet only $217m has gone through the income statement as amortization."

"We estimate $661m of costs have been capitalized in software since 2007, yet only $217m has gone through the income statement as amortization."

"We believe management's plan is achievable, and the ARPU tailwind from Pulse will lead to ADT exceeding revenue and profit estimates over time"

"Based on our estimates, private-pay Independent Living (IL), Assisted Living (AL) and Memory Care units trade at implied 5.00%-5.50% cap rates"

"Valued at 8x its estimated peak earnings contribution, Valeant's late-stage pipeline, excluding Salix, may be worth as much as ~$40 per share"

"We believe EBITDA is the incorrect metric for the Company and estimated customer value is calculated with numerous unpredictable assumptions."

"At a revenue run rate of $40-50 million per year, we estimate that Patch would still lose approximately $79 million to $133 million per year."

"Valued at 8x its estimated peak earnings contribution, Valeant’s late-stage pipeline, excluding Salix, may be worth as much as ~$40 per share"

"Interview with Former Tax Equity Buyer at Major Bank, December 2021. NB: RUN Investor Relations estimated an 8-9% return to us. — Footnote 51"

"We estimate management divested approximately $24m of stock in a non-transparent manner by not filing timely Form 4 statements with the SEC."

"Therefore, Barclays is estimating $1.13 per liter of capacity addition, or 77% higher than our estimated historical cost of $0.64 per liter!"

"Excluding the volume pull-forward, we estimate reported net sales would have declined 23% to 25%, or 17% to 20% on a constant-currency basis"

"Analysts estimate that gross margins will magically increase, yet none are aware of Axon’s significant exposure to China imports and tariffs"

"However, Wall Street analysts have historically been overly optimistic in their estimates for both Celgene’s marketed and pipeline products."

"We estimate that an appropriate valuation for SE would be $41 to $48 per share (+32% to +55% upside) if it were to take the following steps"

"Bristol-Myers management projections for the Company on a standalone business are significantly better than Wall Street consensus estimates"

"Using our base case modeling assumptions, we estimate that Freddie Mac shares could be worth ~$39 by year-end 2027 when fully recapitalized"

"Using our base case modeling assumptions, we estimate that Freddie Mac shares could be worth ~$39 by year-end 2027 when fully recapitalized"

"At over 18x our FY26E Adj. EBITDA estimate, Limbach trades at a valuation premium we view as completely disconnected from its fundamentals."

"After de-consolidation, the TRP's observed multiple discount to ENB of 1.4x increases substantially to 4.8x based on 2015 EBITDA estimates."

"Excluding ISRG and these acquisitions, we estimate that UFPT would have grown sales by a marginal 0.4% in 2024 as shown in the table below."

"Based on our research, GFL paid $84m. We estimate Bestway had $30m of sales, and GFL paid a hefty 2.8x / 10x multiple of sales and EBITDA."

"We estimate that John Crane would trade at a premium multiple in a range of 13-14x forward EBITDA if it were separately listed in the U.S."

"We estimate that four of 2U’s top seven programs (shown in red) enrollment trends may be experiencing flat or declining enrollment trends."

"We estimate that every dollar Starbucks spends building a new store in the U.S. or China is worth $10 to $15 shortly after the store opens"

"Using our base case modeling assumptions, we estimate that Fannie Mae shares could be worth ~$35 by year-end 2026 when fully recapitalized"

"Why does Verint – whose sales, per our estimates, contracted in FY19 – trade at a sales multiple similar to that for which BroadSoft sold?"

"What happened to management's pre-deal 5-6% revenue growth estimate for Almost Family? What happened to “better, faster, stronger” growth?"

"In our opinion, Eurofins purchased the property from a straw party for an estimated ~€4 million premium after a nine-month holding period."

"Using our base case modeling assumptions, we estimate that Fannie Mae shares could be worth ~$35 by year-end 2026 when fully recapitalized"

"We believe AOL's Display business is highly unprofitable due to its operating expenses that are estimated to exceed $1.1 billion per year."