Callouts & quotes from 773+ activist slides

"We believe GSX is the worst among its peers and generates a massive amount of volume from fake student enrollments."

"As you can see below, Riot’s share price has materially underperformed peers who have signed sizable AI/HPC deals."

"An analysis of BEA HK’s operations compared to its industry peers indicates clear weakness on all relevant metrics"

"2013 Constant Currency EPS Growth, Normalized For Tax, is Below Peers and Long-Term Guidance (Despite 2012 Reset)"

"Here is how athena seems reasonable next to its peers. But the implication is that its peers are properly valued."

"Despite high AUVs and industry leading revenue, Darden's operating performance is significantly worse than peers"

"Despite high AUVs and industry leading revenue, Darden's operating performance is significantly worse than peers"

"Despite high AUVs and industry leading revenue, Darden's operating performance is significantly worse than peers"

"Despite high AUVs and industry leading revenue, Darden’s operating performance is significantly worse than peers"

"This has the consequence of inflating FTAI’s EBITDA margins, which are ~ten percentage points higher than peers."

"Saputo's EBIT margin in Argentina in 2021 was a significant outlier to local and regional Latin American peers."

"McGraw Hill’s three year total return of 2% was 29% less than the weighted average of its peers over the period"

"Unlike peers, HMA does not have a Board specific committee with direct oversight of both compliance and quality"

"PROFITABILITY IN THE “BEST YEAR IN HUNTSMAN’S HISTORY” CONTINUES TO BE EMBARASSINGLY BAD WHEN COMPARED TO PEERS"

"Despite starting from a lower base, Kao’s growth target for Curél through to 2027 (8% revenue CAGR) lags peers."

"P&G's organic growth has consistently underperformed its peers' growth rates in each of the last four quarters"

"Marathon merchandise margins significantly lag Casey's and Couche-Tard, its closest peers for in-store retail."

"DSO have grown significantly faster than peers and is 1 of 2 companies with 4 years in a row of increasing DSO"

"Norfolk Southern’s shares have underperformed the Company’s Class I railroad peers over every relevant period."

""Phillips 66 refineries are every bit as good as [those of its peers], Valero & Marathon." — Brian S. Coffman"

"Peers have been able to reduce advertising costs per tire, while Goodyear's advertising costs have increased"

"XPO makes aggressive use of off-balance sheet leases relative to its larger and better credit worthy peers."

"Contrary to TSE policies and all peers, Keisei refuses to base executive pay on Company performance metrics"

"Disney has underperformed almost all its peers despite having best-in-class parks and entertainment assets."

"GCP’s share price performance has compared poorly to peers and broader indices over almost any time period."

"10-K Peers include IBM, HPQ, and CA; listed as BMC's closet competitors in the Company's annual 10-K report"

"Disney has underperformed almost all its peers despite having best-in-class parks and entertainment assets."

"We believe Fluor is well positioned within the EPCM landscape and should trade at least in line with peers"

"We believe Fluor is well positioned within the EPCM landscape and should trade at least in line with peers"

"Monolithic sits on more cash than any of its semiconductor peers: so what does it do with all this money?"

"Darden's costs as a % of sales would still be above peers even AFTER implementing our identified savings."

"Peers trade at an average 5.8x EV/Sales multiple on FY20 sales, versus Dexcom at 9.1x – a premium of 57%."

"Darden's costs as a % of sales would still be above peers even AFTER implementing our identified savings."

"Stryker's bad debt allowance has been steadily rising and now exceeds peers such as Zimmer and Medtronic."

"Speedway does not capture higher fuel margin than peers from its integration with Marathon’s refineries."

"...Valuation discount vs. peers has increased over three times since Vivendi nominees joined TIM's board"

"Stub NTM EV/EBITDA Discount vs. Peers¹ Increased over 3 times since Vivendi nominees joined TIM Board..."

"Sony Financial is distinguished from peers by its “growth culture” driven by unique “Life Planner” model"

"FIGS trades at a material premium to DTC and retail/apparel peers at approximately 4.0x 2022E revenues."

"GCP is among the smallest of its peers based on revenue, number of employees, and market capitalization"

"Huntsman should provide greater disclosure on human capital management, in-line with its Primary Peers."

"Huntsman has received significantly less support for its executive compensation plan versus Proxy Peers"

"Huntsman should provide greater disclosure on human capital management, in line with its Primary Peers."

"We sold our holding in Kao as the company continues to underperform its peers — AXA Investment Managers"

"Marathon’s refineries exhibit no higher utilization than merchant refiner peers who do not own retail."

"Xylem’s Valuation Is Extreme Relative To Water And Industrial Peers With Higher Margins, Less Leverage"

"GCP has said it's now targeting smaller projects in SBM, after peers have already made strategic moves"

"Not only has Goodyear failed to close the margin gap vs. peers, the margin gap has continued to widen"

"By normalizing MAXR’s results to peers, we estimate $50m of annual overcapitalization of intangibles."

"Rio risks trailing industry peers due to practical DLC restrictions on issuing stock as M&A currency"

"Huntsman is focused on downstream systems, yet seems to have the lowest average margins among peers."

"Board size and inside vs. outside director balance consistent with peers and TPX companies' average"

"As a result of a worsening growth + profitability profile, GoDaddy has underperformed peers by 37%."

"Poor performance is even more remarkable given broader industry tailwinds that have benefited peers"

"Out of the 18 indicated peers, BlackRock was in the bottom 50% group on a 1 year and 3 year horizon"

"Since embarking on this plan, Amgen has significantly outperformed both Bristol-Myers and its peers"

"Peers have seen improvements of greater than 20% in cost of goods sold with minimal supplementation"

"In this presentation, Starboard uses Proxy Peers to benchmark the Company's executive compensation."

"As a result of a worsening growth + profitability profile, GoDaddy has underperformed peers by 37%."

"Out of the 18 indicated peers, BlackRock was in the bottom 50% group on a 1 year and 3 year horizon"