Callouts & quotes from 875+ activist slides

"However, despite the arguable imprecision, our rough estimate of approximately $5 billion is less than half the size of FIGS' stated TAM."

"Spruce Point estimates that the new wellness center buildout could burn over $200M of cash over the next five years, and more thereafter."

"Spruce Point estimates that the new wellness center buildout could burn over $200M of cash over the next five years, and more thereafter."

"Oasis estimates that normalizing these costs to the business size would have added 250bps of operating income to both divisions in 2023."

"We believe that underestimated competition could cut Penumbra’s expected sales growth by nearly half in FY20, from 20% to close to 10%."

"In Pioneer’s slide deck it acknowledges that its resource estimates are not necessarily limited to economically recoverable quantities."

"Keurig brewers now are in approximately 6% of the estimated 90 million U.S. households with a coffee maker — GMCR Q3 2011 Earnings Call"

"If history repeated, this would yield a fair value estimate of $217 - $314 per share which suggests 35% - 55% potential downside risk."

"Content is estimated to generate $20.8 billion in revenue (44% of TWX’s total revenue) and $4.3 billion in OIBDA (36% of TWX’s OIBDA)."

"Herbalife does not disclose the amount of Wholesale Commissions paid to distributors in its SEC filings. We have estimated them below:"

"We estimate that Nidec’s current share price presently implies an enterprise value of its non-HDD businesses that is 21.5x LTM EBITDA."

"Based on our estimates, SRG would be valued in the market at approximately $1.6 billion - $2.0 billion, or $13 - $17 per Darden share"

"Based on our estimates, SRG would be valued in the market at approximately $1.6 billion - $2.0 billion, or $13 - $17 per Darden share"

"We estimated the asset betas of several Real Estate holding C-Corporations and several high branded intellectual property businesses."

"In the critical new home sales category, the primary driver of revenues, we estimate that BEKE overstated GTV by ~126% in 2Q-3Q 2021."

"WD-40 has estimated 50% market share in China. Counterfeit product in China has an additional 25% market share. — Mike Freeman (2003)"

"We estimate that the annual recurring cost of using the Libre is less than $1,000 to the payor, versus over $5,000 for the G-Series."

"We find XL materially overestimates savings by exaggerating fuel costs, vehicle service life, driver wages, and annual miles driven."

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

"We estimate that Fannie Mae can be fully recapitalized by year-end 2026, while Freddie Mac can be fully recapitalized one year later"

"The recently released maiden resource estimate contains a total of only 191 million ounces of silver, or about 85% less than needed."

"We estimate that Fannie Mae can be fully recapitalized by year-end 2026, while Freddie Mac can be fully recapitalized one year later"

"We estimate that the total value upside to shareholders could be as much as c.48.6% (Ltd shareholders) / c.51.0% (Plc shareholders)"

"Drop down Macy’s iconic stores and its mall store locations into two separate entities (estimated combined value of $16.5 billion)."

"In the absence of this information - given the already absurd n=3 - the steady plasma estimate of poor metabolizers is meaningless."

"Once again, this data suggests that the number of BPH resective procedures is much lower than the estimates advertised by Procept."

"We estimate without the Beyoncé tailwind over the last few weeks, weekly traffic trends would be posting their worst weeks of 2024"

"Taking these issues into consideration, and discounting Mercury's multiple to the industry average, we estimate 50%-60% downside."

"In addition, we estimate that there are ~$3 trillion of privately owned targets in the pharmaceutical and medical device industry"

"Warner Bros., in addition, has been consistently gaining market share over the past few years with 2005 estimated share at 15.6%."

"The denominator used to calculate churn is actually greater than the Estimated Ending Membership in the two most recent quarters!"

"Through an undisclosed related party transaction, we estimate Huishan Chairman Yang Kai stole at least RMB 150 million of assets."

"We estimate that the occupancy rates for Vivion's Berlin properties by real, third-party commercial tenants is close to just 60%."

"Based on our valuation analysis, we arrive at a fair value estimate for FCUV of $15 per share, well above current levels near $8."

"Any future changes in the estimated redemption amount will be recognized in the income statement... — TeliaSonera 2008 AR, p. 87."

"We believe that If volumes of production are an “estimate” than Oatly’s entire reported revenue stream should also be qualified."

"On a proforma basis, we estimate the combined company’s EBITDA could be $4.5B and its shares could rise from ~$10 today to ~$16."

"Excluding the estimated $110M net tailwind to revenues that will not repeat in FY23, sell-side estimates look wildly optimistic."

"Using this data, we estimate that in the 2006-2012 period ~1.1mm Sale Leaders failed and left the business, a ~90% failure rate"

"We estimate that SBUX will generate a three-year IRR of at least 12% if annual EPS growth is ≥ 9% and its P/E multiple is ≥ 21x"

"We estimate that Olam could have to raise or refinance a total of S$4.6 billion in the next 12 months in order to stay solvent."

"by our estimate, almost every organ placed on the device violates one or more of these criteria and is therefore off-label use."

"We make some conservative estimates and believe that tariff costs could easily cause Axon to miss its EBITDA estimates by 10%."

"Our sum-of-the-parts and free cash flow estimated valuation analyses suggest 40%-80% potential downside risk in Intuit shares."

"Seriously, Pioneer ought to stop touting estimates based on stale pricing, or at least provide a useful sensitivity analysis."

"Valuing Kratos at a discount to peers on EBITDA, free cash flow, and book value we estimate 40%-70% downside ($3.15-$6.30/sh)"

"In reality, we estimate that HIMS churns well over 50% of customers by the end of year 1 and nearly 80% by the end of year 2."

"INGN’s Estimate of the Full Penetration for POCs is Aggressive When Compared to Analysis Using Industry Surveys and CMS data."

"If Bloomberg were to incorporate both analysts' 2025E EPS forecasts, the mean estimate would decrease from $14.30 to $13.40."

"DOX Shares Have 25%-50% Downside From Current Levels Based On Near-Term Estimates, But Could Fall Even Further Going Forward"

"It appears sell-side analysts’ growth estimates are giving CTC the continuous benefit of its unsustainable accounting tricks"

"Using given unlevered free cash flow estimates and Project Phoenix, IRRs for the PE Buyers could be 32% to 56% at $40/share."

"Frictional costs of roughly 5 cents per share (1) (versus management estimates of $4-$5 per share for the Initial Proposal)"

"We estimate that HASI inflated gains on securitizations by $12 million in 2020 and $15 million in 2021 through this method."

"From 2004 through 2009, we estimate that only one new President’s Team member was created for every 10,000 new distributors"

"Warning: We estimate that Oatly's Gross Margin is 640bps lower when including outbound transportation and logistics costs."

"48 machines permitted at $400k - $500k per new Avalanche 1000 machine, we estimate $19m - $25m of total revenue potential."

"The implied amortization period based on Mettler's reported results directly contradict its stated estimated useful lives."

"Analysts have no idea how to forecast Olam’s CapEx, and all seem to have greatly underestimated FY2013 levels based on Q1."

"Core Lab is not cheap. On consensus estimates, the stock trades at 35x next year’s earnings and nearly 27x 2019 estimates."