Callouts & quotes from 773+ activist slides

"Thus, we believe its peers do not exploit this accounting trick to materially boost EBITDA margins."

"To date, this growth potential has not been capitalized on, and Kao has fallen behind global peers."

"Leading Kao brands are limited in their global reach compared to competing brands from Kao's peers."

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

"We believe that ADP’s retention is better than peers in SMB, but is well below peers in Enterprise"

"Materially underperform peers then go on to deny by pointing to last 6 months of stock performance"

"Huntsman continues to be perceived by investors as a lower-quality business relative to its peers."

"Over any relevant time frame, BMC's stock has consistently underperformed the market and its peers"

"Norfolk Southern and its peers have the same mission, but Norfolk Southern’s strategy must change."

"Recent revenue, same store sales, and operating margins continue to be the worst among OSS peers."

"Even peers that already had a strong alcohol mix have been successful in increasing alcohol sales"

"Despite ~60% Increase in Stable Earnings... ...0% Increase in Multiple vs. Merchant Refiner Peers"

"Even peers that already had a strong alcohol mix have been successful in increasing alcohol sales"

"Disney’s Media business ("Entertainment" and "Sports") significantly under-earns its media peers."

"Disney’s Media business (“Entertainment” and “Sports”) significantly under-earns its media peers."

"Southwest has substantially underperformed peers and the S&P 500 over all relevant time periods."

"Under the incumbent Board, McDonald's is a laggard – not a leader – on ESG compared to its peers"

"Southwest has substantially underperformed peers and the S&P 500 over all relevant time periods."

"Southwest has substantially underperformed peers and the S&P 500 over all relevant time periods."

"Huntsman’s Advanced Materials business has one of the lowest Adjusted EBITDA margins among peers"

"We believe this explains the significant difference in EBITDA margin between FTAI and its peers."

"Southwest has substantially underperformed peers and the S&P 500 over all relevant time periods."

"Three-Year Outlook from January 2024 Explicitly Indicated the Margin Gap to Peers Will Not Close"

"Southwest has substantially underperformed peers and the S&P 500 over all relevant time periods."

"Huntsman CEO receives a disproportionately large annual pension benefit compared to Proxy Peers"

"When we adjust for these factors, we see that Leidos is trading at 24x 2021E OCF vs. 16x peers."

"Val-gan’s durable business would have few peers among publicly traded pharmaceutical companies"

"We believe Autodesk should target ~55% incremental margins, in-line with design software peers"

"GCP's struggles seem to be unique as peers have benefitted from a favorable industry backdrop."

"Brook Mine has the lowest concentration of critical battery metals amongst its clay REE peers."

"GCP's struggles seem to be unique as peers have benefitted from a favorable industry backdrop."

"Salesforce trades at a discount to its peers and has an outsized margin expansion opportunity."

"We believe Autodesk should target ~55% incremental margins, in-line with design software peers"

"CEO Hsing is paid handsomely for running a small company a fraction of the size of his peers."

"... But dramatically UNDERPERFORMS its Direct Peers on using its R&D to drive organic growth."

"Huntsman's EBITDA margins are ~400bps BELOW the average for 2021 and 2022 performance peers!"

"The stock is trading at such a discount to peers because of management – no one trusts Matt."

"Peers have been successful at developing and commercializing GLP-1s whereas Pfizer has not."

"While some peers are moving to nutritionally-focused portfolios, Danone is already there..."

"Post Conduent spin, Xerox's stock has regressed to underperforming the market and its peers"

"The divergence in experiences between GCP and its closest peers is difficult to understand."

"The divergence in experiences between GCP and its closest peers is difficult to understand."

"Peers have been successful at developing and commercializing GLP-1s whereas Pfizer has not."

"By moving to newer Cell Line processes, peers have seen cost of goods improvements of >35%"

"Opex/bbl, largely in Phillips 66’s control, is the highest among their core refining peers"

"$800 million in savings from utilizing assets as well as Norfolk Southern’s Class I peers."

"Highly focused food companies trade at premium multiples vs. peers with diverse portfolios"

"Why can PetIQ’s products business support EBITDA margins more than double those of peers?"

"If Hess wants to be compared to Integrateds, then COP and MRO are the most relevant peers"

"Eurofins’ capex as a percentage of revenue is an outlier among its publicly traded peers."

"Management has historically referred to Celanese, Dow, and Eastman as its primary peers."

"Valeant’s durable business has few peers among publicly traded pharmaceutical companies"

"FTAI’s per employee revenue and EBITDA is ~3x and ~7x higher, respectively, than peers."

"Valeant’s durable business has few peers among publicly traded pharmaceutical companies"

"The charts below illustrate the premium valuation received by Dycom relative to peers."

"FND's average operating lease term is 12 years which makes it the highest among peers."

"R&D spend at ACMR and other Chinese WFE players is in line with that of Western peers."

"Why does the Board think FirstGroup's stock has consistently underperformed its peers?"

"Sony also trades at a meaningful discount to major peers in all of its core businesses"

"We believe there is opportunity to bridge the valuation gap between Box and its peers"