Callouts & quotes from 875+ activist slides

"At current margins, CXW management estimates its inventory of existing beds could generate an additional ~$100mm of EBITDA"

"We've added $30 million to our estimate for fiscal '11 CapEx due to the acquisition of Van Houtte. — GMCR Q1 earnings call"

"Applying a generous 0.5x to 0.75x EV/2019E sales, we estimate that CVNA shares have 50%-70% downside from current levels."

"Our estimates illustrate the opposite -- 2U is likely earning 70% more than Simmons (currently 2Us second largest client)"

"We estimate 75% of WD-40's cash is in its U.K. subsidiary. A falling British Pound creates material risk to the business."

"We estimate the GSEs could repay the $65bn remaining Treasury preferred in 3 years based on their earnings and ~$72bn DTA"

"We estimate that net of USM, FTAI's module business is currently delivering EBITDA margins ~600bps lower than in H1 2024."

"We conclude from our estimates that BEKE's revenues are significantly inflated, even at BEKE's reported commission rates."

"A potential management fee reduction to 24% would reduce annual EPS estimates by about $2.00 just on this measure alone."

"We add these three groups together to estimate the amount of swaps terminating in 2024, and the result is $16.0 billion."

"A Citigroup report published 3 weeks before this one, however, pegged EUV at 80% of sales by 2022 – 4X the UBS estimate."

"We estimate that Smart2Pay's net profit margins ballooned from 28.5% (pre-acquisition 2019) to 49.2% (post close 2020)."

"These connections between performers and PUs further support our estimated that YY has fabricated ~90% of gift revenue."

"In the past two years, we estimate insiders have monetized £1 billion, net, via selling, collaring, and pledging stock."

"Therefore, we estimate a low, middle and high range for new capacity that implies an 11% - 48% increase in capex costs."

"We estimate that revenue per new store fell from $15.0 to $12.4 million ($178 to $172 per sqft.) between 2022 and 2023."

"We estimate that the average failed Sales Leader has $2,000 of expenses, net of minimal retail and/or recruiting profit"

"We estimate total addressable market penetration of only ~40% today; penetration of home automation nascent at only ~2%"

"We estimate pro forma net leverage would be at ~5x today, reflecting Disney’s lower run-rate EBITDA compared to FY 2018"

"Even at the low-end of estimates, JPM thought the company's equity would be worth ~70% more than where it trades today"

"An estimated $7 - $10 million savings can be realized by employing best practices that others have already implemented"

"An estimated $7 - $10 million savings can be realized by employing best practices that others have already implemented"

"Net of stamp duties, we estimate the flip generated Pisach ~£753,000 in profits on the near-instantaneous transaction."

"We also estimate that PGNY customers are paying almost double for the pharmacy benefit in FY22 versus the 2019 cohort."

"Since the $750 million acquisition of Insight Pharma in September 2014, we estimate organic EBITDA has been declining."

"We estimate that FBHS can generate at least $400MM in EBITDA on today’s sales base by cutting capacity and excess cost"

"Celgene estimated peak sales potential of $3 billion for JCAR017 when announcing the acquisition of Juno Therapeutics"

"The expected construction costs are about half of our estimate of Huishan's reported average spend of RMB 89 million."

"We Estimate that Vivion's Controlling Shareholders Have Taken Shareholder Loan Repayments of at least €360.1 Million"

"The root of the problem for the company has been, and remains, overly optimistic Mineral Resource Estimates (MREs)."

"When including annual fixed costs in the calculation, we estimate the company will lose -$402 on every MA customer."

"We Estimate That Starboard Inflated Their REIT Multiple Analysis by ~4x Through Flawed Calculations and Assumptions"

"Inspire claims this number is 2 million – their source? See footnote 2: “Company estimates” (i.e., “we made it up”)"

"In a majority of the cases, the share price collapse has met or exceeded our downside estimate of intrinsic value."

"In a majority of the cases, the share price collapse has met or exceeded our downside estimate of intrinsic value."

"In a majority of the cases, the share price collapse has met or exceeded our downside estimate of intrinsic value."

"The consultant’s review details a pattern of flagrant flaws that led to the “vastly overestimated bioavailability”"

"Pro forma for the expected decline in the U.S. business, normalized EPS is significantly below consensus estimates"

""At a conservative estimate, there's five billion gallons of shale gas under your lower molars." — Cartoon Caption"

"We estimate GFL's debt is C$460m more than reported and financial data providers fail to capture the adjustments."

"Against YY's reported Bigo revenue of $417.0 million, this yields an estimate that 59.1% of Bigo revenue is fake."

"Spruce Point estimates that after a period of growth, WSP's organic employee headcount was flat to down in 2023."

"We estimate that Target's ground lease credit risk should be materially lower than Target's unsecured CDS spread"

"We anticipate margin uplift by 27% on a pro forma forward basis, resulting in estimated operating margin of 6.7%"

"reflected the best currently available estimates and judgments — FSCT: Definitive Proxy Statement (Mar 23, 2020)"

"Our High End Estimate for Non-Cash ITC-Related HLBV Income in 2020 and 2021 is $60.6 million and $353.2 million"

"We estimate DGW's actual revenue is no greater than US$800,000 annually, versus the US$154.4 million it claims."

"As a result, we attempt to adjust Street estimates for these factors that appear to be inflating DOX's results."

"We estimate it will take 71 – 83 years to recoup its total investment in the project, assuming no other clients"

"Revenue estimates crept higher despite Florida awards declining and estimates just increased after the LSP deal"

">A PK failure that never should have made it past phase 1 – underestimated plasma levels are key driver of risk"

"Mettler can only "estimate" the project completion as measured by users and it can't keep its figures straight."

"In Morinda's, case, we estimate that Morinda's revenues from China are inflated by 36% in 2017 and 51% in 2016."

"In Morinda's, case, we estimate that Morinda's revenues from China are inflated by 36% in 2017 and 51% in 2016."

"Our Low End Estimate for Non-Cash ITC-Related HLBV Income in 2020 and 2021 is $20.3 million and $293.2 million"

"Rio's inability to share risks with targets has cost shareholders an estimated c.US$35.6 billion in book value"

"In total, we estimate that your non-core acquisition spree cost shareholders more than $12 per share in value."

"Elliott estimates tax savings equivalent to approximately 60% of 2011 Net Income guidance provided by Company"

"McOpCo’s Estimated Average Unit EBITDA margins versus U.S. Franchisees’ Estimated Average Unit EBITDA margins"

"Management estimated the value of these projects to be $3 billion in 2017 when copper was at $2.70 per pound."