Callouts & quotes from 773+ activist slides

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

"Box traded at a discount to peers due to a weak combination of growth + profitability"

"These factors support our case that Dycom should trade at a lower valuation to peers."

"Reducing SG&A in line with peers would result in 43% upside to Goodyear's stock price"

"Following release of Elliott’s Streamline66 plan, the stock outperformed peers by 11%"

"Following release of Elliott's Streamline66 plan, the stock outperformed peers by 11%"

"Huntsman's CEO has accumulated excessive pension benefits compared to the Proxy Peers"

"Following release of Elliott's Streamline66 plan, the stock outperformed peers by 11%"

"Crown Castle would have $1B+ more EBITDA today if it achieved the yield of its peers"

"Elliott valuation assumption conservative compared to yield implied by public peers."

"Viacom Still Needs to Reduce Headcount by Another 10% to Bring it in Line With Peers"

"Bristol-Myers has significantly underperformed its peers during Caforio's leadership"

"Into The Recession (2007-2008), DuPont’s EPS Growth Underperformed Peers by 3,000bps"

"Campbell has dramatically underperformed the S&P 500 and key US packaged food peers"

"Southwest has underperformed peers on 17 of its last 20 significant earnings events"

"Box's limited disclosure regarding executive compensation is out-of-line with peers"

"At surface level, Fluor appears fairly valued compared to its primary peers, but..."

"Southwest has underperformed peers on 17 of its last 20 significant earnings events"

"Southwest has underperformed peers on 17 of its last 20 significant earnings events"

"At surface level, Fluor appears fairly valued compared to its primary peers, but..."

"Southwest has underperformed peers on 17 of its last 20 significant earnings events"

"Southwest has underperformed peers on 17 of its last 20 significant earnings events"

"Each dollar of revenue at Lasertec similarly produces far less cash than its peers."

"Unlike industry peers below, WTRG noticeably does not discuss operating cash flow."

"Overall, the Company PAID MORE than its peers, BUT PERFORMED WORSE than its peers."

"Huntsman operates at a significant free cash flow conversion deficit to its peers."

"Crude input and refined product inventory levels are in-line with merchant peers."

"Management and directors awarded $540 million while underperforming peers by 460%"

"Hess Cherry-Picks Proxy Peers Year by Year Still Manages to Underperform Them All"

"Growth predominantly by acquisition. Just 2% of net headcount added among peers."

"Why does the list of Performance Peers fluctuate meaningfully from year to year?"

"DuPont's EBITDA margins have lagged peers in 5 of 7 segments (~64% of revenues)"

"DuPont’s EBITDA margins have lagged peers in 5 of 7 segments (~64% of revenues)"

"Huntsman operates at a significant Adjusted EBITDA margin deficit to its peers."

"Huntsman operates at a significant Adjusted EBITDA margin deficit to its peers."

"Huntsman operates at a significant Adjusted EBITDA margin deficit to its peers."

"DuPont’s EBITDA margins have lagged peers in 5 of 7 segments (~64% of revenues)"

"DuPont’s EBITDA margins have lagged peers in 5 of 7 segments (~64% of revenues)"

"DLO's Take Rate is an outlier among peers – i.e., it seems too good to be true."

"DuPont’s EBITDA margins have lagged peers in 5 of 7 segments (~64% of revenues)"

"This once again showcases that Sinch ranks significantly higher than its peers."

"More specifically, GoDaddy has underperformed peers by nearly 50% year-to-date."

"Pfizer achieves consensus sales expectations less consistently than its peers."

"Even so, churn compares favorably to several highly-valued subscription peers."

"Pfizer achieves consensus sales expectations less consistently than its peers."

"Multiple contraction closer to peers and best performer Progressive Insurance"

"We believe Tripadvisor trades at an attractive multiple compared to its peers"

"We believe Tripadvisor trades at an attractive multiple compared to its peers"

"We sold our holding in Kao as the company continues to underperform its peers"

"We believe Tripadvisor trades at an attractive multiple compared to its peers"

"We believe Tripadvisor trades at an attractive multiple compared to its peers"

"A Comparables Analysis Shows That Silver Sand Is Valued 17x Higher Than Peers"

"Consistently lowest transportation segment operating profit margin vs. peers"

"Logic would suggest that Momo's rate will come down to match peers over time"

"ATTRACTIVE EARNINGS STREAM IN-LINE WITH HIGHLY VALUED PUBLIC MIDSTREAM PEERS"

"Kao Captures Less Upswing and More Downswing of the Asian Market than Peers"

"Vertiv has significantly underperformed its peers over the last two years."

"The Company PAID MORE than its peers, BUT PERFORMED WORSE than its peers."

"Autodesk spends more than 1,000bps more than peers on operating expenses."

"These combined investments pale in comparison to what peers are spending."