Callouts & quotes from 875+ activist slides

"Spruce Point estimates that Magnite's true organic revenue growth in 2020E is a meager 1.7%."

"Bayer estimates that the potential revenue value of these pipeline drugs is 5 billion Euros."

"MGM's fair value is by our estimate in excess of $35 per share, or 35% above current levels."

"This begs the question of who actually formulated the estimates in the WinterGreen reports."

"Sandell Estimates Intrinsic Value of up to $49/Share by Employing the PropCo/OpCo Structure"

"We estimate the GSEs' FIA business will earn $51bn over the next 10 years as it winds down"

"We derived our own estimates of the 2022 landbank's value by using the comparable method."

"Wall Street consensus estimates for Celgene's products have generally been too optimistic"

"Absent this one-off contribution, we estimate CTV revenue would have declined by 16% YoY."

"We estimate that in aggregate, Huishan inflated farm CapEx by as much as RMB 1.6 billion."

"We Estimate Sunrun Overstates Its Income Approach FMV by 29% and Subscriber Value by 32%"

"Current Consensus Revenue Estimates Assume "More Than" Perfection: 30%-50% Downside Risk"

"We Believe Investors Underestimate Samsara’s Competition And Challenging Market Dynamics"

"we estimate that the Bubny Landbank's value is overstated by ~€138 million, or ~100%."

"It is difficult to justify current super-premium multiple (36x FY2012 EPS estimates)"

"The gap between W's stock price and consensus 2018 adj. EPS estimate is confounding."

"We estimate that about 80% of the comments on Wandoujia regarding NQ are negative."

"In fact, we estimate that cash flow has collapsed by -37% since the 2018 spin-off."

"At <14x pro forma 2015 earnings, we believe the market underestimates this change"

"To estimate 2015 revenues per program, we used the following data and estimates:"

"We believe investors underestimate the strength of competition faced by Samsara."

"We estimate that SafeCharge grew over 50% in 2020 with high exposure to gaming."

"We estimate that most, perhaps as many as 90%, of the PUs were also performers."

"Spruce Point Estimates 65% - 80% Downside Potential Risk To Zebra's Share Price"

"We estimate ELF's COGS based on its having a 70% share of its suppliers' sales."

"Source: Morgan Stanley & Co. estimates as provided to Greenlight in April 2014."

"Our estimate of fair value is $0. We believe Lumen is fundamentally insolvent."

"Accordingly, we estimate that RUN’s Cost Approach FMV is overstated by 25.7%."

"Based on consensus estimates, Box is expected to miss the goal it set in 2019"

"We estimate continuing EPS approx. -47% below the street “adjusted” estimates"

"We estimate continuing EPS approx. -36% below the street “adjusted” estimates"

"We estimate continuing EPS approx. -47% below the street “adjusted” estimates"

"Our estimate ties out to Lefkofsky's remarks that TCV is >$1B as of April '25"

"We estimate that TAL has fraudulently overstated its FY2016 – FY2018 results."

"We estimate the value of the assets transferred was at least RMB 150 million."

"“Estimate from oat milk production at 1.3x” — Spruce Point Capital Management"

"Why We Conservatively Estimate 25% – 40% Downside Risk To PERI’s Share Price"

"As a result, we estimate Avery has experienced underlying EBIT contraction."

"As a result, we estimate Avery has experienced underlying EBIT contraction."

"We estimate Phillips could retire ~60% to ~90% of its shares outstanding(4)"

"Consensus estimates imply extremely unlikely Q4 core growth ex-new products"

"Consensus estimates imply extremely unlikely Q4 core growth ex-new products"

"We estimate Phillips could retire ~60% to ~90% of its shares outstanding(4)"

"Your miscalculation underestimated the likelihood of someone being injured."

"We estimate that ONP has overstated its asset values by at least ten times."

"We estimate inventory turnover fell in half leading up to the acquisition."

"Using 12x our 2026E EBITDA estimate returns $16, -77% from current levels."

"By 2020 Deckers will still have an estimated net cash position of $335m(1)"

"We estimate that CCME generated 2009 revenue no greater than $17 million."

"Estimated savings of $24 – $42 million or 1.3% – 2.2% of total cost pool"

"We estimate Phillips could retire ~60% to ~90% of its shares outstanding"

"Estimated savings of $24 – $42 million or 1.3% – 2.2% of total cost pool"

"We estimate that BEKE’s revenues are inflated by approximately ~77–96%."

"Our estimates for merchandise volumes is based on recovering lost share"

"We estimate EBITDA and EPS are overstated by 17% and 79%, respectively"

"$81,111 = JOE's estimated average cost to develop a lot in RiverTown"

"We estimate that ~$16 billion of these swaps will terminate in 2024."

"We Estimate TCV Is ~$600 Million Overstated Based On Our Adjustments"

"We estimate approximately 40% - 50% ($42.39– $50.86) downside risk."

"We estimate Phillips could retire ~80% of its shares outstanding(4)"