Callouts & quotes from 1,061+ activist slides

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

"From 2007 to 2012, Darden’s stock price underperformed its Proxy Peer Group by over 40%"

"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"

"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"

"Bristol-Myers' P/E ratio is now at its lowest level in years and below its peer group"

"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"

"Despite having ~4.5x the peer average revenue, Darden is among the least efficient."

"Since Hess has paid limited dividends, exclusion of dividends distorts peer returns"

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

"Despite having ~4.5x the peer average revenue, Darden is among the least efficient."

"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."

"PepsiCo’s EBIT(1) margin (before advertising expense) is well below the peer group"

"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?"

"Agilent's net leverage of <1x is significantly below average peer levels of ~3x"

"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."

"Box’s equity burn rate as a percentage of market cap is double the peer median"