Callouts & quotes from 1,061+ activist slides

"Dillard's Shares Underperformed Peers By 200% From 2000-2007"

"Peers have successfully refranchised in a number of markets"

"Peers have successfully refranchised in a number of markets"

"BILL’s ‘Rule of 40’ score is less than half of peer levels."

"ACMR Trades at a Massive Discount to U.S. and Chinese Peers"

"HMC Discount vs. peers: (26%) Kia Discount vs. peers: (73%)"

"Interest expense absorbs only 5.8% of Peer EBIT on average"

"PepsiCo EPS growth has materially trailed peers since 2006"

"Post Elliott’s involvement, outperformed peers by ~150%"

"GoDaddy has 3-5x more customers than its public peers"

"Sensai is tiny compared to peers, it has room to grow"

"GoDaddy has 3-5x more customers than its public peers"

"Which of the Board options is best aligned with peers"

"GoDaddy has 3-5x more customers than its public peers"

"PSX R&M RemainCo is a similar size as its core peers"

"PSX R&M RemainCo is a similar size as its core peers"

"Box trades at the lowest multiple of its Peer Group"

"Zillow Leads Its Peers In Stock-Based Comp Dilution"

"Wix’s margins are significantly lower than peers."

"GoDaddy is significantly larger than its peers"

"Heinz Shareholder Returns Led the Peer Group"

"Heinz Shareholder Returns Led the Peer Group"

"PPG's two closest peers have leverage of ~4x"

"Heinz Shareholder Returns Led the Peer Group"

"Fastest EBITDA Growth within its peer group"

"Avg. premium of 4.2x+ or ~25% vs. peer P/E"

"BELOW peer median driven by LOWER MARGINS"

"C&C Group vs. Peer Group Average (80.6%)"

"Box is now at 2.4x the Peer Median 23.0%"

"~26% Deficit to the Performance Peers"

"128% WORSE THAN THE PEER AVERAGE CEO"

"Mobis Discount vs. peers: (57%)"

"Kia Discount vs. peers: (63%)"

"12pts below peer average"

"12pts below peer average"

"12pts below peer average"

"Discount vs. peers: 68%"

"Discount vs. peers: 34%"

"Discount vs. peers: 48%"

"~2x BELOW Proxy Peers!"

"~3x LOWER than peers"