Callouts & quotes from 251+ activist slides

"Spruce Point finds clear that Saputo is struggling in Europe, and recently made modifications to its competition discussion that suggests a loss of share. We observe that the percentage of retail sales are in decline, and that EBITDA margins are declining."

"Thus, our estimation using a corrected comparator suggests that the PhenoTest is faster by about 16h to deliver AST results, because it does skip the step of sub-cultures. Therefore, the time advantage is only 40% and not more than 75%, as claimed by AXDX."

"Our rigorous forensic analysis suggests it may be outright impossible for Amcor to meet lofty analyst expectations, with revenues already vanishing, deal costs higher than planned, and critical maintenance and growth capital expenditures being delayed."

"Ballard is currently trading near an all-time high valuation on the belief its China growth story will materialize and profits will finally appear. Our on the ground research in China suggests a different base case outcome of financial disappointment."

"Our research suggests that Kratos is a tiny player in the field of unmanned systems, with approximately 1% share of industry revenues and contract awards as a percentage of the DoD budget for drone procurement, research, development and construction."

"We are struck by the disconnect between Amdocs' European footprint and the value of its European assets, which suggests that it has made sizeable investments in software, computer equipment, etc. in locations in which it has little physical presence."

"The offer suggests not only desperation but an attempt to mislead investors by essentially fabricating sales of the “new” A300, which is simply the A150 with a different light source and a new name in an attempt to cover up a defective light source."

"The offer suggests not only desperation but an attempt to mislead investors by essentially fabricating sales of the “new” A300, which is simply the A150 with a different light source and a new name in an attempt to cover up a defective light source."

"The offer suggests not only desperation but an attempt to mislead investors by essentially fabricating sales of the “new” A300, which is simply the A150 with a different light source and a new name in an attempt to cover up a defective light source."

"The offer suggests not only desperation but an attempt to mislead investors by essentially fabricating sales of the “new” A300, which is simply the A150 with a different light source and a new name in an attempt to cover up a defective light source."

"DuPont’s inability to deliver on Kullman’s agenda suggests that she needs more help to overcome the 100+ years of history and the inertia that comes with that; Trian can be Kullman’s best ally. For shareowners, Trian’s impact is already very clear."

"DuPont’s inability to deliver on Kullman’s agenda suggests that she needs more help to overcome the 100+ years of history and the inertia that comes with that; Trian can be Kullman’s best ally. For shareowners, Trian’s impact is already very clear."

"Limbach's declining position on the Engineering News-Record's (“ENR”) Top Mechanical Contractors list, from 9th in 2018 to 14th in 2024, underscores intensifying competition in the sector and suggests the Company has lost market share over time."

"AMR's Investor Presentation claimed 14.2 million tons of production in 2020. Another source suggests 14.37 million tons of coal produced that was sold in 2020. However, it's possible this includes tons produced in 2019 that were sold in 2020."

"VW feedback suggests QS is feeding them scraps of cherry-picked information, which fuels skepticism among VW’s engineers – test cells are behaving in an instable manner; internal commentary that test results they see are not representative."

"The strong correlation and recent spike of both Helly Hansen Canada Revenue and CTC's Intersegment Revenue suggests Canadian Tire is pushing inventory to CTC retail stores in order to show strong growth in its struggling Helly Hansen brand"

"All in all, this suggests that if METC were to mine $37 billion worth of REEs from their Brook Mine, we estimate they would lose ~$88 billion in the process, which would forever cement METC as the most capital destructive mine in history."

"The contrived phrasing suggests that Quantumscape is trying to mislead investors into thinking that this is the first time they’ve made multi-layer cells, when all they’re saying is that this is the first time they’re talking about it."

"Our indicative analysis suggests FIGS' SOM could be more than 50% smaller than our calculation of its oft-quoted TAM. Thus, FIGS' 2025 revenue objective of $1 billion could imply as high as 50% market share, which we find unrealistic."

"Spruce Point takes issue with this chart as it suggests the Company has transitioned from a "product investment" phase to a "product innovation" phase. Yet, the Company still warns that it does not have a meaningful patent portfolio."

"Assuming PF McDonald’s owns the land and building of 37% of its system wide units and owns the buildings of 22% of its system wide units, then a preliminary valuation of McDonald’s real estate suggests a value of $33 billion."

"In the context of wildly increasing margins being reported by Smart2Pay following the close, we investigated its revenue post closing. Our analysis suggests that Smart2Pay’s revenues declined by approximately 6% in Q1 2021."

"Management's choice to instead consistently refrain from breaking out inorganic sales, even when this figure could feasibly be deduced from publicly-available data, suggests that the Company is being purposefully evasive."

"Our report only indicates that the evidence collected through this outreach solely suggests that certain local hotels were willing to knowingly offer accommodation in ways that could materially facilitate illegal conduct."

"PGNY's presentation of its treatment protocol suggests it is the right course for all patients, ignoring that highly variant fertility issues and diagnoses require a highly individualized approach to reproductive health."

"Valuation of other commercial service and public safety companies suggests that Cintas is materially overvalued. Investors receive neither above market sales, earnings growth, or a dividend for Cintas' valuation premium."

"Our bull case scenario suggests that HSIC would be worth $126 representing +50% upside. Our bull case illustrates the upside of HSIC shares today should Vets First Corp be awarded the highest multiple in its peer group."

"The Company disclosed its SSR growth rate of 1.2% in 2016. Our industry normalized definition of same store property performance suggests that that SSR declined by 0.8% in that period – an astounding 2.0% overstatement."

"The valuation of PF McDonald's suggests a valuation range of $45–$50 per share. Based on the midpoint of the valuation analysis, PF McDonald's could be worth $47.50 per share, a 44% premium over where it trades today."

"This strongly suggests that organic growth since FY15 has been flat at best, and severely negative at worst. Management’s lack of clarity regarding underlying organic sales growth is suspicious to us in this context."

"The CFO is on public record stating that China’s profitability is above its corporate average and it feels good about growth and profitability there. Our on the ground research suggests a markedly different story."

"The ex-employee’s color is consistent with an attempt to cover-up the cardiac-related hospitalizations, and suggests that the drug’s edema profile - "fluid overload, fluid imbalance" - is a looming safety debacle."

"In fact, while Dropbox reports churn rates in the "mid-teens," our survey suggests that close to 30% of users are either moderately or very likely to switch to a competing platform due to its recent price hikes."

"This disclosure strikes us as troubling because it suggests that MSCI actually capitalized software development costs that were not purely for internal use, but rather were tied to external client product sales."

"The sequence of events suggests a potential attempt to conceal the severity of the event, as the initial adverse event report by the physician and company did not appear to mention the patient was hospitalized."

"We enlarged the QS fast charge curve (blue) and the lithium ion one (gray) – blue QS data points are perfectly, evenly spaced which suggests they are fabricated, while gray data points appear to be actual data"

"After prorating our data to the number of days in the 3rd quarter, we estimate that Lianjia’s existing home sales GTV was approximately RMB ~161 billion in 3Q21, which suggests BEKE inflated the GTV by ~15%."

"Management is never explicit about the contribution of acquisitions to sales growth, and frequently suggests that no growth is attributable to acquisitions even in periods in which it conducts material M&A."

"The limited commentary Weis provides investors suggests everything is great. The Board even declared 2017 a year of “financial and operational success” → Spruce Point’s forensic analysis suggests otherwise."

"in vitro profiling in our laboratory (and others) suggests that BF2.649 has both a CYP 2D6 liability (IC50 = 0.4 µM) and potent hERG K+ channel blockade (IC50 = 0.49 µM). — Evotec researchers (2009 paper)"

"NQ's physical and online presence in China is at best anemic. NQ's inability to cultivate a sales ecosystem suggests that neither retailers nor consumers are interested in selling or buying NQ products."

"The fact that the Isteq source was available prior to the ACTIS A150 launch in 2019/2020 suggests that Lasertec evaluated it years ago and concluded it was inferior to the Ushio source they first chose."

"The fact that the Isteq source was available prior to the ACTIS A150 launch in 2019/2020 suggests that Lasertec evaluated it years ago and concluded it was inferior to the Ushio source they first chose."

"Twist’s “chip” and purported secret sauces is actually “their Achilles’ Heel”; executive has “thought so for many years”; suggests ditching the chip and switching to legacy synthesis technology instead"

"Our research suggests both pillars seem unrealistic: it appears that DigitalGlobe is more likely to see prices decreases on the NGA contract and opportunities outside of U.S. government appear limited"

"Our research suggests that Mobius has been a disappointment, and had significant challenges ramping up. This supports our concern as to why Stryker made milestone payments when clear problems existed."

"Our due diligence suggests that the underlying gross margins of P&G’s categories could be as high as 54%. This analysis takes into account P&G’s scale as well the premium pricing of its leading brands"

"Spruce Point believes this is an unusually short earnout period. We observe that no contingent consideration was paid by Generac in Q1 2022 which suggests that Off Grid failed to hit its milestones."

"The case narrative is murky and suggests the initial report via the company and/or physician’s office may have tried to downplay or cover-up the seriousness of the event and deflect responsibility."

"Despite 32% of revenues reported in the United States, only 9.2% of earnings before tax are attributable to the United States. We believe this suggests an aggressive tax structure used by Mettler."

"We think the total lack of progress on this suggests that a) Aurora is well aware that its guidance is just aspirational promotion and b) there's just no serious party willing to invest the money."

"In a vacuum, such selling behavior would be innocuous. However, viewed in the context of BUR's other misleading behavior, this pattern suggests a means by which the company boosts reported income."

"After years of promoting the overlap with PCC, Arconic management now claims they are "structurally different." But a close examination of their "evidence" suggests an admission against interest."

"DuPont’s inability to deliver on Kullman’s agenda suggests that she needs more help to overcome the 100+ years of history and the inertia that comes with that; Trian can be Kullman’s best ally."

"This factor, along with REZI now signaling that third party services are being used to develop products, suggests to us that any revenue uplift from new product introductions is likely to slow."

"Monster does not say what the revenue contribution from these purchased customer relationships is which suggests that its organic revenue growth could potentially be challenged and overstated."

"However, a check online indicates that approximately 78%-95% of the boots are >$100 which suggests that BOOT is stuck with a significant quantity of high-priced inventory that is not selling."

"We have serious concerns that Amcor is restating interest income amounts. This suggests cash control issues, and casts the reliability of Amcor’s reported cash on its balance sheet in doubt."

"This contasts with the ANTA Prospectus description of Mr. Hong Yanqing as an independent third party; likewise, it suggests that the two Wus are Anta managers, not independent distributors."

"We show additional photos of the loading dock, which suggests no activity ahead of a purported ramp-up, as well as various angles of the parking lot that indicate it is basically deserted."