Callouts & quotes from 155+ activist slides

"Spruce Point believes that WSP's backlog is one of the least descriptive among its global peers. Furthermore, unlike Canadian counterparts Stantec and AtkinsRealis (SNC-Lavalin), WSP's backlog differs from remaining performance obligation."

"Because the role of a General Manager is usually to oversee day-to-day operations, given Li Yuxiong’s extensive business in Sichuan, he would seem an unlikely General Manager for BJ Jiyuan Shengbao - unless his real role is to be a proxy."

"This appears suspiciously convenient to us. If these inconsistencies represent honestly misreported numbers which were ultimately revised on the 20-F, it is extremely unlikely that the independent discrepancies would offset exactly."

"Dollarama has zero social media presence, unlike all of its peers. Not only is the Company out of touch with customers in an industry which demands a high level of customer engagement, but its brand is becoming demonstrably stale."

"Soroban's mission is simple: we want UNP to prosper. Unlike typical shareholder engagements which come with numerous demands, Soroban has only one ask: install new leadership who can get the trains to operate safely and on time"

"There is a listing of C3.ai as an AI partner on Amazon's website.(1) However, unlike on Microsoft Azures' marketplace, C3.ai is nowhere to be found or discussed on AWS' marketplace in categories like IoT or Machine Learning."

"Unless NQ chooses to provide the level of transparency that Sino-Forest did and release the actual report, we are unlikely to ever learn details about the tampering because the work is shrouded by attorney-client privilege."

"Based upon its own research, the FTC considers pro forma disclaimers ("Results are not typical") unlikely to be effective to negate testimonials – unless the advertiser presents empirical tests showing non-deception"

"Spruce Point finds managements’ promotion, and the market’s hype, regarding a potential uplisting unlikely to be realized, as ABML does not meet the listing requirements set by either the NYSE or Nasdaq exchanges."

"We believe Genius Sports, an overhyped revenue growth story assumed to benefit from the broader sports betting market, is facing competitive pressure and is unlikely to achieve its stated 25%+ growth targets"

"Unlike many businesses where investment spending works toward building a durable asset, a franchise value, and a recurring revenue stream, here the Capex goes toward reducing the assets one barrel at a time."

"Spruce Point believes it is unlikely that Dropbox is a takeover target for a strategic buyer, and that it is not yet cheap enough, and would be an unusually large deal, for technology-focused private equity."

"Unlike traditional cow’s milk that is costly to make and requires pasteurization, oat milk can be made at home with two simple ingredients (oats and water) at a lower cost than purchasing product at retail."

"Investors should be alarmed that unlike most of its peers, Samsara does not provide the most basic level of transparency on key performance indicators such as net subscriber additions and customer churn."

"We believe it is unlikely Genius' partner leagues would pay the assigned values for these services (e.g. software, integrity services) which are currently being offered by Genius to the leagues for free"

"We believe it is unlikely Genius' partner leagues would pay the assigned values for these services (e.g. software, integrity services) which are currently being offered by Genius to the leagues for free"

"And CONSOL can afford to be patient. The company owns much of this land outright, so unlike many of its peers it doesn’t pay royalties and it doesn’t need to drill in order to maintain its rights."

"Investors should be further alarmed that, unlike other large IoT public companies, it does not have a Clawback Policy to recoup unjust compensation in the event of fraud or financial misstatement."

"This new forecast does not provide much specificity in guidance, and unlike in 2023 where IPX showed projected annual powder production, the current forecast provides no such production guidance."

"Our price target is based on the nature of a business unlikely to meet the market's overly optimistic expectations of captured market share, GGR revenue share and inflated target EBITDA margins."

"Keisei's target for a minimum payout ratio of 10% is substantially below disclosed expectations from Japanese and non-Japanese investors, combined with no buyback programme unlike most peers"

"“unlike actively managed funds, which can and do sell the stock of a company they perceive as having poor corporate governance, index funds are the ultimate long- term investors” — Mr. Fink"

"Most patients who receive pitolisant are unlikely to reach exposures seen with the 106.8 mg dose, as the highest recommended dose is 35.6 mg once daily. — FDA CDER Clinical Review, Dec 2018"

"Starbucks is unlikely to achieve even the low end of its long-term SSS target in 2018 (9M'18 SSS were 2%; guidance for Q4'18 is 3%), causing concern the company will reduce targets further"

"The expert assured us Baosteel has NEVER used RINO's CFB method in any of its FGD projects and is very unlikely to use it in the future due to the following problems in their technology:"

"Joby's partnership is anchored by contracts with a total potential value of $163 million. Unlike notional contract ceilings, Joby's engagement has translated into concrete deliverables."

"We believe this plan is unlikely to succeed and is an attempt by management to gloss over the fact that its core North American market will likely experience major headwinds in 2025."

"In this situation, unlike a typical M&A process, it appears that the buyer forced a rushed process with limited due diligence, in order to complete the deal by an arbitrary deadline."

"As a result of the Board’s numerous failures, Engine has reached the conclusion that Parkland is unlikely to reach its full potential as a public company and should consider a sale."

"Unlike the incumbents, the proposed CEO and COO’s compensation structure will minimize salary, put the vast majority of compensation at risk and tie management’s payout to results."

"Muddy Waters is short Chinook Therapeutics Inc (NASDAQ:KDNY) because we believe it is highly unlikely that atrasentan, its lead product candidate, will be approved by the FDA."

"There will undoubtedly be a surge of pent-up travel activity following the vaccine, but do not be fooled – corporate travel is unlikely to return to 2019 levels anytime soon."

"Pershing Square exited our position in Hilton earlier this year as we expect prospective returns are unlikely to meet our high return threshold given current valuation levels"

"White Diamond’s New Findings will prove why AXDX’s Pheno system is unlikely to realize the revenue the street is expecting. The issues we have found have been missed by most."

"Given TFS is unlikely to be able to obtain finance due to its poor corporate governance, we believe it will not have sufficient capital to maintain plantations to maturity."

"We believe that it is unlikely that Disney can realize its full potential if it refuses to sufficiently right-size expenses in legacy businesses that are growth challenged"

"We believe that it is unlikely that Disney can realize its full potential if it refuses to sufficiently right-size expenses in legacy businesses that are growth challenged"

"Unlike the shipping expense which varies depending on the quantity of product ordered and whether or not distributors pick up the product, the 7% Surcharge is fixed"

"Even if sell-side margin expansion estimates include assumed M&A, future acquisitions are unlikely to be sufficient to support consensus margin expansion estimates"

"KLA locked up the mask inspection space long ago with its Teron DUV systems – giving it a well-entrenched monopoly unlike the imaginary one Lasertec claims in EUV."

"Experts suggest QS is playing games by using an irrelevant coin-size cell, unlike a real EV battery with 200,000 layers spanning multiple football fields of area."

"Strategic investments are unlikely to reach breakeven until at least 2019, assuming Management does not underperform on its current plan as it has in the past"

"Unlike most companies, and deviating from SEC guidelines, Amdocs provides limited details regarding executive or director remuneration on its proxy statement."

"Unlike its peers, executive incentive compensation at HMA through 2012 has been based solely on EBITDA – with no focus on per share metrics or quality metrics"

"Unlike Autodesk, ServiceNow disclosed both the actual magnitude of the mid-year adjustment & the original targets and capped payouts on the adjusted targets"

"In a highly competitive industry where all players compete for each incremental customer, we find it unlikely for companies to pass through increased costs."

"It is highly unlikely a well-run Midstream SpinCo requires ~3x the G&A as peer operators (1.7% management guided G&A / TEV vs. 0.6% peer average G&A / TEV)."

"Unlike Autodesk, ServiceNow disclosed both the actual magnitude of the mid-year adjustment & the original targets and capped payouts on the adjusted targets"

""Mr. Van Trump said the claim by the Danimer chief wasn't wholly accurate, saying Nodax products are unlikely to biodegrade in most modern landfills." — WSJ"

"To be clear, we do not dispute that DigitalGlobe can continue to make one-off archive deals, but we think some sort of major industry adoption is unlikely."

"Shareholder Nominees are completely independent, would constitute a minority of directors, and, unlike Hess's nominees, have not preapproved any plan."

"Unlike banks, the GSEs face low credit risk, do not take interest rate or liquidity risk, and do not guarantee jumbo and alternative mortgage products"

"On the surface, the OP margin jump in FY 2015 is very impressive. However, the information we have makes this jump seem unlikely – if not impossible."

"The only reason Twist has not yet received a going concern qualification is because US auditors, unlike IFRS, only look at solvency 12 months out."

"Unlike several of its private and publicly traded peers, AerCap did not have to take large asset value impairments during and after the crisis."

"In the unlikely scenario that a SPS conversion could be accomplished, Treasury would own a higher percentage of much less valuable companies"

"Remedial measures such as diuretics, monitoring, slower titration, or label changes are unlikely to mitigate the emerging safety crisis."

"Unlike some other currency regimes, HK’s peg can be modified through a purely administrative process. No legislative action is required"

"It's Highly Unlikely Bemis' 2019 Target Was Achieved Based on Q1/Q3 Actual/Est Results. Q4 Implied would've Had To Bn Abnormally High"

"It is a contract with a total of seven pages with no terms regarding liability – it seems to be an unlikely billion dollar contract."