Callouts & quotes from 37,061+ activist slides

"As Sunnova's lockup expires, Spruce Point believes insiders will be anxious to reduce their positions at today's inflated valuation."

"Our concerns about Zebra's tax reporting comes from the fact it has listed its tax accounting as a Critical Audit Matter since 2020."

"The entity appears to have been formed in late Jan 2018, and Twist’s prospectus stated the Series D occurred in March and July 2018."

"The good news is that most of these issues are readily fixable and that P&G’s brands and products are generally in a strong position"

"~$4 billion of Bristol-Myers shareholder value could be destroyed if REVLIMID fully genericizes only two years earlier than expected"

"The principal argument against a revaluation is that it might harm the HKMA’s credibility. We believe this is false for two reasons:"

"Until the correlation broke in Q4 FY24, there was almost a 1:1 relationship between growth in imports and e.l.f. product U.S. sales:"

"By reforming the GSEs, taxpayers could receive more than $600bn over time from Treasury’s original $187bn preferred stock investment"

"Under the cover of an SEC response letter, HIMS admits that the strategic health provider relationships are financially meaningless."

"We worry that management may be manipulating its headcount disclosure to ensure that it continues to report growth in its workforce."

"GGP’s bankruptcy is the result of the unprecedented disruption in the credit markets coinciding with large near-term debt maturities"

"a vote for Trian’s nominees is a vote for four highly qualified individuals who will seek to work collaboratively with the Board to:"

"Agrium for years ignored basic, shareholder-friendly changes until pressured to do so. An enhanced board can unlock even more value."

"We believe the root cause of Disney’s underperformance is poor oversight from a Board that lacks focus, alignment and accountability"

"Disney's brand reputation has fallen from the No. 5 / 100 spot in 2018 and 2019 (a feat it used to boast about)... to No. 77 in 2023"

"As a result, when discussing TSR and financial performance, we also make reference to Celanese, Dow, and Eastman as “Primary Peers.”"

"TWC is forecasted to generate industry-leading growth in OIBDA, which is the primary justification for an industry-leading multiple."

"We find XL materially overestimates savings by exaggerating fuel costs, vehicle service life, driver wages, and annual miles driven."

"Aegon Americas generated 70%+ of operating profit in both 2023 and H1'24. making it by far the most consequential segment for Aegon."

"Sell an overpriced, unadvertised white powder to strangers, from whom you are required to obtain name, address, and purchase details"

"Herbalife has one Nutrition Club for every 2,800 people in Mexico, equivalent to the density of the top 15 QSRs in the U.S. combined"

"What would the QALYs be for a treatment that causes no improvement in visual function but requires frequent injections into the eye?"

"a vote for Trian’s nominees is a vote for four highly qualified individuals who will seek to work collaboratively with the Board to:"

"Free cash flow conversion. This is my favorite slide. 124% for Church & Dwight; peer average is 91%. A lot of companies target 100%."

"We believe Intuit shareholders may have lost sight of the fact that the Company now has a sizeable small business lending operation."

"In instances where we do not have reporting from our partners, we estimate revenue based on information available to us at the time."

"Starbucks is the leading packaged coffee brand in the U.S., with significant white space overseas unlocked by the recent Nestle deal"

"a vote for Trian’s nominees is a vote for four highly qualified individuals who will seek to work collaboratively with the Board to:"

"We estimate that Fannie Mae can be fully recapitalized by year-end 2026, while Freddie Mac can be fully recapitalized one year later"

"NQ's larger than expected revenue growth and increased guidance are the only tools it has as it attempts to keep its stock price up."

"「試行検査装置のアップタイムは約60%〜70%と低く、失望しました。本来なら80%〜90%を期待したいところです。光源に問題があって、アップタイムは同等のKLA製の装置よりも低く、ユーザー・インターフェース、使い勝手、また性能としてもKLA製と比べて劣っています」"

"If New Darden’s multiple does not expand following a spin-off, we believe more than $800 million in shareholder value could be lost."

"If New Darden's multiple does not expand following a spin-off, we believe more than $800 million in shareholder value could be lost."

"But we see from his LinkedIn profile that he was actually an employee of Silvercorp for 3.5 years, representing an obvious conflict."

"The recently released maiden resource estimate contains a total of only 191 million ounces of silver, or about 85% less than needed."

"When queried about INGN management’s statement, a WHO representative stated that management’s statement was “most likely a mistake”."

"Thought of As A Defensive And Stable Company, We Believe Broadridge Is Exhibiting Multiple Classic Signs of Growing Financial Stress"

"We Believe The $2.5 Billion Levered Acquisition of Itiviti Is A Diversion From Core Issues, And Will Fail To Meet Lofty Expectations"

"In addition to changes in language in the Regulation section, there were also changes to its Risk Factor statement about regulation."

"Remarketing or marketing period? Has the financing for the deal originally announced on Feb 6 fallen through or become less certain?"

"We note that Vitek’s transactions made headlines for setting new “top of the market” pricing, not for being picked up at a discount."

"Stretching out the depreciation period for PP&E is a classic accounting tactic to lower depreciation expense, and increase earnings."

"The Company has an opportunity – and an obligation – to improve financial performance and regain its position as an industry leader."

"Shujia's SAIC filing shows multiple indicia that TAL had effective control of the entity when Changing Edu purportedly owned GZ 1-1."

"It is time for the Company to display the sense of urgency it has unfortunately lacked since making commitments almost one year ago."

"Not only is Rollins up against sole-focused pest control companies, but also other home service companies offering bundled services."

"When MW asked a former FTAI executive about this disclosure change, the Former said: “That makes no sense. There is no competition.”"

"Rarely has Spruce Point seen a public company with a multibillion-dollar value have so many hires and dealings with related-parties."

"DLO's operational structure also contains unnecessary complexity which we believe is a deliberate attempt to avoid oversight by FCA."

"To the extent that some additional paper revenue might have been needed, these scattered agents would be well positioned to deliver."

"On February 28, 2020 the company invested $100.0 in Atlas 5.50% unsecured debentures due March 1, 2027 (the "Tranche 3 debentures")."

"All of this makes it important to be able to say whether or not a development of a generating station is, or is not, an NSI Project."

"We believe it is impossible for shareholders to trust that key decisions are being evaluated with full independence and objectivity."

"meaning the long-term recurring cash benefit of $5bn in PCF contracts is less than 1% of Lumen's current annual EBITDA or $0.42/shr."

"We have seen this before – empty promises concealing harsh truths. The good news? Refreshed oversight makes transformation possible."

"While the shift to apparel was initially successful, it created complexity that eventually overwhelmed JCP’s outdated infrastructure"

"And, aluminum has also gone up 22% this year, so substitution might be more of a down-the-road thing, rather than a right-now thing."

"Three quarters in a row of negative YoY trends in unique shoppers, average number of transactions per shopper and total transactions"

"Looking carefully, we find that management inflated its comps in Q2 by acting as if $12.5m of lost July 4th sales occurred in Q2'18."

"We believe Bunge has engaged in significant asset and investment shuffling which has resulted in a cumulative $1.2b capital deficit."