Callouts & quotes from 582+ activist slides

"Despite pulling back from recent highs, D-Wave's share price remains up over 600% since last October – a staggering rally that has occurred alongside largely unchanged consensus revenue estimates, as shown below."

"Credit ratings depend on a number of qualitative and quantitative factors; however, in general Moody’s recommends retailers stay below 3.5x Adjusted Debt / EBITDAR to achieve an investment grade rating. — Moody's"

"“occupancy [apparently] limited with substantial areas vacant. Moreover, as shown in some of the images below, the condition of the building is poor or even derelict in many areas.” — Muddy Waters investigator"

"An investment in PSH will entail substantial risks, including, but not limited to, those listed below, and a prospective investor should carefully consider the following summary of certain risk factors below."

""[A]wards are permitted to vest for below median relative performance which therefore fails the pay for performance hurdle ... A vote against has been applied" — Legal & General Investment Management, 5/15/24"

"We value the Company’s acquired, related-party, and core revenue separately. Our analysis yields an implied valuation range for the combined Company that is significantly below the current market valuation."

"~400 bps of improvement in MDLZ margins, bringing them in-line with diversified food peers (but well below snacks peers), would yield ~$1.4bn in incremental EBITDA (potentially worth ~$16bn to shareholders)"

"[A]wards are permitted to vest for below median relative performance which therefore fails the pay for performance hurdle ... A vote against has been applied — Legal & General Investment Management, 5/15/24"

"Notably, the fee was last reduced below 25% in 2003 and remained below that threshold for four years. However, since 2007, the Board has consistently opted to charge the maximum fee of 25% to the Exchange."

"According to the independent expert report, Keisei’s true ROE over the past 3 and 5-year periods falls well below investor and proxy advisor thresholds which can trigger votes to hold management to account"

"Color us skeptical, but a cursory review of DV’s U.S. patent does not strike us as overly complex. Below are figures from a key patent. In fact, only one of the four patent authors is still employed by DV."

"The table below shows the cities and data which were adjusted based on the average sales price collected from BEKE’s platform for the reference city and the CRE price data’s average listing price for 2Q21."

"The investigator found “occupancy [apparently] limited with substantial areas vacant. Moreover, as shown in some of the images below, the condition of the building is poor or even derelict in many areas.”"

"At a minimum, industry leading FMCG companies should achieve normalized gross margins of over 45%. Currently, we estimate Consumer Products Gross Margins remain below pre-Covid levels and far below peers."

"We find it concerning that accounts receivable has grown over 4x since 2018/2019, while the allowance for doubtful accounts has barely changed and remains far below past levels as a percent of gross A/R."

"As shown below, changing the Company's cost of capital by borrowing at today's ultra-low interest rates and using debt proceeds to repurchase ADT's stock results in a significant increase in equity value"

"When adding up the periodic net reductions (-€44.7 million + -€156.7 million + -109.7 million), Vivion’s controlling shareholders have been repaid at least €311.1 million (which as we show below is low)."

"Based on the assumptions below, Wendy’s OpCo real estate is worth approximately $1bn. Given Wendy’s existing capital loss position, we don’t believe Wendy’s would need to pay taxes in a real estate sale"

"The Company’s results from transactions with UMD and Duke, as reflected in the Condensed Consolidated Statements of Operations and Comprehensive Loss are detailed below (in thousands): — IonQ 10Q Filing"

"Based upon publicly available disclosure, the separation of Alcoa and Arconic was the most expensive separation of a company with a below $50 billion market capitalization in at least the past 5 years"

"According to official reporting of U.S. coal company production via the EIA, AMR reported 13.897m tons of 2020 coal production. This is below the 14.2 million tons of production reported to investors."

"We recap below the events and main points which we believe justifies our conviction that the Chairman (Helge Lund) of the Board and the Lead Independent Director (Dame Amanda Blanc) should be removed."

"We find alarming evidence that shows the faddish nature of FLAWLESS’s brands, which have no more than a 3yr life cycle. Recent introductions, highlighted below, are currently showing signs of fatigue."

"We quote three different ex-territory managers below. One stated Harmony’s top prescriber in the US “is a complete whore” and that he would “say it to his face” as “we hang out socially and so forth.”"

"That said, we believe age is often used as a marketing tool to over-dramatize the fertility treatment imperative, as CDC data indicates 60% of ART cycles performed in 2019 were on women below age 37."

""As has become an annual ritual, athena issued disappointing guidance ahead of its analyst day. [...] The company historically gets a pass for guiding below consensus." — Oppenheimer, Dec. 11, 2013"

"Sales/ft² is still 25% below 2005 peak levels six years later. We believe sales/ft² could increase materially by 2015 and still be meaningfully below inflation-adjusted peak levels reached in 2005"

"The information below and on the left is from a French government website. The information below shows this entity used the villa Mas du Figuier as its address, making it obvious it is the seller."

"TWX led the US Magazine Publishing market in 2004 with about twice the revenues of its closest competitor, as illustrated below in the Top 25 Magazine Companies by US Magazine Net Revenue in 2004."

"Despite the reset and significant brand investment, 2013 EPS is forecast to grow only 7%, below the peer average and at the low-end of PepsiCo's long-term guidance ("high single digit EPS growth")"

"We believe that RINO's SAIC financial statements are largely reliable. The SAIC income statement (below) shows consolidated 2009 revenue of $11.1 million, versus $192.6 million in its SEC filings."

"Applying that fraction to the 379 million Rmb in prepayments from before gets us to about 223 million Rmb of deferred revenue, or $34 million. Uh-oh: that is 25% below the $45 million TAL booked."

"Heska has spent well below $2 million over the past two years on capital expenditures. We find this disclosure inconsistent with the Company's statements that it is manufacturing the Element AIM."

"Glad to confirm below booking based on below offer with ref. QFBHCHKH confirmation letter to be send directly to your mail , and below payment link to complete the full payment as per below offer"

"TASK has been promoting its Latin America potential, notably Mexico since 2019. It talked of scaling to over 1,000 employees. Fast forward to 2021, its Mexico headcount is 40% below plan at 620."

"In fact, following the pre-announcement of recent results and initial 2018 outlook, we estimate that management’s EBITDA guidance for 2018 has fallen 17% below its original post-merger guidance."

"A new (as of Q3 2023) CYA disclosure warns investors that GAAP income covers only 27% of the dividend (below), seemingly telegraphing BXMT's recognition of the unsustainability of its dividend."

"The FDA’s reviewer’s conclusion – shown below – exhibits no awareness that a 2 point reduction in ESS is a failure: “HARMONY 1-bis provides confirmatory evidence of pitolisant’s effect on EDS.”"

"Notwithstanding the strategic benefit of an extensive branch network across Hong Kong and China, BEA HK’s fee income business falls below its peer group average, on both a gross and a net basis"

"As AMT has not hedged its currency risk we believe that this could cause further devaluation of revenue and assets in the future and will most likely lead to AMT performing below expectations."

"The actual percentage is likely lower, as we suspect Intel’s price is even less; and as the average is driven by earlier years ~2020/2021, we think ACTIS today is <10% of sales – if not below."

"Despite a stellar 2019, we believe Chipotle still has significant unrealized growth potential, with average restaurant sales still 12% below peak levels and margins ~700bps below peak levels"

"Monolithic has grown its dividend recently, but well below its potential. If you take Monolithic's financials at face value, EPS is up nearly 400% in the same period the dividend is up 166%."

"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"

"Goodyear’s product warranty costs are ~40% below Michelin and Bridgestone’s as a percentage of revenue, which speaks to the quality of its manufacturing assets and skill of its employee base"

"We do not know why FMCN sold it at such a below market price, but there are signs that the bargain sale may have to do with enabling FMCN management to engage in a self-dealing transaction."

"Archer has failed to keep aircraft mass below 6,000 lbs and this example is one of many instances where Archer downplays Joby's accomplishments in order to falsely elevate its own standing."

"Over the past year, SE has traded down 5% versus comps which were up 21% - a 26% underperformance. Over a 3 year period, SE's underperformance has been much more dramatic - 72% below comps"

"BlackRock proclaims itself as a defender of governance for the benefit of its clients, but does not concern itself with having below-average governance to the detriment of its shareholders"

"In the five years preceding our involvement, Autodesk’s share price significantly underperformed design software peers, the broader software market, and the overall market, as shown below."

"BlackRock proclaims itself as a defender of governance for the benefit of its clients, but does not concern itself with having below-average governance to the detriment of its shareholders"

"A sharp increase in operating expenses as a percentage of sales have resulted in AOL's EBITDA margins declining from 34% in 2009 to 16% in 2011 and falling substantially below peer levels."

"Based on FY16 numbers, we calculated an average per farm CapEx spend of approximately RMB 107 million (see Table 3 below), suggesting that the dairy farm CapEx inflation increased in FY16"

"Despite acquiring five companies which generated a reported ~$140 million in aggregate total revenue between 2021 and 2024, Limbach ended 2024 with revenue ~$50 million below 2020 levels."

"The GSEs’ fixed-income arbitrage business has been wound down, and the GSEs today hold $182bn of mortgage loans to support their core guarantee business, well below caps set by Treasury"

"The GSEs’ fixed-income arbitrage business has been wound down, and the GSEs today hold $182bn of mortgage loans to support their core guarantee business, well below caps set by Treasury"

"“the plasma becomes unstable and brightness stability becomes worse...brightness may drop below the threshold required for mask inspection.” — 2023 SPIE presentations by Intel/Lasertec"

"Apple is not appropriately capitalized. It is not minimizing its cost of capital. This is one reason why we believe Apple’s shares trade at a valuation well below its intrinsic value."

"In contrast, during each of these bear markets, the Pershing Square Funds generated strong returns with the benefit of our hedging strategies which we outline in greater detail below."

"If the discharge condition is not optimized, the plasma becomes unstable and brightness stability becomes worse. Brightness may drop below the threshold required for mask inspection."