Callouts & quotes from 264+ activist slides

"In the decade to 2022, global revenue CAGR was 6.2%, and Kao has set Molton Brown a target CAGR to 2030 of 5.2% - a slowdown compared to the past decade."

"Excluding the value of its stake in REA Group, News Corp is valued at just 4x EBITDA, compared to The New York Times Company at greater than 15x EBITDA."

"Dr. Vivek Reddy, Pulse’s Own Hired Consultant, States There Isn’t An Advantage To Using Nano-second PFA Compared to Micro-Second PFA For Most Procedures"

"The difficulty of going to 100 or 500 or thousands of qubits, it doesn't scale linearly. It's not just twice as hard to do 1000 qubits compared to 500."

"DCCR may lower the frequency and severity of C-max related adverse events compared to diazoxide oral suspension. — 2018 poster by Soleno’s Neal Cowen"

"Of the group that underwent PVI and PW ablation, 65% were free of AF/AT/AFL at 12 months compared to only 20% of the group that underwent PVI alone."

"After paying for transport costs, at spot commodity prices, Pioneer’s revenues average $36 per BOE – compared to the $59 headline price for crude."

"We believe that Target’s substantial negative returns to its shareholders are reflective of its operating underperformance compared with Wal-Mart"

"BMC's growing Professional Services segment barely breaks even at the gross margin level compared to peers who have significant operating margins"

"Compared Side By Side With Other Participants, PLTK Does Not Appear Cheap At All. In Fact, Just Based On Pure Valuation, We See Over 50% Downside"

"Insiders at Limbach have benefitted from Limbach's generous stock-based compensation payments, which are at the high end when compared to peers."

"Durability of response measured by median survival, which exceeded 156 days for a 100 mg/kg dose of PC14586 compared to only 17 days for vehicle"

"But all the innovation of the past decade seems marginal compared to Pulsed Field Ablation (PFA) and real time electrical mapping of the heart."

"Investors in Ferguson's U.S.-listed peers benefit from higher trading volumes and increased liquidity as compared with Ferguson's shareholders"

"The Cognizant Value-Enhancement Plan calls for a 23.0% adjusted operating margin in FY18E, as compared to a 19.7% operating margin in FY15."

"There's almost no distance at which Aurora can charge $0.75/mile and maintain a discount compared to the $2.16/mile of manned OTR trucking."

"Our estimation suggests that the real time advantage of PhenoTest AST is a modest 40%, not 75%, when compared to the automated AST systems."

"Based on our research, Spruce Point believes there is a disconnect between Genius’ guidance / Wall Street’s consensus compared to reality."

"Wal-Mart and dollar stores can coexist. Management believes FDO has ~3% share of their core customer’s wallet compared to WMT’s ~35% share"

"Demographically-targeted networks tend to have higher advertising efficiency compared to general entertainment networks (like Turner)."

"For the five years prior to Starboard’s 13D, Office Depot’s stock declined by 87%, compared to the 75% increase since our 13D filing."

"The reality is that Parkland's long-term total shareholder returns compared to its industry peers remain very poor (see below table)."

"We believe our segment comparables are eminently reasonable given their business and financial attributes compared to Intuit."

"INGN’s Estimate of the Full Penetration for POCs is Aggressive When Compared to Analysis Using Industry Surveys and CMS data."

"This stark difference in fee structures suggests ERIE's approach is less favorable to policyholders compared with its peers."

"We want to be a company that is not compared to P&G or Unilever. — President Hasebe, Weekly Economist Interview, April 2021"

"Despite this disparity in metrics, SNAP short interest is 21% of float compared to 4.7% for Twitter and 1.2% for Facebook."

"Olam's net debt to LTM adjusted EBITDA is now 8.4x, compared to 7.8x at the end of Q1. These numbers are dangerously high."

"Samsara derives almost 30% less annualized license revenue from forward facing cameras compared to dual facing cameras."

"We estimate pro forma net leverage would be at ~5x today, reflecting Disney’s lower run-rate EBITDA compared to FY 2018"

"There is no proof that any optimization problem is solved faster using [D-Wave's] system compared to classical solvers."

""Low salary compared to competitors and you have to jump through hoops to get any sort of rise." — Glassdoor Reviewer"

"So why does the Board believe AOL should be compared to the world's largest companies for purposes of compensation?"

"An analysis of BEA HK’s operations compared to its industry peers indicates clear weakness on all relevant metrics"

"IIPR’s purchase price of $9M would reflect a huge overpayment compared to the previous purchase price of $722,000."

"The company's operating capacity is minimal compared to the announced purchase agreement of “up to 100 aircrafts”."

"The 10 largest companies in the S&P 500 index trade at 27x earnings, compared to 20x for the other 490 companies"

"PROFITABILITY IN THE “BEST YEAR IN HUNTSMAN’S HISTORY” CONTINUES TO BE EMBARASSINGLY BAD WHEN COMPARED TO PEERS"

"Real estate companies trade at substantially higher multiples of EBITDA compared to Target or other retailers"

"ACAS' compensation expense ratio is one of the highest compared to publicly traded alternative asset managers"

"GCP’s share price performance has compared poorly to peers and broader indices over almost any time period."

"Highly conservative compared to the ~$31.00 actual rent / sq. ft. in the ARCP/Golden Gate transaction(1)"

"Highly conservative compared to the ~$31.00 actual rent / sq. ft. in the ARCP/Golden Gate transaction(1)"

"Drug is counterintuitive as it causes hyperglycemia; "value is minimal compared to what you're risking""

"County assessment histories show that the property is worth $10M, compared to the $13M IIPR is paying."

"In some quarters in 2022 and 2023, inventory hit 120-135% of revenue, compared to a baseline of 30%."

"Compared to Darden’s poor 7.4% LTM fully-leased EBITDA margin, Red Lobster standalone is even worse"

"Leading Kao brands are limited in their global reach compared to competing brands from Kao's peers."

"I don't know that it's going to grow much...compared to the percentage of the market it already had"

"The valuation discount is significant when compared to soft synergies of joint research and sales."

"The valuation discount is significant when compared to soft synergies of joint research and sales."

"As a private company, CXW has cost and efficiency advantages compared with its largest competitor"

"The valuation discount is significant when compared to soft synergies of joint research and sales"

"Significant underperformance (CCI +9.1%) compared to AMT (+24.7%) and SBAC (+33.0%) in last year"

"Under the incumbent Board, McDonald's is a laggard – not a leader – on ESG compared to its peers"

"IonQ’s computers are trivial compared to a cell phone and can’t be used for any meaningful work"

"Huntsman CEO receives a disproportionately large annual pension benefit compared to Proxy Peers"

"Relative Value Yields Make Commercial R.E. a Real Bargain Compared to Other Financial Assets"

"Target owns the highest percentage of its real estate compared to other big box retailers"

"If Hess wants to be compared to Integrateds, then COP and MRO are the most relevant peers"