Callouts & quotes from 582+ activist slides

"As of the publication date of a Muddy Waters report, Muddy Waters Related Persons (defined below) are SHORT the securities of or derivatives linked to Fairfax Financial Holdings Ltd."

"As of the publication date of a Muddy Waters report, Muddy Waters Related Persons (defined below) are SHORT the securities of or derivatives linked to Fairfax Financial Holdings Ltd."

"Strangely, this part of the website has been recently updated. The below screen shot was taken from the same web page 11 days earlier. Note that two of the supervisors were updated."

"We believe that the average of brokers' valuations for US Onshore, of c.US$6.5bn, is well below recent transaction prices, trading valuations of US listed peers and intrinsic value"

"The Board has consistently set management’s compensation targets meaningfully below goals communicated to shareholders, which we believe severely reduces management accountability."

"Below is an excerpt of the long list of restrictions – just a few things an Inspire patient must think twice about having, doing, or being anywhere near for the rest of their life."

"See the Open Corporates page below regarding MOXC’s dormant Malaysian subsidiary. Under “latest events” it shows the entity was incorporated in January 2019 with no activity since:"

"All three years produce estimated interest rates of approximately 5% — below SOFI's own Blended Funding Cost of 6.3% and far below the ~13% yield on the underlying personal loans."

"For the 2016-2019 PSP plan, management is targeting 2.8% organic sales growth, below expected market growth. Rather than improving performance, the Board decided to lower the bar."

"Publishing's record over the last few years, however, has been less spectacular as title launches have not generated significant revenue based on industry rankings as shown below."

"Despite a 37.5% reduction in the cut-off grade, the Measured have clearly and dramatically shrunk exactly below the area where mining and grade control drilling has been focused."

"Below are the dividends Dr. Martin’s real estate holding subsidiary, International Assets Finance S.à r. l., appears to have received from Kalamazoo Quality Way One Inc. in 2021:"

"Warning: At best, we estimate that Oatly's Gross Margin is on par, to slightly below, its peer plant and dairy specialty foods peers after adjusting for outbound shipping costs."

"When capitalized commissions are deducted from both Adj. EBITDA and Non-GAAP Net Income in FY19, growth in both metrics is cut from mid-teens levels to close to (or below) zero."

"When capitalized commissions are deducted from both Adj. EBITDA and Non-GAAP Net Income in FY19, growth in both metrics is cut from mid-teens levels to close to (or below) zero."

"Awards are permitted to vest for below median relative performance which therefore fails the pay for performance hurdle.... — Legal & General Investment Management, May 15, 2024"

"Awards are permitted to vest for below median relative performance which therefore fails the pay for performance hurdle.... — Legal & General Investment Management, May 15, 2024"

"Collectively, the group showed a net cash outflow of RMB 12.0 million. Yet, YY would have recorded RMB 17.1 million in revenues from gifts given to Ruitiantian, as shown below."

"Atrasentan’s direct effect on rates of advancement to end-stage kidney disease, as the below table taken from the SONAR analysis shows, does not reach statistical significance."

""Awards are permitted to vest for below median relative performance which therefore fails the pay for performance hurdle." — Legal & General Investment Management, May 15, 2024"

"The charts below put WSP's stretched valuation in greater context. The premium may exist because investors believe WSP is a superior acquiror and operator within the industry."

"As illustrated below, after normalizing for Leasing Gains on Sale, ~80% of AP’s EBITDA has been reclassed to the Investing section and seemingly is largely whole engine sales:"

"Looking carefully at the accounts, we see that in 2024, the amounts added to deferred revenue dropped below amounts recognized for the first time since being reported in 2021."

"As shown in the chart below, despite the recent increase in share price, GoDaddy is still valued at a large discount compared to peers and its own historical trading multiple."

"We remain short Herbalife because we believe intrinsic value is meaningfully below the current share price; a buyback is likely to be value destructive on a fundamental basis"

"We remain short Herbalife because we believe intrinsic value is meaningfully below the current share price; a buyback is likely to be value destructive on a fundamental basis"

"As of the publication date of a Muddy Waters report, Muddy Waters Related Persons (defined below) are SHORT the securities of or derivatives linked to Eurofins Scientific SE."

"We remain short Herbalife because we believe intrinsic value is meaningfully below the current share price; a buyback is likely to be value destructive on a fundamental basis"

"The teacher recruitment ad below shows Shujia marketing itself as GZ 1-1 and still as part of TAL, or specifically as “Aizhikang” and under the “Haoweilai” (TAL) brand flag."

"Though PepsiCo does not disclose its international beverage margin (1/3 of sales), we estimate its global beverage business has a 12% EBIT margin – well below beverage peers"

"As shown below, a picture taken of Trulieve's “Dutch Hawaiian” cultivar by a Florida medical patient shows that contaminated flower has been sold as-is to Florida patients."

"AGO still has $12.6 billion of exposure, of which $3.4 billion is “below investment grade” including significant subprime exposure, but only $100 million of loss reserves."

"Another CoreCard employee, Gerald Pereira, was also simultaneously working at Globe Teleservices, New Vision, and CoreCard, up until 2016, according to his LinkedIn below:"

"Many contracts were either bid or executed poorly, and it led to significant cost overruns. The result was a loss of investor confidence, with the stock falling below $4."

"In 2023 after the auditor switch, Monster Energy UK no longer provided a discussion about its cost of sales under principal risks which appears below in the 2022 report."

"Images below represent questionable recent content found on Momo which may not be in the spirit of the recent SARFT requirements. This exposes Momo to regulatory action."

"However, as shown below, Autodesk's projected underlying incremental margins compare poorly to peers when adjusting for the estimated impact of the workforce reduction."

"Arconic’s $228 million EBITDA target in 2019 is more than $200 million below original target and, even if achieved, would result in an unacceptable return on investment"

"NMC is clearly the 80% customer because of the shareholding relationship we detail below, as well as the number of NMC-related projects Modular Concepts has undertaken."

"Significant share price underperformance driven by declining same-store sales and recent store repurchases that earn a return below Buffalo Wild Wings' cost of capital"

"As of the time and date of this report, Muddy Waters (defined below) is short the securities of, or derivatives linked to, Applovin Corporation (the “Covered Issuer”)."

"PepsiCo’s advertising spend as a % of net sales has declined considerably in recent years and is well below peers, even with the significant brand reinvestment in 2012"

"As of the time and date of this report, Muddy Waters (defined below) is short the securities of, or derivatives linked to, e.l.f. Beauty, Inc. (the “Covered Issuer”)."

"As of the time and date of this report, Muddy Waters (defined below) is short the securities of, or derivatives linked to, FTAI Aviation, Ltd. (the “Covered Issuer”)."

"The President's compensation package below illustrates our new incentive structure with the maximum payout scenario rewarding management better than the current plan."

"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."

"As revenue growth slowed, Autodesk’s incremental margins declined to 50% – below prior levels and below the 55% incremental margins we believe Autodesk should target"

"As revenue growth slowed, Autodesk's incremental margins declined to 50% – below prior levels and below the 55% incremental margins we believe Autodesk should target"

"Ramaco's technology challenge, with its partners, is to drop the price of CF made from coal below $5 per pound. At this level CF is completely disruptive. Game Over."

"We compared AGO’s internal ratings of its largest “below investment grade” risks with third-party credit ratings and found that AGO consistently grades them higher."

"Please indicate your confirmation that the Exemption has been granted by the Board of Directors of the Company by executing this letter in the space provided below."

"The growth and stability of the Company’s cash flows handily exceeds the companies below in our view, and yet CCI currently trades with among the lowest PEG ratios"

"After adjusting the top three coal companies cash flows for tax refunds and DTA expense, we see that AMR's operating cash flow margin is significantly below peers."

"If you have any questions or need further assistance with voting your Huntsman stock, please contact Okapi Partners LLC at the phone numbers or email listed below."

"DNMR claims a TAM of 500 billion pounds of plastic to which analysts have ascribed a $800 billion to $1.0 trillion value. The below slide strikes us as ludicrous:"

"Below are the financial disclosures made by Arch and AMR with respect to DTA. Our analysis on the following slide will illuminate some surprising observations...."

"Unfortunately, Newell’s recent operating and financial performance have fallen well below both the expectations set by the Board and the Company’s true potential."

"Adjusted EBITDA ended up DECLINING at an ~11% CAGR between 2017 and 2020, resulting in a figure that was 50% BELOW the Company's initial 2018 Investor Day target."

"Nov 1st looms as a key date when $168m in coupon payments are due on the 2030 notes (the single largest payment in a quarter when $255m is due, see table below)."

"History may not be repeating itself, but it certainly is rhyming. We expect a crash back below $3 as the company either dilutes or fails to retain key customers."