Callouts & quotes from 619+ activist slides

"Lasertec has a $23B (¥3,630B) market cap and is the most actively traded stock in Japan, trading ~$2B a day despite ranking only 64th in market capitalization – a sign of extreme speculation."

"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"

"Despite our clear concerns and evidence that Avery is under increasing pressure, its one year forward EBITDA and EPS multiples have expanded over the past decade and are near all-time highs."

"Despite the obvious benefits of this fleet penetration story, we are surprised that average ARR from >$100K customers has barely changed over the past three years the data has been reported."

"The more pressing concern for investors should be that despite investing in new product development and supposedly improving sales force productivity, the Grow category is no longer growing."

"Despite the secular tailwinds in its businesses, Arconic is not projecting any growth outside of aero and auto. In fact, from 2016 to 2019 it plans to shrink – outside of EPS and Auto Sheet"

"Industry experts find it telling that GNYHA is aggressively selling shares despite its relatively stable financial position compared to other member owner hospitals currently selling shares"

"Despite all the hype in China over announced hydrogen fuel cell development zones, we can only find two that are producing vehicles and actual investment is less than 1% of announced plans."

"Lightspeed commands a lofty valuation rivaling best-of-breed peer Shopify, despite an inferior business, that since inception in 2005, has shown no evidence of generating economic profits."

"Despite legal challenges by Epiq, the Missouri Jackson County Circuit Court has ruled that Villere & Co. can nominate a competing slate of directors for Epiq's upcoming 2016 annual meeting"

"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."

"Despite all our evidence that Xylem has failed investors, we believe its rubber-stamping Board approved short-term annual incentive target changes that are beneficial towards management."

"Our analysis indicates an alarming result: 2021 acquisitions contributed more Adj. EBITDA than revenue despite management claiming that Fetch, the largest deal of the year, was dilutive."

"YDT is a ghost company (because it is really NQ). We tried extremely hard to find its operations, but were unsuccessful, despite visiting ten different office addresses throughout China."

"Curél remains unavailable for retail in most of Europe outside of the UK, despite strong consumer reviews among European consumers who have purchased Curél (usually directly from Japan)."

"TWX on a consolidated basis trades at a discount to the free cash flow multiples of other diversified media companies despite the fact that TWC contributes limited free cash flow to TWX."

"Napo (or whatever BUR would call it at the time) was shown as a “Concluded Investment” in the 2013 annual report, despite there being no cash available to back up — Muddy Waters Capital"

"Despite not having the size and scale to compete with larger peers, and known to have historically pursued a copy-cat like strategy to mimic products, CHD commands a premium valuation."

"Despite attractive assets, Phillips' inefficient conglomerate structure means it trades near the multiple of its lowest-valued segments and at a discount to its sum-of-the-parts value."

"Despite saying that contingent consideration was reduced by $4 million related to Base Commerce, Nuvei has reported two other different remeasurement amounts in the MD&A for YTD 2021."

"Kao has not taken price in Health & Beauty and Cosmetics despite these segments constituting over half of Consumer Products sales combined and with the best overseas growth potential."

"Over the last five years, Hess has underperformed the S&P 500 by 33% to 58%, despite Brent oil prices increasing over 20% during this period(1) – 3x the performance of the S&P 500(2)"

"Despite Mr. Simmons’ claims that growth and value creation are just around the corner, margins have not improved and the synergies from the Bayer transaction have yet to be realized."

"Non-GAAP EPS as defined by the Company has grown at an eerily steady rate of ~6% per year despite more idiosyncratic growth in GAAP EPS, which has in fact contracted in recent years."

"Non-GAAP EPS as defined by the Company has grown at an eerily steady rate of ~6% per year despite more idiosyncratic growth in GAAP EPS, which has in fact contracted in recent years."

"Despite guidance showing reduced yoy earnings, Chardan analysts claim that the business now represents LESS RISK, and therefore derive an increased valuation based on a reduced WACC."

"Despite overwhelming calls for a sale from large shareholders and multiple interested private equity sponsors, Forward Air waited months to announce a strategic alternatives process."

"Despite these aspects, the project has never been commercialized due to a variety of factors such as push back from community indigenous and environmental groups among other things."

"The Company despite the reaffirmation of its ratings and despite achieving its target in the 2nd quarter of 2004, continued to pursue debt reduction as its sole financial objective."

"Lowe’s currently trades at a P/E multiple of 15x, which is cheap on an absolute basis and a 23% discount to Home Depot despite our views for materially higher prospective EPS growth"

"Despite Nidec hyping product lines by pointing to secular trends and presenting hockey stick growth in presentations, these businesses are still subject to significant fluctuations."

"In H1 FY 2019, Dollarama’s cash flow contracted on a year-over-year basis for the first time since it went public – this despite management’s efforts to bolster earnings and EBITDA."

"In our view, it is clear that the company has ceased operations. Nevertheless, Archer has not disclosed this development to investors despite the significance of the order involved."

"Despite being the assumed “acquirer,” PepsiCo’s stock price increased 4% over the one week period in March when rumors surfaced that Trian was looking to push for a Mondelez merger"

"JPMorgan Kept Jeffrey Epstein as a Client Despite Internal Warnings — The New York Times; Goldman Sachs Is Said to Try to Avoid Pleading Guilty in 1MDB Scandal — The New York Times"

"Huntsman has the HIGHEST CEO base salary despite being one of the SMALLEST companies in the Proxy Peer set and failing to achieve its 2014, 2016, and 2018 Investor Day commitments"

"TWX, despite owning a large and profitable cable programming businesses and one of the largest US cable operators, has failed to develop valuable networks over the last ten years."

"2019 was a productive year for PSH with NAV appreciation of 58.1% and a total share return of 51.2%. Despite strong performance, PSH's discount to NAV widened from 25.2% to 28.9%"

"Despite near-term headwinds, we would expect Danone to trade back to historic levels and believe it should trade at a premium given its portfolio mix and emerging market exposure"

"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."

"Despite underperformance by the company, some directors' compensation has gone up. This implies very little accountability and lack of alignment to performance/financial results."

"Leaseback-related expenses have been the single largest add-back to PLUG’s new presentation to Company profitability, despite being inextricably linked to PLUG’s selling strategy"

"DSP has missed its expectations for New Product Revenue each of the past three years and New Product Revenue has barely grown over that period despite significant R&D investments"

"Despite ~40% of EBITDA coming from attractive midstream assets, Phillips 66 continues to trade like a refiner, missing the value uplift in the midstream space over the last year"

"Despite ~40% of EBITDA coming from attractive midstream assets, Phillips 66 continues to trade like a refiner, missing the value uplift in the midstream space over the last year"

"Unfortunately, despite each of these opportunities remaining, over the last 18 months we have been disappointed by GoDaddy's operational, financial, and stock price performance."

"Despite our never having taken a public stand on China’s political issues, the CPC is clearly treating Muddy Waters as a threat, and is taking overtly hostile actions toward us"

"Despite Box’s technology leadership and strong competitive positioning, the Company has underperformed its Peer Group by more than 450% since its inception as a public company."

"Brazenly, despite resorting to an elevated temperature, the CEO recently claimed in an interview to have solved the dendrites problem - without having to raise the temperature."

"Despite the same claims being made to try to prevent shareholder-driven change, CP's new board and management team improved performance and achieved a superior operating ratio."

"Despite operating as nearly a pure play passive platform, State Street’s Investment Management margins meaningfully lag the peer average of ~ 45% and BlackRock’s margin of 39%"

"Despite spending an aggregate of $33bn from 2009 to 2012 – which was over 100% of operating cash flow – on capex, net acquisitions and restructuring, EPS has grown at just 5%."

"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."

"Despite ~40% of EBITDA coming from attractive midstream assets, Phillips continues to trade like a refiner, missing the value uplift in the midstream space over the last year"

"Despite the history of past glaring executive incompetence, Edgio's product suite appears in good shape, showing sizable revenue growth in 2023, approaching breakeven EBITDA."

"Despite ~40% of EBITDA coming from attractive midstream assets, Phillips continues to trade like a refiner, missing the value uplift in the midstream space over the last year"

"While Rollins has recently referenced customer pushback from price increases, Rentokil has talked about increasing, and now stable customer retention despite price increases."

"Despite significant share price volatility since the 2016 US elections, we believe the shares of a reformed Fannie and Freddie will be worth a multiple of their current price"

"Despite ~40% of EBITDA coming from attractive midstream assets, Phillips continues to trade like a refiner, missing the value uplift in the midstream space over the last year"

"Despite significant business progress and record land sales, HHC’s share price underperformed in 2018 (like homebuilders) as the market focused on potential housing headwinds"