Callouts & quotes from 773+ activist slides

"Carvana generates only about half the industry average sales per employee, yet its aggregate compensation expense as a percentage of sales is over 33% higher than peers, and almost twice that of CarMax."

"Since Shareholder Nominee involvement announced on January 28th: Hess has outperformed Proxy Peers by 23%; Hess has outperformed Revised Proxy Peers by 22%; Hess has outperformed Bakken Operators by 26%"

"Analysts and investors currently believe that Hill-Rom shares trade at a 35-40% discount to other med-tech stocks, justified by the Company's relatively slow growth rate versus more tech-oriented peers."

"Phillips 66 stock has underperformed during both refining upcycles and downcycles relative to pure-play refining peers like Valero Energy. In other words: all the downside, with much less of the upside."

"CTO is Obscuring the Fact that Their Core Cash Flows from Operations Have Never Been Enough to Cover Their Dividend and Pay for Recurring Capex with an AFFO Metric That Is an Aberration from Their Peers"

"Dollarama consistently produces operating margins materially higher than industry peers, and higher than historical industry norms. This gap has only grown more substantial through the last five years."

"According to JP Morgan's analysis, Hess International Co's leverage would fall within the range of Hess's applicable proxy peers and would receive an investment grade rating from the rating's agencies"

"Since the appointment of Mr Looney as CEO (as a proxy for the current strategy) BP's TSR of 34% lags all of its peers (69% for Shell, 87% for Chevron, 101% for Total Energies and 143% for ExxonMobil)."

"Although prior to 1997, BEA performed well compared to its listed peers and the Hong Kong retail banking sector, in recent years it has underperformed significantly in terms of both ROE and BPS growth"

"Result is Hess is penalized twice: Penalty #1: Multiple-based valuation undervalues Bakken; Penalty #2: Hess given lower multiple than peers due in part to higher capital intensity and cash flow gap."

"We question why the street is valuing O Realty at the highest amongst its peers when its occupancy, lease duration and near term lease renewals all reflect a status at the bottom of their peer group."

"We question why the street is valuing O Realty at the highest amongst its peers when its occupancy, lease duration and near term lease renewals all reflect a status at the bottom of their peer group."

"AOL's EBITDA growth ranked lowest among its peers and free cash flow growth was near the lowest quartile, while its CEO and CFO bonus payouts ranked in the 83rd and 96th percentile compared to peers."

"The survey found that investors rank Phillips 66 last among its peers on operational execution, CEO effectiveness, capital-allocation strategy and overall delivery against its value-creation agenda."

"The survey found that investors rank Phillips 66 last among its peers on operational execution, CEO effectiveness, capital-allocation strategy and overall delivery against its value-creation agenda."

"Consider that over the past decade, Phillips 66 shares have managed to underperform Valero Energy ("Valero") and Marathon Petroleum ("Marathon"), its closest peers, by -138% and -188%, respectively."

"We find that its prices are on average 15%-20% higher. Weis' prices decreased 8% relative to peers between mid-year 2017 and 2018. As a result, we expect Weis' gross margins to be pressured in 2018."

"In a new survey of institutional investors, Phillips 66 (NYSE: PSX) ranked last among its peers in operational execution, capital-allocation strategy and delivery against its value-creation agenda."

"To illustrate the potential for cost improvement at GRP, based on a bottoms-up analysis, we analyzed GRP's 2015 mix and cost position relative to peers. The opportunity for improvement was enormous"

"By evaluating median compensation data provided in proxy statements of Zebra's peers, we find that, not only does it have the lowest compensation, but also compensation has not grown in four years."

"Shares have underperformed peers for more than a decade. Despite this clear market signal, Phillips has ignored the need for change and continually praises the benefits of its diversified portfolio"

"The Board and Mr. Shaw rushed into a bad deal that gets Norfolk Southern a short-term PR win while CPKC and CSX, the Company's closest peers, strengthen their partnership and competitive offerings."

"Despite its high growth potential and IRRs in these two plays, and its cash generating core MS Lime position, SandRidge trades at a deep discount to its Peers and its own PV-10 proved reserve base."

"And CONSOL can afford to be patient. The company owns much of this land outright, so unlike many of its peers it doesn’t pay royalties and it doesn’t need to drill in order to maintain its rights."

"It is misleading to combine M&S with refining results when convenient to show higher EBITDA/bbl, but then exclude M&S when including it would show that opex/bbl is significantly higher than peers"

"We believe that the disconnect between management’s messaging and observable market trends has eroded investor trust and further contributed to the Company’s valuation discount relative to peers."

"Read the fine print! No where does it say that Oatly's Gross Profit may not be directly comparable to industry peers as a result of a financial decision it has made related to distribution costs."

"It is misleading to combine M&S with refining results when convenient to show higher EBITDA/bbl, but then exclude M&S when including it would show that opex/bbl is significantly higher than peers"

"We think Core is likely to miss. With its dependence on offshore and international capex, Core should underperform some of the same North American oriented peers that it outperformed last time."

"Crown Castle’s tower business has been an “enabler” for excessive fiber capex. Peers chose to exercise much greater prudence in allocating capital and ensure that fiber projects earned returns"

"While the Company acknowledges it must focus on gaining younger customers, we believe CTC is lagging its peers at attracting millennials. Overpaying for acquisitions will not solve the problem"

"Hess's cumulative CEO compensation over the past 5 years ranks in the 73rd percentile relative to peers, while total shareholder returns over the same 5 year period rank in the 20th percentile"

"Avery is expensive relative to its specialty chemical and materials peers, even before our adjustments to its enterprise value for added debts, and normalization of EBITDA and Free Cash Flow."

"AMR’s portrayal of its “Non-GAAP Cost of Coal Sales” is highly liberal when compared with peers. We see observe it is making five beneficial adjustments, whereas most peers make two or three."

"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"

"Using price-to-book value, a metric traditionally used for specialty finance companies, and value per customer in line with peers, we believe there is significant downside to Sunnova shares."

"FND's legally executed lease commitments relative to total minimum lease payment obligations is not only growing, but also astronomically dwarfs home improvement peers Home Depot and Lowe's."

"Based on peers, we conclude that there are potentially material opportunities to improve ADT's cost structure as a standalone public company, enhancing both EBITDA margins and free cash flow"

"The Company has significantly less financial leverage than its peers allowing it to acquire smaller building products companies that are currently operating at trough levels of profitability"

"LSPD is a significant outlier to other POS and financial technology peers as it relates to the amount of receivables it carries on its balance sheet, and its allowance for doubtful accounts."

"BEA HK has a relatively lower proportion of customer deposits as compared with its peers, the bulk of which are more expensive time deposits, which in turn leads to a higher cost-of-funding"

"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."

"Capital return (cash dividend + buyback) of 40 to 50% of net income is the minimum level that should be targeted immediately for each of Mobis, HMC and Kia to be comparable to global peers"

"It is instructive to recognize that Crown Castle’s tower peers have chosen not to pursue low-return small cell projects and have instead decided to allocate capital to higher-return areas"

"3M’s MedSurg segment used to deliver leading organic growth. Today, peers and end markets are performing better than in prior periods, yet Solventum’s MedSurg business is performing worse"

"In recent materials to Shareholders, Hess measures itself on a 10 year basis against only 6 of its 9 integrated proxy peers. Average market cap of these 6 is over 11x greater than Hess(1)"

"Cognizant's stock price performance tells the story of deep underperformance across all relevant benchmarks, including its closest peers, over all time periods during the last five years."

"TSR as CEO of Lucent was (55%); as CEO of Alcatel-Lucent was (58%); dramatically underperformed S&P 500 and Peers. Interlocking relationship with Dr. Kleinfeld at the HPE/Arconic Boards."

"We believe that 3% SSS is conservative - it is in-line with better-performing peers, and 3 years of 3% SSS would just get Olive Garden's AUV back to the $4.8 million of a few years ago."

"Arconic continually boasts about innovation that is "industry-wide;" for which little incremental benefit (vs. peers) accrues to Arconic, and which Arconic struggles to actually deliver"

"Under CEO Mike Hennigan, MPC has shown the most visible improvement among their peers over the past 3 years in both reliability, unit cost and profitability. — Scotiabank, June 30, 2023"

"Under CEO Mike Hennigan, MPC has shown the most visible improvement among their peers over the past 3 years in both reliability, unit cost and profitability. — Scotiabank, June 30, 2023"

"Under CEO Mike Hennigan, MPC has shown the most visible improvement among their peers over the past 3 years in both reliability, unit cost and profitability. — Scotiabank, June 30, 2023"

"Underperformance (CCI +17.0% cumulatively) compared to both peers (AMT +23.5% and SBAC +60.5%) and market (S&P 500 +30.2%) in last 2 years; outperformance relative to REITs (IYR +9.2%)"

"We believe that 3% SSS is conservative - it is in-line with better-performing peers, and 3 years of 3% SSS would just get Olive Garden's AUV back to the $4.8 million of a few years ago"

"As the costs of solar systems inputs (PV modules, batteries, meters) decline overtime, the use of the weighted-average method lowers Sunnova's cost of goods sold relative to its peers."

"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."

"Does DOL – a value retailer demonstrating concerning fundamental trends – deserve to be valued on par with higher-growth industries, and completely out of line with its industry peers?"

"To make FIGS LTM Gross Margin more comparable with peers, we deduct “Selling Expenses”. By our estimate, FIGS’ LTM Gross Margin is inflated by 2,040 basis points, from 50.7% to 71.0%."

"In fact, GSX and its platform Gaotu have consistently been underperforming its major competitors ever since 2018. However, its stock performance has been steadily outpacing its peers."