Callouts & quotes from 619+ activist slides

"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"

"Importantly, analysts appear to anticipate steady growth through the near-to-medium term, despite the challenges which Dexcom appears set to face from mid-FY19 through FY20."

"Despite surging growth and inflation, Economy X’s monetary policy mirrors that of the United States with a near-zero interest-rate policy and large amounts of money printing"

"A former Lianjia agent in Shenzhen published a tell-all blog in 2020, revealing that BEKE company policy was to go as low as 2% on commissions, despite official rates of 3%."

"Genius trades at a premium to most of its Online Gaming industry peers based on 2021E & 2022E revenue multiples, despite having the second lowest 2022E revenue growth rate."

"While peer EBITDAR is expected to be in-line with or meaningfully exceed pre-COVID levels, Southwest EBITDAR is expected to be nearly 50% lower despite record travel demand"

"While peer EBITDAR is expected to be in-line with or meaningfully exceed pre-COVID levels, Southwest EBITDAR is expected to be nearly 50% lower despite record travel demand"

"While peer EBITDAR is expected to be in-line with or meaningfully exceed pre-COVID levels, Southwest EBITDAR is expected to be nearly 50% lower despite record travel demand"

"While peer EBITDAR is expected to be in-line with or meaningfully exceed pre-COVID levels, Southwest EBITDAR is expected to be nearly 50% lower despite record travel demand"

"GE has exhibited limited margin improvement - despite a beneficial mix shift toward higher-margin services revenue - because equipment margins have significantly declined"

"Dr. Beckerle is a beneficiary of substantial donations from the Huntsman family. Despite this fact, the Board shockingly claims Dr. Beckerle is an “independent” director."

"Despite all the excessive optimism that MGPI is a booming whiskey/bourbon producer, we point out that its net food grade alcohol sales growth has been recently declining."

"Despite spending approximately $557 million, or $26.65 per share (vs. current price of $8.03), in R&D and acquisitions from 2007 to 2012, enterprise value declined by 77%"

"Looking carefully at disclosures, we see that TASK does not report interest income earned on cash and equivalents despite carrying large amounts of cash and equivalents."

"Despite these recent missteps, which have badly damaged the credibility of management and the Board, we believe that Perrigo has a strong franchise with valuable assets."

"Disney's overall ROIC significantly underperforms its self-selected “media industry” peers despite generating 70% of its operating income from its Experiences business"

"Disney's overall ROIC significantly underperforms its self-selected “media industry” peers despite generating 70% of its operating income from its Experiences business"

"The Hong Kong Dollar’s (HKD) peg to the U.S. Dollar (USD) forces Hong Kong to import the U.S.’s ultra-accommodative monetary policy, despite its much stronger economy"

"Weis is currently the highest valued regional supermarket on P/E and EBITDA despite negative organic growth, aggressive accounting and poor governance and disclosures"

"Twist had negative gross margins as recently as 2018, despite meaningful revenue of $25MM and a negligible asset base, turning sharply positive immediately after IPO"

"Despite having zero patents, there are signs of XPO embellishing its technology prowess with buzz words and greater use of the word “technology” in its SEC filings."

"Despite it being incontrovertible that Mr. Sator and S30 were misrepresenting the nature of the reviews, S30 continued to publicly mischaracterize them as “audits.”"

"Despite its operational challenges and abysmal shareholder returns, Avantor continues to have significant strategic value, well in excess of current trading prices."

"Despite superficial improvements since the June announcement, the Revised TOB continues to violate many of the core principles of the METI Guidelines and TSE Rules"

"Despite not divesting of the business until Q4, management takes credit for higher sales growth by excluding the low-growth / no-growth business for the full year"

"Despite meaningful share price appreciation since our investment, HLT continues to offer a compelling return profile given high levels of durable earnings growth"

"Despite the significant nature of these announcements, the company has held no public conference calls and has allowed for no public question and answer sessions"

"Management's initiatives have not been enough to reverse Southwest's declining profitability despite management's frequent reaffirmation that they are delivering"

"Management's initiatives have not been enough to reverse Southwest's declining profitability despite management's frequent reaffirmation that they are delivering"

"Prior to COVID-19 pandemic, Wall Street analysts believed 2020 revenue could be less than that achieved nearly five years ago, despite strong industry tailwinds!"

"Management’s initiatives have not been enough to reverse Southwest’s declining profitability despite management’s frequent reaffirmation that they are delivering"

"Despite significant acquisitions and investments, we believe the losses in the Display business have increased from $428 million in 2009 to $545 million in 2011."

"I must object that, despite my requesting it at the information table up at the front, I was rather arrogantly refused a copy of the separate financial statement"

"Management's initiatives have not been enough to reverse Southwest's declining profitability despite management's frequent reaffirmation that they are delivering"

"Doug Cole failed to disclose his role as a Director at Sysorex despite just joining the Board over a year ago. Sysorex is clearly a troubled company at present."

"Under the incumbent Board, McDonald's remains wed to its meat-based strategy despite a growing plant-based foods market, which is now over $40 billion worldwide"

"Despite the recent influx of competition in the space, Align appears to continue to behave as a monopolistic player in the doctor-directed clear aligner market."

"Gains from economic growth have not been evenly spread. Average wages have been flat for many years despite very low unemployment and strong productivity growth"

"Home Depot is an “A” credit vs. FND’s BB credit. Despite FND increasing its lease duration, why has its discount rate increased by 20bps less than Home Depot’s?"

"GCP received a “D” from Glass Lewis on executive compensation, as the Board has compensated the CEO in-line with peers, despite significantly worse performance."

"Despite claiming implementation of Blue Ocean in Switzerland in 2012, there is evidence that Mettler is still struggling with implementation seven years later."

"Arconic generates far fewer sales from its assets than peers despite a recently refreshed capital stock that is younger than that utilized by its competitors."

"Despite being identical products, IKEA’s buyer catalogue is between 18% and 35% cheaper than the regular CSTE agent’s retail price, and includes installation!"

"Our model assumes the base business will earn ~57% EBITA margins through 2020, implying continued spend on promotion and R&D, despite no pipeline contribution"

"Despite having the best rail franchise in North America, UNP has unequivocally been the worst performing Class I railroad under current eight-year leadership"

"As a result, Bristol-Myers' P/E ratio is now at its lowest level in years and below its peer group, despite a growing franchise and a net cash balance sheet."

"Cintas credit facility size has tripled from $300m (pre G&K) to now $1.0 billion, despite the size of sales only growing ~40% and accounts receivable by 67%."

"BN’s valuation of ~15x earnings is a significant discount to intrinsic value and comparable U.S. peers, despite similar cash flow profile (e.g., KKR and APO)"

"Despite significant share price appreciation in 2016, we believe the shares of a reformed Fannie and Freddie will be worth a multiple of their current price"

"The CEO of Phillips 66 (NYSE: PSX) is talking down the value of his own company’s shares, saying they are fully valued despite 10 years of underperformance."

"Despite significant share price appreciation in 2016, we believe the shares of a reformed Fannie and Freddie will be worth a multiple of their current price"

"Total Company performance has continued to deteriorate despite a single year of improvement in SCC, which still remains far below its optimal profitability."

"MSCI trades at the highest valuation among its financial services peer group despite clear evidence of business and financial challenges facing the Company."

"Despite the CEO claiming in late 2018 and in 2021 that the story would change dramatically for Stryker’s spine business, the numbers tell a different story."

"Heska is trading at a material premium to some of the most innovative diagnostic equipment companies despite having a margin profile closer to distributors."

"Despite significant share price appreciation in 2016, we believe the shares of a reformed Fannie and Freddie will be worth a multiple of their current price"

"Despite foreign exchange revenue impact of approximately -10%1 since inception, ZTS has increased 49% from when we purchased our first shares in July 20162"

"Despite ranking favorably in this category, we will show why we believe Generac is losing market share and margins are under pressure from price deflation."

"This decision limited both the overall scale and the strategic upside of the partnership for Tempus, despite the extended timeline and repeated amendments."

"Despite the Company’s claims of being an attractive investment proposition, Elliott’s conversations with midstream investors suggest the complete opposite."