Every emphasised callout and every pulled quote, extracted slide-by-slide. Search by keyword, filter by slide type or by source.
"With the right mindset and an appropriately ambitious turnaround plan, PepsiCo today represents a rare chance to revitalize a leading global enterprise and unlock significant shareholder value."
"Comp plan paid reps for off-label referral forms; highly prevalent practice across the salesforce; open secret in the company; was brought to “senior leadership” attention on numerous occasions"
""Pepsi is slow to act and cannot make decisions." — Senior merchandising official at a large U.S. retail chain; "Coke swooped in" — Senior merchandising official at a large U.S. retail chain."
"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."
"Monolithic has grown its dividend recently, but well below its potential. If you take Monolithic's financials at face value, EPS is up nearly 400% in the same period the dividend is up 166%."
"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"
"We believe that after giving effect to the unification and US petroleum demerger steps of the Value Unlock Plan, core BHP’s tier-1 assets could be clearly and properly valued by the market."
"As LHCG hit its maximum compensation EPS target exactly in FY18, management perhaps would have missed its target had it not reallocated definite-lived AFAM trade name assets into goodwill."
"The adjusted financials for 4Q16 were revised in the most recently reported quarter (4Q17) Globant shareholders were not privy to the actual $0.04 miss in 4Q16 EPS until 4Q17 was reported"
"Fettah Tamince, founder of Rixos, apparently personally coordinated a welcome by Epstein's masseuses. His private assistant wrote Epstein "Will take good care of the ladies, no worries.""
"Shareholders are concerned that constant guidance revisions represent a fundamental lack of managerial understanding of the EPS business, a business which has relatively high visibility"
"Spruce Point has repeatedly warned to be cautious when companies cannot accurately forecast capex, as this often leads to gross margin deterioration (and ultimately EPS disappointment)."
"By simplifying and streamlining the digital offer process — fewer clicks, near-instant valuations, clearer steps — CarMax can capture a greater share of sellers already engaging online."
"We estimate that Mettler's Adj. Diluted EPS is $1.90 - $2.23 (8.3% - 9.8%) overstated due to aggressive capitalization policies and failures to recognize inventory obsolescence charges."
"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."
"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"
"Investors should be wary when public companies pivot toward highlighting Adjusted EPS as a metric for evaluating its value creation, while modifying language about cash generation."
"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"
"ADP’s poor sales force productivity is inconsistent with the Company’s long-standing goal of driving bookings growth from both additional sales reps and productivity per sales rep"
"holistically, this portfolio provides a platform for balanced growth, margin and return improvement...all of which leads to top-tier total shareholder return — PepsiCo Management"
""We're not running the company for the OR, we're running the company for EPS growth, operating income, free cash flow" — Jean-Jacques Ruest, CEO, Q2 2021 earnings conference call"
"Revenue is much harder to manage vs. “Adjusted” EPS. We see that Avery has started to consistently miss revenue expectations while regularly beating “Adjusted” EPS expectations."
"He stated that they conducted “very robust trials” after screening countless compounds, across many indications such as narcolepsy – and that all of these efforts were failures."
"If you grow your Industrial EPS...4% a year over the next couple of years, that gets you to $2.00 [EPS in 2018]...Now I'm going to run the company to a higher number than that."
"Unfortunately, in less than two years, Newell’s management team has made critical missteps in integrating and operating the businesses, resulting in poor financial performance."
"Matt’s experience, expertise, and familiarity with SandRidge and its assets will be integral to our outreach and the execution of next steps after the company's annual meeting."
"MIX OF OPERATIONAL IMPROVEMENT, PORTFOLIO MGMT, AND BALANCE SHEET OPTIMIZATION PROVIDE MULTIPLE PATHS TO DOUBLE EPS BY 2022 AND CREATE SUSTAINABLY BETTER PERFORMANCE OVER TIME"
"We believe most of the top ten companies have sustainable competitive moats and long-term secular growth characteristics that will allow for continued high rates of EPS growth"
"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%."
"Structural problems require structural solutions: we believe superior shareholder value can be attained at PepsiCo by separating into standalone snacks and beverages companies"
"PepsiCo is committed to converting all their snack food packaging to recyclable, compostable, or biodegradable products by 2025. — DNMR Investor Call Transcript, Oct. 5, 2020."
""We're just waiting for the FDA approval... that's not in our hands, it's in the government's hands. Once we get the FDA approval, we'll be launching posthaste." — PepsiCo CEO"
"After 18 months of extensive research, Elliott is pleased to share its perspectives on Southwest’s performance and the steps needed to create a stronger company going forward"
"After 18 months of extensive research, Elliott is pleased to share its perspectives on Southwest’s performance and the steps needed to create a stronger company going forward"
"After 18 months of extensive research, Elliott is pleased to share its perspectives on Southwest’s performance and the steps needed to create a stronger company going forward"
"After 18 months of extensive research, Elliott is pleased to share its perspectives on Southwest’s performance and the steps needed to create a stronger company going forward"
"After 18 months of extensive research, Elliott is pleased to share its perspectives on Southwest’s performance and the steps needed to create a stronger company going forward"
"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"
"In our opinion, MAXR's 2018 Adj. EPS expectation of $4.75/sh is pure fiction. The Company has made numerous aggressive accounting choices that inflate its Non-IFRS results."
"One of Nevro’s biggest implanters had about 300 Nevro devices implanted and he didn’t know that they were all failing because the reps were fielding all the patient calls."
"While Q1 EPS was above consensus, management has beaten Q1 consensus two out of the last three years, while ultimately missing Fiscal Year guidance in each of those years"
"While Q1 EPS was above consensus, management has beaten Q1 consensus two out of the last three years, while ultimately missing Fiscal Year guidance in each of those years"
"While Q1 EPS was above consensus, management has beaten Q1 consensus two out of the last three years, while ultimately missing Fiscal Year guidance in each of those years"
"Among top-performing restaurant companies, Buffalo Wild Wings is one of the only companies whose compensation is entirely independent of EPS, ROIC or shareholder return."
"Elliott believes that there are clearly identifiable steps to realize value at ACAS and that a capable Board actively overseeing a strategic review can unlock this value"
"Mettler has exceeded sell-side quarterly EPS targets 100% of the time since 2008, and by no coincidence, management has always met 100% of its annual cash bonus targets."
"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."
"In the event we are unable to obtain sufficient capital, we may need to take steps to conserve cash by reducing our capital expenditures or dividend payments — 2011 10-K"
"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"
"Capitalized cash costs are conveniently added-back to both Adj. EBITDA and Non-GAAP EPS. Capitalized software development costs were nearly 18x PP&E Purchases in 2023"
"Arconic's own filings list 2008 EPS margins as 19.2%. Only by including discontinued operations can the company show material "improvement" since the financial crisis"
"DuPont’s Operating EPS declined by >7% over the last 3 years (2011-2014). Long-term success will, in our view, only result if operational performance is best-in-class"
"We do not understand how PepsiCo claims significant cost synergies between beverages and salty snacks but limited cost synergies between salty snacks and sweet snacks"
"Sales reps left because of alleged pressure to push off-label scrips; given small number of narcolepsy patients, couldn’t hit quota without being “a little creative”"
"ERIE appears significantly overvalued, with its current price-to-earnings (P/E) ratio at approximately 46x on our 2025E EPS, far surpassing the peer group average."
"Management says that EPS can increase margins by 400 bps in 3-to-5 years. Given the volume leverage in this business, this is an extraordinarily undemanding target"
"If PepsiCo does not pursue Mondelez, we believe it must announce a separation of snacks/ beverages concurrent with specific commitments to unlock shareholder value"
"Twist’s “chip” - a miniaturized well plate - is simply a self-defeating gimmick for the purposes of a stock promotion, which requires numerous compensatory steps."