Callouts & quotes from 773+ activist slides

"Phillips 66’s refining kit is comparable to peers Marathon and Valero – its underperformance is primarily driven by poor operational execution, rather than the quality of the assets."

"TWC compares favorably to its industry peers across most of the ratings criteria discussed by Moody’s and S&P and in the benchmarking analysis that was reviewed in this presentation."

"Phillips 66's refining kit is comparable to peers Marathon and Valero – its underperformance is primarily driven by poor operational execution, rather than the quality of the assets."

"In an industry driven by capital allocation, Crown Castle’s ROIC has underperformed that of its peers for more than a decade, and the gap is widening with continued fiber investment"

"Phillips not only loads more discounted crudes than peers, but also receives lower pricing on its WCS due to Central Corridor positioning vs. peers primarily running WCS in the USGC"

"Since 2014, the delta in operating underperformance is now ~1,500 bps as the core Expedited LTL OR has deteriorated ~825 bps and LTL peers have seen ORs improve ~675 bps on average."

"Upon announcement of the Fox deal, a new compensation package for Mr. Iger provided him a total compensation opportunity more than 2.5x the median of Disney’s General Industry Peers"

"Upon announcement of the Fox deal, a new compensation package for Mr. Iger provided him a total compensation opportunity more than 2.5x the median of Disney’s General Industry Peers"

"Phillips 66 (NYSE: PSX) stock has underperformed its peers for a decade. Now, the CEO is talking down the value of his own company's shares, saying they are already fully valued..."

"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"

"PERI's EBITDA per average employee is similarly out-of-line with its advertising technology peers and closer to technology companies such as Microsoft, Google, Apple, and Facebook."

"On the surface, PERI's revenue multiple appears in-line with its small cap advertising technology peers. However, it likely trades at a premium because of inflated revenue results."

"We believe there is evidence that Danimer’s EBITDA margin projections are overly optimistic based on the margin profiles of both its self-selected peers and chemical/plastic peers."

"In fact, the average market capitalization of Office Depot's peers used for the purpose of determining compensation is 11.5 times larger than Office Depot's market capitalization."

"Central Corridor, Atlantic Basin / Europe and US Gulf Coast assets are fundamentally attractive and should drive equivalent profitability with peers on a constant accounting basis"

"If we assume that MPWR's inventory metrics should be in line with industry peers, and that $245 - $265m of revenue is overstated, it implies ~$93m of inventory is also overstated."

"Hess's low exposure to N.A. natural gas means minimal impact from collapsing natural gas prices; Highest exposure of peers to oil means favorable impact from escalating oil prices"

"Phillips 66 not only loads more discounted crudes than peers, but also pays lower prices on its WCS due to Central Corridor positioning vs. peers primarily running WCS in the USGC"

"Phillips 66 not only loads more discounted crudes than peers, but also pays lower prices on its WCS due to Central Corridor positioning vs. peers primarily running WCS in the USGC"

"Relative to its hospital peers, HMA has demonstrated consistent, escalating underperformance on both same-store admissions and same-store adjusted admissions over the past 5 years"

"This discounted multiple should serve as a stark indication to management and the Board that shareholders have less confidence in Autodesk’s future performance relative to peers."

"Dollarama's margin profile is grossly out of line with peers, and we find evidence of aggressive accounting and questionable business practices that can partly explain the issue."

"Elliott has constructed a peer group of comparable companies that best represent, in our view, peers for each area of the Company's business units prior to the split of AA/ARNC."

"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."

"Huntsman not only has the worst ESG rating among Primary Peers, but is also unique in being the only company among its Primary Peers to have received a recent ratings downgrade."

"Valuing DOL as a mature business at its upper penetration bound implies ~40% downside in a more realistic, yet still generous scenario in which DOL is valued in line with peers."

"Huntsman has received an “F” from Glass Lewis on executive compensation for two consecutive years as pay was more than its Proxy Peers, notwithstanding poor relative performance"

""[We're] having less volatility than refining peers when refining margins flex to the downside, so we get the best of both worlds." — Phillips 66 CEO Mark Lashier, March 6, 2025"

""[We're] having less volatility than refining peers when refining margins flex to the downside, so we get the best of both worlds." — Phillips 66 CEO Mark Lashier, March 6, 2025"

"We believe the sell-off in Darden’s stock since the announcement of the Red Lobster Sale represents a destruction of >$1 billion in total shareholder value compared to peers(1)"

"ELF’s share price commands a premium to peers as revenue growth has recently been more than double the industry average and it has avoided slower growing international markets."

"Compared to their generic peers such as Equate, CVS and Walgreens, we believe PBH’s products have no competitive advantage, limited barriers to entry and are at a disadvantage."

"Elliott has constructed a peer group of comparable companies that best represent, in our view, peers for each area of the Company business units prior to the split of AA/ARCN."

"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."

"“retail is evolving, and no one knows exactly where the transition will take it” — Taubman; “strong demand for our real estate from a wide and growing area of tenants” — Peers"

"BP currently trades on a PE of 6.7x, a very heavy 44% discount compared to best-in-class integrated oil and gas peers Chevron and ExxonMobil, which on average trade on 12.0x."

"McGraw-Hill's 3 year average valuation of 12.6x earnings is at a ~25% discount to the 15.9x weighted average of its peer group and trails all of its peers other than Gannett."

"We[re] having less volatility than refining peers when refining margins flex to the downside, so we get the best of both worlds. — Phillips 66 CEO Mark Lashier, March 6, 2025"

"We believe the sell-off in Darden's stock since the announcement of the Red Lobster Sale represents a destruction of >$1 billion in total shareholder value compared to peers"

"The midstream portfolio is made up of high-quality assets – these assets are just not getting the level of attention or capital allocation required to compete against peers."

"Samsung Electronics lags far behind its global peers in terms of board composition - as regards independence, the relevant experience of current board members and diversity:"

"The midstream portfolio is made up of high-quality assets – these assets are just not getting the level of attention or capital allocation required to compete against peers."

"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"

"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."

"Maxar is expensive relative to peers when considering its declining growth profile and adjusting for its inflated Non-IFRS metrics that analysts give it unjust credit for."

"Kao's Consumer Products sales have yet to return to pre-COVID levels. Peers have grown their consumer goods revenues by over 10% on a quarterly basis over the same period."

"Huntsman not only has the worst ESG rating among Primary Peers, but is also unique in being the only company among its Primary Peers to receive a recent ratings downgrade."

"Since our CEO transition, we have consistently outperformed what an investor could have earned by buying a synthetic basket of our segment peers. — Company Proxy Materials"

"Why does Monolithic need to have so much square footage per employee? MPWR's 381 sqft per employee is the highest among peers, and well above the industry average at 312."

"Inconsistent Methodologies Used: The column titled "P&G Peers" uses a Simple Average, while column titled "Peltz Serving on the Board" uses a Market Cap Weighted Average."

"Our simple regression analysis linking valuation to organic growth rate among IT outsourcing peers suggests 40% to 50% downside (approximately $24.50 to $29.50 per share)"

"Valuing PETQ shares on-par with – or even at a slight premium to – peers in the pharmaceutical distribution and pet care spaces yields 75-90% downside to current levels."

"GTT's trailing-twelve-month (“TTM”) cash conversion rate is only 5.1% - significantly worse than most of its peers, whose weighted average cash conversion rate is 21.5%."

"Valuing WSP's shares in-line with industry peers to reflect rising fundamental challenges and financial strains suggests 25%-50% downside risk (C$110 – C$165 per share)."

"Enhancement Plan would leave Cognizant with a comparable operating margin target of ~21.5% in FY18E – still a highly conservative ~400–500 basis-point discount to peers."

"McGraw-Hill's diversification did not insulate shareholders during the financial crisis. McGraw-Hill's total return was 18% worse than the weighted average of its peers."

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

"Since 2014, the average delta between cost and pricing percent increase is now 16% for LTL peers compared to the Company's core Expedited LTL's delta of negative (13%)."

"We believe HIMS is an e-commerce business selling generic products and services and currently trades at a large premium to peers as a result of its high revenue growth."

"We believe Danimer's business is a closer comparison to traditional chemical and plastic companies than the waste businesses that the Company has selected as its peers."