Callouts & quotes from 587+ activist slides

"Spruce Point believes CHD effectively controls Armand Products and is using the entity to inflate key financial metrics (gross margin, free cash flow, and working capital)."

"Spruce Point believes Stryker is becoming more opaque with acquisition announcements. It used to provide some historical revenue context of deals, and now it often doesn't."

"While Pershing Square believes Chipotle remains a great business with a long growth runway, the wide range of potential future outcomes led us to sell our remaining shares"

"Spruce Point believes that a major and growing risk is that as MSCI expands, it is encroaching into more direct competition with BlackRock, which is its biggest customer."

"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"

"Spruce Point believes there is significant upside to Majorel's share price as it also transitions to higher value-added clients with differentiated technology solutions."

"Spruce Point believes that Amcor's free cash flow, and commitment to repurchasing shares, leave it little room to protect its dividend under current market expectations."

"Spruce Point believes that Amcor's free cash flow, and commitment to repurchasing shares, leave it little room to protect its dividend under current market expectations."

"Spruce Point believes it is only a matter of time until MBP agents leave the platform in these coexist markets due to lack of transparency and questionable lead quality."

"The expert believes that product replacement cycles are very long in machine vision, which may dampen investor optimism for a near term recovery in the Matrox business."

"Spruce Point believes the airlines could be the biggest threat to CLEAR as they have both the influence of the airports and the capital to donate the eGates to the TSA."

"Bernstein believes that China's WFE self-sufficiency ratio (ie, the percentage of WFE purchases in China from domestic suppliers) could more than double to 36% in 2026."

"Spruce Point believes that the diverging fortunes between Dycom and its telecom and media clients which constitute 90%+ of contract revenues is not likely to persist."

"DigitalGlobe carried just $74m of intangible assets, but Maxar believes C$1.3 billion of deal value exists here at the expense of its physical satellite constellation"

"Spruce Point believes WSP’s sell-side promoters are taking management’s results at face value and not critically evaluating the results with greater analytical rigor."

"Muddy Waters believes that many of the items we discuss in this report are symptomatic of a highly troubled enterprise that is run solely for the benefit of insiders."

"Ancora strongly believes that our director nominees will be able to help restore Forward Air to producing best-in-class results from a margin and return perspective."

"Given its product mix, Oasis believes Kao should over time be spending closer to 15-20% of Consumer Goods revenue on marketing depending on the ultimate product mix."

"Though Herbalife believes the amount of Internal Consumption "is not relevant to the business or investors," the FTC highlights it as a red flag for a pyramid scheme"

"Spruce Point believes that Amcor’s roll-up is in its final stages, having merged with Bemis in a $6.8 billion dollar transaction – the largest in its recent history."

"Spruce Point believes that very recent and underappreciated developments in the clear aligner landscape undermine most of the key tenets of the bull case for Align."

"Spruce Point believes that WSP's Q4 2023 results would be less spectacular if results are adjusted for a reversal of provisions related to the Wood E&I acquisition."

"Oasis believes that by implementing a marketing campaign and looking to expand well beyond its traditional salon channel, Oribe should reach similar revenue levels."

"Spruce Point believes that current market data services fail to accurately reflect ROAD’s share count and capital structure pro forma for the Lone Star acquisition."

"Spruce Point believes that its dividend policy is flawed because of WTRG's large growth capital expenditure ("capex") requirements and commitments to acquisitions."

"L&B believes the combination of a monetization of SIX real estate and optimization of the repositioning plan could see the share price double in the next 18 months"

"L&B believes the combination of a monetization of SIX real estate and optimization of the repositioning plan could see the share price double in the next 18 months"

"Spruce Point believes that the wider delta in GAAP and Non-GAAP Gross Margins pre and during COVID-19 are a reflection of greater financial strain in the business."

"Spruce Point believes that Magnite's financial reporting does not accurately reflect the economics of its business, and may be concealing the struggles of Telaria."

"Spruce Point believes Leidos has not been particularly transparent about what is driving its cash flow, notably its 2020 target increase in Q2 from $1.0 to $1.2bn."

"Spruce Point believes that Momo's cost of revenues will increase to match competitors at 50%-70%. This equates to a potential 40%-50% increase in cost of revenues"

"Spruce Point finds this defense extremely suspect, and believes that the impact of ASC 606 should be deducted from sales when calculating Verint's organic growth."

"Spruce Point finds this defense extremely suspect, and believes that the impact of ASC 606 should be deducted from sales when calculating Verint's organic growth."

"While Ferguson has expanded EBITDA margins over the last 5 years, Trian believes there is an opportunity to better leverage growth and improve margin flow through"

"If Solventum Can Restore Performance to Historical Levels, Trian Believes the Company’s Shares Could be Worth $140 by Year-End 2027 vs. its $69 Share Price Today"

"Engine believes the Board should immediately initiate a strategic process to determine what one or multiple buyers would be willing to pay for Parkland's assets."

"Spruce Point believes shares of GFL Environmental (TSX/NYSE: GFL), a cash degenerative North American roll-up of environmental service companies, are worthless."

"At the current valuation, Trian believes that management must prioritize returning capital to shareholders over M&A and should clearly signal this to the market"

"Spruce Point believes MSCI operates in an increasingly crowded space for Private Assets analytics and data against pure-play and integrated analytics providers."

"Spruce Point believes Zebra's venture investments and some of its immaterial revenue acquisitions should be considered operating costs for analytical purposes."

"Trian believes that losing vital concentrate sales, while convincing the public that you are not competing on price, is a “death knell” for a beverage company."

"Spruce Point believes that ROAD is overvalued and that its closest peer is a recent spinoff from MDU Resources (NYSE: MDU) named Knife River Corp. (NYSE: KNF)."

"Spruce Point believes investors are underpricing the risks faced by MGPI in 2017, some of which could have a material adverse effect on its financial condition"

"Spruce Point believes two key sell-side assumptions are flawed. First, JP Morgan's claim that 70% of handle comes from the NFL is inconsistent with state data."

"Spruce Point believes the bull case has been misguided ever since Dropbox’s highly promoted IPO, and that cracks are finally emerging everywhere in the story."

"Trian believes P&G’s decade-long record of underperformance relates in great part to a culture that is insular – rejecting outsiders and new ways of thinking."

"Spruce Point believes Stryker is becoming dangerously levered as it pays hefty premiums for low quality acquisitions that it has failed to properly integrate."

"Spruce Point believes it will be critical for CLEAR's business to have the TSA lift the legal definition of the traveler document checker (i.e. TSA officer)."

"Spruce Point believes that, with such heavy capital needs, and with so many things that can go wrong, Carvana can be deemed a zero without much imagination."

"Spruce Point believes that, with such heavy capital needs, and with so many things that can go wrong, Carvana can be deemed a zero without much imagination."

"Spruce Point believes the Street is structurally too bullish on PowerSchool's prospects, which is reflected by the Company's lack of "sell" recommendations."

"Spruce Point believes the need for cost driven mergers, rather than revenue driven synergies, is a bearish sign of the competitive pressure in the industry."

"Spruce Point believes that Momo has a demonstrated track record of monetizing and hyping product applications only to see interest levels plateau over time."

"Spruce Point believes Nuvei's financial reporting and disclosures are insufficient to allow investors to assess the quality of, and risks to, its business."

"Spruce Point believes Stan Avery, the founder of the Company would not be happy with the direction the current management and Board have taken the Company."

"Spruce Point believes the market is overvaluing GFL, in part by not accurately modeling the impact of its TEUs which further increase its enterprise value."

"Trian believes that Disney's recent performance reflects the hard truth that it is a company in crisis with many challenges weighing on investor sentiment."

"Spruce Point believes that Xylem investors should be highly concerned about the fact pattern of events leading up to Xylem’s recent acquisition of Evoqua."

"Trian believes Mr. Zatta’s extensive experience in the specialty chemical sector will allow him to bring valuable industry experience to the DuPont Board."

"Trian believes Mr. Zatta’s extensive experience in the specialty chemical sector will allow him to bring valuable industry experience to the DuPont Board."