Callouts & quotes from 597+ activist slides

"Adjusting 2012 estimates for management's 25% margin target and ~$46mm of interest expense(1), Lazard's EPS would be ~$2.50, a valuation less than 10x earnings(2)"

"Combined with buybacks funded by the ongoing generation of excess capital, we believe that AerCap can grow its EPS by around 10% annually over the next few years."

"DuPont’s Written Statement: “Trian’s analysis relies on a 2011 EPS of $4.32 that is not reported in DuPont’s public filings…” — DuPont presentation, February 2015"

"Because of its higher ROIC, improved free cash flow profile, and more efficient capital structure, Target Corp’s EPS growth will exceed that of Target Standalone"

"Because of its higher ROIC, improved free cash flow profile, and more efficient capital structure, Target Corp’s EPS growth will exceed that of Target Standalone"

"“the stories that the reps provided with us...aren't things that I'm seeing right now with my patients” — Pediatric endocrinologist at a Delaware academic center"

"Management are urged to take three immediate steps to stem the ongoing tide of value destruction at Keisei and establish the conditions for lasting change...."

"In our view, WD-40 has no visibility in an economic recession. It missed FY 2009 sales and EPS estimates by 13% and almost 10% at the mid-point, respectively."

"At a fall 2013 meeting with PepsiCo’s leadership team, the CEO told Nelson that repurchasing the bottlers was a “mistake” but the bottlers were “in disarray.”"

"An inverse agonist of the histamine H3 receptor improves wakefulness in narcolepsy: Studies in orexin-/- mice and patients — Lin, Dauvilliers, Schwartz et al."

"Warning: Adjusted Net Income for 2018 Is Overstated By $14.3m ($73.7 – $59.4 Revised) Resulting In Adjusted EPS of $5.90 vs. $6.06 Reported (2.7% Overstated)"

"Sampo's underperformance has not been driven by operational missteps; rather, sentiment in Sampo has degraded: IF P&C + Mandatum have de-rated ~8x vs. peers"

"For example, it shows that Abbot, J&J, Merck, Pfizer, and others all tried and failed in their H3R programs for narcolepsy and excessive daytime sleepiness."

""Expedia to Spin Off TripAdvisor" — Scott Morrison, Wall Street Journal. "Barry Diller sells shares in TripAdvisor, steps down as chairman" — Business News."

"“One-time” charges recur annually, and yet Avery would like investors every single year to ignore these costs as “adjustments” to increase margins and EPS."

"Altogether these data suggest that despite the increased number of HDC cells, extracellular histamine levels are likely normal in patients with narcolepsy."

"PepsiCo cannot continue to oscillate investment dollars between snacks and beverages (i.e., “robbing Peter to pay Paul”) or it risks impairing its brands."

"We estimate by depreciating trucks too slowly, USCR is understating depreciation by approximately $12.5 million, thereby benefiting EPS by $0.51 cents (1)"

"Factoring in an additional 1.1m warrants, Diluted EPS would have been $0.34 and made its Q4'18 and full year earnings miss vs. Street estimates even worse"

"Chambers USA noted in 2012 that Mr. Epstein "is venerated for his ongoing contribution to the development of concepts such as managed care" — Chambers USA"

"Chambers USA noted in 2012 that Mr. Epstein "is venerated for his ongoing contribution to the development of concepts such as managed care" — Chambers USA"

"In fact two peers, Colgate-Palmolive and Kimberly-Clark, have grown EPS at a much faster rate than P&G despite having more significant currency headwinds"

"Would Yum have been as successful (and would it have built a Chinese business worth >$20bn) had it been part of PepsiCo these past 15 years? We think not"

"Expedia to Spin Off TripAdvisor — Scott Morrison (Wall Street Journal). Barry Diller sells shares in TripAdvisor, steps down as chairman — Business News."

"This scenario would increase EPS by ~60% by FY21 (increasing from ~$4.58 in status quo to ~$7.48 with buyback) and would lift book ROE from ~15% to ~80%"

"While Disney’s growth investments and M&A have contributed to total revenue growth of 41% between FY 2018-22, EPS has declined 50% over the same period"

"In this video, the user performs the following steps, which together provide behavioral evidence of fingerprinting and aggressive retargeting tactics:"

"Phillips 66 has been a perennial underperformer – weighed down by operational missteps, a flawed conglomerate structure and poor corporate governance."

"However, our research finds significant skepticism among former Procept sales reps and current Aquablation users regarding both of those assumptions."

"PCC had better margins when it was the same size as EPS is today; EPS actually has greater Net Property, Plant and Equipment than Precision Castparts"

"What about cost capitalization and accounting levers? Is it really possible to never miss an EPS estimate in 10yrs? — Spruce Point Capital Management"

"If Family Dollar’s square footage were as productive as Dollar General’s, the company would earn ~$6 of EPS and be worth ~$90 per share at a 15x P/E"

"Twist has “no advantage”; manufacturing oligos is a commodity process any vendor can do using traditional DNA synthesis steps on plastic well plates"

"Management has not demonstrated it is a disciplined acquirer of businesses, nor should it be rewarded for overpaying for its own stock to boost EPS."

"A KOL stated that reps are incentivized to manipulate patients during the trial phase with leading questions and coach them to provide false answers"

"Starbucks shares are down 6% over the last three years. Including dividends, shareholders have earned a 0% total return, despite EPS growth of ~50%"

"Putting all that together, Arconic is actually saying that the core EPS business will grow no faster – in fact, slightly slower – than the market."

""So I think we've had a historical preference to grow EPS 10%, and I don't think we're walking away from that." — Michael McGarry, CEO, 10/19/2017"

"How is it that in 2010 shareholders paid more in compensation than in any year except 2008 to produce the lowest amount of EPS in recent history?"

"5% of the 7% EPS growth was driven by 1) share buybacks from the proceeds of the Coty and Duracell transactions and 2) reduced advertising spend"

"Synergies in other international markets (31% of overall PepsiCo sales outside the Americas) do not justify keeping snacks / beverages together"

"if I could only select from all the narcolepsy drugs, so I could only have one drug for all of my patients, I think it would not be pitolisant."

"By all key operating measures, Dr. Hantson and his team have taken meaningful steps to improve the business during his relatively short tenure."

"DNMR misleads investors regarding the commercial viability and timeline of partnerships with major corporations like Mars Wrigley and PepsiCo."

"Management received 132% of their target bonus in 2017, despite P&G losing market share and generating EPS growth in the bottom 1/3rd of peers"

"A company levered only 2x requires ~45bps less margin expansion per year to achieve the same EPS growth than an identical company with no debt"

"Can you possibly stretch? Can you possibly make excessive sleepiness narcolepsy? Can you possibly make it cataplexy? Can you possibly do that?"

"In BK's 11/14/11 Investor Day, CEO Gerald Hassell provided a roadmap for 7 – 11% EPS growth between 2011 and 2014 — Marcato Capital Management"

"The Stronger Southwest plan calls for clear steps to improve performance for the benefit of customers, employees and shareholders, including:"

"If 2011 earnings compounded at the 12% long-term earnings outlook, EPS in 2014 would have been $6.07, 51% higher than current 2014 actual EPS"

"Common sense indicates that the only purpose of such a plan is to incentivize sales reps to proliferate inappropriate patient referral forms."

"Lowe’s continues to trade at a significantly discounted P/E multiple relative to Home Depot despite materially higher prospective EPS growth"

"Canadian Tire’s core organic EPS growth is the worst among its peers, and trails the peer set average when including the effect of buybacks."

"Rather than look out for the best interests of shareholders, it appears that Darden's Board has taken steps to further entrench themselves."

"Rather than look out for the best interests of shareholders, it appears that Darden's Board has taken steps to further entrench themselves."

"We estimate that an appropriate valuation for SE would be $41 to $48 per share (+32% to +55% upside) if it were to take the following steps"

"Val-gan would need to trade at only 7.4x 2014 Pro-Forma Cash EPS1 in order for the Transaction value to exceed Allergan’s unaffected price"

"He referenced conversations with Nevro reps who admitted as much, leading him to label it "a big scam" with "criminal" data manipulation."

"Target Corp will trade at a higher multiple than current Target Standalone due to a powerful combination of improved ROIC and EPS growth"

"“Trian’s analysis relies on a 2011 EPS of $4.32 that is not reported in DuPont’s public filings...” — DuPont presentation, February 2015"