Callouts & quotes from 773+ activist slides

"Total shareholder returns have significantly underperformed large-cap snacks and beverages peers (along with the consumer staples index) over an extended period of time"

"The Company's underperformance relative to its peers and the broader market with respect to total stockholder return is evident over nearly every relevant time period."

"P&G's TSR of 24% since David Taylor took over as CEO is 2% higher than the peer average, but he took over after a one-year period where P&G underperformed peers by 31%"

"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"

"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"

"By reclassifying this as an operating expense and cash flow reduction, consistent with industry peers, we estimate WSP's adj. free cash flow conversion is 36% - 41%."

"While Spruce Point does not agree with Sunnova's selected peers, none of the peers use Adjusted EBITDA or adjusted operating cash flow as a metric for compensation."

"While Spruce Point does not agree with Sunnova's selected peers, none of the peers use Adjusted EBITDA or adjusted operating cash flow as a metric for compensation."

"A benchmarking analysis of high growth data technology peers suggests that C3's total lease burden relative to its current employee base is 2.2x greater than peers."

"After adjusting the top three coal companies cash flows for tax refunds and DTA expense, we see that AMR's operating cash flow margin is significantly below peers."

"Kao possesses an impressive stable of brands in categories that global peers - the likes of L'Oréal, Beiersdorf, and Unilever - are experiencing profitable growth."

"Southwest's operational meltdown stranded 2 million customers over the holidays and drove 30%+ share performance underperformance relative to peers over 2 months."

"Not only is the current strategy not delivering its financial targets, but BP is also demonstrably significantly lagging the operational performance of its peers."

"With a vertically integrated supply chain, Hyundai Motor Group is capable of maintaining lower cost of production as compared to peers to remain cost competitive"

"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."

"We believe the following two Samsung Opco capital management and dividend policy measures are necessary to bring its shareholder returns in line with its peers:"

"We estimate the Company will have a dividend coverage (FCF/Dividend) of 1.4x, in line with peers, therefore being able to distribute €1.2bn of dividend in 2019"

"Unfortunately, we believe that this plan does not go far enough as margins will still be significantly below nearly all of the Company's peers, as shown below."

"When determining long-term compensation awards, Huntsman compares itself to peers that perform 2X WORSE than the peers used to benchmark the CEO's base salary!"

"Sometimes premiums are justified... however, using realistic sales and EBITDA forecasts, it is clear that U.S. Steel is significantly overvalued vs. its peers."

"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."

"Southwest’s operational meltdown stranded 2 million customers over the holidays and drove 30%+ share price underperformance relative to peers over 2 months(1)"

"Unlike its peers, executive incentive compensation at HMA through 2012 has been based solely on EBITDA – with no focus on per share metrics or quality metrics"

"Kao’s nominees have lower skills coverage across critical areas compared to peers such as supply chain, marketing, finance, consumer goods and digitalization."

"Though there are valid concerns in the near term, we believe buying Danone at 1.5-2.0x P/E and ~33% FCF discount to European food peers more than compensates"

"Our estimates conservatively assume UNP only recaptures half the volume underperformance vs. US railroad peers that UNP experienced under current leadership."

"Valuing ROAD's shares in-line with industry peers and its long-term average multiple suggest 35%-50% long-term potential downside risk ($46 – $60 per share)."

"PBH's poor working capital management is a clear outlier versus its peers. This raises significant concerns regarding the financial health of PBH's business."

"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)"

"If Nova simply traded closer to peers in the range of 15x – 24x of its resources, its share price would have approximately 45% - 60% downside risk potential."

"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"

"FIGS' days inventory outstanding (DIOs) are high on an absolute basis compared with its DTC peers, and also grew above industry average over the prior year."

"Guidance vs. Peers: In the past 4 quarters, MPWR's quarterly sales guidance has been within 2% of its midpoint and its gross margin guidance range is 0.70%."

"Genius compares itself to "Online Gaming" peers, however, we believe these consumer-focused companies with brand recognition are not direct peers to Genius"

"Led operational and cultural transformations at two underperforming railroads, including one in Canada. Drove unprecedented performance, far ahead of peers"

"FND's median employee wage has grown faster then peers. We're not sure what the CFO meant when he said they were not playing catch-up with associate wages."

"Southwest's operational meltdown stranded 2 million customers over the holidays and drove 30%+ share price underperformance relative to peers over 2 months"

"Kao’s Board is worst-in-class among global peers in coverage of skills specifically outlined as strategically necessary to achieve the K27 Management Plan."

"Southwest’s operational meltdown stranded 2 million customers over the holidays and drove 30%+ share price underperformance relative to peers over 2 months"

"We believe that Remitly trades at an unsupported valuation premium to peers on the belief that its high revenue growth rate is sustainable and attractive."

"For this reason, along with our forensic analysis detailing multiple reporting concerns, we believe REZI should be valued at a discount to industry peers."

"At 0.4% of gross A/R, Limbach's allowance for credit losses is among the lowest relative to peers, which may be inflating the Company's reported earnings."

"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"

"Due to their U.S. focus and inventory write-downs taken during the recent recession, BRP's homebuilding peers' assets are likely marked near market value"

"If we applied Westrock and its closest peers sales multiple of 1.0x – 1.2x to Amcor, it’s easy to justify 40% – 60% downside risk to Amcor’s share price."

"CCI's essentially domestic tower portfolio does not seem to have garnered the Company an advantage at securing low cost debt relative to its tower peers"

"It is critical to appreciate that Mellanox is not just slightly worse than peers on these key metrics, it is completely out of line with the peer group."

"Examining Mettler's peers that disclose internal-use software capitalization in PP&E, we find that it has capitalized an excess amount by a wide margin."

"Although Prestige Brands may appear cheap vs its peers on a P/E and EBITDA multiple basis, PBH trades at a premium to its operating cash flow and sales."

"ROAD failed to make ENR's list of "The Top 100 Contractors by New Contracts" by not increasing its contract growth at the same rate as industry peers."

"The Board insists on measuring performance from THE ONLY date in which ROVI has outperformed peers, following a one-day decline of 43% in ROVI’s stock"

"PHILLIPS’ REFINING KIT IS COMPARABLE TO PEERS MARATHON AND VALERO – UNDERPERFORMANCE IS PRIMARILY DRIVEN BY POOR OPERATIONS, RATHER THAN WORSE ASSETS"

"LACK OF REFINING FOCUS COSTS SHAREHOLDERS AS PSX UTILIZATION UNDERPERFORMED PEERS DURING THE “GOLDEN AGE” OF REFINING SPREADS (WHILE LASHIER WAS COO)"

"LACK OF REFINING FOCUS COSTS SHAREHOLDERS AS PSX UTILIZATION UNDERPERFORMED PEERS DURING THE “GOLDEN AGE” OF REFINING SPREADS (WHILE LASHIER WAS COO)"

"LACK OF REFINING FOCUS COSTS SHAREHOLDERS AS PSX UTILIZATION UNDERPERFORMED PEERS DURING THE “GOLDEN AGE” OF REFINING SPREADS (WHILE LASHIER WAS COO)"

"Street estimates for ACMR's Chinese equipment peers call for continued 30%+ YoY revenue growth. If anything, this suggests potential upside for ACMR."

"Taubman has underperformed its Class A Mall Peers by 20%, 24% and 56% over the past 1-, 3- and 5-year periods through the unaffected share price date"

"Nestlé's CY16 EBIT margin 15.3% (16% ex-items) is at the low end of its peers, nearly all of which are now targeting high-teens to low 20's margins."

"TWX's annual corporate costs exceed those of its peers, with a vast scope of headquarters at One Time Warner Center symbolic of unnecessary expense."