Callouts & quotes from 582+ activist slides

"As seen below, CAIC appears to have had 385 HO-3 policies in force (PIF) in Pacific Palisades (90272) as of June 2024."

"One of the misleading slides that strongly implies that this PLA bag is a “PHA Customer Collaboration Case” is below."

"Albanian media reports that Mr. Peçini is a doctor (the below is a Google translation of just one of the headlines):"

"Notice for the first time that cash liquidity fell below cash on the balance sheet while foreign cash balance surged"

"BEA China has recorded weak results, in particular in its ROE and ROA, which are well below the average of its peers"

"As shown below, by increasing the price it pays for the tower, AMT increases its EBITDA margin from 60.0% to 73.3%."

"DND's employee rating is 53% below the average for employers within the Information Technology industry (3.9 stars)"

"As you can see below, Riot’s share price has materially underperformed peers who have signed sizable AI/HPC deals."

"Below are the summary cash flow projections for Pro Forma McDonald's based on the assumptions detailed on page 68."

"Today, Southwest’s margins are the lowest in the peer group and approximately 900 basis points below best-in-class"

"Pro forma for the expected decline in the U.S. business, normalized EPS is significantly below consensus estimates"

"2013 Constant Currency EPS Growth, Normalized For Tax, is Below Peers and Long-Term Guidance (Despite 2012 Reset)"

"Yet, Per the Board's own assessment below, Mr. Jagdfeld lacks strengths both in M&A and the clean energy market."

"GE Industrial's gross margins have declined over the past few years and are ~260 bps below historical averages."

"The table below shows our calculations of RINO’s tangible operating assets over its total operating asset base."

"TWC also expects to substantially enhance the ARPU and margins of the acquired Adelphia systems as shown below:"

"Spruce Point has determined that two of three transactions completed by PERI have fallen below planned targets."

"To see how APP collects identities fingerprints to create its PIGs follow the steps below (best results in US)."

"Set forth below is a valuation matrix that demonstrates Target Corp’s trading multiples at various stock prices"

"Not surprisingly, as we demonstrate below, we found that YY-controlled bots supply Liu Yishou with fake gifts."

"The four legacy directors mentioned below have purchased a combined total of 7,700 shares in the past 10 years"

"We remind investors that segment revenues are still below 2013 levels, and operating profits (still negative)."

"Set forth below are the summary cash flow projections for McOpCo based on the assumptions detailed on page 76."

"Avery is organized into three business units. Below is our assessment and key insights from former employees."

"In June 2015, the CEO resigned, and Boulder was acquired for $11/share, or 52% below Chappell’s price target."

"...Yet, operating margins are only ~250bps ahead of the peer average, and substantially below “best-in-class”"

"GoDaddy's margins are significantly below its peer group, despite having a similar business model and scale."

"The chart below illustrates Zebra's cumulative inventory growth vs. revenue growth between 2018 and H1 2024."

"Dye & Durham's total shareholder returns have been disappointing over every relevant period, as seen below."

"As evidenced by the FOIA document below, there are no applications or permits submitted on ABML’s property."

"Match now trades at less than 8.5x 2024 free cash flow, a nearly 45% discount to the companies shown below."

"Wall Street analysts estimated Adjusted EBITDA be ~35% BELOW the Company’s initial 2018 Investor Day target"

"The Company's capex to depreciation ratio is well below 1x which indicates underinvestment in the business."

"Agilent’s margins are significantly below its closest peer, Waters, despite being more than twice its size"

"Wall Street analysts estimated Adjusted EBITDA be 30% BELOW the Company's initial 2018 Investor Day target"

"We remain short Herbalife because we believe intrinsic value is meaningfully below the current share price"

"We base these assumptions on NQ's past reptilian pumping behavior, two recent examples of which are below."

"We remain short Herbalife because we believe intrinsic value is meaningfully below the current share price"

"As you can see in the chart below, Yahoo’s Core Business EBITDA has been decreasing at an alarming rate."

"We believe CCI's dividend yield should compress to a 4.0% yield initially, and then below 4.0% over time"

"The below assumptions imply a patent cliff portfolio value in 2020 equal to eight times forward earnings"

"GE’s stock trades well below the ~$40 level it traded when Jeff Immelt became CEO almost 14 years ago(1)"

"Below are the summary projections for Pro Forma McDonald's based on the assumptions detailed on page 68."

"We arrive at a value / kg of $19.5, which is far below the ~$52 / kg value needed to plug the import gap"

"The below assumptions imply a patent cliff portfolio value in 2020 equal to eight times forward earnings"

"Wall Street consensus estimates for Adjusted EBITDA margins are WELL BELOW the Company's targeted range"

"Florida DOT has responded to our request for all ROAD contracts. Below are two recent examples in 2024."

"Wix is now trading far below peer multiples, despite strong top-line growth and a sticky customer base."

"Below: the corresponding link and SAIC registration certificate with arrows pointing to key information"

"Even if Arconic achieved its free cash flow goals, they would be well below that of its new peer group"

"The below photographs show that the accumulated work in process throughout the factories is extensive:"

"We caution investors not to rely on Net Income since CFO and FCF are both materially below Net Income."

"Only one constituent of the S&P 500 (Oracle) has received more votes below 70% than Disney since 2011."

"Only one constituent of the S&P 500 (Oracle) has received more votes below 70% than Disney since 2011."

"Set forth below are the summary projections for McOpCo based on the assumptions detailed on page 76."

"In 2024, CCEP reported +6.3% volume growth, or 50% below the 13% revenue growth reported by Monster."

"ONP claims to turn over its inventory over 10 times more rapidly than do any of the companies below."

"Wall Street analysts’ current Bristol-Myers 12-Month Price Target is 26% below its peak in mid-2016"

"We believe that ADP’s retention is better than peers in SMB, but is well below peers in Enterprise"

"Wall Street consensus estimates for Adjusted EBITDA margins are BELOW the Company’s targeted range"