Callouts & quotes from 844+ activist slides

"We believe that when SOFI restates this borrowing, it will also restate ~$1 billion of previously reported EBITDA; and, its capital ratios will be restated materially lower."

"Assuming $160mm of cost savings and a valuation multiple of 10x – 10.5x EBITDA, Wendy’s would be worth $49 - $52 per share, a return of 75% - 85% percent from current levels"

"While peer EBITDAR is expected to be in-line with or meaningfully exceed pre-COVID levels, Southwest EBITDAR is expected to be nearly 50% lower despite record travel demand"

"While peer EBITDAR is expected to be in-line with or meaningfully exceed pre-COVID levels, Southwest EBITDAR is expected to be nearly 50% lower despite record travel demand"

"While peer EBITDAR is expected to be in-line with or meaningfully exceed pre-COVID levels, Southwest EBITDAR is expected to be nearly 50% lower despite record travel demand"

"Saputo claims that EBITDA is a measure of cash flow in performing its DCF. However, our analysis shows that EBITDA is a poor proxy for cash flow and converts at around 70%."

"At a $36 price, Borders would trade at 7.5x '08E EBITDAR, only a slight premium to 6.8x, the average of total leverage levels used in several recent retail LBO transactions"

"While peer EBITDAR is expected to be in-line with or meaningfully exceed pre-COVID levels, Southwest EBITDAR is expected to be nearly 50% lower despite record travel demand"

"From there, mid-single digit revenue growth with synergies ramping should drive high-single digit EBITDA growth and double-digit earnings growth for the next several years."

">70% of '25 EBITDA comes from more defensive midstream, chemicals, and marketing segments – all premium multiple businesses vs refining. — Bank of America, October 17, 2024"

">70% of '25 EBITDA comes from more defensive midstream, chemicals, and marketing segments – all premium multiple businesses vs refining. — Bank of America, October 17, 2024"

">70% of '25 EBITDA comes from more defensive midstream, chemicals, and marketing segments – all premium multiple businesses vs refining. — Bank of America, October 17, 2024"

"In apparent contradiction to its down-market positioning, NMC's EBITDA margins are significantly higher than those of Aster and Mediclinic, by about ten percentage points."

"Generac hasn't given explicit margin guidance but was asked twice. Based on the CFO's response, it appears he materially pushed back EBITDA margin expansion expectations."

"Disney appears to have paid 26.5x 2018A EBITDA for Fox’s traditional media assets (excl. Hulu) whereas comparable media transactions were completed at 11.9x LTM EBITDA(1)"

"By aligning advertising spend closer to industry standards at Olive Garden, we estimate Darden could improve EBITDA by $62 million – coupled with an increase in traffic."

"We don't believe Mettler's share repurchase strategy is disciplined, particularly as it buys its stock at 26x EBITDA and 37x book value, and while insiders rapidly sell."

"The Transaction creates immense and instant value because 22% of Target's current EBITDA will be valued at a significantly higher multiple than where Target trades today"

"The Transaction creates immense and instant value because 22% of Target's current EBITDA will be valued at a significantly higher multiple than where Target trades today"

"“challenging to provide an accurate forecast for Solvay’s earnings and EBITDA in 2028 due to the inherent uncertainties and unpredictability of future events.” — ChatGPT"

"PWSC trades at 25x its guidance for FY24 EBITDA, adjusted for capitalized software development costs, which is a significant premium to the education technology sector."

"Arconic’s $228 million EBITDA target in 2019 is more than $200 million below original target and, even if achieved, would result in an unacceptable return on investment"

"Our concerns about Adj. EBITDA quality are amplified by the fact that management is heavily compensated on hitting seemingly arbitrary and inflated Adj. EBITDA targets."

""Jim's gotta go," was a common refrain and "that would be worth a few EBITDA multiple turns in valuation" often followed. — Market participants at G2E gaming conference"

"When asked about long-term EBITDA margin potential, we observe that Dycom's former Chairman & CEO's response has become less specific and increasingly vague over time."

"In our opinion, the implied EBITDA multiple of ~20x (based on the purchase price of C$985m and LTM EBITDA ~C$50m) is evidence Canadian Tire over paid for a lousy asset"

"If achieved, the $14 billion 2025E mid-cycle EBITDA target translates to $9 billion of free cash flow, which at a 10% free cash flow yield implies a >$205 share price."

"FTAI’s Aerospace Products EBITDA margins are inflated because hundreds of millions of cash costs are incurred by the Leasing segment rather than in Aerospace Products."

"If achieved, the $14 billion 2025E mid-cycle EBITDA target translates to $9 billion of free cash flow, which at a 10% free cash flow yield implies a >$205 share price."

"In contrast, we have taken a considerably more conservative approach valuing the business based on private market multiples that we understand are 3x to 4x TTM EBITDA."

"Capitalized cash costs are conveniently added-back to both Adj. EBITDA and Non-GAAP EPS. Capitalized software development costs were nearly 18x PP&E Purchases in 2023"

"Weis is currently the highest valued regional supermarket on P/E and EBITDA despite negative organic growth, aggressive accounting and poor governance and disclosures"

"Applying 34x on Crown Castle's U.S. tower business EBITDA implies a value of fiber of only $11B compared to $16B of investment, resulting in $5B of value destruction"

"Doing the math, Arconic should produce at least $12.58 billion of revenue and ~$2 billion of EBITDA in 2017 vs. management’s $12.1 billion and $1.815 billion targets"

"While Sunnova presents Adjusted EBITDA to investors, treating interest and depreciation as non-core expenses, interest plus depreciation exceeds the Company revenue."

"The 2024 refining environment was above the 2012 - 19 average used by PSX to set their mid-cycle refining EBITDA target of $4bn. PSX 2024 refining EBITDA was ~$1bn."

"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."

"The 2024 refining environment was above the 2012 - 19 average used by PSX to set their mid-cycle refining EBITDA target of $4bn. PSX 2024 refining EBITDA was ~$1bn."

"With the exception of Performance Products, Adjusted EBITDA margin targets presented at the 2021 Investor Day are substantially the same as those presented in 2018"

"We believe Casino flowed this entire amount through EBITDA, thereby making its core France business appear to have a smaller profit decline than actually occurred."

"Marathon could see over 60% upside at the average peer refining and retail EBITDA multiples, and 45% upside even at the lowest peer refining and retail multiples."

"Adjusted EBITDA ended up DECLINING at an ~11% CAGR between 2017 and 2020, resulting in a figure that was 50% BELOW the Company's initial 2018 Investor Day target."

"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"

"The Company seemed confident it could achieve $1.3 billion of Adjusted EBITDA in its core business, but was less certain regarding outcomes for its TiO2 business"

"If TASK traded closer to peer multiples at 2.5x – 3.4x and 13x – 14x 2022E sales and EBITDA, its share price would be 25% – 50% lower ($17.80 – $26.70 per share)"

"When Huntsman first acquired Textile Effects in 2006, the business was healthy and profitable, with $92 million of Adjusted EBITDA, and strong growth prospects."

"Based on analyst estimates for 2018 EBITDA, PAH shares would be valued at more than $19, nearly 75% above current levels, if it traded at current peer multiples"

"If New Red Lobster were to trade at 6-7x EBITDA, as projected by many sell-side analysts, then approximately $850 million of real estate value could be trapped."

"If New Red Lobster were to trade at 6-7x EBITDA, as projected by many sell-side analysts, then approximately $850 million of real estate value could be trapped."

"Adjusted EBITDA guidance reduced $200m. Net CFO range raised to $4,100 - $4,500 from $2,800 - $3,200 prior to reflect working capital benefit of PCF prepayment."

"A widening gap between a company's presentation of Adjusted EBITDA and Spruce Point's Calculation of FCF is often a sign of current and future financial strain."

"FTAI Management Claims to be Immune From a Significant Supply-Demand Shift in the Market. But if This Were True, Why Would EBITDA Margins Be Falling So Quickly?"

"Based on analyst estimates for 2018 EBITDA, PAH shares would be valued at more than $19, nearly 75% above current levels, if it traded at current peer multiples"

"We believe Bristol-Myers standalone adjusted EBITDA margins could improve from 36% to 45%, with an opportunity to potentially expand margins further over time."

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

"Muddy Waters describes the EBITDA margin as unusually high. You have told us 20% in 2014 and 24.8% in 2015. How is it that the margin is so high? — Dr. Weimann"

"If Nuvei traded closer to peer multiples at 6x – 9x and 15x – 20x 2022E sales and EBITDA, its share price would be 40% – 60% lower ($39.00 - $58.00 per share)"

"Our linear regression on similar companies suggests a valuation based on EBITDA of approximately 11.0x which equates to a price target of approximately $28.00"

"If we are largely correct about the inflation of France retail EBITDA, it means that the core business in France has been in a significant decline since 2013."