Callouts & quotes from 597+ activist slides

""the benefits from which will be increasingly seen in the second half of 2012 and into 2013," — PepsiCo Management (Q2'12 earnings call)"

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

"Recent acquisition of Tim Hortons enhances Restaurant Brands’ medium- and long-term EPS growth rate and creates a more valuable company"

"The real question is why would McGraw-Hill not promptly take these steps to improve operating performance and unlock shareholder value?"

"Recent acquisition of Tim Hortons enhances Restaurant Brands’ medium- and long-term EPS growth rate and creates a more valuable company"

"SBUX has grown EPS in the mid to high-teens driven by revenue growth from SSS and new units, as well as operating leverage and buybacks"

"Recent acquisition of Tim Hortons enhances Restaurant Brands’ medium- and long-term EPS growth rate and creates a more valuable company"

"Current Danimer investors placing hope that a partnership with Pepsi will ensure success should review the Metabolix failure carefully."

"We believe it is safe to say that most consumers who buy Frito-Lay and other PepsiCo snacks globally buy them with a Coke, not a Pepsi"

"However, since the sale of INVISTA, DuPont's EPS growth and TSR have been meager relative to diversified industrial and chemical peers"

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

"To rebuild confidence and ensure effective leadership, Kao must take decisive steps to strengthen its Board and governance practices."

"We are delighted to own UBER’s ~30% EPS growth at only 21x while we believe the company disproves concerns around autonomous vehicles"

"In order to maximize the long-term interests of the shareholders of TWX, the Company should immediately pursue the following steps:"

"We will closely monitor PepsiCo’s performance and hold management publicly accountable for delivering top-tier shareholder returns."

"Over ~25 years, Hill-Rom managed to destroy Germany's top two premier hospital bed brands, failing to learn from previous missteps."

"We suspect IIPR keeps its low-quality tenant solvent through sham transactions to hide deteriorating credit quality from investors."

"Competitive pressure in beverage, in our view, has forced PepsiCo to make questionable capital allocation and strategic decisions."

"ADP's long-term EPS algorithm should drive modest margin expansion over time but will continue to leave ADP competitively exposed"

"EPS product mix – more fastener and casting sales, fewer forgings – actually suggests margins should be higher not lower than PCC"

"Two reps must be present for business to be conducted and unanimous approval of both parities is needed for decisions to be taken"

"Nevro’s business model is predicated in our opinion on reps and other employees engaging in the unauthorized practice of medicine"

"Vykat is an ATP-sensitive potassium channel...magnesium is one of the important balancers that keeps us from not having seizures."

"Reps allegedly engaging in aggressive, unethical practices to find off-label patients for EDS; pressure to do so to keep your job"

"Supply chain issues, sales disappointment and concerns over Pepsi distribution and inventory — Annotation on Celsius stock chart."

"We estimate that SBUX will generate a three-year IRR of at least 12% if annual EPS growth is ≥ 9% and its P/E multiple is ≥ 21x"

"Nine consecutive quarters of double-digit EPS growth, every quarter since Seifi became CEO, despite significant f/x headwinds"

"CTC's recent investor presentation has added an important footnote stating that EPS guidance is “based on normalized results”"

"Nine consecutive quarters of double-digit EPS growth, every quarter since Seifi became CEO, despite significant f/x headwinds"

"WAKIX is the first and only FDA-approved treatment for people with narcolepsy that is not a controlled substance. — Wakix.com"

"If Bloomberg were to incorporate both analysts' 2025E EPS forecasts, the mean estimate would decrease from $14.30 to $13.40."

"The guidance miss reported in Arconic’s EPS segment in 2016 ranks among the worst in the recent history of the S&P 500 Index"

"We are concerned that Box's solution appears to be hiring more reps rather than solving the underlying productivity issues."

"Only a single sentence on cardiovascular safety in the papers for the pivotal phase 3 narcolepsy trials, with no data shown"

"“the stories that the reps provided with us...aren't things that I'm seeing right now with my patients” — Endourologist #4"

">A small, saturated market with a looming sales collapse, as sales reps struggle and run out new patients and prescribers"

"A potential management fee reduction to 24% would reduce annual EPS estimates by about $2.00 just on this measure alone."

"It goes without saying that this performance cannot continue or the future of PepsiCo's beverage business will be bleak."

"We've always been committed to transparency and candor, and we're taking steps to align fully with those values. — Bunge"

"“these equity securities were subsequently sold in the second quarter of 2021.” — Pepsi 10-Q (April 15th, 2021, page 19)"

"Spruce Point believes Xylem's EPS guidance gives an incomplete picture of the true economics of the Evoqua acquisition."

"Within these seven countries, PepsiCo is losing market share across the majority of its snacks and beverages portfolios"

"Spruce Point finds a pattern of MSCI's management making aggressive, if not unrealistic assumptions, which flatter EPS."

"Wall Street analysts expect Bristol-Myers to continue to grow revenue and leverage it into faster adjusted EPS growth."

"The only reason why Grossman stabilized the salesforce was because the stock price went up and those reps had options."

"We expect substantial additional share price appreciation as key steps are taken towards ending the conservatorships"

"Assuming Valeant achieves “Floor” 2016 EBITDA guidance of $7.5bn, the stock is inexpensive as a multiple of 2016 EPS"

"The EPS Slingshot is not a metaphor. It is arithmetic. Flat earnings plus 10% share reduction equals 11% EPS growth."

"We believe the share repurchase program conflicted with promises to investors and was used as a method to boost EPS."

"We believe the status quo is unsustainable. PepsiCo has significantly underperformed over a prolonged period of time"

"We also question whether the Board is appropriately holding senior management accountable for its numerous missteps."

"We call on the Company to take three immediate steps to stem ongoing value destruction and regain market confidence"

"P&G has used the “tax rate” argument to adjust Heinz EPS figures downwards so that they look unfavorable vs. peers."

"Former Nevro executives and reps suggested that employees game the evaluation to ensure a virtually 100% pass rate."

"Trian believes a merger with Mondelez and a separation of all of PepsiCo’s beverages business is the right strategy"

"Histamine Is Not a Reliable Biomarker for Narcolepsy and Other Central Hypersomnias — Thomas Scammell (2019 paper)."

"Bunge would have to buyback 23-27m shares or $2.9 - $3.4bn to get $1.50 EPS benefit which does not appear credible"

"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)"

"Of all the strategic missteps, perhaps most concerning is the Company’s decision to acquire Olapic in July 2016."