Callouts & quotes from 1,061+ activist slides

"Warning: At best, we estimate that Oatly's Gross Margin is on par, to slightly below, its peer plant and dairy specialty foods peers after adjusting for outbound shipping costs."

"Huntsman not only has the worst ESG rating among Primary Peers, but is also unique in being the only company among its Primary Peers to have received a recent ratings downgrade."

"Valuing DOL as a mature business at its upper penetration bound implies ~40% downside in a more realistic, yet still generous scenario in which DOL is valued in line with peers."

"Huntsman has received an “F” from Glass Lewis on executive compensation for two consecutive years as pay was more than its Proxy Peers, notwithstanding poor relative performance"

""[We're] having less volatility than refining peers when refining margins flex to the downside, so we get the best of both worlds." — Phillips 66 CEO Mark Lashier, March 6, 2025"

""[We're] having less volatility than refining peers when refining margins flex to the downside, so we get the best of both worlds." — Phillips 66 CEO Mark Lashier, March 6, 2025"

"Despite Box’s technology leadership and strong competitive positioning, the Company has underperformed its Peer Group by more than 450% since its inception as a public company."

"We believe the sell-off in Darden’s stock since the announcement of the Red Lobster Sale represents a destruction of >$1 billion in total shareholder value compared to peers(1)"

"Spruce Point finds Oatly's research and development spending as a percentage of sales is materially lower than its high growth, high multiple plant-based food peer Beyond Meat."

"ELF’s share price commands a premium to peers as revenue growth has recently been more than double the industry average and it has avoided slower growing international markets."

"Compared to their generic peers such as Equate, CVS and Walgreens, we believe PBH’s products have no competitive advantage, limited barriers to entry and are at a disadvantage."

"Phillips' 2024 refining EBITDA per barrel has trailed best-in-class peer Valero by $3.75 per barrel, widening to a $4.75 per barrel shortfall in the most recent fourth quarter."

"Elliott has constructed a peer group of comparable companies that best represent, in our view, peers for each area of the Company business units prior to the split of AA/ARCN."

"Despite operating as nearly a pure play passive platform, State Street’s Investment Management margins meaningfully lag the peer average of ~ 45% and BlackRock’s margin of 39%"

"Juniper's selected peer group has a median dividend payout of 2.5% annually. We propose an annual dividend of $0.50 (~2.2% annual yield) with quarterly payouts beginning Q1'14"

"As shown in the chart below, despite the recent increase in share price, GoDaddy is still valued at a large discount compared to peers and its own historical trading multiple."

"“retail is evolving, and no one knows exactly where the transition will take it” — Taubman; “strong demand for our real estate from a wide and growing area of tenants” — Peers"

"BP currently trades on a PE of 6.7x, a very heavy 44% discount compared to best-in-class integrated oil and gas peers Chevron and ExxonMobil, which on average trade on 12.0x."

"McGraw-Hill's 3 year average valuation of 12.6x earnings is at a ~25% discount to the 15.9x weighted average of its peer group and trails all of its peers other than Gannett."

"Timken includes commoditized steel makers in its peer group even after years of arguing to the market that Timken’s Steel business has nothing in common with those producers."

"We[re] having less volatility than refining peers when refining margins flex to the downside, so we get the best of both worlds. — Phillips 66 CEO Mark Lashier, March 6, 2025"

"We believe the sell-off in Darden's stock since the announcement of the Red Lobster Sale represents a destruction of >$1 billion in total shareholder value compared to peers"

"The midstream portfolio is made up of high-quality assets – these assets are just not getting the level of attention or capital allocation required to compete against peers."

"Samsung Electronics lags far behind its global peers in terms of board composition - as regards independence, the relevant experience of current board members and diversity:"

"The midstream portfolio is made up of high-quality assets – these assets are just not getting the level of attention or capital allocation required to compete against peers."

"Though PepsiCo does not disclose its international beverage margin (1/3 of sales), we estimate its global beverage business has a 12% EBIT margin – well below beverage peers"

"Genius trades at a premium to most of its Online Gaming industry peers based on 2021E & 2022E revenue multiples, despite having the second lowest 2022E revenue growth rate."

"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"

"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"

"Maxar is expensive relative to peers when considering its declining growth profile and adjusting for its inflated Non-IFRS metrics that analysts give it unjust credit for."

"Kao's Consumer Products sales have yet to return to pre-COVID levels. Peers have grown their consumer goods revenues by over 10% on a quarterly basis over the same period."

"Huntsman not only has the worst ESG rating among Primary Peers, but is also unique in being the only company among its Primary Peers to receive a recent ratings downgrade."

"Since our CEO transition, we have consistently outperformed what an investor could have earned by buying a synthetic basket of our segment peers. — Company Proxy Materials"

"Why does Monolithic need to have so much square footage per employee? MPWR's 381 sqft per employee is the highest among peers, and well above the industry average at 312."

"Inconsistent Methodologies Used: The column titled "P&G Peers" uses a Simple Average, while column titled "Peltz Serving on the Board" uses a Market Cap Weighted Average."

"Our simple regression analysis linking valuation to organic growth rate among IT outsourcing peers suggests 40% to 50% downside (approximately $24.50 to $29.50 per share)"

"Valuing PETQ shares on-par with – or even at a slight premium to – peers in the pharmaceutical distribution and pet care spaces yields 75-90% downside to current levels."

"GTT's trailing-twelve-month (“TTM”) cash conversion rate is only 5.1% - significantly worse than most of its peers, whose weighted average cash conversion rate is 21.5%."

"Valuing WSP's shares in-line with industry peers to reflect rising fundamental challenges and financial strains suggests 25%-50% downside risk (C$110 – C$165 per share)."

"Enhancement Plan would leave Cognizant with a comparable operating margin target of ~21.5% in FY18E – still a highly conservative ~400–500 basis-point discount to peers."

"And TWC, one of the premier cable credits based on its footprint and system quality, is only modestly levered compared to its peer group (with the exception of Comcast)."

"McGraw-Hill's diversification did not insulate shareholders during the financial crisis. McGraw-Hill's total return was 18% worse than the weighted average of its peers."

"We can locate no peer-reviewed publication for the withdrawal study – a troubling and unusual fact – but Miller’s name is once again on the title page of its slide deck."

"However, as shown below, Autodesk's projected underlying incremental margins compare poorly to peers when adjusting for the estimated impact of the workforce reduction."

"Since 2014, the average delta between cost and pricing percent increase is now 16% for LTL peers compared to the Company's core Expedited LTL's delta of negative (13%)."

"We believe HIMS is an e-commerce business selling generic products and services and currently trades at a large premium to peers as a result of its high revenue growth."

"Sumitomo Realty is the only company in its peer group that does not have a Return on Equity ("ROE") target, nor any clear strategy for maintaining or improving its ROE."

"We believe Danimer's business is a closer comparison to traditional chemical and plastic companies than the waste businesses that the Company has selected as its peers."

"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"

"BMC's reported operating margin is higher than its closest peer CA, however, expensing all of BMC's R&D and stock-based compensation presents a less flattering reality"

"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"

"The goals are more rigorous than PSU program because Shareholder Nominee is only paid if outperform peer group and payment commensurate with amount of outperformance."

"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%."

"Verint's reported 8% growth is a mirage of M&A, FX and ASC 606 tailwinds masking negative organic growth; rerate to BPO peer multiples for 60-70% downside to $17-25."