Callouts & quotes from 773+ activist slides

"Even with fewer “high growth” concepts in the category, restaurants with 70+% franchise mixes trade categorically higher than less-franchised peers"

"In our opinion, Weis Markets is a regional supermarket with limited differentiation from peers and struggling to adopt to the changing environment."

"Spruce Point believes that lenders are implicitly communicating that they see just as much, if not more risk in PLUG than in its penny-stock peers."

"Over 20x Ferguson’s market capitalization is held at peers trading in the US at far more expensive valuations than where Ferguson currently trades."

"“AOL's actual total cash compensation is high as a percentage of EBITDA in relation to peers.” — A leading independent compensation consulting firm"

"We believe deconsolidating both NetCo and Sparkle could allow TIM to maximise the value of its assets as well as bring leverage in line with peers"

"Under Fred Green’s stewardship, CP’s total return to shareholders (including dividends) has been negative 18% while peers generated strong returns"

"FTAI’s Leasing Segment Assumes a Material Portion of Aerospace Products’ COGS, Which Explains the ~1,000bps Discrepancy in EBITDA Margins Vs Peers"

"Sub-scale and rapidly growing peers have significant operating expense burdens in their P&L – margins improve with greater scale and lower growth"

"Penalty #2: Hess given lower multiple than peers due in part to higher capital intensity and cash flow gap (partially caused by Bakken build-out)"

"We arrive at our price targets by normalizing Oatly’s stratospheric sales multiple and adjusting its Gross Profit to conform with industry peers."

"Huntsman’s long-term stock price performance has significantly lagged peers, demonstrating the need for improved accountability in the boardroom."

"BMC's growing Professional Services segment barely breaks even at the gross margin level compared to peers who have significant operating margins"

"Insiders at Limbach have benefitted from Limbach's generous stock-based compensation payments, which are at the high end when compared to peers."

"SMB-focused peers saw a significant acceleration in growth during the pandemic, while Box blamed its weak results on softness in the SMB market"

"Over the past three years, FND's change in payables reported through cash from operations has totaled $245 million which dwarfs industry peers."

"Unlike several of its private and publicly traded peers, AerCap did not have to take large asset value impairments during and after the crisis."

"We believe Enfusion trades at an undeserved premium multiple to a broad range of financial technology peers serving the asset management space."

"“The stock is trading at such a discount to peers because of management – no one trusts Matt.” — Top 20 shareholder of Dye & Durham – June 2024"

"Management received 132% of their target bonus in 2017, despite P&G losing market share and generating EPS growth in the bottom 1/3rd of peers"

"as shown in the chart below, over the past 5 years, on average, the Company has spent almost double the percentage of revenue on R&D as peers."

"Investors in Ferguson's U.S.-listed peers benefit from higher trading volumes and increased liquidity as compared with Ferguson's shareholders"

"a preponderance of self-selected peers that are larger than the subject company may drive up compensation without regard to performance. — ISS"

"DY's elevated capex requirements also support our contention that its valuation should trade at a discount, not a premium, to industry peers."

"Phillips 66 (NYSE: PSX) CEO Mark Lashier ranked last in effectiveness relative to his peers in a recent survey of institutional shareholders."

"As of 2017, not a single element of P&G’s long-term compensation plan disclosed in the proxy statement measures performance RELATIVE to peers"

"Despite McDonald's strong real estate assets, number one QSR market position and leading brand, McDonald's trades at a discount to its peers."

"Given CTO's omission of recurring capex from its AFFO calculation, it is the only one of its six peers below to boast a higher AFFO that FFO."

"Canadian Tire’s core organic EPS growth is the worst among its peers, and trails the peer set average when including the effect of buybacks."

"Believes Years of Self-Inflicted Issues Have Caused Avantor to Trade at a Meaningful Discount to its Intrinsic Value and Life Sciences Peers"

"Nearly half of Elanco’s proxy peers are poorly correlated with Elanco’s stock price and as such, do not make for an appropriate comparison."

"Despite its portfolio of attractive land development and profitable Canadian operations, BRP trades at a substantial discount to U.S. peers"

"By bringing performance in line with relevant peers, Marathon could see a full potential share price of more than double its current price."

"Dillard's has historically traded in-line with its peers, and has traded with an average forward P / E of 12.0x since the beginning of 2012"

"Phillips 66 stock has underperformed during both refining upcycles and downcycles relative to pure-play refining peers like Valero Energy."

"Taubman's EBITDA margins declined by 230 bps in the first quarter of 2018, while its Class A Mall Peers EBITDA margins increased by 60 bps"

"TCS might be Arconic’s “best performing” business. Run by long-time Alcoan Tim Myers, TCS turns its assets essentially in-line with peers"

"We believe that either Bristol-Myers’ R&D facilities are not as productive as peers or the Company has too many R&D facilities...or both."

"Bob Evans has under-performed other selected publicly-traded family-dining restaurant peers, by as much as 41.1%, over the last 3 years."

"Generac trades at an irrational premium to a variety of consumer, residential home and industrial power and electrical equipment peers."

"Over the last five years, Hess has dropped 6 peers and added 5 new peers out of an original peer set of 16 companies (a churn of 69%)."

"Edgewater is significantly less profitable on a per employee basis than its peers, despite generating better gross profit per employee"

"Samsung Electronics has a sub-optimal track record when it comes to capital returns, which fall well short of some of its global peers"

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

"Taubman was the only mall REIT among peers to neither reduce its all-cash dividend nor pay a stock dividend during the Great Recession"

"Our strong business performance has driven total shareholder returns that have outperformed our peers. — Autodesk Board and Management"

"The reality is that Parkland's long-term total shareholder returns compared to its industry peers remain very poor (see below table)."

"Valuation discount versus peers is significant, reflecting the market's clear preference for pure-play bearings or steel alternatives"

"Generac has been on Twitter since 2009, comparatively much longer than many of its peers, but with a relatively lower follower base."

"Danone has greater Emerging Market exposure at 52% than most of its peers and is growing at similar or better rates in these markets"

"At $600M of annual fiber discretionary capex, Crown Castle would still be spending far more capex than its peers on a relative basis"

"As a result, when discussing TSR and financial performance, we also make reference to Celanese, Dow, and Eastman as “Primary Peers.”"

"As a result, when discussing TSR and financial performance, we also make reference to Celanese, Dow, and Eastman as “Primary Peers.”"

"Phillips 66's first-quarter earnings report on April 25 comes amid a long, frustrating period of underperformance versus its peers."

"We find that MTD's median employee salary is the lowest in its industry and nearly 50% below the average of its aspirational peers."

"BILL's operating margins are well below that of peers, suggesting meaningful opportunity for improved efficiency and profitability."

"Phillips 66's first-quarter earnings report on April 25 comes amid a long, frustrating period of underperformance versus its peers."

"If it is clear that on a standalone basis EDU is not paying for a quality audit. It is ever more obvious when comparing its peers."

"Crown Castle has underperformed its close peers American Tower and SBA Communications on a persistent basis for more than a decade"

"Unlike all peers, Keisei has no Capital Allocation Policy at all and falls short across all capital allocation metrics as a result"