Callouts & quotes from 709+ activist slides

"Spruce Point estimates that after a period of growth, WSP's organic employee headcount was flat to down in 2023."

"We estimate that Target's ground lease credit risk should be materially lower than Target's unsecured CDS spread"

"We anticipate margin uplift by 27% on a pro forma forward basis, resulting in estimated operating margin of 6.7%"

"Our High End Estimate for Non-Cash ITC-Related HLBV Income in 2020 and 2021 is $60.6 million and $353.2 million"

"We estimate DGW's actual revenue is no greater than US$800,000 annually, versus the US$154.4 million it claims."

"As a result, we attempt to adjust Street estimates for these factors that appear to be inflating DOX's results."

"We estimate it will take 71 – 83 years to recoup its total investment in the project, assuming no other clients"

"Revenue estimates crept higher despite Florida awards declining and estimates just increased after the LSP deal"

">A PK failure that never should have made it past phase 1 – underestimated plasma levels are key driver of risk"

"Mettler can only "estimate" the project completion as measured by users and it can't keep its figures straight."

"In Morinda's, case, we estimate that Morinda's revenues from China are inflated by 36% in 2017 and 51% in 2016."

"In Morinda's, case, we estimate that Morinda's revenues from China are inflated by 36% in 2017 and 51% in 2016."

"Our Low End Estimate for Non-Cash ITC-Related HLBV Income in 2020 and 2021 is $20.3 million and $293.2 million"

"Rio's inability to share risks with targets has cost shareholders an estimated c.US$35.6 billion in book value"

"In total, we estimate that your non-core acquisition spree cost shareholders more than $12 per share in value."

"Elliott estimates tax savings equivalent to approximately 60% of 2011 Net Income guidance provided by Company"

"McOpCo’s Estimated Average Unit EBITDA margins versus U.S. Franchisees’ Estimated Average Unit EBITDA margins"

"Management estimated the value of these projects to be $3 billion in 2017 when copper was at $2.70 per pound."

"Management estimates that when housing starts recover to ~1mm to 1.5mm, EBITDA will be 2 to 3x current levels"

"2026E revenue estimates have only modestly declined, with significant room for contraction and disappointment"

"Adding in mining, capex, and G&A cost, we estimate METC would lose ~$88 billion bringing the REEs to market."

"This allows us to conservatively estimate that organic headcount has been close to zero over the past year."

"Wall Street research estimates Ultimate’s structural margin potential to be 30% – 40% when it reaches scale"

"The opportunity to increase alcohol sales could drive an estimated $56 million in annual EBITDA improvement"

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

"The opportunity to increase alcohol sales could drive an estimated $56 million in annual EBITDA improvement"

"We have made several illustrative modeling assumptions to estimate the long-term earnings power of the GSEs"

"Spruce Point Estimates 30% - 40% ($21.75 - $25.40/sh) Downside Risk To Rollins Inc. (NYSE: ROL) Share Price"

"We have made several illustrative modeling assumptions to estimate the long-term earnings power of the GSEs"

"Based on our analysis, we estimate approximately 35% to 60% potential downside risk ($14 to $22 per share)."

"We estimate that the Company is overstating gross and EBITDA margins by 664bps and 1,176bps, respectively."

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

"We Estimate That DV's EPS Met Consensus If Not For Underestimating / Delaying $2.8M of Expense Recognition"

"In a pool of six bidders for a recent project, Ferebee was dead last with a bid +37.8% above the estimate."

"Therefore, based on the collected data we estimate that BEKE inflated GTV by at least ~126% in Q2-Q3 2021."

"Given the estimated tax basis in McOpCo, we believe that no taxes would need to paid in an IPO of McOpCo."

"We estimate that the GSEs’ combined long-term earnings power would be about $17bn at current g-fee levels"

"Our research proves that the internal estimate Inspire uses as the basis for its growth story is a farce."

"Conservatively we estimate DKNG could potentially miss full year '25 consensus revenue estimates by 6.2%."

"Wall Street analysts have historically been overly optimistic in their estimates for Celgene's products."

"At higher g-fee levels, we estimate that the GSEs could reach a 2.5% capital ratio in fewer than 7 years"

"Consensus estimates indicate a $6.8bn shortfall. The bulk of the deficit (~$4.9bn) is driven by refining"

"Even using such a conservative assumption, we estimate that BEKE’s revenues are likely inflated by ~96%."

"In total, our estimate is that MCY will face more than $2 billion of policyholder losses from the fires."

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

"Turner's overall EBITDA margin of 36%, however, is estimated to be in the lower half of the peer group."

"Single does plasma levels upon which the FDA relied massively underestimate the risk of QT prolongation"

"Combined industry average probability of reaching market from Lead ID is one sixth of analyst estimate"

"However, by our estimate Fox accounted for nearly all (or more) than the entire 40bps YoY improvement."

"We estimate sales declined 24% and losses almost doubled in the quarter after LSPD acquired Gastrofix."

"By normalizing MAXR’s results to peers, we estimate $50m of annual overcapitalization of intangibles."

"Our estimates suggest that nearly all of Amdocs' sales growth in FY 2014 came from inorganic sources."

"By our estimates, the benefit could have been upwards of $0.44 per share in the most aggressive case."

"We therefore estimate that CPI PG inflates the Bubny landbank PP value (or carrying value) by ~100%."

"The DLC has cost Rio Tinto shareholders an estimated US$50 billion in foregone value since inception"

"Adjusting NAV for construction in progress and inventory artificially boosts estimated share price."

"Spruce Point estimates that revenue from recent acquisitions declined sharply by approximately 50%."

"This category-level analysis suggests that our 51.5% gross margin estimate for P&G is conservative"

"We believe P&G’s scale advantage should allow it to achieve our estimate of an 11% Core SG&A ratio"

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