Callouts & quotes from 676+ activist slides

"Peers have been successful at developing and commercializing GLP-1s whereas Pfizer has not."

"While some peers are moving to nutritionally-focused portfolios, Danone is already there..."

"Post Conduent spin, Xerox's stock has regressed to underperforming the market and its peers"

"The divergence in experiences between GCP and its closest peers is difficult to understand."

"The divergence in experiences between GCP and its closest peers is difficult to understand."

"Peers have been successful at developing and commercializing GLP-1s whereas Pfizer has not."

"By moving to newer Cell Line processes, peers have seen cost of goods improvements of >35%"

"Opex/bbl, largely in Phillips 66’s control, is the highest among their core refining peers"

"$800 million in savings from utilizing assets as well as Norfolk Southern’s Class I peers."

"Highly focused food companies trade at premium multiples vs. peers with diverse portfolios"

"Why can PetIQ’s products business support EBITDA margins more than double those of peers?"

"If Hess wants to be compared to Integrateds, then COP and MRO are the most relevant peers"

"Eurofins’ capex as a percentage of revenue is an outlier among its publicly traded peers."

"Management has historically referred to Celanese, Dow, and Eastman as its primary peers."

"Valeant’s durable business has few peers among publicly traded pharmaceutical companies"

"FTAI’s per employee revenue and EBITDA is ~3x and ~7x higher, respectively, than peers."

"Valeant’s durable business has few peers among publicly traded pharmaceutical companies"

"The charts below illustrate the premium valuation received by Dycom relative to peers."

"FND's average operating lease term is 12 years which makes it the highest among peers."

"R&D spend at ACMR and other Chinese WFE players is in line with that of Western peers."

"Why does the Board think FirstGroup's stock has consistently underperformed its peers?"

"Sony also trades at a meaningful discount to major peers in all of its core businesses"

"We believe there is opportunity to bridge the valuation gap between Box and its peers"

"We believe there is opportunity to bridge the valuation gap between Box and its peers"

"Box traded at a discount to peers due to a weak combination of growth + profitability"

"These factors support our case that Dycom should trade at a lower valuation to peers."

"Reducing SG&A in line with peers would result in 43% upside to Goodyear's stock price"

"Following release of Elliott’s Streamline66 plan, the stock outperformed peers by 11%"

"Following release of Elliott's Streamline66 plan, the stock outperformed peers by 11%"

"Huntsman's CEO has accumulated excessive pension benefits compared to the Proxy Peers"

"Following release of Elliott's Streamline66 plan, the stock outperformed peers by 11%"

"Crown Castle would have $1B+ more EBITDA today if it achieved the yield of its peers"

"Elliott valuation assumption conservative compared to yield implied by public peers."

"Viacom Still Needs to Reduce Headcount by Another 10% to Bring it in Line With Peers"

"Bristol-Myers has significantly underperformed its peers during Caforio's leadership"

"Into The Recession (2007-2008), DuPont’s EPS Growth Underperformed Peers by 3,000bps"

"Campbell has dramatically underperformed the S&P 500 and key US packaged food peers"

"Southwest has underperformed peers on 17 of its last 20 significant earnings events"

"Box's limited disclosure regarding executive compensation is out-of-line with peers"

"At surface level, Fluor appears fairly valued compared to its primary peers, but..."

"Southwest has underperformed peers on 17 of its last 20 significant earnings events"

"Southwest has underperformed peers on 17 of its last 20 significant earnings events"

"At surface level, Fluor appears fairly valued compared to its primary peers, but..."

"Southwest has underperformed peers on 17 of its last 20 significant earnings events"

"Southwest has underperformed peers on 17 of its last 20 significant earnings events"

"Each dollar of revenue at Lasertec similarly produces far less cash than its peers."

"Unlike industry peers below, WTRG noticeably does not discuss operating cash flow."

"Overall, the Company PAID MORE than its peers, BUT PERFORMED WORSE than its peers."

"Huntsman operates at a significant free cash flow conversion deficit to its peers."

"Crude input and refined product inventory levels are in-line with merchant peers."

"Management and directors awarded $540 million while underperforming peers by 460%"

"Hess Cherry-Picks Proxy Peers Year by Year Still Manages to Underperform Them All"

"Growth predominantly by acquisition. Just 2% of net headcount added among peers."

"Why does the list of Performance Peers fluctuate meaningfully from year to year?"

"DuPont's EBITDA margins have lagged peers in 5 of 7 segments (~64% of revenues)"

"DuPont’s EBITDA margins have lagged peers in 5 of 7 segments (~64% of revenues)"

"Huntsman operates at a significant Adjusted EBITDA margin deficit to its peers."

"Huntsman operates at a significant Adjusted EBITDA margin deficit to its peers."

"Huntsman operates at a significant Adjusted EBITDA margin deficit to its peers."

"DuPont’s EBITDA margins have lagged peers in 5 of 7 segments (~64% of revenues)"