Callouts & quotes from 662+ activist slides

"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)"

"Uber’s current EBITDA margin of 4% is just over half of its 7% long-term target"

"Uber's current EBITDA margin of 4% is just over half of its 7% long-term target"

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

"Immense operating leverage: EBITDA can be 3x in a normalized housing market"

"There is approximately $140 million of missing EBITDA in the “same target”"

"European Incumbents EV/EBITDA median is 6.0x, a premium of 20% to TIM Stub"

"BP's management just implicitly downgraded 2025E Ebitda towards consensus."

"Adjusted EBITDA declined over 40% after acquiring Rockwood's TiO2 business"

"HGV is paying 10x 2019 EBITDA for Diamond vs. BofA's valuation of 6.5-8.0x"

"Using 12x our 2026E EBITDA estimate returns $16, -77% from current levels."

"Yet BOOT will no longer provide a reconciliation of EBITDA for investors."

"We adjust 2025 Adjusted EBITDA down by approximately 90% to $103 million."

"Incremental utilization (at lower EBITDA/MT) drives higher EBITDA and FCF"

"We believe Brand McDonald's could be worth 12.5x – 13.5x EV/2006E EBITDA."

"AMT needs to pay more money each year to drive higher EBITDA and margins."

"Lowe's trades at 6.5x depressed EBITDA and less than 13.5x depressed EPS"

"EBITDA margins have contracted 470 bps with cash SG&A margin up 320 bps."

"We believe that substantially all of these gains are included in EBITDA."

"市場全体と同じペースで成長するだけでも、2027年の売上高とEBITDAは会社目標よりもそれぞれ300億円と70億円程度上振れることとなります。"

"EBITDA adjustments are $73.7m consistent with the inflated adjustments"

"We estimate EBITDA and EPS are overstated by 17% and 79%, respectively"

"In 2023, Dye & Durham generated negative FCF on $244 million of EBITDA"

"Every 1-turn change in EBITDA multiple is ~30% upside to equity value"

"Yahoo’s YoY decline in Core Business Adjusted EBITDA is unacceptable"

"Diamond EBITDA growth is forecasted to be 1,200 bps lower than HGV's"

"Elanco continues to push a disingenuous narrative regarding EBITDA."

"Management’s $7.5bn 2016 EBITDA guidance implies ~57% EBITA margins"

"Fortrea’s adjusted EBITDA margins are well below the peer median."

"Fortrea’s adjusted EBITDA margins are well below the peer median."

"2020 compensation Adj. EBITDA target 29% BELOW Investor Day goal!"

"Fortrea’s adjusted EBITDA margins are well below the peer median."

"Fortrea’s adjusted EBITDA margins are well below the peer median."

"$100 million in value / $111 million in Operating EBITDA = 0.9x"

"By our estimate, Bunge's 2025 Adj. EBITDA fell -24% below plan."

"Recent large scale deals have been completed at ~11-17x EBITDA"

"Expanded EBITDA margins: From 8% in 2011 to 19% in LTM 9/30/14"

"Target's resulting EBITDA after rent expense would be $3.8bn"

"These segments comprise ~75% of GE’s Industrial EBITDA(1)"

"Since 2010, EBITDA and EBIT margins are essentially flat"

"5 Business Units Comprise ~95% of GE's Industrial EBITDA"

"Crown Castle spends 149% of fiber EBITDA on fiber capex"

"Current leverage is >5.5x Net Debt/Pro-Forma LTM EBITDA"

"Expanded EBITDA margins: From 8% in 2011 to 20% in 2014"

"Expanded EBITDA margins: From 8% in 2011 to 20% in 2014"

"Expanded EBITDA margins: From 8% in 2011 to 20% in 2014"

"Expanded EBITDA margins: From 8% in 2011 to 20% in 2014"

"Huntsman MISSED its 2017 Adjusted EBITDA target by 11%"

"Huntsman MISSED its 2017 Adjusted EBITDA target by 11%"

"Emphasis on EBITDA/MT Growth over Utilization Is Wrong"

"EBITDA levels were clearly not “...at a low point.”"

"Account for 100% of reported Adj. EBITDA growth"

"FWRD shares trade at 8.6x NTM EBITDA estimates."

"Eliminate artificial $1 billion EBITDA target."

"Pursue free cash flow and ROIC, not EBITDA/MT"

"Retention payments are 53% of acquired EBITDA"

"Fastest EBITDA Growth within its peer group"

"SIX EBITDA Remains Below Pre-COVID Levels"

"90% of Ferguson's EBITDA"