Callouts & quotes from 1,047+ activist slides

"It is odd that as Olam’s sales and inventory have grown substantially, its quarter end margin balances have gone negative three times."

"While management is making progress with their plan to increase margins to 17-18% by 2018, we believe optimized margins are far higher"

"We believed these targets were a step in the right direction, but left room for outperformance, particularly around margin expansion."

"1) Servicing (~85% of EBIT) has grown revenue +6% p.a. 2) (+) Gross margins 3) (-) SG&A ratios 4) Alstom upside 5) Capital allocation"

"We believed these targets were a step in the right direction, but left room for outperformance, particularly around margin expansion."

"We believed these targets were a step in the right direction, but left room for outperformance, particularly around margin expansion."

"In comparing the gross margins of the trading company to Henan Ruili, it is even clearer that Henan Ruili's margins are problematic."

"However, by adjusting results for the cash costs of capitalized development expenses, PowerSchool's margin improvement is just 1.6%."

"Employer Services’ growth can increase from ~2-4% to ~7%+, while operating margins should increase from ~19% today to 35% or greater"

"Notice he said economics were holding, but at the time LSPD didn't disclose margins. Now with hindsight, we see they worsened a lot!"

"Employer Services’ growth can increase from ~2-4% to ~7%+, while operating margins should increase from ~19% today to 35% or greater"

"Employer Services’ growth can increase from ~2-4% to ~7%+, while operating margins should increase from ~19% today to 35% or greater"

"If management can successfully execute on a margin improvement plan, we believe GoDaddy shareholders will be meaningfully rewarded."

"We apply BOOT's gross margin and SG&A guidance that was issued for Q4'23. We think the most reasonable EBIT would have been $54.8M."

"Our intense fundamental and forensic due diligence uncovered evidence of slowing U.S. growth, and margin pressure being covered-up."

"Among global polyurethane manufacturers, Huntsman has the greatest exposure to differentiated and higher-margin downstream systems."

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

"If management can successfully execute on a margin improvement plan, we believe GoDaddy shareholders will be meaningfully rewarded."

"This unexplained change in accounting policy raises significant questions about IQE's accounting practices, and historical margins."

"With stagnant sales, MGPI’s inventory turnover has been falling for many quarters, and yet its gross margins are near record highs."

"If management can successfully execute on a margin improvement plan, we believe GoDaddy shareholders will be meaningfully rewarded."

"We believe there is a significant margin opportunity that is both larger than management projects and can be achieved more quickly"

"Previous P&G leadership believed a 52% gross margin was only the starting point for a company that had not yet reached peer levels"

"How does Dollarama support EBITDA margins more than double those of its peer group, and in line with premium global retail brands?"

"Sony Pictures is among the largest film/TV content production studios globally, but has potential for operating margin improvement"

"While RFID margin percentage may remain stable, topline pricing pressure will reduce the absolute level of Avery's profitability."

"Despite generating higher sales per square foot than OfficeMax, Office Depot’s operating margins are less than half of OfficeMax."

"ADP's long-term EPS algorithm should drive modest margin expansion over time but will continue to leave ADP competitively exposed"

"EPS product mix – more fastener and casting sales, fewer forgings – actually suggests margins should be higher not lower than PCC"

"Lasertec reports the highest EBIT margin of any semicap equipment company in the world with more than one billion USD of revenue."

"A former employee we spoke with, and an industry expert, both agreed that the margins in this business have been under pressure."

"Management is expecting to achieve tremendous efficiencies to reach EBITDA margins >2x the industry average on below-average GPU"

"The CEO forecasted margin improvements from the project in early 2019, but instead Non-GAAP EBIT margins fell 150 basis points."

"We believe Commvault has the ability to achieve its long-standing mid-20s operating margin target within the next three years."

"Durable healthcare products are more comparable to high-margin consumer products than to traditional, patented pharma products"

"The footnote reveals that 2022 acquisitions added $58.2 million of Adj. EBITDA (implying 11.2% margin) vs. 17.1% consolidated."

"If P&G can grow its top-line annually by 5% and achieve a 24% EBIT margin by FY 2016, it can generate $6 of earnings per share"

"Given the lack of controls exhibited by these charges, it is not surprising that Investment Management has had sub-30% margins"

"How does Mettler achieve consolidated EBITDA margins higher than Lab peers, when 50% of its business is in lower margin areas?"

"BILL’s ‘Rule of 40’ Score has been stagnant for 3 years as revenue growth has slowed and margins remain well below peer levels"

"We view the level of potential value creation to be marginal. Any partial or JV-type divestments would be even less catalytic."

"In fact, Bunge's R&D spending and margin pales in comparison to peers that disclose spending and has been contracting sharply."

"we believe Commvault has the ability to achieve its long-standing mid-20s operating margin target within the next three years."

"AMT has not been forthcoming about its exposure to ground rent increases, which we expect to materially impact AMT’s margins."

"Target to increase EBIT margins from 16% to ~22.5% to achieve performance levels in line with its well-run competitor Praxair"

"In 2005, Borders' consolidated Adjusted EBITDA margins fell to 7.4% from the previous four-year average of approximately 8.6%"

"Hilton is a high-quality, asset-light, high-margin business with significant growth potential led by a superb management team"

"The larger the difference between EV/Revenue and EV/EBITDA, the less profitable the business and the lower the EBITDA margin."

"Despite this fact, GSX's stock has been outperforming its major competitors by a large margin. There is clearly a disconnect."

"Mondelez has invested ~$1.5 billion to upgrade its manufacturing base, which should expand gross margins by ~250 bps by 2018"

"Really! "Generally" assumed margins will go up despite the fact they've consistently gone down since the acquisition closed."

"L&B's MGM campaign led to the formation of an MGM REIT, significant margin enhancement and superior balance sheet management"

"Autodesk has best-in-class gross margins, but the Company has used that advantage to mask its high operating expense ratios."

"We will show that much of this progress is an accounting mirage and that actual profitability lags by an even larger margin."

"We have found clear evidence that it is trying to push price increases, upwards of 5%, perhaps to moderate margin pressures."

"Our pro forma analysis illustrates that Stryker has the second highest SG&A margin among peers at 36.1% - 37.1% of revenues."

"Autodesk has best-in-class gross margins, but the Company has used that advantage to mask its high operating expense ratios."

"Mondelez has invested ~$1.5 billion to upgrade its manufacturing base, which should expand gross margins by ~250 bps by 2018"

"In the quarter ended September 30, 2023, Lasertec’s gross margin mysteriously collapsed from 56% to 36% with no explanation."

"We consider it a major red flag that Generac is now lowering EBITDA margin guidance by 50bps and blaming it on this reason."