Callouts & quotes from 930+ activist slides

"Shares of Norfolk Southern have outperformed CSX and the median of Class I Railroad peers since the unaffected date."

"We believe the Independent Peer Group is an appropriate peer group for AOL, unlike the Company's current peer group."

"BEA China has recorded weak results, in particular in its ROE and ROA, which are well below the average of its peers"

"Monolithic's Days Inventory Outstanding (DIO) consistently rises. For key industry peers, DIO has been more stable."

"In Materials to Shareholders, Hess Uses Misleading Chart That Ignores Relevant Peers and Hides Impact of Oil Prices"

"Huntsman seems to be cherry-picking its peers in an attempt to fool shareholders into believing its false narrative"

"Huntsman seems to be cherry-picking its peers in an attempt to fool shareholders into believing its false narrative"

"Southwest’s dated commercial strategy has resulted in the worst unit revenue performance among its peers since 2018"

"P&G has used the “tax rate” argument to adjust Heinz EPS figures downwards so that they look unfavorable vs. peers."

"Globant has the highest valuation amongst its two closest peers (Luxoft and EPAM) despite a weaker business profile"

"As a result of the consistent misexecution, Splunk's operational performance is significantly worse than its peers."

"Specifically, the Company Would Have to Generate $79 Billion in 2030 Revenue to Achieve Peer Median Revenue Returns"

"We believe GSX is the worst among its peers and generates a massive amount of volume from fake student enrollments."

"As you can see below, Riot’s share price has materially underperformed peers who have signed sizable AI/HPC deals."

"Today, Southwest’s margins are the lowest in the peer group and approximately 900 basis points below best-in-class"

"An analysis of BEA HK’s operations compared to its industry peers indicates clear weakness on all relevant metrics"

"2013 Constant Currency EPS Growth, Normalized For Tax, is Below Peers and Long-Term Guidance (Despite 2012 Reset)"

"Here is how athena seems reasonable next to its peers. But the implication is that its peers are properly valued."

"Despite high AUVs and industry leading revenue, Darden's operating performance is significantly worse than peers"

"Despite high AUVs and industry leading revenue, Darden's operating performance is significantly worse than peers"

"Significant data errors allowed P&G to grossly overstate both the peer median and the expansion of peer margins."

"Despite high AUVs and industry leading revenue, Darden's operating performance is significantly worse than peers"

"Despite high AUVs and industry leading revenue, Darden’s operating performance is significantly worse than peers"

"This has the consequence of inflating FTAI’s EBITDA margins, which are ~ten percentage points higher than peers."

"Saputo's EBIT margin in Argentina in 2021 was a significant outlier to local and regional Latin American peers."

"McGraw Hill’s three year total return of 2% was 29% less than the weighted average of its peers over the period"

"Unlike peers, HMA does not have a Board specific committee with direct oversight of both compliance and quality"

"PROFITABILITY IN THE “BEST YEAR IN HUNTSMAN’S HISTORY” CONTINUES TO BE EMBARASSINGLY BAD WHEN COMPARED TO PEERS"

"Despite starting from a lower base, Kao’s growth target for Curél through to 2027 (8% revenue CAGR) lags peers."

"The Independent Peer Group's median market cap and revenue are well within both ISS and Glass Lewis guidelines."

"Under Dr. Kleinfeld, the Company massively underperformed virtually all peer groups over virtually all periods"

"P&G's organic growth has consistently underperformed its peers' growth rates in each of the last four quarters"

"Marathon merchandise margins significantly lag Casey's and Couche-Tard, its closest peers for in-store retail."

"DSO have grown significantly faster than peers and is 1 of 2 companies with 4 years in a row of increasing DSO"

"Norfolk Southern’s shares have underperformed the Company’s Class I railroad peers over every relevant period."

"...Yet, operating margins are only ~250bps ahead of the peer average, and substantially below “best-in-class”"

"GoDaddy's margins are significantly below its peer group, despite having a similar business model and scale."

"Peers have been able to reduce advertising costs per tire, while Goodyear's advertising costs have increased"

"ROAD's rising DSOs, which are 8 days above the peer industry average, should put investors on extreme alert."

"Pro forma for the Transaction, Target Corp’s long-term EPS growth rate would be at the top of its peer group"

"Pro forma for the Transaction, Target Corp’s long-term EPS growth rate would be at the top of its peer group"

"XPO makes aggressive use of off-balance sheet leases relative to its larger and better credit worthy peers."

"Contrary to TSE policies and all peers, Keisei refuses to base executive pay on Company performance metrics"

"Disney has underperformed almost all its peers despite having best-in-class parks and entertainment assets."

"GCP’s share price performance has compared poorly to peers and broader indices over almost any time period."

"10-K Peers include IBM, HPQ, and CA; listed as BMC's closet competitors in the Company's annual 10-K report"

"Disney has underperformed almost all its peers despite having best-in-class parks and entertainment assets."

"Agilent’s margins are significantly below its closest peer, Waters, despite being more than twice its size"

"The peer group that the Board has chosen to compensate management off of does not even pass the smell test"

"We believe Fluor is well positioned within the EPCM landscape and should trade at least in line with peers"

"The peer group that the Board has chosen to compensate management off of does not even pass the smell test"

"Filmed Entertainment theatrical film OIBDA growth rate, however, is not expected to exceed its peer group."

"We believe Fluor is well positioned within the EPCM landscape and should trade at least in line with peers"

"Monolithic sits on more cash than any of its semiconductor peers: so what does it do with all this money?"

"Darden's costs as a % of sales would still be above peers even AFTER implementing our identified savings."

"Peers trade at an average 5.8x EV/Sales multiple on FY20 sales, versus Dexcom at 9.1x – a premium of 57%."

"Darden's costs as a % of sales would still be above peers even AFTER implementing our identified savings."

"Stryker's bad debt allowance has been steadily rising and now exceeds peers such as Zimmer and Medtronic."

"Speedway does not capture higher fuel margin than peers from its integration with Marathon’s refineries."

"Despite highest oil weighting of any peer... ...and material position in the Bakken, leading US oil play"