Callouts & quotes from 709+ activist slides

"We estimate inventory turnover fell in half leading up to the acquisition."

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

"By 2020 Deckers will still have an estimated net cash position of $335m(1)"

"We estimate that CCME generated 2009 revenue no greater than $17 million."

"Estimated savings of $24 – $42 million or 1.3% – 2.2% of total cost pool"

"We estimate Phillips could retire ~60% to ~90% of its shares outstanding"

"Estimated savings of $24 – $42 million or 1.3% – 2.2% of total cost pool"

"We estimate that BEKE’s revenues are inflated by approximately ~77–96%."

"Our estimates for merchandise volumes is based on recovering lost share"

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

"$81,111 = JOE's estimated average cost to develop a lot in RiverTown"

"We estimate that ~$16 billion of these swaps will terminate in 2024."

"We Estimate TCV Is ~$600 Million Overstated Based On Our Adjustments"

"We estimate approximately 40% - 50% ($42.39– $50.86) downside risk."

"We estimate Phillips could retire ~80% of its shares outstanding(4)"

"Our estimates are more conservative than management's 2015 targets"

"We Estimate 70% - 95% Downside Risk Potential To IPX’s Share Price"

"We believe our 24% EBIT margin estimate for P&G is very achievable"

"By our estimate, working capital to sales has worsened materially."

"Street estimates show margin gap persisting at NSC through 2026."

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

"We Estimate that CPI PG Overvalues Bubny by Approximately 100%"

"We caution that customer equivalents is just WTRG's estimate."

"Sellside only estimates $13bn of sales from its acquisitions"

"Elliott estimates $148mm of tax savings from REIT conversion"

"We estimate the currency hit was more likely $0.29 - $0.38c."

"Sellside only estimates $13bn of sales from its acquisitions"

"WE ESTIMATE FLEET CUSTOMERS' ACTUAL ROI IS NEGATIVE: -53.1%"

"We estimate that BOL's net assets are worth €11.43 billion."

"Sandell estimates of maintenance capex: ~1.0x depreciation"

"We estimate $2-$4bn of excess corporate costs (annually)."

"We estimate $2-$4bn of excess corporate costs (annually)."

"We estimate $2-$4bn of excess corporate costs (annually)"

"We estimate $2-$4bn of excess corporate costs (annually)"

"We Estimate MCY’s Policyholder Losses Exceed $2 Billion"

"We consider this estimate to be conservative because:"

"2026 consensus estimates indicate a $4.0bn shortfall"

"~30% of 2014 estimated sales are in emerging markets"

"Total Estimated Stock Price Appreciation 94% to 153%"

"2026 consensus estimates indicate a $4.0bn shortfall"

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

"We Estimate 65% - 85% Potential Downside Risk"

"Trading Price Estimate July 31, 2013 $44.57"

"Estimated weighted average value: $18.1/kg"

"Spruce Point Estimates 75% – 80% Downside"

"Spruce Point Estimates 35% – 50% Downside"

"Spruce Point Estimates 40% – 50% Downside"

"REIT NOI is estimated to grow 8% in 2022."

"Aurora's TAM estimate is delusional."