Callouts & quotes from 930+ activist slides

"Even when adjusted for scale, Fortrea’s adjusted EBITDA margins are well below the peer median."

"Even when adjusted for scale, Fortrea’s adjusted EBITDA margins are well below the peer median."

"Huntsman CEO receives a disproportionately large annual pension benefit compared to Proxy Peers"

"Even when adjusted for scale, Fortrea’s adjusted EBITDA margins are well below the peer median."

"Even when adjusted for scale, Fortrea’s adjusted EBITDA margins are well below the peer median."

"When we adjust for these factors, we see that Leidos is trading at 24x 2021E OCF vs. 16x peers."

"Spruce Point finds that Remitly’s median employee pay is -75% below the industry peer average."

"Val-gan’s durable business would have few peers among publicly traded pharmaceutical companies"

"We believe Autodesk should target ~55% incremental margins, in-line with design software peers"

"We believe Huntsman has a pattern of picking different peer sets to fit its desired narrative."

"GCP's struggles seem to be unique as peers have benefitted from a favorable industry backdrop."

"Brook Mine has the lowest concentration of critical battery metals amongst its clay REE peers."

"GCP's struggles seem to be unique as peers have benefitted from a favorable industry backdrop."

"Salesforce trades at a discount to its peers and has an outsized margin expansion opportunity."

"We believe Autodesk should target ~55% incremental margins, in-line with design software peers"

"Peloton had stock compensation expense of $305 million, which is over double the peer median."

"CEO Hsing is paid handsomely for running a small company a fraction of the size of his peers."

"... But dramatically UNDERPERFORMS its Direct Peers on using its R&D to drive organic growth."

"Even the average of the Board-approved Proxy Peer set is OUTSIDE of proxy advisor guidelines!"

"Huntsman's EBITDA margins are ~400bps BELOW the average for 2021 and 2022 performance peers!"

"The stock is trading at such a discount to peers because of management – no one trusts Matt."

"Implied Operating Profit Opportunity: Achieve Peer Margin: $1.5bn; Achieve Top Third: $4.1bn"

"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."

"We find that BR's 2022E Gross Margin of 28.0% looks nothing like its peer average of 55.3%."

"Why is Verint management reluctant to adopt the same performance metrics as its peer group?"

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

"At current levels, it takes 2.0x as long as its next closest peer for goods to be paid for."

"Sampo underperformed its peer average TSR by 65p.p. and underperformed Tryg by over 80p.p."

"GoDaddy's 2022E EBITDA margin of 18% is significantly below the peer group average of 36%."

"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"

"Phillips 66 has been a consistent underweight against both peer groups for nearly a decade"

"Phillips 66 has been a consistent underweight against both peer groups for nearly a decade"

"$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"

"Box's stockholder returns continued to lag that of its peer group and the broader market."

"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"

"Over 52% exposure to verticals that an industry peer said had advertiser spending decline"

"The compensation peer group is designed to justify, not evaluate, this plan, in our view."

"Salesforce generated the lowest incremental adjusted operating margins among its peer set"

"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."

"From 2007 to 2012, Darden’s stock price underperformed its Proxy Peer Group by over 40%"

"From 2007 to 2012, Darden’s stock price underperformed its Proxy Peer Group by over 40%"

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

"From 2007 to 2012, Darden’s stock price underperformed its Proxy Peer Group by over 40%"

"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"