Callouts & quotes from 26,677+ activist slides

"Our base case values TeliaSonera at 29.2 SEK per share, and our downside case (which assumes that disposals are significantly more problematic) values TeliaSonera at 27.4 SEK."

"It is unclear what this $96m and $62m cash flow discrepancy in 2013 and 2014 could be; however, in our LBO analysis we have conservatively included these ‘mystery’ cash costs."

"A deceptive person will attempt to re-frame the conversation into a direction that is advantageous to them, steering it away from topics or facts they do not wish to discuss."

"Under 3G management, Heinz expanded global gross margins by ~600 bps and Europe gross margins by ~1,100 bps in just two years without a material additional capital investment"

"We remain short Herbalife because we believe intrinsic value is meaningfully below the current share price; a buyback is likely to be value destructive on a fundamental basis"

"In 2015, we determined that certain of our benefit plans (that were frozen between 1994 and 2003) were not properly accounted for since their inception between 1984 and 1988."

"That's the wildcard in the GFL story, that's the gamble. Acquisitions play a key part to keep the momentum going. What happens when acquisitions stop? You need profitability."

"After 18 months of extensive research, Elliott is pleased to share its perspectives on Southwest’s performance and the steps needed to create a stronger company going forward"

"If Generac is committed to ESG and transparency as it claims, it will issue a public response to Spruce Point’s questions arising from our independent forensic investigation."

"AMT would like investors to believe it is positioned to significantly benefit from the growth in data demand. If AMT investors expect 15-20% growth they will be disappointed."

"Thus, reported systems revenue has become less indicative of customer adoption, and actual systems revenue growth rates are materially lower once service revenue is excluded."

"We believe a capital structure and capital allocation combination which falls in between these two scenarios, such as the current status quo, may be the worst outcome for CCI"

"Our proposed “Transformation Case” for ADP will lead to more robust top-line growth (i.e. better competitive positioning in Enterprise) and expand long-term operating margins"

"We assess that HASI is dumb money, making investments that yield far more narrative than financial return – excluding personal proceeds from insiders’ stock sales, of course."

"The fact that Adj. EBITDA growth does not translate into cash flow confirms to us that management's proprietary definition is not a meaningful measure of Company performance."

"Pro-forma for the preceding transactions, a stock price of between approximately $73 per share and $84 per share, or an average price of $78.50 per share, could be justified."

"BP currently trades on a PE of 6.7x, a very heavy 44% discount compared to best-in-class integrated oil and gas peers Chevron and ExxonMobil, which on average trade on 12.0x."

"There will undoubtedly be a surge of pent-up travel activity following the vaccine, but do not be fooled – corporate travel is unlikely to return to 2019 levels anytime soon."

"Despite ~40% of EBITDA coming from attractive midstream assets, Phillips continues to trade like a refiner, missing the value uplift in the midstream space over the last year"

"We find it interesting that VW appears to agree with the skepticism of Quantumscape’s claims in recent investigative articles, tweets by battery researchers and experts, etc."

"We uncovered notable skepticism on the defensibility of Pure’s position at Meta. Few put it past Meta to eventually develop its own solution off the back of Pure’s hard work."

"Spruce Point has uncovered evidence that PowerSchool is engaging in conduct that may potentially violate SOPIPA's prohibitions on student profiling and targeting advertising."

"Despite the history of past glaring executive incompetence, Edgio's product suite appears in good shape, showing sizable revenue growth in 2023, approaching breakeven EBITDA."

"Due to waits at Olive Garden on Friday and Saturday nights, there is an opportunity to greatly improve table turns at Olive Garden via better execution and use of technology."

"After 18 months of extensive research, Elliott is pleased to share its perspectives on Southwest’s performance and the steps needed to create a stronger company going forward"

"Over the last few years, they've led a production boom that has made our country more energy independent and, more recently helped cause oil prices to fall due to oversupply."

"Pioneer burns cash and isn’t growing. If the existing reserves are worth somewhere between $3 billion and $7.8 billion, why is the market paying $27 billion for this company?"

"Opportunities to generate revenue through in-house 3D printing would only make the economic benefits of switching from Invisalign to in-house printers even more overwhelming."

"We would like to see a CEO that balances the needs of customers, while at the same time generating acceptable returns for shareholders who capitalize the company's businesses"

"Despite ~40% of EBITDA coming from attractive midstream assets, Phillips continues to trade like a refiner, missing the value uplift in the midstream space over the last year"

"The low gross and net profit margins the distributors show support our view that ANTA is using its control of those distributors to fraudulently inflate its reported profits."

"We would expect truly independent Tier 1 distributors’ gross margins to approximate 30% to 35%, which is based on information provided in the interviews with Messrs. A and C."

"Spruce Point has assembled significant evidence to suggest that the walls are collapsing on Oatly’s (Nasdaq: OTLY or “the Company”) ambitions to dominate the oat milk market."

"Oatly paid $9.7m for its Millville, NJ (land, structures, equipment and services) when the previous owner paid just $637,500 for the identical facility (land and structures)."

"NGS is extremely expensive to manufacture; “takes them months to turn around a pool”; error-prone process that then takes months of re-work and duplicative manufacturing cost"

"The articles quote women alleging abuse, exploitation, and retaliation while “working” for Televerde, describing a disturbing hierarchy of “Televerde girls” and overt racism."

"The Level 2 reclassification raises worrying issues because the default assumption is that cash and term deposits of less than 12 months in safe banks are not Level 2 assets."

"We remain short Herbalife because we believe intrinsic value is meaningfully below the current share price; a buyback is likely to be value destructive on a fundamental basis"

"Ballard's heavily retail Investor base needs to exercise significant skepticism. Ballard and its management have virtually nothing at risk if its China growth ambitions fail."

"As a result of the Company's improved capital allocation, pre-tax unlevered free cash flow has increased from a five-year low of $2.0 billion in 2002 to $3.5 billion in 2004."

"Home Depot is making a push to deepen its PROs network in the residential space and at its June 2023 investor day announced plans to open 80 new stores over the next 5 years."

"After 18 months of extensive research, Elliott is pleased to share its perspectives on Southwest’s performance and the steps needed to create a stronger company going forward"

"While Monster's revenue growth slides to a multi-decade low, we observe that promotional discounts and allowances, sales, marketing, and advertising intensity are increasing."

"The reality is, Nelson Peltz's track record speaks for itself - every Trian investment on whose board Nelson Peltz has served has outperformed P&G during Trian's involvement."

"TWX pursued a strategy of rapid de-leveraging to ease concerns of the rating agencies and bondholders and, in the process, used cash for certain questionable asset purchases."

"The DCF analysis yielded an implied BAV of $46.1 - $54.2 billion (excluding unconsolidated assets), implying a perpetuity growth rate of 2.4% - 4.3% as shown in Exhibit 4.83."

"If you go back to the old Avon model, before they were multilevel, right, self-consumption, not even an issue. It isn't not even covered on the FTC's website. It is expected."

"McGraw-Hill's 3 year average valuation of 12.6x earnings is at a ~25% discount to the 15.9x weighted average of its peer group and trails all of its peers other than Gannett."

"Spruce Point Believes that Axon will likely fail miserably in its attempt to develop the AI capabilities necessary to launch themselves into the RMS, yet alone the CAD space."

"Beyond more aggressive accounting and tax measures observed in Mettler’s financials, there is tangible evidence of a significant deceleration of financial performance coming."

"Beyond more aggressive accounting and tax measures observed in Mettler’s financials, there is tangible evidence of a significant deceleration of financial performance coming."

"We do not believe the GSEs can earn an adequate return on capital to attract sustainable private investment at a 4% capital requirement unless g-fees are raised substantially"

"Notice carefully that BR made a revision to its segment reporting, and Closed Sales, just after it reported the slowest growth in the past five years at just 1.5% in FY 2021."

"We believe the list of potential buyers eager to buy the last remaining beachfront property available among digital assets would include: AT&T, Comcast, Verizon, Disney, Fox."

"We believe this analysis reveals that Stryker has relatively inefficient purchasing process that burdens investors with higher risk from unconditional purchasing obligations."

"However, export quantities appear to be to a single Hong Kong buyer and to the equivalent of 1ha of TFS plantations over more than 2 years, making them entirely uncommercial."

"While Rollins has recently referenced customer pushback from price increases, Rentokil has talked about increasing, and now stable customer retention despite price increases."

"At the end of 2007, when natural gas prices were spiking, Core’s “time proven strategy” was about exploration in Canadian oil sands, tight gas sand, and shale gas reservoirs."

"This suggests that the growth in the total agents in of the end of 2020, 28.5% of its labor force were either coming from labor dispatching agencies, or were simply invented."

"Despite significant share price volatility since the 2016 US elections, we believe the shares of a reformed Fannie and Freddie will be worth a multiple of their current price"