Callouts & quotes from 26,677+ activist slides

"However, we believe - and will demonstrate - that the Street is severely underestimating the pace with which competitors are taking share from Penumbra."

"TIM governance has improved since independent directors replaced the Vivendi-controlled Board; meanwhile Vivendi’s own shareholder rights have collapsed"

"This example shows how disconnected Darden management is from restaurant operations and how little regard Darden management has for the guest experience"

"Refranchising a modest portion of the current store base will help Darden to maintain its investment grade rating and improve the safety of its dividend"

"A Brownfield in Prague—Through Appraisals Based on a Small Sample of Cherrypicked Comps, Bubny Appears to Have Been Overvalued by ~100% or ~€138 Million"

"A new course for ACAS cannot be charted without Directors with relevant expertise, new perspectives and an active approach to creating shareholder value"

"This example shows how disconnected Darden management is from restaurant operations and how little regard Darden management has for the guest experience"

"Refranchising a modest portion of the current store base will help Darden to maintain its investment grade rating and improve the safety of its dividend"

"This is a graph of Arkema, which we bought at the wrong part of the last cycle. The stock deserved to fall, and we looked and felt stupid for owning it."

"When looking at the pro forma shareholder base today, it is evident that DigitalGlobe investors have not embraced the acquisition and have been selling."

"Subsequent to Bartz's dismissal, Yahoo's shares have traded up 10%, responding to the prospect of new governance focused on maximizing shareholder value"

"The problem with exploiting your best prospects is that you are left with your other prospects. Longer-term capital efficiency may actually deteriorate."

"While nearby oil has recently bounced from its lows, the value of the frackers depends mostly on the long end of the curve, which hasn't bounced at all."

"Arconic unveiled its new “strategy” in December 2016, and while it seemingly derived visual inspiration from PCC, there was a stunning lack of substance"

"We consider this list of originally appointed family representatives to be an indication of their close and long-standing ties to the founding families."

"In its quest to grow and rush an IPO so investors can cash out, we believe there is clear evidence of Oatly disregarding these enormous climate factors."

"We do not install solar panels. We only provide the financing. You need to request a quote on Sunnova.com and one of our partners will reach out to you."

"For us to be as clear as possible about the length GTT goes to obscure its organic growth rate, we have broken it down quarter by quarter since Q1 2017."

"WSP needs to act like a global leader in engineering services and not a provincial good old boys (and girls) club of Montreal-based business executives."

"We strongly urge you to vote the GOLD card FOR Elliott's outstanding slate of director nominees, and FOR our proposed corporate governance enhancements."

"PHILLIPS 66 POSSESSES HIGH-QUALITY ASSETS, BUT THESE ASSETS TODAY LACK FOCUSED LEADERSHIP CAPABLE OF MAXIMIZING THEIR VALUE, COSTING SHAREHOLDERS DEARLY"

"Broad Ocean’s inability to convince Foton to source its fuel cell engines from Ballard is a significant failure for Ballard’s strategic future in China."

"We have every reason to believe HK decision makers will approach the HKD peg question with the same diligence and rationality they have used in the past"

"The BHP Shareholder Value Unlock Plan (the “Value Unlock Plan”) is designed to provide management with the opportunity to directly address these issues."

"Just growing in line with the market would mean revenues in 2027 would be JPY 30 billion and EBITDA nearly JPY 7 billion larger than under Kao's targets"

"Samsara's Board wins the trophy for being experts in nearly everything. Its self-assessment is glowing, and we believe reflects a disingenuous critique."

"Beginning in Q4FY24, the import value on a $/kg basis suddenly increased by over 2x, far exceeding from both the historical norm and a reasonable range."

"Canadian Pacific is 70% the size of Canadian National, yet has an enterprise value 40% as large, due to its inferior profitability and asset utilization"

"Joya brand's Eastern Canada distribution has collapsed from 76 listed locations to 27 locations. It appears to have shifted more towards Western Canada."

"But unsustainable levels of high margin trading, securities lending, and net interest revenue swelled... Which masked a significant increase in expenses"

"The Bankruptcy Code offers the ability for debtors to “cram down” creditors so long as each class of creditor receives the present value of their claims"

"Seven-year maturity extensions coupled with a reduced cash dividend would allow GGP to delever its balance sheet and create a substantial equity cushion"

"Globant has yet to illustrate that its operations can generate any meaningful free cash flow, but Globant is generating cash by trading stocks and bonds"

"TWC's OIDBA margin of 39.1% in 2005 historically has been at the high end of the peer group reflecting the well-clustered systems in attractive markets."

"This analysis yielded an implied enterprise value for Publishing (excluding unconsolidated assets) of $12.5 - $14.0 billion or 9.9x - 11.1x 2006E OIDBA."

"But that low-20s to mid-20s growth for TaskUs over the next 3 to 4 years. That's kind of what we're seeing is based on the information we get right now."

"Reported results include volume pull-forward in China. Excluding the pull-forward, Herbalife would have reported ~(4.5%) constant-currency sales decline"

"How is it possible that Herbalife sells six times more nutrition powder than Abbott Labs (Ensure), Unilever (Slim-Fast), and GNC (Lean Shake), combined?"

"The chart below shows Anthony Powell’s monthly Personal Volume from 1996 to 2000. You might think it would be driven by the vagaries of retail demand..."

"Herbalife excludes from the table the 93% of its U.S. distributor base earning $0 in “Gross Compensation” (Inactive Sales Leaders and Non-Sales Leaders)"

"2014 was a year marked by strong returns continued value creation by our portfolio companies which we expect to be further enhanced by permanent capital"

"Our channel checks suggest Transform is a repackaged pre-existing product that has been available for sale in overseas market as far back as March 2016."

"I think it's interesting from Southwest, from their perspective, they've got an opportunity right now that I don't anyone has really taken advantage of."

"It appears that CPI PG purchased these 11 units at an average price per square foot that was at a 46% discount to the sales made in the prior two years."

"Examining Mettler's peers that disclose internal-use software capitalization in PP&E, we find that it has capitalized an excess amount by a wide margin."

"Yet another example of Mettler, a company renown for its high precision ability to always hit numbers, doing a financial restatement tied to Blue Ocean."

"Under-allocating for these reserves, over which management has complete discretionary control, would provide an inappropriate boost to Company earnings."

"Once it becomes evident Porch’s recent strategy shift will be challenged to succeed and losses mount, absent new funding, the equity could be worthless."

"Why was the (3) Alternative Plan so different from management's (4) Illustrative Guidance when supposedly both informed by the same bottoms-up analysis?"

"2014 was a year marked by strong returns continued value creation by our portfolio companies which we expect to be further enhanced by permanent capital"

"Was Deloitte aware that TAL's overly simplistic preparation of cash flows does not conform with U.S. GAAP requirements for foreign currency translation?"

"We believe the 2013 write off acted as an “earnings bath” which allowed TFS to continue booking biological asset gains in FY 2014, FY 2015, and FY 2016."

"We Believe Rollins' Recent Levered Acquisition of Fox Pest Control In Door-To-Door Sales Looks Troubled And Could Be Used To Obscure Underlying Problems"

"This LinkedIn post from October 2024 indicates an A320 aircraft was sold by FTAI to Maverick Horizon—we understand this was a Perpetual Power agreement."

"The short answer to [AI.4] is “no” because of [AI.4a]. For the reasons I have given, the Council’s decision to grant Planning Permission must be quashed"

"Since 2000, CXW has increasingly shifted away from a business focused on the management of prisons toward a business focused on the ownership of prisons"

"Samsung Group's complex group structure causes inefficiencies which hold Samsung back and results in key Group companies being significantly undervalued"

"Given all the evidence we’ve presented of Bunge and Viterra’s struggles, we do not see a rationale as to why its multiple has expanded to a 3-year high."

"The websites for both are half a screen long and cut and pastes of each other. Neither has any employees on LinkedIn nor any job postings we can locate."

"Although Prestige Brands may appear cheap vs its peers on a P/E and EBITDA multiple basis, PBH trades at a premium to its operating cash flow and sales."