Callouts & quotes from 156+ activist slides

"Applying 34x on Crown Castle's U.S. tower business EBITDA implies a value of fiber of only $11B compared to $16B of investment, resulting in $5B of value destruction"

"CarNewsChina compared the interior of the Wey Gaoshan with the official pictures shared by Faraday Future, and the interior is the same, with only the logos changed."

"These new ‘heterogeneous’ networks are ad-hoc and unplanned compared to the first generation, but they succeed where it matters: they can meet consumer data demand."

"We compared AGO’s internal ratings of its largest “below investment grade” risks with third-party credit ratings and found that AGO consistently grades them higher."

"The egregiousness of the “Clean Advantage” fraud is most apparent when compared to direct competitor WEX’s own green partnership with WeForest for carbon reduction."

"Based on incremental operating earnings from potential Professional Services gross margins of ~10% to 20% as compared to LTM 03/31/12 reported gross margin of 0.8%."

"Given the lower Cmax for a similar AUC, DCCR may lower the frequency and severity of Cmax related adverse events compared to diazoxide oral suspension (Study PK001)"

"Compared to the largest publicly traded Japanese semiconductor company, Renesas, Sony has kept meaningfully more of its manufacturing and design operations onshore"

"For the six months ended June 30, 2020, cash flow from operating activities was $82.0 million, an increase of 125.9% compared to the same period in the prior year"

"With a vertically integrated supply chain, Hyundai Motor Group is capable of maintaining lower cost of production as compared to peers to remain cost competitive"

"As compared to comparable companies and transactions, Elliott's $21.00 offer represents a higher premium and higher multiple than the median valuation metrics"

"Kao’s nominees have lower skills coverage across critical areas compared to peers such as supply chain, marketing, finance, consumer goods and digitalization."

"FIGS' days inventory outstanding (DIOs) are high on an absolute basis compared with its DTC peers, and also grew above industry average over the prior year."

"FTAI generates about ~$2m in GAAP revenue per module sold, compared to the sticker price a customer would pay for an off-the-rack module (~$700k - ~$1.5m)."

"After a year, a higher proportion of patients in the Convergent arm (68%) compared to the control arm (50%) were totally free from any atrial arrhythmia."

"In the decade to 2022, global revenue CAGR was 6.2%, and Kao has set Molton Brown a target CAGR to 2030 of 5.2% - a slowdown compared to the past decade."

"Excluding the value of its stake in REA Group, News Corp is valued at just 4x EBITDA, compared to The New York Times Company at greater than 15x EBITDA."

"Dr. Vivek Reddy, Pulse’s Own Hired Consultant, States There Isn’t An Advantage To Using Nano-second PFA Compared to Micro-Second PFA For Most Procedures"

"The difficulty of going to 100 or 500 or thousands of qubits, it doesn't scale linearly. It's not just twice as hard to do 1000 qubits compared to 500."

"Of the group that underwent PVI and PW ablation, 65% were free of AF/AT/AFL at 12 months compared to only 20% of the group that underwent PVI alone."

"After paying for transport costs, at spot commodity prices, Pioneer’s revenues average $36 per BOE – compared to the $59 headline price for crude."

"We believe that Target’s substantial negative returns to its shareholders are reflective of its operating underperformance compared with Wal-Mart"

"BMC's growing Professional Services segment barely breaks even at the gross margin level compared to peers who have significant operating margins"

"Compared Side By Side With Other Participants, PLTK Does Not Appear Cheap At All. In Fact, Just Based On Pure Valuation, We See Over 50% Downside"

"Insiders at Limbach have benefitted from Limbach's generous stock-based compensation payments, which are at the high end when compared to peers."

"Durability of response measured by median survival, which exceeded 156 days for a 100 mg/kg dose of PC14586 compared to only 17 days for vehicle"

"But all the innovation of the past decade seems marginal compared to Pulsed Field Ablation (PFA) and real time electrical mapping of the heart."

"Investors in Ferguson's U.S.-listed peers benefit from higher trading volumes and increased liquidity as compared with Ferguson's shareholders"

"The Cognizant Value-Enhancement Plan calls for a 23.0% adjusted operating margin in FY18E, as compared to a 19.7% operating margin in FY15."

"There's almost no distance at which Aurora can charge $0.75/mile and maintain a discount compared to the $2.16/mile of manned OTR trucking."

"Our estimation suggests that the real time advantage of PhenoTest AST is a modest 40%, not 75%, when compared to the automated AST systems."

"Based on our research, Spruce Point believes there is a disconnect between Genius’ guidance / Wall Street’s consensus compared to reality."

"Wal-Mart and dollar stores can coexist. Management believes FDO has ~3% share of their core customer’s wallet compared to WMT’s ~35% share"

"Demographically-targeted networks tend to have higher advertising efficiency compared to general entertainment networks (like Turner)."

"For the five years prior to Starboard’s 13D, Office Depot’s stock declined by 87%, compared to the 75% increase since our 13D filing."

"The reality is that Parkland's long-term total shareholder returns compared to its industry peers remain very poor (see below table)."

"We believe our segment comparables are eminently reasonable given their business and financial attributes compared to Intuit."

"INGN’s Estimate of the Full Penetration for POCs is Aggressive When Compared to Analysis Using Industry Surveys and CMS data."

"This stark difference in fee structures suggests ERIE's approach is less favorable to policyholders compared with its peers."

"Despite this disparity in metrics, SNAP short interest is 21% of float compared to 4.7% for Twitter and 1.2% for Facebook."

"Olam's net debt to LTM adjusted EBITDA is now 8.4x, compared to 7.8x at the end of Q1. These numbers are dangerously high."

"Samsara derives almost 30% less annualized license revenue from forward facing cameras compared to dual facing cameras."

"We estimate pro forma net leverage would be at ~5x today, reflecting Disney’s lower run-rate EBITDA compared to FY 2018"

"There is no proof that any optimization problem is solved faster using [D-Wave's] system compared to classical solvers."

"So why does the Board believe AOL should be compared to the world's largest companies for purposes of compensation?"

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

"IIPR’s purchase price of $9M would reflect a huge overpayment compared to the previous purchase price of $722,000."

"The company's operating capacity is minimal compared to the announced purchase agreement of “up to 100 aircrafts”."

"The 10 largest companies in the S&P 500 index trade at 27x earnings, compared to 20x for the other 490 companies"

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

"Real estate companies trade at substantially higher multiples of EBITDA compared to Target or other retailers"

"ACAS' compensation expense ratio is one of the highest compared to publicly traded alternative asset managers"

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

"Highly conservative compared to the ~$31.00 actual rent / sq. ft. in the ARCP/Golden Gate transaction(1)"

"Highly conservative compared to the ~$31.00 actual rent / sq. ft. in the ARCP/Golden Gate transaction(1)"

"Drug is counterintuitive as it causes hyperglycemia; "value is minimal compared to what you're risking""

"County assessment histories show that the property is worth $10M, compared to the $13M IIPR is paying."

"In some quarters in 2022 and 2023, inventory hit 120-135% of revenue, compared to a baseline of 30%."

"Compared to Darden’s poor 7.4% LTM fully-leased EBITDA margin, Red Lobster standalone is even worse"

"Leading Kao brands are limited in their global reach compared to competing brands from Kao's peers."