Callouts & quotes from 110+ activist slides

"Management’s $900mm target is only half the gap with Kohl’s. Given opportunities uncovered so far, we expect more progress to come"

"Lowe’s is a high-quality business with strong new leadership that is committed to narrowing the performance gap with Home Depot"

"The true cost of unification – c.US$140 million per year in additional Singapore-related taxes being attributed to Australia"

"Opportunity to buy SCT at an extreme 63% discount to intrinsic value - a US$25bn valuation disparity (the “SCT Value Gap”)"

"Lack of action to address the SCT Value Gap indicative of insufficient alignment of management and shareholder interests"

"Norfolk Southern switched manifest cars more than 2x as often as CSX in 2022, extending a gap evident in prior years."

"Disproportionate OLC investment has consequences unintended by management, that have worsened Keisei's Value Gap."

"We believe the gap between current performance and long-term potential can be closed with disciplined execution."

"This value gap between Keisei’s market and intrinsic value has grown over time and currently stands at US$3.0bn"

"Widespread acknowledgement that Hess is cheap but significant strategic change is necessary to close the gap"

"Charging more to customers who do not elect GAP coverage to make up for loss of 100% gross margin revenue?"

"However, Arconic has simply been unable to close the gap with Precision Castparts under current management"

"Even With ~$215m of short and long-term cost reductions, Avery still cannot fill the share repurchase gap"

"JCP’s stores require ~25% more labor hours than Kohl’s. Management will use technology to narrow this gap"

"We arrive at a value / kg of $19.5, which is far below the ~$52 / kg value needed to plug the import gap"

"Not only has Goodyear failed to close the margin gap vs. peers, the margin gap has continued to widen"

"To plug the gap on the asset side of the balance sheet, Oatly could be inflating PP&E asset accounts."

"Three-Year Outlook from January 2024 Explicitly Indicated the Margin Gap to Peers Will Not Close"

"In this case, it is unusual to see that PwC England and Singapore did not audit PBH's entities."

"Despite claims of success, Phillips 66 has not closed any of the profitability gap with Valero"

"Despite claims of success, Phillips 66 has not closed any of the profitability gap with Valero"

"Despite claims of success, Phillips has not closed any of the profitability gap to VLO"

"Despite claims of success, Phillips has not closed any of the profitability gap to VLO"

"Despite claims of success, Phillips has not closed any of the profitability gap to VLO"

"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"

"The unsustainable Singapore-based marketing structure by which BHP seeks to avoid tax"

"The gap between W's stock price and consensus 2018 adj. EPS estimate is confounding."

"Despite claims of success, Phillips has not closed the profitability gap to VLO"

"Neither of Nexia Singapore or Kreston are referenced in Monster's PCAOB filing."

"Historical 650 bps+ operating margin gap to comparable Praxair could be closed"

"Historical 650 bps+ operating margin gap to comparable Praxair could be closed"

"Note that the gap between GAAP and non-GAAP earnings is now $1.50 per share."

"“Margin Gap with PCC is Structural”: Management Failed Year after Year..."

"My focus is scalability and manufacturability and that's a huge gap."

"Removing the SCT Value Gap offers share price upside of up to ~170%"

"Salesforce can continue closing the gap to peers on S&M efficiency"

"Salesforce can continue closing the gap to peers on S&M efficiency"

"Goldman forecasts a long-term supply gap starting in a few years."

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

"Hong Kong’s rich-poor gap is Asia’s widest according to UN data"

"We believe AAP can close the vast majority of this margin gap"

"This is well below the ~$52/kg needed to plug the import gap."

"Specialisms address FUNDAMENTAL GAPS IN OPERATING STRATEGY"

"Specialisms address FUNDAMENTAL GAPS IN OPERATING STRATEGY"

"The volume difference quantifies the service quality gap."

"~17% gap to Canadian rails and ~10% gap to US rails"

"Management is Working to Close the Gap"

"37% Performance Gap"

"37% gap"