Callouts & quotes from 26,677+ activist slides

"We believe that significant cost savings opportunities exist across various functional areas at Bristol-Myers to substantially improve EBITDA."

"The HKMA’s 2008/2009 intervention, in response to over HKD $600bn of money flows, greatly increased the size and leverage of its balance sheet"

"Most importantly, the HKMA and other important decision makers in Hong Kong have a track record of behaving in an economically rational manner"

"We believe REITs trade in the range of 13x-17x EV/'06E EBITDA, depending on the type of real estate and the businesses the properties support."

"At McDonald's current price of approximately $33 per share, we estimate Pro Forma McDonald's dividend / FCF yield would be approximately 6.7%."

"Despite the headline saying “Fortune 500 companies” seven logos are now U.S. government related entities, and Swift is a European Cooperative."

"The recent growth rates of ecommerce sales that FND cites on conference calls do not match calculated growth rates based on prior disclosures."

"Spruce Point's research into each of Amdocs' recent acquisitions reveals that M&A has added materially more to sales than management suggests."

"Amdocs' 20-F explicitly discusses business process outsourcing, and its PSA with AT&T alludes to performing call center work on AT&T's behalf."

"We find these patterns difficult to explain from a purely strategic perspective, and worry that they may be evidence of financial engineering."

"Spruce Point remains skeptical that Saputo is being overly optimistic in its terminal growth assessment to delay or avoid goodwill impairment."

"Monster is trading at an extremely elevated valuation and at the consensus average price target which we believe is a very poor risk / reward."

"SSgA would be the second largest publicly traded asset manager by AUM. It would also be the only substantially pure play passive asset manager"

"Based on these precedents, we believe the court could confirm a plan at a rate that is lower than GGP’s current weighted average interest rate"

"In at least 21 instances, FMCN has written acquisitions down to zero and given the companies away—usually back to their original shareholders."

"Current and prospective investors are ascribing a near record multiple to GLOB's share price, despite evidence that organic growth is slowing."

"We estimate 50% to 70% upside in Amcor shares as the combined company executes on synergies and the acquisition integration comes to fruition."

"AWB Landmark did not meet key criteria for acquisition of a distribution business in a new geography (where traditional synergies are limited)"

"The data we collected corroborated a significant delta in the turnover with Mengniu and Yili exceeding Huishan in sales revenue by over 1500x."

"If TWX had continued to own a 50% stake in Comedy Central, it would have benefited from the increase in the intrinsic value of Comedy Central."

"TWX does not break down revenues by business line within Filmed Entertainment, however, an estimate of the division's revenues are as follows:"

"The financial strategy pursued by TWX should be overhauled to exploit the leverage capacity of the Company and its individual operating units."

"These are our estimates, and we acknowledge that for 2026, we are 30-40% higher than consensus, which we think is justified based on our work."

"In other words, an SMD level agent must perform 12.5x better than average to achieve the income levels marketed in WFG's recruiting materials."

"This petition requests that the FDA take the following actions: 1. Withdraw FDA approval of pitolisant for all current and future indications."

"as shown in the chart below, over the past 5 years, on average, the Company has spent almost double the percentage of revenue on R&D as peers."

"SPRD's lack of any cash income tax payment in 2010 is inconsistent with prior years as well as the PRC's provisional tax payment requirements."

"Based on the Draft Guidance and its recommended tools, we therefore assess the severity of the exploit to patient health to be “catastrophic.”"

"Lastly, we observe that MSCI is increasing its cost capitalization of development expense, which has the obvious effect of flattering margins."

"Spruce Point believes that investors should carefully consider if UEC is really the right company to entrust with handling nuclear activities."

"Since 2010, Starbucks unit growth has been primarily driven by growth outside the U.S., which has averaged 12%, while the U.S. has averaged 4%"

"The deceleration in SSS growth since FY 2016 has been primarily driven by weakness in Frappuccino and some softness in core beverage platforms"

"We estimate $661m of costs have been capitalized in software since 2007, yet only $217m has gone through the income statement as amortization."

"We estimate $661m of costs have been capitalized in software since 2007, yet only $217m has gone through the income statement as amortization."

"Spruce Point warns that PERI uses multiple large numbers to promote its “Retail Media” opportunity, and at times makes conflicting statements."

"Hill-Rom (“HRC” or “the Company”) is a low-quality medical equipment roll-up which is rapidly approaching the end of its current growth cycle."

"If NQ reports strong Q1 2014 advertising revenue, as Mr. Khan indicates, it would be absurd given the contradiction in Mr. Khan's own comment."

"Regardless, if NQ’s independent committee reports that there is no evidence of significant wrongdoing, this will be an attempt at a whitewash."

"We believe BILL can maintain a healthy growth rate given market leading solutions, steady customer count growth, and strong customer retention"

"We fail to understand why a silver producer would purchase an interest in a privately-owned travel website from another silver mining company."

"Nidec’s revenue recognition policy is not as conservative as it can be, and in our opinion, could help to enable the alleged channel stuffing."

"The Business Tax YDT paid, which supports total transaction processing volume and therefore gross revenue of only $2.9 million, is irrelevant."

"Yidatong's staffer even told iFeng Finance that after the Muddy Waters report, NQ advised them to "provide the media with good communication.""

"Spruce Point interviewed a former executive leading a key growth business at Broadridge and asked for opinions on its UBS project and culture."

"As previously mentioned, BlackRock has a weak governance framework which is evidenced by a clear lack of independent oversight over management"

"The new quality metric rewards achieving the median, half the time – far afield from “leading the industry” in quality or “achieving top tier”"

"We do not believe that Olam is really that savvy of a shopper, and we also believe that most of Olam’s NCAG acquisitions are poor investments."

"The result was a stunning 257.2% increase in the group's net PP&E from S$55.5 million (NGN 4.5 billion) to S$194.5 million (NGN 15.9 billion)."

"Offshore spending, which today generates close to 50% of Core’s revenues and even more of its profits, is likely to decline for years to come."

"In this down-cycle, oil prices have fallen further and stayed down longer. Foreign capex has collapsed and this time, so have Core’s revenues."

"We believe management's plan is achievable, and the ARPU tailwind from Pulse will lead to ADT exceeding revenue and profit estimates over time"

"Given Vertiv’s business quality, high-growth end market exposure, and margin opportunity, we believe the Company warrants a premium valuation."

"CXW’s repurchase of 10.7 million shares in Q4 ’08 – Q2 ’09 (~8.5% of total shares) provides a tailwind for NTM free cash flow per share growth"

"The complex group structure causes inefficiencies, which reduces agility, slows decision making and leads to undervaluation of Group companies"

"FMCN's bizarre acquisition of a ginseng plantation at the Russian and North Korean border illustrates that FMCN's acquisitions are not kosher."

"As it turns out, it appears the last priority of acquisitions became the top priority and REZI has levered up while failing to return capital."

"Pershing Square purchased an additional 3.0 million shares of HHH in 2023 at an average price of $72 per share and now owns 38% of the company"

"Strong gains across the portfolio enabled PSH NAV to slightly outperform, and PSH share price to substantially outperform, the S&P 500 in 2023"

"As of June 30, 2021, the Company had a deferred revenue balance of $11.9 million with Kalo, consisting of the non-cash consideration received."

"A former strain engineer stated that “9 out of 10” projects didn’t succeed, out of a cumulative 200+ projects he was aware of since inception."