Callouts & quotes from 26,677+ activist slides

"R&O / Russell Reitz’s lawsuit against Valeant creates the impression that R&O was not aware of Valeant’s relationship with Philidor / Isolani"

"Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow."

"We dare to ask the question: Did this property really increase by over 10x in value or did IIPR inject money into its struggling main tenant?"

"APD’s share price including dividends and the spinoff of Versum increased by 67% from our average cost at announcement date to April 18, 2017"

"This reliance on referral tied to home sales is a problem for GSHD because demand for mortgages has fallen off a cliff, declining by 67% YoY."

"The company's profitability is largely reliant on paper-gains, namely mark up on biological assets. Real cash flow has been in fact negative."

"We believe that Trulieve has been supplementing if not getting most of their marijuana supply from these low-quality outdoor production hubs."

"If this local news report is accurate, then we think de Masi badly misled investors by hiding the fact that IONQ self-financed this customer."

"In our opinion, this contract is nothing more than a fake PR piece, abused by EOS' management to fuel the hype and inflate their stock price."

"The AXDX rep confirms above that the Pheno system doesn't replace cell culture, thus it is an adjunct to standard of care, not a replacement."

"Given CTO's omission of recurring capex from its AFFO calculation, it is the only one of its six peers below to boast a higher AFFO that FFO."

"Enfusion recently weakened its description as a cloud-native SaaS company, even going so far as removing it as a reason why it wins business."

"The alarming spike is apparent visually – we show inventory as a percent of both revenue and assets annually from 2010 to the last 12 months."

"The CEO was evasive when the analyst pressed for an answer on production capacity: "we have not announced...how much production will expand.""

"GoDaddy's 2023E EBITDA margin of 25% is significantly below the peer group average of 43%, representing an 18% margin expansion opportunity."

"We will demonstrate that FIGS management has a long history of exaggerating multiple aspects of its business, financial, and product claims."

"Beam’s share price increased by 104% including dividends from the date FBHS was spun off from Fortune Brands until the day Beam was acquired"

"Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow"

"We do not believe that ATL, with only 10,000 towers, can compete with Bharti and Indus, which own approximately 150,000 towers between them."

"Carvana Is An Auto Dealer, Not An Asset-Light Tech Company – And Management Is Forecasting Pie-In-The-Sky Results On Unrealistic Scalability"

"Crown Castle has realized a paltry 3% EBITDA yield on its fiber capex, relative to the highly attractive ROIs achieved in its tower business"

"[Crown Castle] has been flagged for an entrenched board as around 50% (as of March 2020) of its members have a tenure of more than 15 years."

"Since we began accumulating our positions in October 2013, Fannie Mae and Freddie Mac share prices have increased 84% and 86%, respectively."

"We believe the realization of these catalysts will yield a valuation of $183 – $194/share, representing 56% – 66% upside from current levels"

"A consistent theme of TRE's stated business practices is that they are unnecessary, overly complicated, and risky for a legitimate business."

"ERIE employs management fee adjustments as a critical tool to balance its fiduciary responsibilities to both policyholders and shareholders."

"We believe these opportunities can only be captured with an innovative and nimble culture supported by appropriate leadership and investment"

"ADP’s underperformance has been concealed due to complex accounting and reduced disclosure which makes benchmarking to competitors difficult"

"When adjusted for PEO pass-throughs, ADP substantially trails its competitor group in efficiency, despite ADP’s significant scale advantages"

"ADP’s Corporate HQ (Roseland, NJ), SMB (Florham Park, NJ), and Mid-Market (Parsippany, NJ) offices are a 15-20 minute drive from one another"

"Governance risks faced by minority investors at each of these companies will be centered on the alignment of interests with Vincent Bollore."

"Lowe’s continues to trade at a significantly discounted P/E multiple relative to Home Depot despite materially higher prospective EPS growth"

"EBIT margins expanded by >1,000 bps since 2018; company is targeting an average annual increase of 300 bps per year over any few-year period"

"Canadian Tire’s core organic EPS growth is the worst among its peers, and trails the peer set average when including the effect of buybacks."

"Management's focus on these initiatives and its discipline in maintaining a lean cost structure have produced consistent shareholder returns"

"Successful dishes like the Pork Filettino were popular, healthy, and profitable from Olive Garden’s past can be part of menu revitalization."

"As a result of poor execution and missed commitments, GoDaddy’s combination of growth and profitability is at the low end of its peer group."

"The single-layer cycle life test used a 70x85mm cell, while the multi-layer test used 30x30mm samples – only 15% of the square surface area."

"We believe majority support for this proposal will send a clear and direct message to the Board to eliminate the dual-class share structure."

"We urge DG's Board of Directors to formally propose this spin-off plan at the Company's next annual general meeting of shareholders ("AGM")."

"Because of this, there is currently no consensus standard of care for ablation of persistent AF, or redo procedures of any kind, beyond PVI."

"The resulting mosaic activation map is a jumble of completely incomparable regional maps that are difficult, often impossible, to interpret."

"Employees who remained behind at the mill after it was sold say they believed that Huaihua Yuda Wood was indeed a subsidiary of Sino-Forest."

"Management's focus on these initiatives and its discipline in maintaining a lean cost structure have produced consistent shareholder returns"

"Successful dishes like the Pork Filettino were popular, healthy, and profitable from Olive Garden’s past can be part of menu revitalization."

"This brings us to CONSOL Energy, a company that has been mining coal in Appalachia for 150-years, and has historically been very profitable."

"Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow"

"Pioneer has an exciting investment story that shows up in its presentations. This story bears no resemblance to its filings, or SEC-onomics."

"Believes Years of Self-Inflicted Issues Have Caused Avantor to Trade at a Meaningful Discount to its Intrinsic Value and Life Sciences Peers"

"We are already closing in on some of the first proposed return dates in early/mid-April with no end in sight as to the public health crisis."

"To the extent blaming the old private PE owner falls short, management would like to blame industry issues rather than accept responsibility"

"Sales of Class B shares should also be interpreted as a form of insider selling, which sends a concerning signal to other Premier investors."

"Accordingly, we believe that YY helps Big Li prop up his and other performers’ popularity—and YY revenues—by spending far more than he gets."

"We believe the intent behind changing top users' data is clear: to prevent others from discovering the scale and absurdity of the Bigo scam."

"We estimate management divested approximately $24m of stock in a non-transparent manner by not filing timely Form 4 statements with the SEC."

"We believe investors need to pay particularly close attention to India, which has consistently been AMR's largest customer by export market."

"As of 6/1/10, Tanger Factory Outlet Centers, the best comp for Simon's Premium Outlets segment, was trading at a higher cap rate than Simon*"

"QSR’s share price including dividends has increased 300% (4.0x) from our average cost since it merged with Justice Holdings to Jan. 19, 2018"

"If Canadian Residential Sales Volumes grew ~5% year over year while DND grew 3% in 2024, it implies that DND’s core business is losing share"

"If Canadian Residential Sales Volumes grew ~5% year over year while DND grew 3% in 2024, it implies that DND's core business is losing share"