Callouts & quotes from 3,339+ activist slides

"We believe our plan, if implemented, would increase the profit before tax from the current JPY4.5bn to JPY11.4bn in 2024, and result in nearly 100% upside from the current stock price."

"We believe that 3% SSS is conservative - it is in-line with better-performing peers, and 3 years of 3% SSS would just get Olive Garden's AUV back to the $4.8 million of a few years ago"

"Based on extensive research and discussions with culinary experts and suppliers, we believe we can accomplish these goals at Olive Garden’s current price points without hurting margins"

"Warning: While oat milk is trying to gain share amongst established plant-based milks such as soy and almond, we believe capital is already flowing into the next hot plant trend: peas."

"When P&G acquired Gillette in 2005, previous leadership believed P&G could achieve a 24% EBIT margin. We still believe P&G can approach that profitability level under strong leadership"

"Relative to the significant uncertainty regarding future revenue potential for Celgene’s five near-term product launches, we believe Bristol-Myers’ revenue expectations seem aggressive"

"We believe that in recent years, Nidec misleadingly and artificially boosted its reported profitability and growth in profits through highly questionable write-offs it took in FY 2012."

"Based on our analysis of the project economics underlying the UBS Wealth Management partnership, we believe the project should be impaired and that BR’s earnings are vastly overstated."

"We believe that REZI's pre-tax income in the YTD 2025 period is inflated by 8-12% by making overly aggressive assumptions about the average customer life from the Snap One transaction."

"If Kao focused on its Cosmetics and Health & Beauty Segments and improved marketing, Oasis believes its stock price would exceed JPY10,000 per share, a +76% upside from current levels."

"Given the substantial percentage of ad slots on Patch that we believe are sold at steep discounts to rate card pricing, we would also question whether national advertisers value Patch."

"We believe MDLZ’s enormous efficiency opportunity exists because MDLZ was created through a series of acquisitions made by legacy Kraft that were never properly optimized or integrated"

"In this report, we will detail our analysis of the available information and the reasons why believe that GSX is what most companies that are too good to be true end up being: a fraud."

"We believe that the issuance of the 2039 bonds established a favorable benchmark spread which will assist PSH over time in refinancing, and/or extending the maturity of the 2022 bonds"

"Beyond these survey results, we believe a sampling of the Glassdoor reviews from anonymous employees of LivePerson provides ample evidence of the severe issues with corporate culture."

"We Believe Current GFL Investors Are Left “Betting” On The Uncertain Outcome Of These Three Things, Yet Most Sell-Side Analysts Have Already Given GFL Credit For Successful Completion"

"With multiple Buy/Hold ratings and only one Sell recommendation, we believe the market is overlooking the most critical and material risks to Canadian Tire’s business and share price."

"We believe that if the business is properly managed over this period, you should easily be able to achieve approximately $4.00 per share of Adjusted Free Cash Flow by the end of 2020."

"We believe overreliance on revenue without minimum profitability threshold misaligns executives with shareholders and allows for manipulation (e.g., acquisitions or agency transition)"

"Beyond these survey results, we believe a sampling of the Glassdoor reviews from anonymous employees of LivePerson provides ample evidence of the severe issues with corporate culture:"

"We believe the law is very clear: operators of K-12 software platforms are PROHIBITED from using information gathered on their platform to build profiles on or target ads to students."

"Spruce Point believes that anyone holding, or considering, an investment in Momo must get comfortable with the risks and unknown ramifications associated with the following red flags."

"We believe the Board's choice of the S&P 600 as the Company's reference index may have been primarily driven by its underperformance relative to all other relevant comparable indices."

"We believe BR is a misunderstood company that has a mediocre and capital-intensive business process outsourcing business involving distribution of proxies and investor communications."

"In conclusion, we believe eBay is deeply undervalued, with opportunities to create significant value for shareholders that are directly within the control of management and the Board."

"We believe overreliance on revenue without minimum profitability threshold misaligns executives with shareholders and allows for manipulation (e.g., acquisitions or agency transition)"

"We strongly believe that Elliott and Commvault can work together collaboratively to implement these recommendations and we are eager to sit down in person to discuss the path forward."

"Apple is not appropriately capitalized. It is not minimizing its cost of capital. This is one reason why we believe Apple’s shares trade at a valuation well below its intrinsic value."

"Most organs placed on the TransMedics pump, we believe based upon research interviews, fail to meet the labeled criteria of organ viability – rendering the entire DCD use case a scam."

"Due to favourable market conditions today, we believe that interest expense savings would more than offset the additional upfront costs of redeeming or repurchasing the existing bonds"

"We believe that RUN uses disallowed costs as part of its tax basis. Our Adjusted Cost Approach valuation suggests that RUN’s Cost Approach Tax Model valuation is overstated by 25.7%."

"Nuvei currently has a $14 billion enterprise value. We believe current market data providers fail to adjust its enterprise value for a recent equity raise and other debt adjustments."

"Given these precedent accounting case studies in the REIT sector, we believe HTA's stock could trade to a range between $15 and $20 which represents approximately 20% to 40% downside"

"By ruling vascular access patients out of Penumbra's target market, we believe that the U.S. TAM for Penumbra's peripheral thrombectomy business is 33% lower than the Street believes"

"Spruce Point believes that BOOT shareholders should be outraged that CEO Conroy was quietly elected to the Board of Sally Beauty Holdings (NYSE: SBH), which is a struggling retailer."

"We believe this plan is unlikely to succeed and is an attempt by management to gloss over the fact that its core North American market will likely experience major headwinds in 2025."

"Google's recent moves highlight their growing interest in the ed-tech space. We believe PowerSchool will struggle to compete against Google's brand name and near limitless resources."

"AtriCure's contentions regarding the addressable patient population and penetration rates are so inflated, it's hard to believe the company is not intentionally misleading investors."

"While investors have cheered WSP's ability to meet net revenue and Adj. EBITDA targets the past few years, we believe investors should scrutinize persistent missed net capex targets."

"If P&G could achieve 3.5% annual COGS productivity over the course of its restructuring program from FY 2011 to 2016, we believe the Company would easily generate 51.5% gross margins"

"We assume an attorney deliberately chose those words. We believe this language may be an early indication that 2U's executive team sees greater risks to its graduate business segment"

"We believe ALEX's leased commercial real estate on the mainland is worth close to $500m today, and could be worth more as rents and occupancy improve from cyclically depressed levels"

"We welcome additional alternatives to fund affordable housing, and believe our recommendation to reform the GSEs provides the largest potential source of funds for affordable housing"

"We believe HIMS' “Friendly Professional Corporation” structure used to operate its physician network may not adequately comply with corporate practice of medicine (CPoM) regulations."

"Spruce Point believes FND’s actual debt obligations are $618 million more than is being calculated by analysts and market data providers and its leverage is closer 3.1x and not 2.2x."

"Spruce Point believes FND's actual debt obligations are $618 million more than is being calculated by analysts and market data providers and its leverage is closer 3.1x and not 2.2x."

"We believe measuring integrated margins skews the Company's view of product profitability, and may be masking poorly performing businesses or impeding the Company's pricing strategy."

"Spruce Point believes it is a major red flag that DV recently omitted its long-standing Total Addressable Market ("TAM") claims of $20 billion by 2025 with less than 50% penetration."

"We believe that Incipient Capital's role as source of research used for market projections is especially disturbing due to the conflict that exists between Incipient Capital and TFS."

"Spruce Point believes it is time for significant change at U.S. Concrete Inc (Nasdaq: USCR). Based on our research, we are calling for the immediate resignation of its CEO Sandbrook."

"We continue to strongly believe in the value creation opportunity at GoDaddy, and we urge the Company to seriously consider these suggestions and other opportunities to create value."

"We call upon the company to address these deep points of concern, each of which we believe indicates blatant fabrication and a near-total lack of scientific substance at the company."

"We believe that Southwest should begin the process of change immediately, enabling the Company to be in a position to update shareholders on its go-forward strategy by year-end 2024"

"We believe that synergies, excluding store closures, with a properly executed thoughtful plan could amount to between $500 million and $700 million within the first two years alone."

"We believe the opposite is true. Based on Rhodes, et al, prostates grow about 1.6% per year, so earlier intervention simply means that urologists will be treating smaller prostates."

"We believe that IonQ’s only actual machine is a useless, experimental, error-ridden toy with far fewer qubits, similar to science projects one can use for free from its competitors."

"We believe that Southwest should begin the process of change immediately, enabling the Company to be in a position to update shareholders on its go-forward strategy by year-end 2024"

"Based on the request, the Company believes the focus of the inquiry concerns certain revenue recognition practices and the Company’s relationship with one of its fulfillment vendors"

"If you only listened to iRhythm, you might believe that the entire healthcare system and cardiologists support primary care physicians prescribing monitors to asymptomatic patients."

"At the current price of $78/share, we believe P&G’s stock has very limited downside as it trades at only 18.8x its current level of depressed earnings and has a dividend yield of 3%"