Callouts & quotes from 26,677+ activist slides

"THE COMPANY’S FINANCIALS IMPLY NEARLY $300MM OF SPENDING ON CONSULTANTS SINCE 2022(1) WHICH SEEMS TO HAVE DELIVERED LITTLE TANGIBLE BENEFIT"

"Coffman's extensive executive level operating experience in the refining industry would make him a valuable addition to the Phillips Board."

"At over 18x our FY26E Adj. EBITDA estimate, Limbach trades at a valuation premium we view as completely disconnected from its fundamentals."

"Several highlight a clear intent to provide end-to-end lifecycle solutions, placing OEMs in direct competition with Limbach’s ODR business."

"After de-consolidation, the TRP's observed multiple discount to ENB of 1.4x increases substantially to 4.8x based on 2015 EBITDA estimates."

"By engaging in an 'all-in' dropdown with IDR re-negotiation, TCP's scale and distribution growth rate will re-align with other premier MLPs"

"His LinkedIn bio states he is “the company’s leading surgeon in California” and leads “approximately 100 surgical interventions each year.”"

"After a 13-month investigation, NTSB Chair Jennifer Homendy testified in front of the U.S. Senate that the vent and burn was not justified."

"We view the lack of a collar as a glaring red flag, signaling a calculated move by CoreWeave to offload risk while its equity is expensive."

"In periods of market and/or portfolio volatility, PSH has continuously maintained conservative leverage levels and investment grade ratings"

"The introduction of direct competition will put pressure on Inspire's ASP and inherently reduce Inspire's realistic commercial opportunity."

"This inventory could be placed on any AOL property, yet we believe it is pushed to Patch in order to justify continued investment in Patch."

"Given the distortions in Leidos income statement metrics, we believe the best way to value the Company is on its operating cash flow (OCF)."

"If a drug does the exact opposite of what it claims, has potentially fatal adverse effects, and bills you $500K for the favor, it's a hoax."

"I came away thinking, you know what? These guys haven't got that piece of information, which I think is necessary to progress the molecule."

"So, the patient is only taking one antihypertensive for mild elevated blood pressure, 42, healthy, shows up in the ER with QT prolongation."

"So, the patient is only taking one antihypertensive for mild elevated blood pressure, 42, healthy, shows up in the ER with QT prolongation."

"None of them responded. To us, this shows ZJK’s avoidance of investors who would actually like to learn something deeper about the company."

"In 2023, the Berlin Regional Court ruled against HelloFresh following complaints about misleading marketing of "climate-neutral" meal kits."

"We question why PharmaCann is willing to pay, or can afford to pay over $3M in rent per year without being able to use the facility at all."

"We generated substantial negative returns from Q3 2015 to Q1 2016 driven largely by our Valeant investment, and positive returns thereafter"

"Flexopt hardly constitutes a business, with basically $0 in revenue and is simply using CoreCard's own loan to pay for CoreCard's services."

"INOD’s insiders have sold a total of $16 million of stock since 2020, with $13 million of those sales coming in the past nine months alone."

"Excluding ISRG and these acquisitions, we estimate that UFPT would have grown sales by a marginal 0.4% in 2024 as shown in the table below."

"NBEV ends up paying 50% of revenue for the licensing deal, yet our research indicates that standard rates for this industry are around 25%."

"We believe PLTK's business is unattractive in even the best of times, and see a potential downside of over 40% in the short to medium term."

"I'd like to pay. Can you add a private massesue, six bottles of fine champaign in the bill? Also please put a pack of condomn in each room."

"The bogus Korean contract appeared as a savior, pushing the stock price from around A$5 to a recent new ATH of A$11.20, reversing the fall."

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

"In Q4'23, the quarter-over-quarter growth rate collapsed to less than 1% while year-over-year growth continues to decline to the low teens."

"We Believe Ferguson is Mispriced as a UK-Listed Equity as 100% of its EBITDA Will Be from North America Following the UK Business De-Merger"

"While these are all thought of as commodity businesses, they are higher margin and much more stable than most commodity chemical companies."

"A New Mandate at DSP is Required to Ensure Alternative Viewpoints are Allowed to Be Introduced and are Properly Considered in the Boardroom"

"Analysts acknowledge that change is needed to unlock value from midstream and view a spin (or sale) as the most viable pathway to do this."

"We continue to believe that the opportunity for productivity improvements and margin expansion at Mondelez is significant even beyond 2018"

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

"We believe Avery has grown so dependent on restructuring charges to perpetuate growth, that it has pivoted towards accounting manipulation"

"We find a cumulative delta of approximately $320m, which corresponds approximately with the amount of debt increased on the balance sheet."

"Time To Exercise The Clawback Provision? Why The Board's Lack of Financial Sophistication Is Enabling Insiders To Reap Unjust Compensation"

"Based on our research, GFL paid $84m. We estimate Bestway had $30m of sales, and GFL paid a hefty 2.8x / 10x multiple of sales and EBITDA."

"Shareholders need to be satisfied that the peer group is appropriate and not cherry-picked for the purpose of justifying or inflating pay."

"We will show why we believe Unifinance doesn't exist, and VCM Group is nothing more than a 1 person enterprise that has suddenly vanished."

"Two years later, on April 11, 2007, TLW Land & Cattle assigns working interest in those mineral rights to both SandRidge and WCT Resources"

"With Ally to provide up to $1.25B in bulk financing capacity in FY19, Sonoran will exceed 50% of Carvana’s total funding capacity in FY19."

"It is perplexing that both growth and margins can be down so much – despite better end markets and significant reinvestment opportunities."

"Ultimate Software has spent only ~$590m on R&D cumulatively since 2011 while building and maintaining a world-class enterprise HCM product"

"Pershing Square’s hedging strategy has generated substantial gains across multiple volatile market environments since the firm’s inception"

"Although we have not included a more efficient kitchen in our margin improvement plan, we believe a large additional opportunity may exist"

"Well-performing casual dining companies use marketing strategically to connect with the customer, not just to cover the airwaves with LTOs"

"We believe that a $350 million portfolio sale would improve Darden’s credit profile, setting the stage for a larger real estate separation"

"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"

"A quick glance at each of Beiruichen and Luye’s SAIC financials immediately moots any discussion of leverage ratios and security packages."

"Given the differences in profitability between Target and Wal-Mart, we believe there are opportunities to improve Target's retail margins."

"Viacom's Outside Directors' Median Pay Last Year (2014) was $314,000 - Higher Than Disney, Time Warner, Discovery, Fox , Scripps, and AMC."

"Val-gan would need to trade at only 7.4x 2014 Pro-Forma Cash EPS1 in order for the Transaction value to exceed Allergan’s unaffected price"

"Annual setting of performance criteria for a “long-term” plan fails to hold management accountable for meeting long-term financial targets"

"The notion that HDDs cannot ensure full GPU utilization is a scare tactic used by the pro-flash camp to appeal to the GPU-obsessed market."

"Just these three issues have a dramatic impact on the TCO math, making Solidigm’s conclusion of 59% cost savings over HDDs highly suspect."

"Although we have not included a more efficient kitchen in our margin improvement plan, we believe a large additional opportunity may exist"

"Well-performing casual dining companies use marketing strategically to connect with the customer, not just to cover the airwaves with LTOs"