Callouts & quotes from 26,677+ activist slides

"Danone has greater Emerging Market exposure at 52% than most of its peers and is growing at similar or better rates in these markets"

"Not only is American Tower's international investment generating a better yield but it is also receiving a better valuation multiple"

"At $600M of annual fiber discretionary capex, Crown Castle would still be spending far more capex than its peers on a relative basis"

"96% of issued US patents were acquired from third parties, while only 4% were developed internally, despite massive spending in R&D."

"It is a contract with a total of seven pages with no terms regarding liability – it seems to be an unlikely billion dollar contract."

"CCI's trades at a ~1.5x-4.0x discount to AMT and SBAC on Consensus 2014E EBITDA, and a ~0.5x-2.5x discount on Consensus 2015E EBITDA"

"Other International revenue rises by ~5x the average quarter-over-quarter increase in the quarter following the Crossmed acquisition"

"Despite almost unanimous bullishness among analysts, the average sell-side price target is currently 16% below current price levels."

"If management can’t calculate their own multiple correctly, why would they be right about the appropriate valuation for Phillips 66?"

"In comparing the gross margins of the trading company to Henan Ruili, it is even clearer that Henan Ruili's margins are problematic."

"By following industry best practices, there is potential to improve the quality of training while saving $10 - $15 million annually."

"In our considered view, optimal conditions are being created for the realization of the worst energy crisis the world has ever seen."

"What assurances will management give investors that it will disclose when and if capex related to this purchase exceeds $50 million?"

"In a 2012 talk, he admitted that having “only about 15 qubits” isn’t useful – yet IonQ’s only machine appears to be an 11-qubit toy."

"The CEO evaded and refused to answer the question, which asked for the number of customers that comprise the bookings and their mix."

"We estimate that the annual recurring cost of using the Libre is less than $1,000 to the payor, versus over $5,000 for the G-Series."

"Was this amendment a “token attempt” to evade proper scrutiny and to cover-up the truth concerning the defects of their application?"

"However, by adjusting results for the cash costs of capitalized development expenses, PowerSchool's margin improvement is just 1.6%."

"As a result, when discussing TSR and financial performance, we also make reference to Celanese, Dow, and Eastman as “Primary Peers.”"

"By following industry best practices, there is potential to improve the quality of training while saving $10 - $15 million annually."

"Xylem presented a highly adjusted free cash flow presentation which even included perplexing cash inflows related to software capex."

"Xylem presented a highly adjusted free cash flow presentation which even included perplexing cash inflows related to software capex."

"We are here today because we believe Arconic’s management isn’t succeeding at any of these tasks and yet the Board has failed to act"

"Arconic wants to turn GRP into a "value-add" producer, but in doing so, it is sacrificing utilization and producing inferior returns"

"Employer Services’ growth can increase from ~2-4% to ~7%+, while operating margins should increase from ~19% today to 35% or greater"

"We believe there are clear catalysts for an upward revaluation of MDLZ as key investor concerns that emerged last year are addressed"

"This level of product development is minimal and implies any “product development” to date is more or less just product maintenance."

"Mr. Ajdler will bring extensive public company director experience, as well as a DND shareholder’s perspective and finance expertise"

"As Sunnova's lockup expires, Spruce Point believes insiders will be anxious to reduce their positions at today's inflated valuation."

"Our concerns about Zebra's tax reporting comes from the fact it has listed its tax accounting as a Critical Audit Matter since 2020."

"The entity appears to have been formed in late Jan 2018, and Twist’s prospectus stated the Series D occurred in March and July 2018."

"The good news is that most of these issues are readily fixable and that P&G’s brands and products are generally in a strong position"

"~$4 billion of Bristol-Myers shareholder value could be destroyed if REVLIMID fully genericizes only two years earlier than expected"

"The principal argument against a revaluation is that it might harm the HKMA’s credibility. We believe this is false for two reasons:"

"Until the correlation broke in Q4 FY24, there was almost a 1:1 relationship between growth in imports and e.l.f. product U.S. sales:"

"By reforming the GSEs, taxpayers could receive more than $600bn over time from Treasury’s original $187bn preferred stock investment"

"Under the cover of an SEC response letter, HIMS admits that the strategic health provider relationships are financially meaningless."

"We worry that management may be manipulating its headcount disclosure to ensure that it continues to report growth in its workforce."

"GGP’s bankruptcy is the result of the unprecedented disruption in the credit markets coinciding with large near-term debt maturities"

"a vote for Trian’s nominees is a vote for four highly qualified individuals who will seek to work collaboratively with the Board to:"

"Agrium for years ignored basic, shareholder-friendly changes until pressured to do so. An enhanced board can unlock even more value."

"We believe the root cause of Disney’s underperformance is poor oversight from a Board that lacks focus, alignment and accountability"

"Disney's brand reputation has fallen from the No. 5 / 100 spot in 2018 and 2019 (a feat it used to boast about)... to No. 77 in 2023"

"As a result, when discussing TSR and financial performance, we also make reference to Celanese, Dow, and Eastman as “Primary Peers.”"

"TWC is forecasted to generate industry-leading growth in OIBDA, which is the primary justification for an industry-leading multiple."

"We find XL materially overestimates savings by exaggerating fuel costs, vehicle service life, driver wages, and annual miles driven."

"Aegon Americas generated 70%+ of operating profit in both 2023 and H1'24. making it by far the most consequential segment for Aegon."

"Sell an overpriced, unadvertised white powder to strangers, from whom you are required to obtain name, address, and purchase details"

"Herbalife has one Nutrition Club for every 2,800 people in Mexico, equivalent to the density of the top 15 QSRs in the U.S. combined"

"What would the QALYs be for a treatment that causes no improvement in visual function but requires frequent injections into the eye?"

"a vote for Trian’s nominees is a vote for four highly qualified individuals who will seek to work collaboratively with the Board to:"

"Free cash flow conversion. This is my favorite slide. 124% for Church & Dwight; peer average is 91%. A lot of companies target 100%."

"We believe Intuit shareholders may have lost sight of the fact that the Company now has a sizeable small business lending operation."

"In instances where we do not have reporting from our partners, we estimate revenue based on information available to us at the time."

"Starbucks is the leading packaged coffee brand in the U.S., with significant white space overseas unlocked by the recent Nestle deal"

"a vote for Trian’s nominees is a vote for four highly qualified individuals who will seek to work collaboratively with the Board to:"

"We estimate that Fannie Mae can be fully recapitalized by year-end 2026, while Freddie Mac can be fully recapitalized one year later"

"NQ's larger than expected revenue growth and increased guidance are the only tools it has as it attempts to keep its stock price up."

"「試行検査装置のアップタイムは約60%〜70%と低く、失望しました。本来なら80%〜90%を期待したいところです。光源に問題があって、アップタイムは同等のKLA製の装置よりも低く、ユーザー・インターフェース、使い勝手、また性能としてもKLA製と比べて劣っています」"

"If New Darden’s multiple does not expand following a spin-off, we believe more than $800 million in shareholder value could be lost."