Callouts & quotes from 26,677+ activist slides

"Cost cutting and investments in broadband, both started before Vivendi became a shareholder, are now paying-off"

"We believe that HASI collects PIK interest to generate paper income when its EMIs are too stressed to pay cash."

"Our High End Estimate for Non-Cash ITC-Related HLBV Income in 2020 and 2021 is $60.6 million and $353.2 million"

"Twist’s manufacturing is based on a 70-year old method of DNA synthesis used by “virtually all” other companies"

"We estimate DGW's actual revenue is no greater than US$800,000 annually, versus the US$154.4 million it claims."

"GE Industrial's gross margins have declined over the past few years and are ~260 bps below historical averages."

"Since the IPO on the London Stock Exchange in May 2013 to January 20, 2017, PAH's share price has increased 11%"

"To date most of the development appears to be in the planning stage and only a single refueling station exists."

"The history demonstrates that Hong Kong has modified its exchange rate system to address major economic changes"

"The widespread use of the 30-year fixed-rate mortgage differentiates the U.S. from other large mortgage markets"

"Mr. Langely's license expired at the end of 2019 according to a public record search and it is no longer valid."

"The true run-rate cost for the 30 stores could be almost double or $310 million or $10.3 million per new store."

"FND has lost proprietary brands and no longer talks about its key proprietary brands as a competitive strength."

"As a result, we attempt to adjust Street estimates for these factors that appear to be inflating DOX's results."

"Saputo's EBIT margin in Argentina in 2021 was a significant outlier to local and regional Latin American peers."

"GCP's lack of growth is not the result of a lack of investment. It is the result of a poor investment strategy."

"Spruce Point believes that WPP's large ownership stake in Globant could be a major overhang on the share price."

"One of the few public companies Spruce Point has ever seen that avoids providing quarterly cash flow statements"

"There is a biased process to achieve a biased result, in terms of Alps taking over Alpine at too cheap a price."

"In our experience, allocated corporate overhead is often multiples larger than the unallocated amount disclosed"

"Phillips 66's corporate leaders do not have refining backgrounds and it appears they DO NOT WANT TO BE REFINERS"

"If underperformance persists, shareholders will have no choice but to hold management and the Board accountable"

"On a normalized basis, Huntsman made no progress towards its $1.3 billion Adjusted EBITDA target over two years"

"The Company failed to achieve the financial targets it had presented to shareholders regarding the acquisition."

"The table below shows our calculations of RINO’s tangible operating assets over its total operating asset base."

"HBO revenue is expected to grow from $3.5 billion in 2005 to $4.7 billion in 2010, representing a CAGR of 6.1%."

"TWC also expects to substantially enhance the ARPU and margins of the acquired Adelphia systems as shown below:"

"DV should explain how over $51m and $155m of goodwill and intangible assets aren't at least partially impaired."

"XL seems to be the Gang That Couldn't Shoot Straight. It lost California Air Resources Board ("CARB") approval."

"There is nothing easy about achieving the wealth and lifestyle new distributors are led to believe are possible"

"McGraw Hill’s three year total return of 2% was 29% less than the weighted average of its peers over the period"

"The size and influence of PepsiCo’s corporate has expanded over the years, to the detriment of company culture."

"3. We view Samsung Electronics’ chronic undervaluation as symptomatic of a combination of value-sapping factors"

"On average, Trian’s portfolio companies have averaged 550 bps of EBIT margin expansion from separation to today"

"Phillips 66's corporate leaders do not have refining backgrounds and it appears they DO NOT WANT TO BE REFINERS"

"The multiple management discussed for the EPIC acquisition was based on two-year forward synergized projections"

"Spruce Point has determined that two of three transactions completed by PERI have fallen below planned targets."

"Look familiar? Wildfire is still advertising the same open jobs two years later after being acquired by Perion."

"The midpoint of that range equates to a YoY collapse of -85% in net realized gains for the second half of 2019."

"The widespread use of the 30-year fixed-rate mortgage differentiates the U.S. from other large mortgage markets"

"「割引を含めても総合的な金額見積りは当社にとって“おいしい”内容ではありませんでした。......A300とA150との有意義な比較ができる、そんな概念実証、あるいは実用のケーススタディーのデータは提示されませんでした」。"

"Therefore, using INGN's own methodology, management has overstated the size of the US market by more than 100%."

"We estimate it will take 71 – 83 years to recoup its total investment in the project, assuming no other clients"

"In our view it was a great example of how its system simply wouldn't be able to handle everyday street driving."

"Since Dan Loeb left the Yahoo Board in July 2013, all of Mayer's $2.5 billion in stock buybacks are under-water"

"Beacon is a vanity machine that's "very, very" expensive with double the cost per assay of traditional methods."

"BLI ambitions in immuno-oncology are “pie in the sky”; no one has figured out how to use Beacon assays for that"

"15 of the identified apartments are under construction with completions scheduled between 4Q 2024 through 2027."

"Unlike peers, HMA does not have a Board specific committee with direct oversight of both compliance and quality"

"Olam’s Aggressive Accounting Masks Its Poor Performance and Incentivizes It to Spend Increasingly Precious Cash"

"According to one of FTAI’s key counterparties, FTAI is still essentially a leasing company with an MRO overlay."

"Revenue estimates crept higher despite Florida awards declining and estimates just increased after the LSP deal"

"This was an under-impairment, as Fairfax still carried it at $71 million while the market value was $5 million."

"Despite increasing investments in Sales and Marketing, BMC has failed to generate meaningful ESM revenue growth"

"Over the past two years, MA implied churn has steadily worsened to 47%, which implies a life of only 2.1 years."

"To see how APP collects identities fingerprints to create its PIGs follow the steps below (best results in US)."

"Over the last five years, the Superstores segment has generated steady Adj. EBITDA margins between 9.6% - 10.3%"

"The implied hypothetical future value per share post-transaction for Target shareholders is $109 in three years"

"TIP REIT will trade at a significant premium to any REIT because of its stability, security, and certain growth"

"Set forth below is a valuation matrix that demonstrates Target Corp’s trading multiples at various stock prices"