Callouts & quotes from 485+ activist slides

"That said, we believe age is often used as a marketing tool to over-dramatize the fertility treatment imperative, as CDC data indicates 60% of ART cycles performed in 2019 were on women below age 37."

"Sales/ft² is still 25% below 2005 peak levels six years later. We believe sales/ft² could increase materially by 2015 and still be meaningfully below inflation-adjusted peak levels reached in 2005"

"The information below and on the left is from a French government website. The information below shows this entity used the villa Mas du Figuier as its address, making it obvious it is the seller."

"TWX led the US Magazine Publishing market in 2004 with about twice the revenues of its closest competitor, as illustrated below in the Top 25 Magazine Companies by US Magazine Net Revenue in 2004."

"Despite the reset and significant brand investment, 2013 EPS is forecast to grow only 7%, below the peer average and at the low-end of PepsiCo's long-term guidance ("high single digit EPS growth")"

"We believe that RINO's SAIC financial statements are largely reliable. The SAIC income statement (below) shows consolidated 2009 revenue of $11.1 million, versus $192.6 million in its SEC filings."

"Applying that fraction to the 379 million Rmb in prepayments from before gets us to about 223 million Rmb of deferred revenue, or $34 million. Uh-oh: that is 25% below the $45 million TAL booked."

"Heska has spent well below $2 million over the past two years on capital expenditures. We find this disclosure inconsistent with the Company's statements that it is manufacturing the Element AIM."

"TASK has been promoting its Latin America potential, notably Mexico since 2019. It talked of scaling to over 1,000 employees. Fast forward to 2021, its Mexico headcount is 40% below plan at 620."

"In fact, following the pre-announcement of recent results and initial 2018 outlook, we estimate that management’s EBITDA guidance for 2018 has fallen 17% below its original post-merger guidance."

"A new (as of Q3 2023) CYA disclosure warns investors that GAAP income covers only 27% of the dividend (below), seemingly telegraphing BXMT's recognition of the unsustainability of its dividend."

"The FDA’s reviewer’s conclusion – shown below – exhibits no awareness that a 2 point reduction in ESS is a failure: “HARMONY 1-bis provides confirmatory evidence of pitolisant’s effect on EDS.”"

"Notwithstanding the strategic benefit of an extensive branch network across Hong Kong and China, BEA HK’s fee income business falls below its peer group average, on both a gross and a net basis"

"As AMT has not hedged its currency risk we believe that this could cause further devaluation of revenue and assets in the future and will most likely lead to AMT performing below expectations."

"The actual percentage is likely lower, as we suspect Intel’s price is even less; and as the average is driven by earlier years ~2020/2021, we think ACTIS today is <10% of sales – if not below."

"Despite a stellar 2019, we believe Chipotle still has significant unrealized growth potential, with average restaurant sales still 12% below peak levels and margins ~700bps below peak levels"

"Monolithic has grown its dividend recently, but well below its potential. If you take Monolithic's financials at face value, EPS is up nearly 400% in the same period the dividend is up 166%."

"Keisei's target for a minimum payout ratio of 10% is substantially below disclosed expectations from Japanese and non-Japanese investors, combined with no buyback programme unlike most peers"

"Goodyear’s product warranty costs are ~40% below Michelin and Bridgestone’s as a percentage of revenue, which speaks to the quality of its manufacturing assets and skill of its employee base"

"We do not know why FMCN sold it at such a below market price, but there are signs that the bargain sale may have to do with enabling FMCN management to engage in a self-dealing transaction."

"Archer has failed to keep aircraft mass below 6,000 lbs and this example is one of many instances where Archer downplays Joby's accomplishments in order to falsely elevate its own standing."

"Over the past year, SE has traded down 5% versus comps which were up 21% - a 26% underperformance. Over a 3 year period, SE's underperformance has been much more dramatic - 72% below comps"

"BlackRock proclaims itself as a defender of governance for the benefit of its clients, but does not concern itself with having below-average governance to the detriment of its shareholders"

"In the five years preceding our involvement, Autodesk’s share price significantly underperformed design software peers, the broader software market, and the overall market, as shown below."

"BlackRock proclaims itself as a defender of governance for the benefit of its clients, but does not concern itself with having below-average governance to the detriment of its shareholders"

"A sharp increase in operating expenses as a percentage of sales have resulted in AOL's EBITDA margins declining from 34% in 2009 to 16% in 2011 and falling substantially below peer levels."

"Based on FY16 numbers, we calculated an average per farm CapEx spend of approximately RMB 107 million (see Table 3 below), suggesting that the dairy farm CapEx inflation increased in FY16"

"Despite acquiring five companies which generated a reported ~$140 million in aggregate total revenue between 2021 and 2024, Limbach ended 2024 with revenue ~$50 million below 2020 levels."

"The GSEs’ fixed-income arbitrage business has been wound down, and the GSEs today hold $182bn of mortgage loans to support their core guarantee business, well below caps set by Treasury"

"The GSEs’ fixed-income arbitrage business has been wound down, and the GSEs today hold $182bn of mortgage loans to support their core guarantee business, well below caps set by Treasury"

"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."

"In contrast, during each of these bear markets, the Pershing Square Funds generated strong returns with the benefit of our hedging strategies which we outline in greater detail below."

"If the discharge condition is not optimized, the plasma becomes unstable and brightness stability becomes worse. Brightness may drop below the threshold required for mask inspection."

"As of the publication date of a Muddy Waters report, Muddy Waters Related Persons (defined below) are SHORT the securities of or derivatives linked to Fairfax Financial Holdings Ltd."

"As of the publication date of a Muddy Waters report, Muddy Waters Related Persons (defined below) are SHORT the securities of or derivatives linked to Fairfax Financial Holdings Ltd."

"Strangely, this part of the website has been recently updated. The below screen shot was taken from the same web page 11 days earlier. Note that two of the supervisors were updated."

"We believe that the average of brokers' valuations for US Onshore, of c.US$6.5bn, is well below recent transaction prices, trading valuations of US listed peers and intrinsic value"

"The Board has consistently set management’s compensation targets meaningfully below goals communicated to shareholders, which we believe severely reduces management accountability."

"Below is an excerpt of the long list of restrictions – just a few things an Inspire patient must think twice about having, doing, or being anywhere near for the rest of their life."

"See the Open Corporates page below regarding MOXC’s dormant Malaysian subsidiary. Under “latest events” it shows the entity was incorporated in January 2019 with no activity since:"

"All three years produce estimated interest rates of approximately 5% — below SOFI's own Blended Funding Cost of 6.3% and far below the ~13% yield on the underlying personal loans."

"For the 2016-2019 PSP plan, management is targeting 2.8% organic sales growth, below expected market growth. Rather than improving performance, the Board decided to lower the bar."

"Publishing's record over the last few years, however, has been less spectacular as title launches have not generated significant revenue based on industry rankings as shown below."

"Despite a 37.5% reduction in the cut-off grade, the Measured have clearly and dramatically shrunk exactly below the area where mining and grade control drilling has been focused."

"Below are the dividends Dr. Martin’s real estate holding subsidiary, International Assets Finance S.à r. l., appears to have received from Kalamazoo Quality Way One Inc. in 2021:"

"Warning: At best, we estimate that Oatly's Gross Margin is on par, to slightly below, its peer plant and dairy specialty foods peers after adjusting for outbound shipping costs."

"When capitalized commissions are deducted from both Adj. EBITDA and Non-GAAP Net Income in FY19, growth in both metrics is cut from mid-teens levels to close to (or below) zero."

"When capitalized commissions are deducted from both Adj. EBITDA and Non-GAAP Net Income in FY19, growth in both metrics is cut from mid-teens levels to close to (or below) zero."

"Collectively, the group showed a net cash outflow of RMB 12.0 million. Yet, YY would have recorded RMB 17.1 million in revenues from gifts given to Ruitiantian, as shown below."

"Atrasentan’s direct effect on rates of advancement to end-stage kidney disease, as the below table taken from the SONAR analysis shows, does not reach statistical significance."

"The charts below put WSP's stretched valuation in greater context. The premium may exist because investors believe WSP is a superior acquiror and operator within the industry."

"As illustrated below, after normalizing for Leasing Gains on Sale, ~80% of AP’s EBITDA has been reclassed to the Investing section and seemingly is largely whole engine sales:"

"Looking carefully at the accounts, we see that in 2024, the amounts added to deferred revenue dropped below amounts recognized for the first time since being reported in 2021."

"As shown in the chart below, despite the recent increase in share price, GoDaddy is still valued at a large discount compared to peers and its own historical trading multiple."

"We remain short Herbalife because we believe intrinsic value is meaningfully below the current share price; a buyback is likely to be value destructive on a fundamental basis"

"We remain short Herbalife because we believe intrinsic value is meaningfully below the current share price; a buyback is likely to be value destructive on a fundamental basis"

"As of the publication date of a Muddy Waters report, Muddy Waters Related Persons (defined below) are SHORT the securities of or derivatives linked to Eurofins Scientific SE."

"We remain short Herbalife because we believe intrinsic value is meaningfully below the current share price; a buyback is likely to be value destructive on a fundamental basis"

"The teacher recruitment ad below shows Shujia marketing itself as GZ 1-1 and still as part of TAL, or specifically as “Aizhikang” and under the “Haoweilai” (TAL) brand flag."

"Though PepsiCo does not disclose its international beverage margin (1/3 of sales), we estimate its global beverage business has a 12% EBIT margin – well below beverage peers"