Callouts & quotes from 930+ activist slides

"After backing out the value of publicly traded MLP interests and the estimated value of other non-refining businesses, Marathon's current trading price implies a significant discount to the trading value of merchant refining peers"

"Dollarama has zero social media presence, unlike all of its peers. Not only is the Company out of touch with customers in an industry which demands a high level of customer engagement, but its brand is becoming demonstrably stale."

"LSPD was the only Company among its close peers talking about "quick" and "rapid" growth starting in April 2020. Other peers gave a more muted perspective, with one saying it really took until late June/July to see an improvement."

"Phillips 66's (NYSE: PSX) conglomerate structure gives investors the worst of both worlds. The business doesn't benefit from refining upside to the same degree as pure-play peer Valero, but still has the same downside volatility."

"The Summary White Paper contemplated a separation of the portfolio as a means to an end to increase the probability that the individual businesses eliminate operational underperformance vs. peers and achieve a multiple re-rating."

"Contrary to Phillips 66's narrative that their business mix affords investors reduced volatility and they have successfully completed their operational turnaround, the Company delivered worse earnings than all of its peer groups."

"Contrary to Phillips 66’s narrative that their business mix affords investors reduced volatility and they have successfully completed their operational turnaround, the Company delivered worse earnings than all of its peer groups."

"Avery's NTM valuation relative to its closest materials and specialty chemical adhesive peers cannot be justified by Avery having higher free cash flow, or faster sales growth potential. It's dividend yield is also below market."

"Based on peer data and an expert interview, we believe that Resideo's average customer life assumption of 12 years in the Snap One transaction to be extremely aggressive and well beyond the 7 – 8 years supported by our analysis."

"We believe that DOX should not trade at a material premium to midcap technology and business process outsourcing (BPO) peers as a result of its opaque and complex structure, below avg growth, accounting and governance concerns."

"Phillips 66's choice of only looking at Lashier's tenure as CEO hides the fact that Lashier's stint as COO led to >50% relative underperformance vs. its refining peers, given poor operations during the "Golden Age" of refining."

"Phillips 66's choice of only looking at Lashier's tenure as CEO hides the fact that Lashier's stint as COO led to >50% relative underperformance vs. its refining peers, given poor operations during the "Golden Age" of refining."

"Further, we are concerned that Mellanox has set the bar far too low. For example, even if the 2018 targets are achieved, Mellanox would still be expected to come in dead last among the peer group in terms of operating margins."

"BP's peers such as Chevron and ExxonMobil are being much more realistic in their capital allocation: they plan to spend around 10% of their capex in the next five years on low carbon solutions, which compares with 30%+ for BP."

"Without a proper focus on Kao’s strongest brands, it is hard to believe that Kao has the same ‘right to win’ in the global marketplace as peers and its poor portfolio management will continue to act as a drag on a turnaround."

"As Phillips 66’s refining EBITDA eroded due to poor operating performance, the refining weight in its synthetic peer group dropped, masking the impact of Phillips’ underperformance against its core peers, Marathon and Valero"

"As Phillips 66's refining EBITDA eroded due to poor operating performance, the refining weight in its synthetic peer group dropped, masking the impact of Phillips' underperformance against its core peers, Marathon and Valero"

"PGNY is generally considered a technology laggard compared to its fertility benefit manager peers, which either have strong digital DNA given their recent founding or have sought to partner with leading technology platforms."

"Spruce Point believes it is customary for large and global U.S. public financial reporting peers to disclose how much cash and equivalents are held outside of the U.S. in foreign subsidiaries or permanently invested abroad."

"The Hyundai Motor Group is a brand recognized for quality: HMC and Kia have consistently outperformed their peers in the J.D. Power Initial Quality Survey ("IQS"), a testament to the superior craftsmanship of their products"

"To ensure that Crown Castle's management team is properly aligned with shareholders, we are recommending a revised incentive plan that encourages sound capital allocation and bridging the performance gap to industry peers"

"Despite having the largest revenue base in media, arguably the best IP, iconic studios, and multiple distribution channels, Disney's Media business ("Entertainment" and "Sports") significantly under-earns its media peers."

"Despite having the largest revenue base in media, arguably the best IP, iconic studios, and multiple distribution channels, Disney’s Media business (“Entertainment” and “Sports”) significantly under-earns its media peers."

"Phillips 66's refining assets are some of the best assets in their respective markets; the complexity, scale and flexibility of each refinery should allow it to better compete with peers Valero or Marathon in each region."

"While choices around insourcing vs. outsourcing impact headcount comparisons, BK also spends the greatest % of revenues on professional and outside service fees compared to other custody, asset management and G-SIB peers"

"Disclosures are varied and limited among peers related to inventory reserves and charges. However, it’s clear that reserves run closer to 3.0% - 4.0% and not 7.7% - 27.9% as illustrated by Mettler’s foreign subsidiaries."

"Despite our belief that Danimer’s selected peer group is not a strong representation of its business, Danimer trades at substantially higher multiples that its self-selected peers on a projected revenue and EBITDA basis."

"Our bull case scenario suggests that HSIC would be worth $126 representing +50% upside. Our bull case illustrates the upside of HSIC shares today should Vets First Corp be awarded the highest multiple in its peer group."

"How is Billy Taubman, Taubman's Chief Operating Officer, supposed to provide an independent review when the Company's operating performance - which he is responsible for - massively underperforms its Class A Mall Peers?"

"PowerSchool is among the most highly levered companies in its industry; a standout where many peer companies are net cash. Only TWOU, a company that has recently been linked to financial challenges, has worse leverage."

"We Believe That Viacom is Significantly Undervalued Relative to its Peers and Assets and Can Deliver Material Returns Over The Long-term For Its Shareholders With Changes Made to its Leadership and Board of Directors"

"Over a longer term period, with a best-in-class management team and perfect information, we believe the opportunity exists to reach peer average margins of 48% and potentially further close the margin gap with Amgen."

"Compared to its DTC peers, FIGS allocates nearly all fulfillment and distribution expenses to the operating expense line items, instead of COGS. This results in FIGS gross margins being overstated relative to peers."

"Marathon has excelled since it took bold actions to improve operations and governance, resulting in a ~150% relative share-price outperformance versus its peers Phillips 66 (NYSE: PSX) and Valero Energy (NYSE: VLO)."

"Expectations of a potential transaction announcement have contributed to HHH's substantial share price outperformance relative to peer benchmarks since August 5, 2024 (the day prior to Pershing Square's 13D filing)"

"We analyze the annual capex reporting as a percent of its Gross P&E relative to a diversified set of aggregate and building material peers and find USCR to be a significant outlier when adjusted for capital leases."

"Genius currently trades at a premium to peers on a sales and EBITDA multiple basis while generating significantly lower margins than peers and below average projected revenue growth to online gaming and B2B peers."

"Disney's EPS performance has significantly underperformed its self-selected “media industry” peers in both "new media" (e.g., Netflix, Alphabet) as well as traditional media (e.g., Comcast, Warner Bros. Discovery)"

"Disney's EPS performance has significantly underperformed its self-selected “media industry” peers in both "new media" (e.g., Netflix, Alphabet) as well as traditional media (e.g., Comcast, Warner Bros. Discovery)"

"As Phillips 66 acquired midstream assets at dilutive multiples, and management and Board focus has shifted away from refining, underperformance vs. Phillips 66's core peers (Valero and Marathon), has accelerated."

"As Phillips 66 acquired midstream assets at dilutive multiples, and management and Board focus has shifted away from refining, underperformance vs. Phillips 66's core peers (Valero and Marathon), has accelerated."

"The $581 million downgrade of Nkran and Esaase was largely offset by upgrades to satellite pits that relied in part on increasing the assumed gold price to $2,000 / oz., which is way out of line with AKG’s peers."

"As Phillips 66 acquired midstream assets at dilutive multiples, and management and Board focus has shifted away from refining, underperformance vs. Phillips 66's core peers (Valero and Marathon), has accelerated."

"Even if P&G is unable to achieve its underlying earnings potential, we believe there is little downside in the stock as it trades at a discount to peers, despite having the largest cost opportunity in the sector"

"Spruce Point’s proprietary rating of MSCI ESG rating is “F”. We believe there are many areas where MSCI can improve to raise its rating to become a better governed and respected company among its industry peers."

"After working with Elliott, Marathon Petroleum's Board and management acted decisively to create a more focused and efficient organization. Marathon stock has dramatically outperformed its peers since mid 2019."

"Spruce Point believes that C3 might look optically cheap relative to high growth data and AI peers, but that C3's revenue estimates are too high, and lie on a shaky foundation with a related-party Baker Hughes."

"Lasertec is an extreme, textbook accounting fraud that checks off every box: claiming to have the highest margins in the industry; but alarmingly little cash flow and the lowest cash conversion among its peers."

"Amcor's projected synergies as a percentage of pro forma sales and EBITDA are the highest relative to recent paper and packaging transactions over $1 billion, and significantly higher than the peer set average."

"Rarely has Spruce Point witnessed such competitive intensity among peers. Wise has launched a social media campaign and provided tools on its website to allow potential customers to compare value propositions."

"Oasis proposes freezing the K27 Equity Compensation Plan and introducing a new long-term incentive plan based on feedback from institutional investors, peer benchmarking and input from third-party consultants."

"Crown Castle’s underperformance is especially disappointing based on our view that its U.S. tower portfolio has more attractive characteristics than its peers and is better positioned for the 5G upgrade cycle"

"The result has been extreme shareholder value destruction and sustained share price underperformance versus peers - despite Avantor having a higher mix of recurring revenue and defensive consumables exposure."

"D&D is currently trading at a significant discount to its peers, based on FY2024 consensus EBITDA estimates. Illustratively, at the peer median of 19.2x EV / FY2024 EBITDA, D&D would trade at $71.54 per share"

"Over a more relevant five-year time horizon, Phillips 66 has underperformed both refining and midstream peers, with the underperformance especially stark after adjusting for midstream's lower cost of capital."

"In our opinion, analysts incorrectly believe Aerojet is cheap by comparing it with overvalued “small cap” A&D peers, none of which even compete within its rocket propulsion or missile defense market segments."

"The fair value of the Company-owned retail stores nearly equates to Goodyear’s market cap and monetizing the stores at a ~13x EBITDA multiple (public peer average) would drive $4+ per share of value creation"

"FND's inventory accounting is called "moving weighted average cost method" and appears to be some hybrid of the method used by Lumber Liquidators and Tile Shop, which are both embattled and struggling peers."

"If Kornit received a multiple closer to printing and computer equipment peers, and our concerns about Amazon come to fruition, it's easy to justify a price target of $4.50 – $9.30 or 75% – 85% downside risk."

"Comparisons to each of the peer sets indicate that our shareholders are well-served to invest their money with ADP, rather than investing in these other universes of companies (over any relevant time period)"