Callouts & quotes from 676+ activist slides

"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."

"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."

"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."

"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."

"Phillips 66 underperformed the average of core peers Valero and Marathon by 8%, 32% and 97% over 1-year, 3-year and 5-year periods, respectively – no amount of statistical manipulation can change this fact."

"As a standalone entity, SSgA could be better positioned to close the margin gap versus peers, receive a multiple re-rating over time, and may have significant strategic value to other industry participants."

"Phillips 66 underperformed the average of core peers Valero and Marathon by 8%, 32% and 97% over 1-year, 3-year and 5-year periods, respectively – no amount of statistical manipulation can change this fact."

"~400 bps of improvement in MDLZ margins, bringing them in-line with diversified food peers (but well below snacks peers), would yield ~$1.4bn in incremental EBITDA (potentially worth ~$16bn to shareholders)"

"Ferguson's North American footprint is >2x the average of the specialty distributor / broadline peer group but only 1 US based research analyst covers the stock (vs. an average of 14 analysts for its peers)"

"Even recognizing that FIGS is projected to grow sales 26% in 2022, it still carries a substantial premium to peers despite our documented concerns around management and its exaggerated financial reporting."

"We believe FND trades at an irrational premium to peers and that sell-side expectations are too high. Where we differ the most is new store operating expenses which we estimate are set to rapidly increase."

"Stryker's allowance for bad debts, a contra account to accounts receivables, has been steadily growing and is now above 5% of gross receivables - notably larger than close peers Zimmer Biomet and Medtronic"

"The under-performance of Bob Evans over the last 5 years has been even more pronounced, as the Company has under-performed all selected publicly-traded family-dining restaurant peers by as much as 150.5%."

"If we illustratively assume TheFork is sold at 5x CY26E revenue, similar to peer transactions, it would imply Tripadvisor trades at just ~4.5x EBITDA on a pro forma basis, an even larger discount to peers"

"In a world where Saputo has been expanding beyond Canada, and into the US, Europe, and Australia/Asia, it appears that its employee cost structure is not competitive with its global dairy-producing peers."

"If we illustratively assume TheFork is sold at 5x CY26E revenue, similar to peer transactions, it would imply Tripadvisor trades at just ~4.5x EBITDA on a pro forma basis, an even larger discount to peers"

"At a minimum, industry leading FMCG companies should achieve normalized gross margins of over 45%. Currently, we estimate Consumer Products Gross Margins remain below pre-Covid levels and far below peers."

"If volume growth accelerates to UNP's potential, we believe investors will reward this higher growth with a valuation more in line with UNP's Canadian peers and other high-quality US industrial companies"

"Investors should be alarmed that unlike most of its peers, Samsara does not provide the most basic level of transparency on key performance indicators such as net subscriber additions and customer churn."

"We believe Intuit will see a material multiple de-rating over time, and thus we expect the shares to underperform those of its software peers, the technology sector, as well as the broader equity market."

"It is therefore not surprising that Nevro and its peers appear downright paranoid about doing any long term studies, preferring to cease evaluation at the 3-12 month mark lest they blow up reimbursement."

"Spruce Point believes that ROAD's disclosures of its aggregate reserves are inadequate to fully access the risks of owning its shares or its valuation relative to peers that do disclose such information."

"Carvana generates only about half the industry average sales per employee, yet its aggregate compensation expense as a percentage of sales is over 33% higher than peers, and almost twice that of CarMax."

"Since Shareholder Nominee involvement announced on January 28th: Hess has outperformed Proxy Peers by 23%; Hess has outperformed Revised Proxy Peers by 22%; Hess has outperformed Bakken Operators by 26%"

"Analysts and investors currently believe that Hill-Rom shares trade at a 35-40% discount to other med-tech stocks, justified by the Company's relatively slow growth rate versus more tech-oriented peers."

"Phillips 66 stock has underperformed during both refining upcycles and downcycles relative to pure-play refining peers like Valero Energy. In other words: all the downside, with much less of the upside."

"CTO is Obscuring the Fact that Their Core Cash Flows from Operations Have Never Been Enough to Cover Their Dividend and Pay for Recurring Capex with an AFFO Metric That Is an Aberration from Their Peers"

"Dollarama consistently produces operating margins materially higher than industry peers, and higher than historical industry norms. This gap has only grown more substantial through the last five years."

"According to JP Morgan's analysis, Hess International Co's leverage would fall within the range of Hess's applicable proxy peers and would receive an investment grade rating from the rating's agencies"

"Since the appointment of Mr Looney as CEO (as a proxy for the current strategy) BP's TSR of 34% lags all of its peers (69% for Shell, 87% for Chevron, 101% for Total Energies and 143% for ExxonMobil)."

"Although prior to 1997, BEA performed well compared to its listed peers and the Hong Kong retail banking sector, in recent years it has underperformed significantly in terms of both ROE and BPS growth"

"Result is Hess is penalized twice: Penalty #1: Multiple-based valuation undervalues Bakken; Penalty #2: Hess given lower multiple than peers due in part to higher capital intensity and cash flow gap."

"We question why the street is valuing O Realty at the highest amongst its peers when its occupancy, lease duration and near term lease renewals all reflect a status at the bottom of their peer group."

"We question why the street is valuing O Realty at the highest amongst its peers when its occupancy, lease duration and near term lease renewals all reflect a status at the bottom of their peer group."

"AOL's EBITDA growth ranked lowest among its peers and free cash flow growth was near the lowest quartile, while its CEO and CFO bonus payouts ranked in the 83rd and 96th percentile compared to peers."

"The survey found that investors rank Phillips 66 last among its peers on operational execution, CEO effectiveness, capital-allocation strategy and overall delivery against its value-creation agenda."

"The survey found that investors rank Phillips 66 last among its peers on operational execution, CEO effectiveness, capital-allocation strategy and overall delivery against its value-creation agenda."

"Consider that over the past decade, Phillips 66 shares have managed to underperform Valero Energy ("Valero") and Marathon Petroleum ("Marathon"), its closest peers, by -138% and -188%, respectively."

"We find that its prices are on average 15%-20% higher. Weis' prices decreased 8% relative to peers between mid-year 2017 and 2018. As a result, we expect Weis' gross margins to be pressured in 2018."

"In a new survey of institutional investors, Phillips 66 (NYSE: PSX) ranked last among its peers in operational execution, capital-allocation strategy and delivery against its value-creation agenda."

"To illustrate the potential for cost improvement at GRP, based on a bottoms-up analysis, we analyzed GRP's 2015 mix and cost position relative to peers. The opportunity for improvement was enormous"

"By evaluating median compensation data provided in proxy statements of Zebra's peers, we find that, not only does it have the lowest compensation, but also compensation has not grown in four years."

"Shares have underperformed peers for more than a decade. Despite this clear market signal, Phillips has ignored the need for change and continually praises the benefits of its diversified portfolio"

"The Board and Mr. Shaw rushed into a bad deal that gets Norfolk Southern a short-term PR win while CPKC and CSX, the Company's closest peers, strengthen their partnership and competitive offerings."