Callouts & quotes from 533+ activist slides

"Despite saying that contingent consideration was reduced by $4 million related to Base Commerce, Nuvei has reported two other different remeasurement amounts in the MD&A for YTD 2021."

"Kao has not taken price in Health & Beauty and Cosmetics despite these segments constituting over half of Consumer Products sales combined and with the best overseas growth potential."

"Over the last five years, Hess has underperformed the S&P 500 by 33% to 58%, despite Brent oil prices increasing over 20% during this period(1) – 3x the performance of the S&P 500(2)"

"Despite Mr. Simmons’ claims that growth and value creation are just around the corner, margins have not improved and the synergies from the Bayer transaction have yet to be realized."

"Non-GAAP EPS as defined by the Company has grown at an eerily steady rate of ~6% per year despite more idiosyncratic growth in GAAP EPS, which has in fact contracted in recent years."

"Non-GAAP EPS as defined by the Company has grown at an eerily steady rate of ~6% per year despite more idiosyncratic growth in GAAP EPS, which has in fact contracted in recent years."

"Despite guidance showing reduced yoy earnings, Chardan analysts claim that the business now represents LESS RISK, and therefore derive an increased valuation based on a reduced WACC."

"Despite overwhelming calls for a sale from large shareholders and multiple interested private equity sponsors, Forward Air waited months to announce a strategic alternatives process."

"Despite these aspects, the project has never been commercialized due to a variety of factors such as push back from community indigenous and environmental groups among other things."

"The Company despite the reaffirmation of its ratings and despite achieving its target in the 2nd quarter of 2004, continued to pursue debt reduction as its sole financial objective."

"Lowe’s currently trades at a P/E multiple of 15x, which is cheap on an absolute basis and a 23% discount to Home Depot despite our views for materially higher prospective EPS growth"

"Despite Nidec hyping product lines by pointing to secular trends and presenting hockey stick growth in presentations, these businesses are still subject to significant fluctuations."

"In H1 FY 2019, Dollarama’s cash flow contracted on a year-over-year basis for the first time since it went public – this despite management’s efforts to bolster earnings and EBITDA."

"In our view, it is clear that the company has ceased operations. Nevertheless, Archer has not disclosed this development to investors despite the significance of the order involved."

"Despite being the assumed “acquirer,” PepsiCo’s stock price increased 4% over the one week period in March when rumors surfaced that Trian was looking to push for a Mondelez merger"

"Huntsman has the HIGHEST CEO base salary despite being one of the SMALLEST companies in the Proxy Peer set and failing to achieve its 2014, 2016, and 2018 Investor Day commitments"

"TWX, despite owning a large and profitable cable programming businesses and one of the largest US cable operators, has failed to develop valuable networks over the last ten years."

"2019 was a productive year for PSH with NAV appreciation of 58.1% and a total share return of 51.2%. Despite strong performance, PSH's discount to NAV widened from 25.2% to 28.9%"

"Despite near-term headwinds, we would expect Danone to trade back to historic levels and believe it should trade at a premium given its portfolio mix and emerging market exposure"

"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."

"Despite underperformance by the company, some directors' compensation has gone up. This implies very little accountability and lack of alignment to performance/financial results."

"Leaseback-related expenses have been the single largest add-back to PLUG’s new presentation to Company profitability, despite being inextricably linked to PLUG’s selling strategy"

"DSP has missed its expectations for New Product Revenue each of the past three years and New Product Revenue has barely grown over that period despite significant R&D investments"

"Despite ~40% of EBITDA coming from attractive midstream assets, Phillips 66 continues to trade like a refiner, missing the value uplift in the midstream space over the last year"

"Despite ~40% of EBITDA coming from attractive midstream assets, Phillips 66 continues to trade like a refiner, missing the value uplift in the midstream space over the last year"

"Unfortunately, despite each of these opportunities remaining, over the last 18 months we have been disappointed by GoDaddy's operational, financial, and stock price performance."

"Despite our never having taken a public stand on China’s political issues, the CPC is clearly treating Muddy Waters as a threat, and is taking overtly hostile actions toward us"

"Despite Box’s technology leadership and strong competitive positioning, the Company has underperformed its Peer Group by more than 450% since its inception as a public company."

"Brazenly, despite resorting to an elevated temperature, the CEO recently claimed in an interview to have solved the dendrites problem - without having to raise the temperature."

"Despite the same claims being made to try to prevent shareholder-driven change, CP's new board and management team improved performance and achieved a superior operating ratio."

"Despite operating as nearly a pure play passive platform, State Street’s Investment Management margins meaningfully lag the peer average of ~ 45% and BlackRock’s margin of 39%"

"Despite spending an aggregate of $33bn from 2009 to 2012 – which was over 100% of operating cash flow – on capex, net acquisitions and restructuring, EPS has grown at just 5%."

"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."

"Despite ~40% of EBITDA coming from attractive midstream assets, Phillips continues to trade like a refiner, missing the value uplift in the midstream space over the last year"

"Despite the history of past glaring executive incompetence, Edgio's product suite appears in good shape, showing sizable revenue growth in 2023, approaching breakeven EBITDA."

"Despite ~40% of EBITDA coming from attractive midstream assets, Phillips continues to trade like a refiner, missing the value uplift in the midstream space over the last year"

"While Rollins has recently referenced customer pushback from price increases, Rentokil has talked about increasing, and now stable customer retention despite price increases."

"Despite significant share price volatility since the 2016 US elections, we believe the shares of a reformed Fannie and Freddie will be worth a multiple of their current price"

"Despite ~40% of EBITDA coming from attractive midstream assets, Phillips continues to trade like a refiner, missing the value uplift in the midstream space over the last year"

"Despite significant business progress and record land sales, HHC’s share price underperformed in 2018 (like homebuilders) as the market focused on potential housing headwinds"

"Despite significant share price volatility since the 2016 US elections, we believe the shares of a reformed Fannie and Freddie will be worth a multiple of their current price"

"Importantly, analysts appear to anticipate steady growth through the near-to-medium term, despite the challenges which Dexcom appears set to face from mid-FY19 through FY20."

"Despite surging growth and inflation, Economy X’s monetary policy mirrors that of the United States with a near-zero interest-rate policy and large amounts of money printing"

"Genius trades at a premium to most of its Online Gaming industry peers based on 2021E & 2022E revenue multiples, despite having the second lowest 2022E revenue growth rate."

"While peer EBITDAR is expected to be in-line with or meaningfully exceed pre-COVID levels, Southwest EBITDAR is expected to be nearly 50% lower despite record travel demand"

"While peer EBITDAR is expected to be in-line with or meaningfully exceed pre-COVID levels, Southwest EBITDAR is expected to be nearly 50% lower despite record travel demand"

"While peer EBITDAR is expected to be in-line with or meaningfully exceed pre-COVID levels, Southwest EBITDAR is expected to be nearly 50% lower despite record travel demand"

"While peer EBITDAR is expected to be in-line with or meaningfully exceed pre-COVID levels, Southwest EBITDAR is expected to be nearly 50% lower despite record travel demand"

"GE has exhibited limited margin improvement - despite a beneficial mix shift toward higher-margin services revenue - because equipment margins have significantly declined"

"Dr. Beckerle is a beneficiary of substantial donations from the Huntsman family. Despite this fact, the Board shockingly claims Dr. Beckerle is an “independent” director."

"Despite all the excessive optimism that MGPI is a booming whiskey/bourbon producer, we point out that its net food grade alcohol sales growth has been recently declining."

"Despite spending approximately $557 million, or $26.65 per share (vs. current price of $8.03), in R&D and acquisitions from 2007 to 2012, enterprise value declined by 77%"

"Looking carefully at disclosures, we see that TASK does not report interest income earned on cash and equivalents despite carrying large amounts of cash and equivalents."

"Despite these recent missteps, which have badly damaged the credibility of management and the Board, we believe that Perrigo has a strong franchise with valuable assets."

"Disney's overall ROIC significantly underperforms its self-selected “media industry” peers despite generating 70% of its operating income from its Experiences business"

"Disney's overall ROIC significantly underperforms its self-selected “media industry” peers despite generating 70% of its operating income from its Experiences business"

"The Hong Kong Dollar’s (HKD) peg to the U.S. Dollar (USD) forces Hong Kong to import the U.S.’s ultra-accommodative monetary policy, despite its much stronger economy"

"Weis is currently the highest valued regional supermarket on P/E and EBITDA despite negative organic growth, aggressive accounting and poor governance and disclosures"

"Twist had negative gross margins as recently as 2018, despite meaningful revenue of $25MM and a negligible asset base, turning sharply positive immediately after IPO"

"Despite having zero patents, there are signs of XPO embellishing its technology prowess with buzz words and greater use of the word “technology” in its SEC filings."