Callouts & quotes from 930+ activist slides

"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."

"The Board and management have failed to optimize Parkland's profitability by allowing its expenses to grow faster than its gross profit from 2019 to 2023, which is the opposite of what peer companies did."

"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"

"By adjusting CLEAR's gross margins for labor and transaction fees, we see that its gross margin is 2,430 basis points lower than the promoted margin and 800 basis points lower than the peer group average."

"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."

"We believe Mr. Stengel has ignored concerns about AOL's Peer Group expressed by Glass Lewis and has continued to oversee the construction of a peer group that violates ISS and Glass Lewis best practices."

"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."

"Our review of peer company gross margin expansion during their approximate growth from $200 to $400 million of revenue showed that none achieved such expansion, and the median was a gain of just 85 bps."

"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"

"On an EV per user basis, Peloton is 2,286% more expensive than the average of this peer group. If Peloton had the same value per user as the average of this peer group, the stock would be valued at $5."

"Juniper's LTM R&D as a % of revenue is 9+ points higher than the peer average. The recommended target of $200M of opex savings is conservative relative to total potential savings of ~$420M in R&D alone"

"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"

"Applying a peer-average PNAV multiple – a conservative approach given Sumitomo Realty’s superior asset quality – would imply a share price of just under ¥8,000, over 40% higher than the current level."

"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."

"Despite its high growth potential and IRRs in these two plays, and its cash generating core MS Lime position, SandRidge trades at a deep discount to its Peers and its own PV-10 proved reserve base."

"And CONSOL can afford to be patient. The company owns much of this land outright, so unlike many of its peers it doesn’t pay royalties and it doesn’t need to drill in order to maintain its rights."

"Sony's IP&S division has kept pace with top peer growth rates by maintaining #1 position in mirrorless cameras while being the only company in Japan to see margin expansion in its imaging business"

"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")"

"It is misleading to combine M&S with refining results when convenient to show higher EBITDA/bbl, but then exclude M&S when including it would show that opex/bbl is significantly higher than peers"

"We believe that the disconnect between management’s messaging and observable market trends has eroded investor trust and further contributed to the Company’s valuation discount relative to peers."

"Read the fine print! No where does it say that Oatly's Gross Profit may not be directly comparable to industry peers as a result of a financial decision it has made related to distribution costs."

"It is misleading to combine M&S with refining results when convenient to show higher EBITDA/bbl, but then exclude M&S when including it would show that opex/bbl is significantly higher than peers"

"Darden's stock price has materially underperformed both the broader equity markets, its Proxy Peer Group and its closest direct competitors over the last 1-, 3-, and 5-year measurement periods."

"However, this claim of a scientific breakthrough is Ambry's own characterization, based on their internal data and not an independent, peer-reviewed publication at the time of the announcement."

"Darden's stock price has materially underperformed both the broader equity markets, its Proxy Peer Group and its closest direct competitors over the last 1-, 3-, and 5-year measurement periods."

"We think Core is likely to miss. With its dependence on offshore and international capex, Core should underperform some of the same North American oriented peers that it outperformed last time."

"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"