Callouts & quotes from 676+ activist slides

"Valuing DOL as a mature business at its upper penetration bound implies ~40% downside in a more realistic, yet still generous scenario in which DOL is valued in line with peers."

"We believe the sell-off in Darden’s stock since the announcement of the Red Lobster Sale represents a destruction of >$1 billion in total shareholder value compared to peers(1)"

"ELF’s share price commands a premium to peers as revenue growth has recently been more than double the industry average and it has avoided slower growing international markets."

"Compared to their generic peers such as Equate, CVS and Walgreens, we believe PBH’s products have no competitive advantage, limited barriers to entry and are at a disadvantage."

"Elliott has constructed a peer group of comparable companies that best represent, in our view, peers for each area of the Company business units prior to the split of AA/ARCN."

"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."

"BP currently trades on a PE of 6.7x, a very heavy 44% discount compared to best-in-class integrated oil and gas peers Chevron and ExxonMobil, which on average trade on 12.0x."

"McGraw-Hill's 3 year average valuation of 12.6x earnings is at a ~25% discount to the 15.9x weighted average of its peer group and trails all of its peers other than Gannett."

"We believe the sell-off in Darden's stock since the announcement of the Red Lobster Sale represents a destruction of >$1 billion in total shareholder value compared to peers"

"The midstream portfolio is made up of high-quality assets – these assets are just not getting the level of attention or capital allocation required to compete against peers."

"Samsung Electronics lags far behind its global peers in terms of board composition - as regards independence, the relevant experience of current board members and diversity:"

"The midstream portfolio is made up of high-quality assets – these assets are just not getting the level of attention or capital allocation required to compete against peers."

"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"

"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."

"Maxar is expensive relative to peers when considering its declining growth profile and adjusting for its inflated Non-IFRS metrics that analysts give it unjust credit for."

"Kao's Consumer Products sales have yet to return to pre-COVID levels. Peers have grown their consumer goods revenues by over 10% on a quarterly basis over the same period."

"Huntsman not only has the worst ESG rating among Primary Peers, but is also unique in being the only company among its Primary Peers to receive a recent ratings downgrade."

"Why does Monolithic need to have so much square footage per employee? MPWR's 381 sqft per employee is the highest among peers, and well above the industry average at 312."

"Inconsistent Methodologies Used: The column titled "P&G Peers" uses a Simple Average, while column titled "Peltz Serving on the Board" uses a Market Cap Weighted Average."

"Our simple regression analysis linking valuation to organic growth rate among IT outsourcing peers suggests 40% to 50% downside (approximately $24.50 to $29.50 per share)"

"Valuing PETQ shares on-par with – or even at a slight premium to – peers in the pharmaceutical distribution and pet care spaces yields 75-90% downside to current levels."

"GTT's trailing-twelve-month (“TTM”) cash conversion rate is only 5.1% - significantly worse than most of its peers, whose weighted average cash conversion rate is 21.5%."

"Valuing WSP's shares in-line with industry peers to reflect rising fundamental challenges and financial strains suggests 25%-50% downside risk (C$110 – C$165 per share)."

"Enhancement Plan would leave Cognizant with a comparable operating margin target of ~21.5% in FY18E – still a highly conservative ~400–500 basis-point discount to peers."

"McGraw-Hill's diversification did not insulate shareholders during the financial crisis. McGraw-Hill's total return was 18% worse than the weighted average of its peers."

"However, as shown below, Autodesk's projected underlying incremental margins compare poorly to peers when adjusting for the estimated impact of the workforce reduction."

"Since 2014, the average delta between cost and pricing percent increase is now 16% for LTL peers compared to the Company's core Expedited LTL's delta of negative (13%)."

"We believe HIMS is an e-commerce business selling generic products and services and currently trades at a large premium to peers as a result of its high revenue growth."

"We believe Danimer's business is a closer comparison to traditional chemical and plastic companies than the waste businesses that the Company has selected as its peers."

"Total shareholder returns have significantly underperformed large-cap snacks and beverages peers (along with the consumer staples index) over an extended period of time"

"The Company's underperformance relative to its peers and the broader market with respect to total stockholder return is evident over nearly every relevant time period."

"P&G's TSR of 24% since David Taylor took over as CEO is 2% higher than the peer average, but he took over after a one-year period where P&G underperformed peers by 31%"

"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"

"PepsiCo’s advertising spend as a % of net sales has declined considerably in recent years and is well below peers, even with the significant brand reinvestment in 2012"

"By reclassifying this as an operating expense and cash flow reduction, consistent with industry peers, we estimate WSP's adj. free cash flow conversion is 36% - 41%."

"While Spruce Point does not agree with Sunnova's selected peers, none of the peers use Adjusted EBITDA or adjusted operating cash flow as a metric for compensation."

"While Spruce Point does not agree with Sunnova's selected peers, none of the peers use Adjusted EBITDA or adjusted operating cash flow as a metric for compensation."

"A benchmarking analysis of high growth data technology peers suggests that C3's total lease burden relative to its current employee base is 2.2x greater than peers."

"After adjusting the top three coal companies cash flows for tax refunds and DTA expense, we see that AMR's operating cash flow margin is significantly below peers."

"Kao possesses an impressive stable of brands in categories that global peers - the likes of L'Oréal, Beiersdorf, and Unilever - are experiencing profitable growth."

"Southwest's operational meltdown stranded 2 million customers over the holidays and drove 30%+ share performance underperformance relative to peers over 2 months."

"Not only is the current strategy not delivering its financial targets, but BP is also demonstrably significantly lagging the operational performance of its peers."

"With a vertically integrated supply chain, Hyundai Motor Group is capable of maintaining lower cost of production as compared to peers to remain cost competitive"

"GCP received a “D” from Glass Lewis on executive compensation, as the Board has compensated the CEO in-line with peers, despite significantly worse performance."

"We believe the following two Samsung Opco capital management and dividend policy measures are necessary to bring its shareholder returns in line with its peers:"

"We estimate the Company will have a dividend coverage (FCF/Dividend) of 1.4x, in line with peers, therefore being able to distribute €1.2bn of dividend in 2019"

"Unfortunately, we believe that this plan does not go far enough as margins will still be significantly below nearly all of the Company's peers, as shown below."

"When determining long-term compensation awards, Huntsman compares itself to peers that perform 2X WORSE than the peers used to benchmark the CEO's base salary!"

"Sometimes premiums are justified... however, using realistic sales and EBITDA forecasts, it is clear that U.S. Steel is significantly overvalued vs. its peers."

"Arconic generates far fewer sales from its assets than peers despite a recently refreshed capital stock that is younger than that utilized by its competitors."

"Southwest’s operational meltdown stranded 2 million customers over the holidays and drove 30%+ share price underperformance relative to peers over 2 months(1)"

"Unlike its peers, executive incentive compensation at HMA through 2012 has been based solely on EBITDA – with no focus on per share metrics or quality metrics"

"Kao’s nominees have lower skills coverage across critical areas compared to peers such as supply chain, marketing, finance, consumer goods and digitalization."

"Though there are valid concerns in the near term, we believe buying Danone at 1.5-2.0x P/E and ~33% FCF discount to European food peers more than compensates"

"Our estimates conservatively assume UNP only recaptures half the volume underperformance vs. US railroad peers that UNP experienced under current leadership."

"Valuing ROAD's shares in-line with industry peers and its long-term average multiple suggest 35%-50% long-term potential downside risk ($46 – $60 per share)."

"PBH's poor working capital management is a clear outlier versus its peers. This raises significant concerns regarding the financial health of PBH's business."

"BN’s valuation of ~15x earnings is a significant discount to intrinsic value and comparable U.S. peers, despite similar cash flow profile (e.g., KKR and APO)"

"If Nova simply traded closer to peers in the range of 15x – 24x of its resources, its share price would have approximately 45% - 60% downside risk potential."