Callouts & quotes from 485+ activist slides

"Based on the P&L assumptions below and a valuation multiple of 10.5x EBITDA, Wendy’s Franchise business alone is worth over $2.3bn"

"ABS growth starting to slow below the overall segment growth rate. IAS has already achieved 70% of DV’s revenue in much less time"

"Set forth below is a valuation matrix that demonstrates TIP REIT’s trading multiples at various values within the reference range"

"Management is expecting to achieve tremendous efficiencies to reach EBITDA margins >2x the industry average on below-average GPU"

"Set forth below is a table which reconciles McOpCo’s, Pro Forma McDonald’s and standalone McDonald’s FY 2006E income statements."

"The result is that supply, without much higher prices to incentivize investment, is likely to fall well below demand after 2024."

"More generally, Avantor has meaningfully trailed competitors' organic growth figures this year, as the table below highlights."

"BILL’s ‘Rule of 40’ Score has been stagnant for 3 years as revenue growth has slowed and margins remain well below peer levels"

"Number 180 is vacant, with its entrance (shown below) locked and no lights on in the interior. The building looks dilapidated:"

"Below is a video of Inogen's largest reseller bragging about how his son bought a G-Wagon... from deceiving the sick elderly."

"Below we list the large number of serious adverse events which indicate cardiotoxicity – generally requiring hospitalization."

"Housing starts are currently at the lowest levels in the last 40 years and well below the long term annual average of ~1.5mm"

"Investors continue to ascribe an irrational valuation to Mercury despite its below average growth and poor cash conversion."

"For example, below we show how RCT_KHAN’s recorded lifetime gift contributions have somehow dropped -99.8% in seven months:"

"Based on our analysis, we find that Monster's audit fees are suspiciously low and nearly 50% below the peer group average."

"As of year-end 2018, Channel Finance showed $81 million of reverse factoring employed by NMC—see “Compartment 005” below."

"Warning: Even with almost 60% of the year completed in 2019, Oatly's sales of $204m fell short by $26m, or 11% below plan"

"The bar graph below shows the difference between the consolidated EBITDA Casino reports, and what it proportionally owns."

"In the screen shots below the same art values (6d5....) are passed between or across two different advertisers’ websites."

"One area that has certainly struggled is Latin America, falling below expectations dating back to pre-acquisition Bemis."

"Excluding AFAM locations allows management to report high single-digit organic growth, which would otherwise be below 2%"

"The companies below have received approximately the following number of U.S. patents in the healthcare / nutrition area"

"Set forth below is an illustrative example of how Target Corp and TIP REIT can work together on future land procurement"

"On analysis, Mr Galloway’s claim for judicial review really boils down to two key lines of challenge (§§59, 71 below)."

"As seen below, CAIC appears to have had 385 HO-3 policies in force (PIF) in Pacific Palisades (90272) as of June 2024."

"One of the misleading slides that strongly implies that this PLA bag is a “PHA Customer Collaboration Case” is below."

"Albanian media reports that Mr. Peçini is a doctor (the below is a Google translation of just one of the headlines):"

"Notice for the first time that cash liquidity fell below cash on the balance sheet while foreign cash balance surged"

"BEA China has recorded weak results, in particular in its ROE and ROA, which are well below the average of its peers"

"As shown below, by increasing the price it pays for the tower, AMT increases its EBITDA margin from 60.0% to 73.3%."

"DND's employee rating is 53% below the average for employers within the Information Technology industry (3.9 stars)"

"As you can see below, Riot’s share price has materially underperformed peers who have signed sizable AI/HPC deals."

"Below are the summary cash flow projections for Pro Forma McDonald's based on the assumptions detailed on page 68."

"Today, Southwest’s margins are the lowest in the peer group and approximately 900 basis points below best-in-class"

"Pro forma for the expected decline in the U.S. business, normalized EPS is significantly below consensus estimates"

"2013 Constant Currency EPS Growth, Normalized For Tax, is Below Peers and Long-Term Guidance (Despite 2012 Reset)"

"Yet, Per the Board's own assessment below, Mr. Jagdfeld lacks strengths both in M&A and the clean energy market."

"GE Industrial's gross margins have declined over the past few years and are ~260 bps below historical averages."

"The table below shows our calculations of RINO’s tangible operating assets over its total operating asset base."

"TWC also expects to substantially enhance the ARPU and margins of the acquired Adelphia systems as shown below:"

"Spruce Point has determined that two of three transactions completed by PERI have fallen below planned targets."

"To see how APP collects identities fingerprints to create its PIGs follow the steps below (best results in US)."

"Set forth below is a valuation matrix that demonstrates Target Corp’s trading multiples at various stock prices"

"Not surprisingly, as we demonstrate below, we found that YY-controlled bots supply Liu Yishou with fake gifts."

"The four legacy directors mentioned below have purchased a combined total of 7,700 shares in the past 10 years"

"We remind investors that segment revenues are still below 2013 levels, and operating profits (still negative)."

"Set forth below are the summary cash flow projections for McOpCo based on the assumptions detailed on page 76."

"Avery is organized into three business units. Below is our assessment and key insights from former employees."

"In June 2015, the CEO resigned, and Boulder was acquired for $11/share, or 52% below Chappell’s price target."

"...Yet, operating margins are only ~250bps ahead of the peer average, and substantially below “best-in-class”"

"GoDaddy's margins are significantly below its peer group, despite having a similar business model and scale."

"The chart below illustrates Zebra's cumulative inventory growth vs. revenue growth between 2018 and H1 2024."

"Dye & Durham's total shareholder returns have been disappointing over every relevant period, as seen below."

"As evidenced by the FOIA document below, there are no applications or permits submitted on ABML’s property."

"Match now trades at less than 8.5x 2024 free cash flow, a nearly 45% discount to the companies shown below."

"Wall Street analysts estimated Adjusted EBITDA be ~35% BELOW the Company’s initial 2018 Investor Day target"

"The Company's capex to depreciation ratio is well below 1x which indicates underinvestment in the business."

"Agilent’s margins are significantly below its closest peer, Waters, despite being more than twice its size"

"Wall Street analysts estimated Adjusted EBITDA be 30% BELOW the Company's initial 2018 Investor Day target"

"We remain short Herbalife because we believe intrinsic value is meaningfully below the current share price"