Callouts & quotes from 662+ activist slides

"We believe REITs trade in the range of 13x-17x EV/'06E EBITDA, depending on the type of real estate and the businesses the properties support."

"The Company is promising to improve Adjusted EBITDA margins to 18 – 20% and consistently deliver an Adjusted EBITDA to FCF Conversion of >40%"

"We believe EBITDA is the incorrect metric for the Company and estimated customer value is calculated with numerous unpredictable assumptions."

"Set forth herein is a table which details our assumptions regarding average unit level 4-Wall EBITDA margins for McOpCo and U.S. Franchisees."

"The Company is promising to improve Adjusted EBITDA margins to 18 – 20% and consistently deliver an Adjusted EBITDA to FCF Conversion of >40%"

"By mid-2016, Core was forced to reverse course and sell equity to avoid tripping an EBITDA covenant that could have put its dividend at risk."

"GoDaddy's 2023E EBITDA margin of 25% is significantly below the peer group average of 43%, representing an 18% margin expansion opportunity."

"Crown Castle has realized a paltry 3% EBITDA yield on its fiber capex, relative to the highly attractive ROIs achieved in its tower business"

"Our conclusion: either many acquisitions never had any EBITDA to contribute, or it has subsequently been eroded post contribution to Saputo."

"BP should therefore regularly disclose capex spent, as well as a profitability metric (e.g. EBIT, EBITDA) for each of these new businesses."

"If TheFork is sold at 5x CY26E revenue and Viator improves its EBITDA margins, Tripadvisor trades at just ~3.0x EBITDA on a pro forma basis"

"Kratos' premium valuation of earnings and EBITDA does not reconcile with its below average financial performance and mix of revenue quality"

"If TheFork is sold at 5x CY26E revenue and Viator improves its EBITDA margins, Tripadvisor trades at just ~3.0x EBITDA on a pro forma basis"

"At over 18x our FY26E Adj. EBITDA estimate, Limbach trades at a valuation premium we view as completely disconnected from its fundamentals."

"After de-consolidation, the TRP's observed multiple discount to ENB of 1.4x increases substantially to 4.8x based on 2015 EBITDA estimates."

"We Believe Ferguson is Mispriced as a UK-Listed Equity as 100% of its EBITDA Will Be from North America Following the UK Business De-Merger"

"Based on our research, GFL paid $84m. We estimate Bestway had $30m of sales, and GFL paid a hefty 2.8x / 10x multiple of sales and EBITDA."

"Darden is essentially giving away the Red Lobster operating business, an iconic brand with $2.5 billion in sales, for less than 1x EBITDA."

"We estimate that John Crane would trade at a premium multiple in a range of 13-14x forward EBITDA if it were separately listed in the U.S."

"Applying 100% of cost synergies to marketed products would imply EBITDA is higher than revenue from 2024 - 2028... But this is impossible!"

"These bar graphs show the EBITDA that Casino consolidates by entity, along with Casino’s economic (or “proportional”) ownership of EBITDA."

"Taubman's EBITDA margins declined by 230 bps in the first quarter of 2018, while its Class A Mall Peers EBITDA margins increased by 60 bps"

"If CCI is unwilling to increase its dividend payout ratio today, we recommend CCI immediately increase leverage to 7.0x net debt / EBITDA"

"PBH’s most recent acquisition of Fleet, while reported at 11.8x post-synergy EBITDA, valued the business at 16.2x its pre-synergy amount."

"The growing gap each year causes us to believe that an increasing percentage of Operational EBITDA is low quality and / or unsustainable."

"We are concerned with Zillow's excessive use of stock-based compensation (“SBC”); 115% of FY23 reported Adj. EBITDA was comprised of SBC."

"Spruce Point also sees that GFL restated its Adjusted EBITDA to make the USA Waste segment's margins look much better by +2.1% (210bps)."

"We see potential for >$300 million in EBITDA improvement before taking into account our Olive Garden turnaround plan to increase traffic"

">70% of '25 EBITDA comes from more defensive midstream, chemicals, and marketing segments – all premium multiple businesses vs refining."

"We see potential for >$300 million in EBITDA improvement before taking into account our Olive Garden turnaround plan to increase traffic"

">70% of '25 EBITDA comes from more defensive midstream, chemicals, and marketing segments – all premium multiple businesses vs refining."

"We believe ADT should immediately increase leverage to 3.0x Net Debt / EBITDA and maintain a fixed leverage target of 3.0x going forward"

"We believe the Company should introduce a 25% EBITDA margin target as a medium-term goal, with the appropriate budgeting and incentives."

"We take a conservative view in valuing the remaining HSIC dental business at a discount to its historical EV / Est. EBITDA close to 13x"

"No companies in the battery value chain come close to achieving 78% net margins, or even 78% EBITDA or gross margins, for that matter."

"Analyst blindly pencils in KTOS's ambitious 60% increase in EBITDA, though we have demonstrated its repeatedly failures to hit targets"

"We estimate that Nidec’s current share price presently implies an enterprise value of its non-HDD businesses that is 21.5x LTM EBITDA."

"ROAD levered its balance sheet to acquire LSP (and Overland Corp.) and now has pro forma Net Debt / Adj. EBITDA of approximately 3.4x."

"Spruce Point observes that Telaria's revenue and, especially its EBITDA, continued to disappoint up until the deal closed in Q1 2020."

"The Board & Management’s myopic focus on EBITDA growth has failed: over the last 10 years, total shareholder return has increased <1%"

"CCI's trades at a ~1.5x-4.0x discount to AMT and SBAC on Consensus 2014E EBITDA, and a ~0.5x-2.5x discount on Consensus 2015E EBITDA"

"meaning the long-term recurring cash benefit of $5bn in PCF contracts is less than 1% of Lumen's current annual EBITDA or $0.42/shr."

"XPO giving itself 100% credit for something, despite only owning 86.25% and adds these items to EBITDA when they should be deducted"

"We believe there is a $215 million - $326 million EBITDA improvement opportunity through a renewed focus on operational excellence."

"We believe there is a $215 million - $326 million EBITDA improvement opportunity through a renewed focus on operational excellence."

"It is noteworthy that in HMA's Annual Letters to Shareholders and Partners it makes no mention of this all-important EBITDA metric."

"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"

"Limbach removed the "Non-cash" descriptor for the first time in Q1'25 from the stock-based compensation adjustment to Adj. EBITDA."

"How does Dollarama support EBITDA margins more than double those of its peer group, and in line with premium global retail brands?"

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

"On a proforma basis, we estimate the combined company’s EBITDA could be $4.5B and its shares could rise from ~$10 today to ~$16."

"Four of Huntsman’s five reporting segments failed to achieve the Company’s Adjusted EBITDA targets set at its 2014 Investor Day"

"CXW’s earnings quality has improved since 2007 as its Owned & Managed segment now accounts for more than 90% of Facility EBITDA"

"The footnote reveals that 2022 acquisitions added $58.2 million of Adj. EBITDA (implying 11.2% margin) vs. 17.1% consolidated."

"The leading North American auto parts suppliers trade around half of sales, 5x EBITDA, 9x EBIT and a little above 8x earnings."

"We make some conservative estimates and believe that tariff costs could easily cause Axon to miss its EBITDA estimates by 10%."

"How does Mettler achieve consolidated EBITDA margins higher than Lab peers, when 50% of its business is in lower margin areas?"

"We believe an apples-to-apples comparison reveals that the Company MISSED its 2018 Investor Day Adjusted EBITDA target by 18%"

"Valuing Kratos at a discount to peers on EBITDA, free cash flow, and book value we estimate 40%-70% downside ($3.15-$6.30/sh)"

"Mettler's leverage is greater than it appears given our belief that EBITDA is overstated from cost capitalization strategies."