Callouts & quotes from 676+ activist slides

"Phillips 66 stock has underperformed during both refining upcycles and downcycles relative to pure-play refining peers like Valero Energy."

"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"

"TCS might be Arconic’s “best performing” business. Run by long-time Alcoan Tim Myers, TCS turns its assets essentially in-line with peers"

"We believe that either Bristol-Myers’ R&D facilities are not as productive as peers or the Company has too many R&D facilities...or both."

"Bob Evans has under-performed other selected publicly-traded family-dining restaurant peers, by as much as 41.1%, over the last 3 years."

"Generac trades at an irrational premium to a variety of consumer, residential home and industrial power and electrical equipment peers."

"Over the last five years, Hess has dropped 6 peers and added 5 new peers out of an original peer set of 16 companies (a churn of 69%)."

"Edgewater is significantly less profitable on a per employee basis than its peers, despite generating better gross profit per employee"

"Samsung Electronics has a sub-optimal track record when it comes to capital returns, which fall well short of some of its global peers"

"However, since the sale of INVISTA, DuPont's EPS growth and TSR have been meager relative to diversified industrial and chemical peers"

"Taubman was the only mall REIT among peers to neither reduce its all-cash dividend nor pay a stock dividend during the Great Recession"

"The reality is that Parkland's long-term total shareholder returns compared to its industry peers remain very poor (see below table)."

"Valuation discount versus peers is significant, reflecting the market's clear preference for pure-play bearings or steel alternatives"

"Generac has been on Twitter since 2009, comparatively much longer than many of its peers, but with a relatively lower follower base."

"Danone has greater Emerging Market exposure at 52% than most of its peers and is growing at similar or better rates in these markets"

"At $600M of annual fiber discretionary capex, Crown Castle would still be spending far more capex than its peers on a relative basis"

"As a result, when discussing TSR and financial performance, we also make reference to Celanese, Dow, and Eastman as “Primary Peers.”"

"As a result, when discussing TSR and financial performance, we also make reference to Celanese, Dow, and Eastman as “Primary Peers.”"

"Phillips 66's first-quarter earnings report on April 25 comes amid a long, frustrating period of underperformance versus its peers."

"We find that MTD's median employee salary is the lowest in its industry and nearly 50% below the average of its aspirational peers."

"BILL's operating margins are well below that of peers, suggesting meaningful opportunity for improved efficiency and profitability."

"Phillips 66's first-quarter earnings report on April 25 comes amid a long, frustrating period of underperformance versus its peers."

"If it is clear that on a standalone basis EDU is not paying for a quality audit. It is ever more obvious when comparing its peers."

"Crown Castle has underperformed its close peers American Tower and SBA Communications on a persistent basis for more than a decade"

"Unlike all peers, Keisei has no Capital Allocation Policy at all and falls short across all capital allocation metrics as a result"

"The reality is that 9 out of 10 of P&G’s independent directors have seen the Company underperform peers since they were appointed."

"The inconsistency between these two peer sets raises questions as to how the Board selects peers and whether they are appropriate."

"Despite positive progress, Platform trades at discount to its publicly traded segment peers and private-market transaction values"

"Since Shirley Singleton became CEO in January 2002, Edgewater has massively underperformed its North American IT Consulting peers"

"Despite positive progress, Platform trades at discount to its publicly traded segment peers and private-market transaction values"

"TWC, after adjusting for the unique footprint of Cablevision, is in line with peers with regard to growth in digital subscribers."

"Despite positive progress, Platform trades at discount to its publicly-traded segment peers and private market transaction values"

"Despite positive progress, Platform trades at discount to its publicly traded segment peers and private-market transaction values"

"Despite positive progress, Platform trades at discount to its publicly-traded segment peers and private market transaction values"

"We believe Tempus is overvalued relative to both hype and momentum-oriented AI companies, along with medical diagnostic peers."

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

"In fact, Bunge's R&D spending and margin pales in comparison to peers that disclose spending and has been contracting sharply."

"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)"

"This stark difference in fee structures suggests ERIE's approach is less favorable to policyholders compared with its peers."

"Dropbox's stock based compensation expense per employee is significantly higher than technology peers average and median SBC"

"Our pro forma analysis illustrates that Stryker has the second highest SG&A margin among peers at 36.1% - 37.1% of revenues."

"AAP has failed to capitalize on these tailwinds to generate the outperformance of its closest peers, O'Reilly and AutoZone."

"On an absolute basis, Phillips 66 is still by far the highest-cost major refiner with 2024 opex/bbl ~$1.60 above core peers"

"IT IS CLEAR WHY PHILLIPS DESIGNED A TSR METHODOLOGY THAT EFFECTIVELY EXCLUDES THE PERFORMANCE OF ITS CORE PEERS VLO AND MPC"

"IT IS CLEAR WHY PHILLIPS DESIGNED A TSR METHODOLOGY THAT EFFECTIVELY EXCLUDES THE PERFORMANCE OF ITS CORE PEERS VLO AND MPC"

"Strategic objectives represent 40% of the short-term incentive compensation for our executive officers versus peers at 11%."

"On an absolute basis, Phillips 66 is still by far the highest-cost major refiner with 2024 opex/bbl ~$1.60 above core peers"

"Despite high AUV and ~4.5x the scale of peers on average, Darden’s operating performance is significantly worse than peers"

"Despite high AUV and ~4.5x the scale of peers on average, Darden’s operating performance is significantly worse than peers"

"Geographic span of a major, yet Hess is a fraction in size: Market cap is under 1/11th the average of majors in its peers."

"Despite high AUV and ~4.5x the scale of peers on average, Darden’s operating performance is significantly worse than peers"

"Despite high AUV and ~4.5x the scale of peers on average, Darden’s operating performance is significantly worse than peers"

"BILL trades as a significant discount to peers despite peer level growth and significant opportunity for margin expansion"

"In 3 of the last 5 years, John Hess has ranked in the Top 25 Highest Paid CEOs... despite underperforming peers by (55%)"

"We believe there are specific initiatives that Bristol-Myers can undertake to bring R&D spending more in-line with peers"

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"