Callouts & quotes from 709+ activist slides

"At a revenue run rate of $40-50 million per year, we estimate that Patch would still lose approximately $79 million to $133 million per year."

"Valued at 8x its estimated peak earnings contribution, Valeant’s late-stage pipeline, excluding Salix, may be worth as much as ~$40 per share"

"We estimate management divested approximately $24m of stock in a non-transparent manner by not filing timely Form 4 statements with the SEC."

"Therefore, Barclays is estimating $1.13 per liter of capacity addition, or 77% higher than our estimated historical cost of $0.64 per liter!"

"Excluding the volume pull-forward, we estimate reported net sales would have declined 23% to 25%, or 17% to 20% on a constant-currency basis"

"Analysts estimate that gross margins will magically increase, yet none are aware of Axon’s significant exposure to China imports and tariffs"

"However, Wall Street analysts have historically been overly optimistic in their estimates for both Celgene’s marketed and pipeline products."

"We estimate that an appropriate valuation for SE would be $41 to $48 per share (+32% to +55% upside) if it were to take the following steps"

"Bristol-Myers management projections for the Company on a standalone business are significantly better than Wall Street consensus estimates"

"Using our base case modeling assumptions, we estimate that Freddie Mac shares could be worth ~$39 by year-end 2027 when fully recapitalized"

"Using our base case modeling assumptions, we estimate that Freddie Mac shares could be worth ~$39 by year-end 2027 when fully recapitalized"

"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."

"Excluding ISRG and these acquisitions, we estimate that UFPT would have grown sales by a marginal 0.4% in 2024 as shown in the table below."

"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."

"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."

"We estimate that four of 2U’s top seven programs (shown in red) enrollment trends may be experiencing flat or declining enrollment trends."

"We estimate that every dollar Starbucks spends building a new store in the U.S. or China is worth $10 to $15 shortly after the store opens"

"Using our base case modeling assumptions, we estimate that Fannie Mae shares could be worth ~$35 by year-end 2026 when fully recapitalized"

"Why does Verint – whose sales, per our estimates, contracted in FY19 – trade at a sales multiple similar to that for which BroadSoft sold?"

"What happened to management's pre-deal 5-6% revenue growth estimate for Almost Family? What happened to “better, faster, stronger” growth?"

"In our opinion, Eurofins purchased the property from a straw party for an estimated ~€4 million premium after a nine-month holding period."

"Using our base case modeling assumptions, we estimate that Fannie Mae shares could be worth ~$35 by year-end 2026 when fully recapitalized"

"We believe AOL's Display business is highly unprofitable due to its operating expenses that are estimated to exceed $1.1 billion per year."

"However, despite the arguable imprecision, our rough estimate of approximately $5 billion is less than half the size of FIGS' stated TAM."

"Spruce Point estimates that the new wellness center buildout could burn over $200M of cash over the next five years, and more thereafter."

"Spruce Point estimates that the new wellness center buildout could burn over $200M of cash over the next five years, and more thereafter."

"Oasis estimates that normalizing these costs to the business size would have added 250bps of operating income to both divisions in 2023."

"We believe that underestimated competition could cut Penumbra’s expected sales growth by nearly half in FY20, from 20% to close to 10%."

"In Pioneer’s slide deck it acknowledges that its resource estimates are not necessarily limited to economically recoverable quantities."

"If history repeated, this would yield a fair value estimate of $217 - $314 per share which suggests 35% - 55% potential downside risk."

"Content is estimated to generate $20.8 billion in revenue (44% of TWX’s total revenue) and $4.3 billion in OIBDA (36% of TWX’s OIBDA)."

"Herbalife does not disclose the amount of Wholesale Commissions paid to distributors in its SEC filings. We have estimated them below:"

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

"Based on our estimates, SRG would be valued in the market at approximately $1.6 billion - $2.0 billion, or $13 - $17 per Darden share"

"Based on our estimates, SRG would be valued in the market at approximately $1.6 billion - $2.0 billion, or $13 - $17 per Darden share"

"We estimated the asset betas of several Real Estate holding C-Corporations and several high branded intellectual property businesses."

"In the critical new home sales category, the primary driver of revenues, we estimate that BEKE overstated GTV by ~126% in 2Q-3Q 2021."

"We estimate that the annual recurring cost of using the Libre is less than $1,000 to the payor, versus over $5,000 for the G-Series."

"We find XL materially overestimates savings by exaggerating fuel costs, vehicle service life, driver wages, and annual miles driven."

"In instances where we do not have reporting from our partners, we estimate revenue based on information available to us at the time."

"We estimate that Fannie Mae can be fully recapitalized by year-end 2026, while Freddie Mac can be fully recapitalized one year later"

"The recently released maiden resource estimate contains a total of only 191 million ounces of silver, or about 85% less than needed."

"We estimate that Fannie Mae can be fully recapitalized by year-end 2026, while Freddie Mac can be fully recapitalized one year later"

"We estimate that the total value upside to shareholders could be as much as c.48.6% (Ltd shareholders) / c.51.0% (Plc shareholders)"

"Drop down Macy’s iconic stores and its mall store locations into two separate entities (estimated combined value of $16.5 billion)."

"In the absence of this information - given the already absurd n=3 - the steady plasma estimate of poor metabolizers is meaningless."

"Once again, this data suggests that the number of BPH resective procedures is much lower than the estimates advertised by Procept."

"We estimate without the Beyoncé tailwind over the last few weeks, weekly traffic trends would be posting their worst weeks of 2024"

"Taking these issues into consideration, and discounting Mercury's multiple to the industry average, we estimate 50%-60% downside."

"In addition, we estimate that there are ~$3 trillion of privately owned targets in the pharmaceutical and medical device industry"

"Warner Bros., in addition, has been consistently gaining market share over the past few years with 2005 estimated share at 15.6%."

"The denominator used to calculate churn is actually greater than the Estimated Ending Membership in the two most recent quarters!"

"Through an undisclosed related party transaction, we estimate Huishan Chairman Yang Kai stole at least RMB 150 million of assets."

"We estimate that the occupancy rates for Vivion's Berlin properties by real, third-party commercial tenants is close to just 60%."

"Based on our valuation analysis, we arrive at a fair value estimate for FCUV of $15 per share, well above current levels near $8."

"We believe that If volumes of production are an “estimate” than Oatly’s entire reported revenue stream should also be qualified."

"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."

"Excluding the estimated $110M net tailwind to revenues that will not repeat in FY23, sell-side estimates look wildly optimistic."

"Using this data, we estimate that in the 2006-2012 period ~1.1mm Sale Leaders failed and left the business, a ~90% failure rate"