Callouts & quotes from 930+ activist slides

"CCI's essentially domestic tower portfolio does not seem to have garnered the Company an advantage at securing low cost debt relative to its tower peers"

"It is critical to appreciate that Mellanox is not just slightly worse than peers on these key metrics, it is completely out of line with the peer group."

"TWC's OIDBA margin of 39.1% in 2005 historically has been at the high end of the peer group reflecting the well-clustered systems in attractive markets."

"Examining Mettler's peers that disclose internal-use software capitalization in PP&E, we find that it has capitalized an excess amount by a wide margin."

"Although Prestige Brands may appear cheap vs its peers on a P/E and EBITDA multiple basis, PBH trades at a premium to its operating cash flow and sales."

"Only 1 of the 18 companies in AOL's 2011 peer group has a market cap below AOL's market cap and only one company has revenue barely below AOL's revenue."

"ROAD failed to make ENR's list of "The Top 100 Contractors by New Contracts" by not increasing its contract growth at the same rate as industry peers."

"The Board insists on measuring performance from THE ONLY date in which ROVI has outperformed peers, following a one-day decline of 43% in ROVI’s stock"

"PHILLIPS’ REFINING KIT IS COMPARABLE TO PEERS MARATHON AND VALERO – UNDERPERFORMANCE IS PRIMARILY DRIVEN BY POOR OPERATIONS, RATHER THAN WORSE ASSETS"

"While Zebra has done a good job expanding services and software gross margin to 53.7%, the margin profile is materially below the 73.2% peer average."

"LACK OF REFINING FOCUS COSTS SHAREHOLDERS AS PSX UTILIZATION UNDERPERFORMED PEERS DURING THE “GOLDEN AGE” OF REFINING SPREADS (WHILE LASHIER WAS COO)"

"LACK OF REFINING FOCUS COSTS SHAREHOLDERS AS PSX UTILIZATION UNDERPERFORMED PEERS DURING THE “GOLDEN AGE” OF REFINING SPREADS (WHILE LASHIER WAS COO)"

"LACK OF REFINING FOCUS COSTS SHAREHOLDERS AS PSX UTILIZATION UNDERPERFORMED PEERS DURING THE “GOLDEN AGE” OF REFINING SPREADS (WHILE LASHIER WAS COO)"

"Street estimates for ACMR's Chinese equipment peers call for continued 30%+ YoY revenue growth. If anything, this suggests potential upside for ACMR."

"Taubman has underperformed its Class A Mall Peers by 20%, 24% and 56% over the past 1-, 3- and 5-year periods through the unaffected share price date"

"Nestlé's CY16 EBIT margin 15.3% (16% ex-items) is at the low end of its peers, nearly all of which are now targeting high-teens to low 20's margins."

"Many peer companies with lower emerging markets exposure, weaker brands and/or less advantaged categories are achieving 4% - 7% organic growth rates"

"TWX's annual corporate costs exceed those of its peers, with a vast scope of headquarters at One Time Warner Center symbolic of unnecessary expense."

"Even though costs have been cut to end the cash burn, Peloton still achieves basically zero adjusted EBITDA versus the peer median of $406 million."

"Even with fewer “high growth” concepts in the category, restaurants with 70+% franchise mixes trade categorically higher than less-franchised peers"

"P&G’s organic sales growth under David Taylor (FY15 – FY17) is less than that of prior years, and is half the peer average over the same time frame"

"In our opinion, Weis Markets is a regional supermarket with limited differentiation from peers and struggling to adopt to the changing environment."

"Spruce Point believes that lenders are implicitly communicating that they see just as much, if not more risk in PLUG than in its penny-stock peers."

"AOL's CEO and CFO total cash compensation as a percentage of EBITDA of 1.7% is significantly higher than the Independent Peer Group median of 1.0%."

"Over 20x Ferguson’s market capitalization is held at peers trading in the US at far more expensive valuations than where Ferguson currently trades."

"Since becoming CEO, Dr. Klaus Kleinfeld has underperformed the Company's own self-selected proxy peer median by 156% and the S&P 500 Index by 150%"

"We believe deconsolidating both NetCo and Sparkle could allow TIM to maximise the value of its assets as well as bring leverage in line with peers"

"Under Fred Green’s stewardship, CP’s total return to shareholders (including dividends) has been negative 18% while peers generated strong returns"

"Based on a global peer benchmarking analysis in the dairy industry, we estimate Saputo spends the least amount of its revenue on R&D expenditures."

"FTAI’s Leasing Segment Assumes a Material Portion of Aerospace Products’ COGS, Which Explains the ~1,000bps Discrepancy in EBITDA Margins Vs Peers"

"Not only is the upward trend in Procept DSOs worrisome, but the Company's inflated receivables balance also stands out relative to peer companies."

"Sub-scale and rapidly growing peers have significant operating expense burdens in their P&L – margins improve with greater scale and lower growth"

"Penalty #2: Hess given lower multiple than peers due in part to higher capital intensity and cash flow gap (partially caused by Bakken build-out)"

"We arrive at our price targets by normalizing Oatly’s stratospheric sales multiple and adjusting its Gross Profit to conform with industry peers."

"Huntsman’s long-term stock price performance has significantly lagged peers, demonstrating the need for improved accountability in the boardroom."

"BMC's growing Professional Services segment barely breaks even at the gross margin level compared to peers who have significant operating margins"

"After years of underperformance, Splunk is now trading far below peer multiples, despite strong top-line growth and an enviable market position."

"Insiders at Limbach have benefitted from Limbach's generous stock-based compensation payments, which are at the high end when compared to peers."

"SMB-focused peers saw a significant acceleration in growth during the pandemic, while Box blamed its weak results on softness in the SMB market"

"Over the past three years, FND's change in payables reported through cash from operations has totaled $245 million which dwarfs industry peers."

"Unlike several of its private and publicly traded peers, AerCap did not have to take large asset value impairments during and after the crisis."

"We believe Enfusion trades at an undeserved premium multiple to a broad range of financial technology peers serving the asset management space."

"Of note, close peer BioTelemetry was significantly more profitable at similar revenue scale. Thus, we question iRhythm's financial management."

"Management received 132% of their target bonus in 2017, despite P&G losing market share and generating EPS growth in the bottom 1/3rd of peers"

"as shown in the chart below, over the past 5 years, on average, the Company has spent almost double the percentage of revenue on R&D as peers."

"Investors in Ferguson's U.S.-listed peers benefit from higher trading volumes and increased liquidity as compared with Ferguson's shareholders"

"DY's elevated capex requirements also support our contention that its valuation should trade at a discount, not a premium, to industry peers."

"Phillips 66 (NYSE: PSX) CEO Mark Lashier ranked last in effectiveness relative to his peers in a recent survey of institutional shareholders."

"As of 2017, not a single element of P&G’s long-term compensation plan disclosed in the proxy statement measures performance RELATIVE to peers"

"Despite McDonald's strong real estate assets, number one QSR market position and leading brand, McDonald's trades at a discount to its peers."

"Given CTO's omission of recurring capex from its AFFO calculation, it is the only one of its six peers below to boast a higher AFFO that FFO."

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

"Canadian Tire’s core organic EPS growth is the worst among its peers, and trails the peer set average when including the effect of buybacks."

"As a result of poor execution and missed commitments, GoDaddy’s combination of growth and profitability is at the low end of its peer group."

"Believes Years of Self-Inflicted Issues Have Caused Avantor to Trade at a Meaningful Discount to its Intrinsic Value and Life Sciences Peers"

"As a result of poor execution and missed commitments, GoDaddy’s combination of growth and profitability is at the low end of its peer group."

"As a result of poor execution and missed commitments, GoDaddy’s combination of growth and profitability is at the low end of its peer group."

"However, just a month earlier in its Proxy Statement filed on April 2014, IRBT used a vastly different peer set to measure its performance!!"

"Nearly half of Elanco’s proxy peers are poorly correlated with Elanco’s stock price and as such, do not make for an appropriate comparison."

"Despite its portfolio of attractive land development and profitable Canadian operations, BRP trades at a substantial discount to U.S. peers"