Callouts & quotes from 676+ activist slides

"We believe Generac’s peers are claiming more eyeballs and likes on social media based on followers and ad interactions."

"Valeant's disciplined focus on lower-risk, higher-return R&D projects has led to an R&D ratio that is lower than peers'"

"Since joining the board in December 2015, Telecom Italia has dramatically underperformed its peers and broader indices."

"And it trades at a massive premium to its oilfield service peers – more than twice the multiple of prior peak earnings."

"PHILLIPS 66'S EXISTING MIDSTREAM BUSINESS ALREADY HAS HIGHER COSTS THAN ITS PUBLIC PEERS, DUE TO ITS BLOATED STRUCTURE"

"Total shareholder returns have significantly underperformed snacks and beverages peers over an extended period of time"

"21 REIT CEOs have consistently underperformed their proxy peers, yet their executive compensation was rarely adjusted."

"U.S. Dollar Store peers historically close 0.8% of stores annually, yet Dollarama has not reported any recent closures"

"Unlike its two better-performing peers, Crown Castle does not report its own ROIC metric to the investment community."

"SNAP is now trading at its largest-ever discount to social media peers despite generating the fastest revenue growth."

"Hess's inability to operate a rig program comparable to peers of its size results in $2.5 billion of forgone value..."

"Hess's inability to operate a rig program comparable to peers of its size results in $2.5 billion of forgone value..."

"Certain peers of TWX, including lower rated credits, easily accessed the public debt markets during the fall of 2002."

"While Amcor has been underspending on capex, all of its closest peers are increasing or maintaining capital spending."

"Interest in Dropbox, as measured by Google Trends, is declining whereas interest in its peers is stable and growing."

"Shares of Norfolk Southern have outperformed CSX and the median of Class I Railroad peers since the unaffected date."

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

"Monolithic's Days Inventory Outstanding (DIO) consistently rises. For key industry peers, DIO has been more stable."

"In Materials to Shareholders, Hess Uses Misleading Chart That Ignores Relevant Peers and Hides Impact of Oil Prices"

"Huntsman seems to be cherry-picking its peers in an attempt to fool shareholders into believing its false narrative"

"Huntsman seems to be cherry-picking its peers in an attempt to fool shareholders into believing its false narrative"

"Southwest’s dated commercial strategy has resulted in the worst unit revenue performance among its peers since 2018"

"P&G has used the “tax rate” argument to adjust Heinz EPS figures downwards so that they look unfavorable vs. peers."

"Globant has the highest valuation amongst its two closest peers (Luxoft and EPAM) despite a weaker business profile"

"As a result of the consistent misexecution, Splunk's operational performance is significantly worse than its peers."

"We believe GSX is the worst among its peers and generates a massive amount of volume from fake student enrollments."

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

"An analysis of BEA HK’s operations compared to its industry peers indicates clear weakness on all relevant metrics"

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

"Here is how athena seems reasonable next to its peers. But the implication is that its peers are properly valued."

"Despite high AUVs and industry leading revenue, Darden's operating performance is significantly worse than peers"

"Despite high AUVs and industry leading revenue, Darden's operating performance is significantly worse than peers"

"Despite high AUVs and industry leading revenue, Darden's operating performance is significantly worse than peers"

"Despite high AUVs and industry leading revenue, Darden’s operating performance is significantly worse than peers"

"This has the consequence of inflating FTAI’s EBITDA margins, which are ~ten percentage points higher than peers."

"Saputo's EBIT margin in Argentina in 2021 was a significant outlier to local and regional Latin American peers."

"McGraw Hill’s three year total return of 2% was 29% less than the weighted average of its peers over the period"

"Unlike peers, HMA does not have a Board specific committee with direct oversight of both compliance and quality"

"PROFITABILITY IN THE “BEST YEAR IN HUNTSMAN’S HISTORY” CONTINUES TO BE EMBARASSINGLY BAD WHEN COMPARED TO PEERS"

"Despite starting from a lower base, Kao’s growth target for Curél through to 2027 (8% revenue CAGR) lags peers."

"P&G's organic growth has consistently underperformed its peers' growth rates in each of the last four quarters"

"Marathon merchandise margins significantly lag Casey's and Couche-Tard, its closest peers for in-store retail."

"DSO have grown significantly faster than peers and is 1 of 2 companies with 4 years in a row of increasing DSO"

"Norfolk Southern’s shares have underperformed the Company’s Class I railroad peers over every relevant period."

"Peers have been able to reduce advertising costs per tire, while Goodyear's advertising costs have increased"

"XPO makes aggressive use of off-balance sheet leases relative to its larger and better credit worthy peers."

"Contrary to TSE policies and all peers, Keisei refuses to base executive pay on Company performance metrics"

"Disney has underperformed almost all its peers despite having best-in-class parks and entertainment assets."

"GCP’s share price performance has compared poorly to peers and broader indices over almost any time period."

"10-K Peers include IBM, HPQ, and CA; listed as BMC's closet competitors in the Company's annual 10-K report"

"Disney has underperformed almost all its peers despite having best-in-class parks and entertainment assets."

"We believe Fluor is well positioned within the EPCM landscape and should trade at least in line with peers"

"We believe Fluor is well positioned within the EPCM landscape and should trade at least in line with peers"

"Monolithic sits on more cash than any of its semiconductor peers: so what does it do with all this money?"

"Darden's costs as a % of sales would still be above peers even AFTER implementing our identified savings."

"Peers trade at an average 5.8x EV/Sales multiple on FY20 sales, versus Dexcom at 9.1x – a premium of 57%."

"Darden's costs as a % of sales would still be above peers even AFTER implementing our identified savings."

"Stryker's bad debt allowance has been steadily rising and now exceeds peers such as Zimmer and Medtronic."

"Speedway does not capture higher fuel margin than peers from its integration with Marathon’s refineries."

"...Valuation discount vs. peers has increased over three times since Vivendi nominees joined TIM's board"