Callouts & quotes from 709+ activist slides

"We estimate that SBUX will generate a three-year IRR of at least 12% if annual EPS growth is ≥ 9% and its P/E multiple is ≥ 21x"

"We estimate that Olam could have to raise or refinance a total of S$4.6 billion in the next 12 months in order to stay solvent."

"by our estimate, almost every organ placed on the device violates one or more of these criteria and is therefore off-label use."

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

"Our sum-of-the-parts and free cash flow estimated valuation analyses suggest 40%-80% potential downside risk in Intuit shares."

"Seriously, Pioneer ought to stop touting estimates based on stale pricing, or at least provide a useful sensitivity analysis."

"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)"

"In reality, we estimate that HIMS churns well over 50% of customers by the end of year 1 and nearly 80% by the end of year 2."

"INGN’s Estimate of the Full Penetration for POCs is Aggressive When Compared to Analysis Using Industry Surveys and CMS data."

"If Bloomberg were to incorporate both analysts' 2025E EPS forecasts, the mean estimate would decrease from $14.30 to $13.40."

"DOX Shares Have 25%-50% Downside From Current Levels Based On Near-Term Estimates, But Could Fall Even Further Going Forward"

"It appears sell-side analysts’ growth estimates are giving CTC the continuous benefit of its unsustainable accounting tricks"

"Using given unlevered free cash flow estimates and Project Phoenix, IRRs for the PE Buyers could be 32% to 56% at $40/share."

"Frictional costs of roughly 5 cents per share (1) (versus management estimates of $4-$5 per share for the Initial Proposal)"

"We estimate that HASI inflated gains on securitizations by $12 million in 2020 and $15 million in 2021 through this method."

"From 2004 through 2009, we estimate that only one new President’s Team member was created for every 10,000 new distributors"

"Warning: We estimate that Oatly's Gross Margin is 640bps lower when including outbound transportation and logistics costs."

"48 machines permitted at $400k - $500k per new Avalanche 1000 machine, we estimate $19m - $25m of total revenue potential."

"The implied amortization period based on Mettler's reported results directly contradict its stated estimated useful lives."

"Analysts have no idea how to forecast Olam’s CapEx, and all seem to have greatly underestimated FY2013 levels based on Q1."

"Core Lab is not cheap. On consensus estimates, the stock trades at 35x next year’s earnings and nearly 27x 2019 estimates."

"At current margins, CXW management estimates its inventory of existing beds could generate an additional ~$100mm of EBITDA"

"Applying a generous 0.5x to 0.75x EV/2019E sales, we estimate that CVNA shares have 50%-70% downside from current levels."

"Our estimates illustrate the opposite -- 2U is likely earning 70% more than Simmons (currently 2Us second largest client)"

"We estimate 75% of WD-40's cash is in its U.K. subsidiary. A falling British Pound creates material risk to the business."

"We estimate the GSEs could repay the $65bn remaining Treasury preferred in 3 years based on their earnings and ~$72bn DTA"

"We estimate that net of USM, FTAI's module business is currently delivering EBITDA margins ~600bps lower than in H1 2024."

"We conclude from our estimates that BEKE's revenues are significantly inflated, even at BEKE's reported commission rates."

"A potential management fee reduction to 24% would reduce annual EPS estimates by about $2.00 just on this measure alone."

"We add these three groups together to estimate the amount of swaps terminating in 2024, and the result is $16.0 billion."

"A Citigroup report published 3 weeks before this one, however, pegged EUV at 80% of sales by 2022 – 4X the UBS estimate."

"We estimate that Smart2Pay's net profit margins ballooned from 28.5% (pre-acquisition 2019) to 49.2% (post close 2020)."

"These connections between performers and PUs further support our estimated that YY has fabricated ~90% of gift revenue."

"In the past two years, we estimate insiders have monetized £1 billion, net, via selling, collaring, and pledging stock."

"Therefore, we estimate a low, middle and high range for new capacity that implies an 11% - 48% increase in capex costs."

"We estimate that revenue per new store fell from $15.0 to $12.4 million ($178 to $172 per sqft.) between 2022 and 2023."

"We estimate that the average failed Sales Leader has $2,000 of expenses, net of minimal retail and/or recruiting profit"

"We estimate total addressable market penetration of only ~40% today; penetration of home automation nascent at only ~2%"

"We estimate pro forma net leverage would be at ~5x today, reflecting Disney’s lower run-rate EBITDA compared to FY 2018"

"Even at the low-end of estimates, JPM thought the company's equity would be worth ~70% more than where it trades today"

"An estimated $7 - $10 million savings can be realized by employing best practices that others have already implemented"

"An estimated $7 - $10 million savings can be realized by employing best practices that others have already implemented"

"Net of stamp duties, we estimate the flip generated Pisach ~£753,000 in profits on the near-instantaneous transaction."

"We also estimate that PGNY customers are paying almost double for the pharmacy benefit in FY22 versus the 2019 cohort."

"Since the $750 million acquisition of Insight Pharma in September 2014, we estimate organic EBITDA has been declining."

"We estimate that FBHS can generate at least $400MM in EBITDA on today’s sales base by cutting capacity and excess cost"

"Celgene estimated peak sales potential of $3 billion for JCAR017 when announcing the acquisition of Juno Therapeutics"

"The expected construction costs are about half of our estimate of Huishan's reported average spend of RMB 89 million."

"We Estimate that Vivion's Controlling Shareholders Have Taken Shareholder Loan Repayments of at least €360.1 Million"

"The root of the problem for the company has been, and remains, overly optimistic Mineral Resource Estimates (MREs)."

"When including annual fixed costs in the calculation, we estimate the company will lose -$402 on every MA customer."

"We Estimate That Starboard Inflated Their REIT Multiple Analysis by ~4x Through Flawed Calculations and Assumptions"

"Inspire claims this number is 2 million – their source? See footnote 2: “Company estimates” (i.e., “we made it up”)"

"In a majority of the cases, the share price collapse has met or exceeded our downside estimate of intrinsic value."

"In a majority of the cases, the share price collapse has met or exceeded our downside estimate of intrinsic value."

"In a majority of the cases, the share price collapse has met or exceeded our downside estimate of intrinsic value."

"The consultant’s review details a pattern of flagrant flaws that led to the “vastly overestimated bioavailability”"

"Pro forma for the expected decline in the U.S. business, normalized EPS is significantly below consensus estimates"

"We estimate GFL's debt is C$460m more than reported and financial data providers fail to capture the adjustments."

"Against YY's reported Bigo revenue of $417.0 million, this yields an estimate that 59.1% of Bigo revenue is fake."