Callouts & quotes from 930+ activist slides

"Over the past five years, McDonald's has only slightly outperformed the S&P 500 while its QSR peer group has vastly outperformed the index."

"By bringing performance in line with relevant peers, Marathon could see a full potential share price of more than double its current price."

"The business does not benefit from refining upside to the same degree as pure-play peer Valero, but still has the same downside volatility."

"The business does not benefit from refining upside to the same degree as pure-play peer Valero, but still has the same downside volatility."

"Dillard's has historically traded in-line with its peers, and has traded with an average forward P / E of 12.0x since the beginning of 2012"

"Shareholders need to be satisfied that the peer group is appropriate and not cherry-picked for the purpose of justifying or inflating pay."

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

"Shareholders need to be satisfied that the peer group is appropriate and not cherry-picked for the purpose of justifying or inflating pay."

"Shareholders need to be satisfied that the peer group is appropriate and not cherry-picked for the purpose of justifying or inflating pay."

"Shareholders need to be satisfied that the peer group is appropriate and not cherry-picked for the purpose of justifying or inflating pay."

"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."

"Based on PBH's disclosed peer group, its revenue weighting of 50% is the only company above 35% and double the peer group median of 25%."

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

"It is unfortunate that Timken finds it necessary to use a lower quality peer group to attempt to justify the Company's trading multiple"

"Peloton generated a gross profit of about $1.2 billion; it is 44% of sales, which is slightly lower than the median peer group at 47%."

"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"

"We believe the Company is capable of achieving a 23% SG&A expense ratio, in line with peer benchmarks and prior a management targets."

"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.”"

"Free cash flow conversion. This is my favorite slide. 124% for Church & Dwight; peer average is 91%. A lot of companies target 100%."

"The changes AOL made to its peer group in 2011 have done nothing, in our view, to address the concerns of either ISS or Glass Lewis."

"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."

"Box's stock price has increased by a meager 5% in six years, while its Peer Group has gained more than 500% during this same time."

"Box's stock price has increased by a meager 5% in six years, while its Peer Group has gained more than 500% during this same time."

"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"

"Arconic has a slightly smaller – but newer – stock of property, plant and equipment (PP&E) than a combined peer of PCC and Novelis"

"Previous P&G leadership believed a 52% gross margin was only the starting point for a company that had not yet reached peer levels"

"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."

"95% of the companies AOL selected for its 2010 Peer Group do not fall within the peer group guidelines of both ISS and Glass Lewis"

"How does Dollarama support EBITDA margins more than double those of its peer group, and in line with premium global retail brands?"

"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"

"In order to manufacture outperformance, the Company needs to assume both 1) an incorrect peer group and 2) a misleading timeframe"

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

"In order to manufacture outperformance, the Company needs to assume both 1) an incorrect peer group and 2) a misleading timeframe"

"In order to manufacture outperformance, the Company needs to assume both 1) an incorrect peer group and 2) a misleading timeframe"

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

"In order to manufacture outperformance, the Company needs to assume both 1) an incorrect peer group and 2) a misleading timeframe"

"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"

"SIX and its closest peer Cedar Fair (FUN) have consistently generated mid-single digit revenue growth in normalized environments"