The inaugural A&M Activist Alert (AAA) introduced a data-driven approach to identifying European companies most likely to become targets of activist investors. Drawing on extensive analysis of public campaigns across Europe, the report highlights the growing influence of activism and examines the characteristics that make certain companies more vulnerable. It demonstrates that activists are increasingly focused on underperforming businesses with unrealised value rather than fundamentally weak companies, targeting opportunities where operational, strategic or financial improvements could unlock significant shareholder returns.

The report shows how boards can use predictive analysis to identify warning signs before activists emerge. By assessing factors such as profitability, governance, balance sheet performance and shareholder returns, the AAA model provides an early-warning framework that helps companies understand their exposure to activist attention. The findings reinforce the importance of proactive performance improvement, with companies that address weaknesses early significantly reducing the likelihood of becoming the next activist target.