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#	AUTHOR DATE SUBJECT
23	member 11/29/21 10:58AM Re: What's Athleta worth? Spin value > Total Market Cap = activist? 22
How do you get to $1.6B in sales for Athleta? I see trailing 9 months of just over $1B and have not seen 4q of last year disclosed. Still seems as if $1.3-1.45B is a view available tags
22	member 11/24/21 7:59PM What's Athleta worth? Spin value > Total Market Cap = activist?
Athleta was the only bright spot during the quarter - accelerating comps to 41% vs 2019 and sales +47% vs. 2019. Adding 30 new units a year and in the fastest TAM segment of retail. Athleta... login to read the rest view available tags
20	member 11/23/21 12:36PM Re: Re: Author Exit Recommendation 19
It's not a sell on a fundamental basis at these levels, but the thesis is changed. The biggest change is that Old Navy had much more benefit from stimulus than we appreciated and we think... login to read the rest view available tags
17	member 10/11/21 1:03PM Re: Re: Re: Re: Re: Separtion of GPS/Athleta 16
Where are you seeing a bunch of negative data points on ON? I think, in general, that there's been a moderation in 2019 comp growth for retail in the July-Sept period vs the March-June period. I'd... login to read the rest -1 view available tags
16	member 10/10/21 2:30PM Re: Re: Re: Re: Separtion of GPS/Athleta 14
Curious if any updated thoughts here. A bunch of negative data points on ON relating to current topline trajectory, but there is probably a price where it's too cheap that notwithstanding... 1 view available tags
15	member 9/09/21 9:12AM Re: Re: Re: Separtion of GPS/Athleta 13
this would be my concern---re reasons that a separation/spin might not happen. not necessarily a surprise, but seems like a bad reason. Whatever the incremental financial beneifts are to core GAP (cross-sell/shared overhead) -hard to... login to read the rest 1 view available tags
14	member 9/08/21 11:05PM Re: Re: Re: Separtion of GPS/Athleta 13
Shared functions were certaintely in place between Old Navy and Gap at the time. Is that what you're saying? Or that there's a lot shared at Athleta that will need to be recreated? 1 view available tags
12	member 9/08/21 9:19PM Re: Separtion of GPS/Athleta 11
I think in order for this to be a $50/sh-$60/sh stock, you likely need that. I think the timing of the original Old Navy spin was bad. Gap was struggling and mall based and Athleta... login to read the rest view available tags
11	member 9/08/21 4:53PM Separtion of GPS/Athleta 10
Apologies if covered in Dayton question, but asked another way, does this investment work if GPS does not separate Old Navy/Athleta? Seems unusual that either will get the multiple you note that they should in view available tags
10	member 8/30/21 8:05PM Athleta vs. Old Navy Stand Alone Values...
How are you thinking about the stand alone value of Athelta and ON individually under the Power Plan 2023? Is GPS the cheapest unit store growth story in consumer? Thank you. view available tags
6	member 7/16/21 3:39PM Re: Re: Re: capex budget? 5
If it were me: I would spin Athleta. According to Dealreporter, they think could be worth $25/sh. Keep Old Navy only. 7x EBITDA (AEO/ANF) is $28/sh. Sell Gap to Tadashi Yanai. Who knows for what. Shut down Banana. Unfortunately I'm 1 view available tags
5	member 7/16/21 12:03PM Re: Re: capex budget? 4
thx for your response i read further - they plan on 5% of sales as Capex for "loyalty, tech and digital". I want to like this story - as you say, there is a banality of cutting... login to read the rest view available tags
4	member 7/15/21 3:52PM Re: capex budget? 3
They're leaning in hard to ecomm. It's the right long term move to invest in warehouse / distribution infrastructure / tech so that they're not a dinosaur 5 years from now. And yes, they're playing a bit of... login to read the rest view available tags
2	member 7/15/21 10:43AM Re: Reconciling Gap Brand negative value vs. Yeezy Positive NPV 1
Not sure. But interesting implied value of Athleta based on Fabletics. In the mid-$50/sh stock price I laid out, I was valuing Athleta at $7b vs the $9.4b suggested below. $9.4b would push value to... login to read the rest view available tags
1	member 5/27/21 9:47PM Reconciling Gap Brand negative value vs. Yeezy Positive NPV
At what point in the growth of yeezy partnership or stand-alone store reduction margin expansion, will the sell side have to take their head out of the sand and start to value GAP at something view available tags

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			2021	2022
Price:	34.02	EPS	1.50	2.60
Shares Out. (in M):	375	P/E	22.7	13.1
Market Cap (in $M):	12,800	P/FCF	50	17.5
Net Debt (in $M):	-150	EBIT	900	1,400
TEV (in $M):	12,650	TEV/EBIT	14	9

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