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#	AUTHOR DATE SUBJECT
27	member 12/04/17 12:41PM Re: Author Exit Recommendation 26
curious to hear your reasoning? view available tags
25	member 10/23/17 6:22PM Amazon will move into Macy’s building in landmark Seattle real estate deal
Amazon is moving into the top floor of Macy's in Seattle that it sold to Starwood Capital Group https://www.geekwire.com/2017/amazon-will-move-macys-building-landmark-seattle-real-estate-deal/ view available tags
23	member 8/11/17 12:04PM Update?
Any update post Q2 earnings? It looks like they cut operating EPS guidance by $0.20 for the year by maintianing guidance including RE gains and increasing expected RE gains (to $275-$300mm from $180-$200mm). Excl. RE... login to read the rest 1 view available tags
22	member 6/16/17 5:27PM Re: Re: Re: Real Estate Values 20
All makes sense simplistically looking at it, but paying 0 for a business with $400 million of after-tax cash flow is still relatively cheap. That could be worth 8x that cash flow amount perhaps? Plus... login to read the rest view available tags
20	member 6/15/17 10:15PM Re: Re: Real Estate Values 9
"You bring up interesting points about the real estate value. If it is true, does that not mean you are getting the whole retail business for free? Even rent-adjusting it, one would have to assume... login to read the rest 4 view available tags
19	member 6/15/17 5:44PM Re: Re: Want to like this one too, but... 15
Hi nychrg, I'm getting very similar upside to you, with a much more simplistic analysis. Because the public market almost never gives a company credit for real estate value unless their is some type of transformational... login to read the rest 3 view available tags
17	member 6/15/17 4:19PM Re: questions 1
rasputin998, please see our answers below: Agree with the main points of your thesis. Some open questions/concerns we have: Could you provide more detail on how you are estimating RE value? Presumably, Starboard wouldn’t have sold their... login to read the rest view available tags
16	member 6/15/17 4:14PM Re: Downtown Minneapolis 2
Hi banjo1055, please see answers to your questions below. Any inisight into why the sale price for this key real estate asset was so low? It went for $59m, or just $47 / sq ft.... login to read the rest view available tags
15	member 6/15/17 4:02PM Re: Want to like this one too, but... 3
Hi beethoven, We are not overly bullish on an operating turnaround for M, nor is that necessary to generate a healthy return on this investment. The company needs to stabilize the business and be prepared to reduce... login to read the rest view available tags
14	member 6/15/17 4:00PM Re: 4th sentence 4
Hi Shooter, Hopefully the links below will help clarify this term for you and why we think Macy’s is a “world class retailer”. "world class retailer" What does this even mean? See below: http://www.businessreviewaustralia.com/marketing/827/10-things-world-class-retailers-do-different Also, Macy’s Herald Square is one of the top 10... login to read the rest view available tags
13	member 6/15/17 3:55PM Re: Re: Want to like this one too, but... 5
Hi pfq783, Please see responses below: I think the idea has a lot of potential, but I wonder if it will be mismanaged. $1B per year on capex and capitalized software vs. a $7B cap / $12B... login to read the rest view available tags
12	member 6/15/17 3:53PM Re: Real Estate Values 6
Hi blaueskalt, Please see responses below: Anyone care to defend the $21bn real estate valuation? The $1,850psf for 2.2mn sqft @ Herald Square is higher than trophy midtown office buildings, while the downtown Minneapolis building--representing 20% of... login to read the rest view available tags
11	member 6/15/17 3:50PM Re: Re: 4th sentence 7
Speaking of world class, here's the beginning of Mattel's press release from today. Check out the last sentence. If anyone knows what a world-class experience in China is, please let me know. I'd like to... login to read the rest 1 view available tags
10	member 6/15/17 12:29PM Re: Re: Real Estate Values 9
Hey Skeptic, I'll chime in with the "other side." But first let me say that I've been fully "Mungerized," in that I've found through my own investment experience that "it's better to own a great business... login to read the rest 7 view available tags
9	member 6/15/17 10:27AM Re: Real Estate Values 6
You bring up interesting points about the real estate value. If it is true, does that not mean you are getting the whole retail business for free? Even rent-adjusting it, one would have to assume... login to read the rest view available tags
7	member 6/14/17 10:33AM Re: 4th sentence 4
Speaking of world class, here's the beginning of Mattel's press release from today. Check out the last sentence. If anyone knows what a world-class experience in China is, please let me know. I'd like to... login to read the rest view available tags
6	member 6/14/17 12:16AM Real Estate Values
Anyone care to defend the $21bn real estate valuation? The $1,850psf for 2.2mn sqft @ Herald Square is higher than trophy midtown office buildings, while the downtown Minneapolis building--representing 20% of the downtown square footage--sold... login to read the rest 6 view available tags
3	member 6/13/17 5:37PM Want to like this one too, but...
First, a price target a couple of years out, and how you got to the valuation would be helpful. Thanks. I attended their Investor Day in person as I wanted to have a front row seat... login to read the rest 7 view available tags

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			2017	2018
Price:	22.29	EPS	N/A	N/A
Shares Out. (in M):	307	P/E	N/A	N/A
Market Cap (in $M):	6,843	P/FCF	5.7	4.5
Net Debt (in $M):	5,525	EBIT	1	1
TEV (in $M):	12,368	TEV/EBIT	11.3	10.3

Description

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Sign up for free guest access to view investment ideas with a 45-day delay and read the full report. Log in to read the full report.

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