Published: November 20, 2015
Simply put, Macy’s owned real estate is worth at least $26bn, whereas the Company’s enterprise value is currently $24bn; this implies that the Macy’s retail operation, which would generate over $600m of pro forma free cash flow (after factoring in increased rent, etc.) is worth negative $2bn. Thi...
Published: December 17, 2013
<strong>Long on Volkswagen Ag (VOW:GR)</strong>
Contributor: Nick Poling, Volsung Management.
Current Price: $186.15.
Target Price: $215.00.
Expected Return: 15.5%.
Timeframe: 2+ years.
Elevator Pitch: Best-in-class, investing at a level peers cannot match. Deserves to trade at premium to p...
Published: May 24, 2013
The initial taste in people’s mouths when they hear of a Sears’s spinoff is what initially drew us to the situation. Over the last seven years, many value investors have fallen into the “SHLD” trap hoping that the market will value the assets on a “sum of the parts” / liquidation value higher tha...
Published: March 21, 2013
BBBY is still growing, albeit at lower rates, maintaining superb margins to other retail competitors with seasoned management developed in-house and most importantly, generating a massive amount of free cash flow. It also boasts a remarkable track record of sound capital deployment with high retu...