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Strategies & Market Trends : Value Investing

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From: E_K_S	3/13/2019 3:15:55 PM
	of 78734

Started a position in Macy's Inc (M) @ $24.01. Stock goes xdiv tomorrow 3/14/2019 for $0.37/share which represents a 6% yield. Based on 2020 EPS of $3.00/share and BV $20.93/share, M has a fair value of $37.59/share or 36% undervalued from the current price. I see this also as a real estate play as BV represents cost not market so actual adjusted BV may/could be a bit higher. I bought this 11/2017 around $18.00/share and sold it way too early 1/2018 at $24.17/share. So it's funny I am buying back now at $24.01/share. I guess the main reason is the there may/could be more clairity in the 2020 and 2021 EPS. Not really a bull on retail at this stage in the cycle but the value proposition is compelling. EKS

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