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Strategies & Market Trends : Value Investing

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From: E_K_S	10/17/2017 12:10:49 PM
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Re: Macy's, Inc. (M) - small initial Buy @ $19.68/share Finally decided to start a position in M. GN models says company is valued at $33.15/share (or 67.5% undervalued). The dividend now yields 7.6% and goes xdiv 12/13/2017 for $0.37/share. The company actually could be worth a bit more as real estate is carried at cost not market value so stated BV could be low. We are also in the seasonal period where Macy's s/d see their largest sales growth (Oct-Jan). I like the store w/i the store concept and think this may/could be one way to boost FCF and draw in more traffic. There is always a possibility that AMZN just buys them for their domestic U.S. brick & mortar footprint but that is not in my value thesis. I have more GTC Buys in at $18.85/share (div yield is 8%) but if this continues to sell off, I would expect a div cut and/or eliminate all together w/ some massive restructure. EKS

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