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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: upanddown who wrote (59973)	10/17/2017 4:02:11 PM
From: E_K_S	Read Replies (1) \| Respond to of 78464

I would need to drill down into those intangible assets which may/could be goodwill. You need to see how much their real estate is carried on the books vs market value. At one time when I was investing in Sears, I did this for all of their company owned property. DDS is another w/ undervalued GN and lots of company owned real estate. One thing I learned today Amazon is on its way to becoming America's favorite clothing store In a new survey by Alphawise, a research arm of Morgan Stanley, 69% of people said they bought clothing on Amazon over the last six months. That's up 10% from a year ago, when 59% said they bought apparel from Amazon in the prior six-month period. Amazon is expected to pass Macy's as the US' largest apparel seller this year, according to a Cowen & Co. note to investors from earlier this year. Its clothing and accessory sales are expected to grow nearly 30% next year, to $28 billion. Currently, Amazon claims only 6.6% of the apparel market, but that is expected to increase to 16.2% in the next five years. FYI The GN model just picks up 'stated' BV so you could recalculate that by taking Yahoo BV and backing out some/all of the intangible assets but you would want to add in the extra amounts to reflect market value of their real estate. This may have been done if you search GOOG for an article on this type of analysis for Macy's. EKS

To: upanddown who wrote (59973)	10/19/2017 8:46:05 PM
From: E_K_S	Read Replies (1) \| Respond to of 78464

Macy's estimated Real Estate Value Macy's Real Estate Remains Dramatically Undervalued. . .Some pundits have written off Macy's real estate opportunities, but there's still a windfall waiting for long-term investors. From the article Starboard Value estimated that Macy's real estate was worth more than $20 billion. ----------------------------------------------------- Still digging around to determine fair value. This figure implies that Macy's real estate may/could be worth $65/share. The hedge fund since then sold their shares as management was slow to sell some of their real estate. EKS