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Campaigns / Starboard Value → Macy's Inc.
Starboard Value vs. Macy's Inc.

Macy's Inc. · M

3 decks published between 2016-01-11 and 2016-01-11 — 33 pages, 30 analysed slides total.

follow up

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2016-01-11 follow up

    2016 01 Starboard Macys Presentation Jan 2016

    27pp · full_deck

    Macy's owns $21bn of real estate — more than its entire enterprise value; spinning iconic and mall properties into two JVs unlocks ~$70/share, ~88% upside.

    N 4 V 3 C 3
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  2. 2016-01-11 follow up

    Starboard Value Delivers Letter to Macys Inc. CEO

    3pp · letter

    Macy's $21bn real estate portfolio exceeds its enterprise value; Starboard urges joint-venture structures plus $500M+ cost cuts to crystallize value without sacrificing cash flow or investment-grade rating.

    N 3 V 2 C 1
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  3. 2016-01-11 follow up

    Starboard_Value_LP_Letter_to_M_01.11.16

    3pp · letter

    Macy's $21bn real estate portfolio implies a negative-value OpCo; a real estate JV plus $500m+ cost cuts can crystallize hidden value without sacrificing cash flow or investment grade.