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Why Macy's is a Screaming Buy After Its 40% Sell-Off презентация
Содержание
- 1. Why Macy's is a Screaming Buy After Its 40% Sell-Off
- 2. Why the recent pullback? Retailers recently reported
- 3. Why the recent pullback? Cont. Retail sector quickly sold off:
- 4. Historical Perspective Despite recent difficulties, Macy’s has been a top-competitor:
- 5. Historical Perspective Cont. Macy’s Inc. Annual Results
- 6. Valuation Current Price: $37 Current Market Capitalization:
- 7. Valuation Cont. Current valuation attractive in
- 8. Growth initiatives Macy’s has strong growth drivers
- 9. Bottom line Macy’s operating performance compared to
Why the recent pullback? Retailers recently reported third quarter earnings -- results were not good: Nordstrom reported same store sales of just 0.9% J.C. Penney reported strong same store sales growth
Слайд 2Why the recent pullback?
Retailers recently reported third quarter earnings -- results
were not good:
Nordstrom reported same store sales of just 0.9%
J.C. Penney reported strong same store sales growth of 6.4% but still managed to lose $137 million
Macy’s suffered a -3.6% decrease in same store sales
Operating income fell to $369 million from $422 million Q3 FY 2014
Nordstrom reported same store sales of just 0.9%
J.C. Penney reported strong same store sales growth of 6.4% but still managed to lose $137 million
Macy’s suffered a -3.6% decrease in same store sales
Operating income fell to $369 million from $422 million Q3 FY 2014
Слайд 6Valuation
Current Price: $37
Current Market Capitalization: $11.5 billion
Current P/E: 8.4
Forward P/E: 8.9
Current
Yield: 3.75%
Current Price/Sales: 0.4
Source: S&P CapitalIQ
Current Price/Sales: 0.4
Source: S&P CapitalIQ
Слайд 7Valuation Cont.
Current valuation attractive in light of forward estimates:
Source: S&P CapitalIQ
Слайд 8Growth initiatives
Macy’s has strong growth drivers going forward:
Further planned store closures
will drive returns on capital and sales per store upwards
Omni-channel initiatives are impressive
Shifting to tackle online-customers with massive distribution facilities
Increased fulfillment capacities lowers the need for inventory investments at physical stores
Omni-channel initiatives are impressive
Shifting to tackle online-customers with massive distribution facilities
Increased fulfillment capacities lowers the need for inventory investments at physical stores
Слайд 9Bottom line
Macy’s operating performance compared to its peers is exceptional
Boasts a
forward P/E of just 8.9
Analysts still expect annual earnings per share growth of 12% through FY 2020
Growth initiatives give company a buffer to consumer shift towards online shopping
Analysts still expect annual earnings per share growth of 12% through FY 2020
Growth initiatives give company a buffer to consumer shift towards online shopping
