Sears Holdings SHLD

Sears Holdings (SHLD) "Base Case" Is Liquidation: Evercore

Sears Holdings' remaining real estate assets are worth $3.3 billion based on the prices of the recent HBC and Seritage transactions, according to analysts at Evercore ISI.

In a note to investors, Evercore ISI analysts Greg Melich and his team said they conducted a “bottoms up” real estate analysis on the locations of Sears Holdings. The analysts rated the each of the locations to determine the value of the company’s remaining real estate assets.

[Sum-of-the-parts analysis on Sears real estate
Sears Holdings’ value is $24 per share including the Seritage cash based on the sum-of-the-parts analysis conducted by Melich and his team. The company’s liquidation value is only $5 per share excluding the Seritage cash and assumption that the money will be used to fund consistent operating losses.

Melich and his fellow analysts evaluated more than 700 full-line locations of Sears Holdings and rated each location based on co-tenancy characteristics and demographics.

SORRY!

This content is exclusively for paying members. Access all of our content on including years of timeless investment news and in depth analysis for only a few dollars a month by signing up here while also supporting quality content and journalism, or learn more about our premium content here

If you are subscribed and having an account error please clear cache and then cookies if that does not work email support@valuewalk.com and we will get back to you as quick as humanly possible


Saved Articles
X
TextTExtLInkTextTExtLInk

Are you a smart investor? Join tens of thousands of sophisticated investor reading our authoritative free newsletter

* indicates required


Congrats! Are you a smart person?

We have an exclusive targeted for being a sophisticated and loyal reader.

Sign up today and get three months free

Use coupon code vip19 or click on the button below

Limited time offer only ENDS 10/31/2019 or after next 25 20 subscribers take advantage whichever comes first – please do not share this discount with others

 

0