Sears Holdings (SHLD) "Base Case" Is Liquidation: EvercoreVW Staff
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.
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