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Starboard Value · activist-deck

Macy's Inc. (M)

27 pages · 4 arc beats · 2 loops

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Macy's Inc. (M)

Starboard Value · 2016-01
arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 1
— No image bound to this slide. Wire up imgproxy to display the rendered slide JPEG.
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Deck intelligence map

4
coverage by narrative range · generated from this deck JSON
Narrative range 26 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Situation & Context 5 slides 100% 5/5 slides 100% 5/5 slides · 24 hits
— 0/5 slides
40% 2/5 slides
— 0/5 slides
100% 5/5 slides
— 0/5 slides
Problem & Complication 2 slides 100% 2/2 slides 100% 2/2 slides · 14 hits
— 0/2 slides
50% 1/2 slides 100% 2/2 slides 100% 2/2 slides 100% 2/2 slides Evidence & Proof 11 slides 100% 11/11 slides 100% 11/11 slides · 77 hits
— 0/11 slides
45.5% 5/11 slides 45.5% 5/11 slides 100% 11/11 slides 100% 11/11 slides Impact & Next Steps 8 slides 100% 8/8 slides 100% 8/8 slides · 71 hits
— 0/8 slides
— 0/8 slides
37.5% 3/8 slides 100% 8/8 slides 100% 8/8 slides

Slide inventory

27
every slide · same image gating as the playbook
01
Slide 1
front_matter
Open slide detailBeat · Situation & Context
02
other
Open slide detailBeat · Situation & Context
03
transition
Open slide detailBeat · Situation & Context
04
The slide uses bolding to emphasize key strategic points and the $21 billion valuation figure.summarize
Open slide detailBeat · Situation & Context
05
Includes a call-to-action box at the bottom summarizing the valuation target.summarize
Open slide detailBeat · Situation & Context
06
Uses a waterfall-style build for EBITDA and a bridge-style calculation for enterprise value.show_valuation_bridge
Open slide detailBeat · Problem & ComplicationLoop · Logic Chain
07
The slide uses a numbered list to build a logical case for a specific corporate action (real estate separation).propose_solution
Open slide detailBeat · Problem & ComplicationLoop · Logic Chain
08
The slide uses a waterfall chart to bridge individual property values to the total portfolio value.show_valuation_bridge
Open slide detailBeat · Evidence & ProofLoop · Logic Chain
09
The slide includes a bottom callout emphasizing that value creation is concentrated in B or better mall stores.quantify_opportunity
Open slide detailBeat · Evidence & ProofLoop · Logic Chain
10
The slide presents two distinct valuation tables for owned vs. ground-leased assets.quantify_opportunity
Open slide detailBeat · Evidence & ProofLoop · Logic Chain
11
transition
Open slide detailBeat · Evidence & ProofLoop · Logic Chain
12
Uses a numbered list to outline the strategic benefits of a JV structure.propose_solution
Open slide detailBeat · Evidence & ProofLoop · Logic Chain
13
The slide outlines a specific financial target of $70 per share as a result of the proposed JV structure.propose_solution
Open slide detailBeat · Evidence & ProofLoop · Logic Chain
14
The slide outlines a structural reorganization strategy for real estate assets.propose_solution
Open slide detailBeat · Evidence & ProofLoop · Logic Chain
15
The slide uses a diagram to illustrate the flow of cash and debt obligations between Macy's, the real estate entities, and debt holders.present_solution
Open slide detailBeat · Evidence & ProofLoop · Logic Chain
16
The slide uses a diagram to illustrate the flow of cash and ownership between Macy's, real estate partners, and debt holders for two distinct JV types.propose_solution
Open slide detailBeat · Evidence & ProofLoop · Logic Chain
17
Includes a financial table and a flow diagram illustrating cash distribution percentages.propose_solution
Open slide detailBeat · Evidence & ProofLoop · Logic Chain
18
Includes a supporting calculation box for the JV net cash flow to Macy's.quantify_opportunity
Open slide detailBeat · Evidence & ProofLoop · Logic Chain
19
The slide uses a 'Before JVs' vs 'After JVs' comparison to illustrate the deleveraging impact of the proposed transaction.show_valuation_bridge
Open slide detailBeat · Impact & Next StepsLoop · Before After
20
Includes a specific rationale for targeting 3.5x based on Moody's criteria.show_valuation_bridge
Open slide detailBeat · Impact & Next StepsLoop · Before After
21
Includes pro forma cash and debt tables showing the impact of JV transactions.show_valuation_bridge
Open slide detailBeat · Impact & Next StepsLoop · Before After
22
The slide uses a sum-of-the-parts valuation approach for real estate assets.show_valuation_bridge
Open slide detailBeat · Impact & Next StepsLoop · Before After
23
The slide highlights an 88.5% upside based on the sum of the operating business and real estate JVs.quantify_opportunity
Open slide detailBeat · Impact & Next StepsLoop · Before After
24
Uses Hudson's Bay as a comparative precedent for real estate monetization.propose_solution
Open slide detailBeat · Impact & Next StepsLoop · Before After
25
propose_solution
Open slide detailBeat · Impact & Next StepsLoop · Before After
26
propose_solution
Open slide detailBeat · Impact & Next StepsLoop · Before After
27
filler
Open slide detail