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Highly numerical: property-by-property valuation with cap rates by asset quality grade (A++ through C-), pro-forma capital structure, and Before/After cash flow tables. No villain — collaborative tone toward Macy's management; not a proxy fight. Author not personally signed; presented under Starboard Value firm name (Jeff Smith leads the firm). No stake disclosed in the deck. Strong sum-of-parts opener on p.6 ('core retail trading for negative $10bn'); detailed property valuation on p.8-10; payoff slide on p.23 with $67.64 vs $35.89 ($70/share goal). Outcome historically: Macy's resisted full REIT separation, did limited monetization (Brooklyn, Union Square partial sale), and stock subsequently declined materially with the broader department store collapse — thesis effectively did not play out.", "kpisCited": [ { "detail": "$20.74bn across 565 locations / 125m sq ft; $166/sq ft blended", "metric": "Total real estate portfolio value" }, { "detail": "Herald Square + Downtown Macy's = ~$7.3bn ($1,830/sq ft for Herald Square)", "metric": "Iconic properties value" }, { "detail": "$8.87bn across 407 stores; A++/A+ rated stores at 5.8-5.9% cap rate", "metric": "Owned Macy's mall stores value" }, { "detail": "Negative $10.4bn after deducting real estate ($20.7bn) and credit card earnings ($8.5bn)", "metric": "Implied core retail enterprise value" }, { "detail": "$67.64 vs current $35.89 = 88.5% upside", "metric": "Pro forma share price" }, { "detail": "95% of current FCF retained ($1,221m vs $1,264m before JVs)", "metric": "Cash flow preservation" }, { "detail": "5.8x net debt / EBITDA at JV level, supporting ~$6.9bn debt raise", "metric": "JV leverage assumption" }, { "detail": "3.5x Adjusted Debt / EBITDAR — Moody's threshold for investment grade retailers", "metric": "OpCo leverage post-transaction" }, { "detail": "Hudson's Bay/Simon JV at 5.9%; RioCan JV at 5.26%", "metric": "Cap rate benchmark" }, { "detail": "$776m annually, valued at 11x = $8.5bn", "metric": "Credit card earnings" } ], "closingAsk": "Pursue the proposed two-JV structure now to unlock ~$10bn of value, maintain investment grade rating, preserve 95% of cash flow, and leave the OpCo net-debt-free for shareholders.", "extraction": { "at": "2026-04-22 15:15:10+00", "model": "unknown-legacy", "runId": null, "seconds": 119.44421, "promptVersion": null }, "scqaReward": "Sum-of-parts implies ~$67.64 per share (OpCo $42.77 + JV stakes $24.88) versus $35.89 current price — 88.5% upside, while preserving 95% of cash flow, the dividend, and the investment grade rating.", "thesisTypes": [ "breakup_spinoff", "undervaluation", "capital_return" ], "top3Reasons": [ "Macy's owned real estate is worth ~$21bn — more than its entire enterprise value", "Two JVs (iconic + mall) can unlock ~$10bn while preserving 95% of cash flow and IG rating", "Hudson's Bay/Simon and RioCan deals prove JV cap rates of ~5.3-5.9% are achievable today" ], "scqaSituation": "Macy's owns the largest department store real estate portfolio — 565 properties, 125 million square feet, including iconic Herald Square, Union Square, State Street and Downtown Minneapolis flagships plus 407 owned mall stores.", "thesisSummary": "Starboard argues Macy's $21bn real estate portfolio — anchored by Herald Square, Union Square, State Street, and Downtown Minneapolis plus 407 owned mall stores — exceeds the company's $18.9bn enterprise value, meaning the core retail business trades for negative $10bn after adjusting for credit card earnings. The fix is to drop down iconic properties (~$6.8bn) and mall properties (~$9.7bn) into two separate JVs, raise ~$8bn of asset-level debt to retire OpCo net debt, and sell 15% stakes to real estate partners as valuation markers — mirroring the Hudson's Bay/Simon and RioCan transactions struck at 5.3-5.9% cap rates. Macy's would retain 85% ownership, ~95% of cash flow, control over remodels, and its investment grade rating, while shareholders capture roughly $70 per share versus the $35.89 current price.", "primaryDemands": [ "Drop down Macy's iconic stores and majority of mall stores into two separate JVs (combined value ~$16.5bn)", "Raise ~$8bn of debt at the JV/asset level and use proceeds to repay OpCo net debt and repurchase stock", "Sell ~15% stakes in each JV to reputable real estate partners as a valuation marker", "Distribute 85% of JV cash flow back to Macy's OpCo to preserve ~95% of current free cash flow", "Maintain investment grade rating by targeting 3.5x Adjusted Debt / EBITDAR at the OpCo", "Pursue subsequent monetization of remaining ~$4bn of real estate (C-mall stores, distribution centers, Brooklyn/Seattle/Portland flagships)" ], "scqaResolution": "Drop iconic and mall properties into two separate JVs (~$16.5bn combined), raise ~$8bn JV-level debt to retire OpCo debt, sell 15% 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Create flexibility...", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:17.995+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b492ed3-201d-465e-94ed-26750f3de5e5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.04, "y": 0.14 }, "kind": "paragraph", "text": "Similar to the Hudson’s Bay / Simon and RioCan transactions, we believe Macy’s can use a JV structure to realize the embedded value of its real estate assets.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:17.995+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fecdbf62-13b5-4630-bb84-14516dd31c66", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.8, "x": 0.04, "y": 0.92 }, "kind": "source-note", "text": "Source: Company filings and Starboard Value estimates. 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however, in general Moody's recommends retailers stay below 3.5x Adjusted Debt / EBITDAR to achieve an investment grade rating.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:19.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "77cafd47-ba6a-4cd4-8870-b328bae1323a", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.45, "x": 0.05, "y": 0.38 }, "kind": "callout", "text": "While rating agencies calculate synthetic “Adjusted Debt” from capitalizing rents, it is not funded debt with maturities, and therefore, we believe this capital structure has less real risk for Macy's than the current capital structure.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:19.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a40373a-2d7b-45af-a3ea-645986d2c217", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We assume that Macy’s pays down enough debt to achieve 3.5x Adjusted Debt / EBITDAR and maintains a $1 billion cash balance.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b3-7229-bef2-99c3a133ae4b", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.94, "x": 0.03, "y": 0.16 }, "kind": "list", "text": "Although Macy's would still have access to approximately $409 million of additional annual cash flow from the JVs' distributions, we feel it is prudent for Macy's to structure the OpCo so that it could stand on its own. We believe this structure will ensure that shareholders give Macy's credit for the transaction, and Macy's is ready to go to step two(1) when it is comfortable.\nWe assume that Macy's pays down enough debt to achieve 3.5x Adjusted Debt / EBITDAR and maintains a $1 billion cash balance.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:19.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45b4b0d6-c9d4-4e49-88c5-2aa1a171aeac", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Adjusted Debt / EBITDAR: 3.5x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b3-7229-bef2-a04c9c8165de", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.8 }, "kind": "paragraph", "text": "Note: We target 3.5x Adjusted Debt / EBITDAR because, based on Moody's criteria, we believe the OpCo will be able to remain investment grade. However, Macy's can easily attain its current publicly stated 2.8x target ratio over time by distributing the JVs earnings back to Macy's OpCo, without impacting valuation.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:19.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b149b631-37fe-4c8c-a59e-d47b545b428b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Credit ratings depend on a number of qualitative and quantitative factors; however, in general Moody’s recommends retailers stay below 3.5x Adjusted Debt / EBITDAR to achieve an investment grade rating. — Moody's", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b3-7229-bef2-9f8f40eb2d9a", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.94, "x": 0.03, "y": 0.89 }, "kind": "source-note", "text": "Source: Company filings and Starboard Value estimates.\nNote: While \"synthetic\" debt attributed to Macy's by applying a multiplier to leases does represent a real fixed cost, and it must be considered when thinking about the long-term risks to the business, the difference in legal status and financial risk between an operating lease and funded debt, with a large bullet payment required on a specific date, is substantial.\n(1) Step two represents a transaction where, once the Company is comfortable with the retail environment and its recurring cash flow profile before distributions from the JV, Macy's can pursue a further separation of its JV stake.\n(2) Estimated 2017E EBITDA based on consensus 2016E EBITDA less additional rent from JV transactions, plus $50 million of additional SG&A savings in 2017.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:19.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c9516be-ca60-4564-a504-eeb227104fef", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.3, "x": 0.58, "y": 0.36 }, "kind": "table", "text": "Adjusted Debt / EBITDAR After JVs\nDebt $1,433\nNTM Rent $1,200\nMultiplier 9.3x\nAdjusted debt $12,594\nNTM EBITDA(2) $2,403\nNTM Rent $1,200\nEBITDAR $3,603\nAdjusted Debt / EBITDAR 3.5x\nTotal debt $1,433\nCash $1,367\n(-) Share repurchases ($367)\nProforma cash $1,000\nNet debt $433", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:19.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e9f5f4b-cc6e-4b43-9f63-1ad20374032c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.94, "x": 0.03, "y": 0.03 }, "kind": "title", "text": "Macy's is able to pay down its net debt balance at the operating company through the cash raised at the JV level (cont'd)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:19.946+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7864c05-82a4-4f12-8748-f1bc96a54d5b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 26, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 19, "name": "Impact & Next Steps", "beatId": "a429c9aa-dc93-4b9a-ade4-8588133aa0e3", "matchId": "281df54e-a6f3-47d4-8e62-a2b0d8d58abd", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The document presents a proposed solution and highlights the potential impact", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. 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"or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 21, "type": "setup", "title": "Includes pro forma cash and debt tables showing the impact of JV transactions.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 89, "componentCount": 10, "textChars": 1422, "nDataPoints": 24, "notes": "Includes pro forma cash and debt tables showing the impact of JV transactions.", "elementsJson": [ "headline_text", "subtitle_text", "valuation_table", "data_table", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:14:18.762+00", "seconds": 3.422, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6d9-c4b955586b03/21", "deck": "/decks/019dd923-622b-71dc-a6d9-c4b955586b03", "deckAnchor": "/decks/019dd923-622b-71dc-a6d9-c4b955586b03#slide-21", "deckJson": "/decks/019dd923-622b-71dc-a6d9-c4b955586b03.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.38, "x": 0.58, "y": 0.21 }, "kind": "callout", "text": "85% of the cash flow generated from the JVs' rent can be distributed back to Macy's OpCo, if desired or needed", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:18.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0de23313-621c-4869-844e-18b6f105bf9b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.38, "x": 0.58, "y": 0.34 }, "kind": "callout", "text": "Assumes Macy's credit card earnings are valued in-line with Macy's operating business, despite being a higher ROI, less volatile earnings stream", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:18.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f588f71a-21fc-415c-99b4-4c1f2de2bb3e", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Because the JV transaction can generate such large cash proceeds, which significantly decreases Macy's current debt burden, the pro forma Macy's OpCo alone is worth more than Macy's current stock price, while Macy still owns 85% of the JV and its cash flows.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b3-7229-bef1-499b80465a08", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Value per share: $42.77", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:30:37+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b3-7229-bef1-4f74a059e67e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.82 }, "kind": "paragraph", "text": "Because the JV transaction can generate such large cash proceeds, which significantly decreases Macy's current debt burden, the pro forma Macy's OpCo alone is worth more than Macy's current stock price, while Macy's still owns 85% of the JV and its cash flows.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:18.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e16a6c5d-8e8e-4cba-bc15-f2992a99cf8e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.04, "y": 0.92 }, "kind": "source-note", "text": "Source: Company filings, Bloomberg, and Starboard Value estimates. (1) Consensus 2016E EBITDA based on estimate released subsequent to Macy's January 6, 2016 press releases. (2) 5.75x represents Macy's current EBITDA trading multiple.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:18.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "833846b1-d32e-4b91-8790-eaf951027eb7", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.65, "x": 0.3, "y": 0.6 }, "kind": "table", "text": "Pro forma cash and Pro forma debt tables", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:14:18.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e9f36096-4329-4d0f-975f-16cf3492179b", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.5, "x": 0.06, "y": 0.215 }, "kind": "table", "text": "Consensus 2016E EBITDA $3,290; 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