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  "documentTitle": "Macy's Inc. (M)",
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  "presentationDate": "2016-01-11 00:00:00",
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  "notes": "Uses a waterfall-style build for EBITDA and a bridge-style calculation for enterprise value.",
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      "kind": "callout",
      "text": "We believe Macy's has a great core business with long-term fundamentals that are in-line or better than peers",
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      "text": "Adjusted for the credit card earnings, Macy’s core operating business is trading for ($10 billion).",
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      "text": "Macy's 2016E adjusted EBITDA build",
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      "text": "implied value: $10,405",
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      "text": "Adjusted for Macy's real estate value, the core Macy's operating business is currently trading for free. Adjusted for the credit card earnings, Macy's core operating business is trading for ($10 billion).",
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      "text": "Source: Company filings, Bloomberg, and Starboard Value estimates.",
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