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  "documentTitle": "Deckers Outdoor Corporation (DECK)",
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  "authorName": "Richard T. McGuire III",
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      "text": "We are in directional agreement with Marcato on opportunities for financial engineering given the durable cash flow of the business.",
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      "text": "– Stifel 10/19/17",
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      "text": "We see these estimates (Marcato's) as ambitious but plausible... Cost savings initiatives... are more aggressive than those of management but, in our view, a fair directional assessment of opportunity. We are in directional agreement with Marcato on opportunities for financial engineering given the durable cash flow of the business... the company could both borrow against these cash balances and use foreign cash to support foreign working capital needs.",
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      "text": "“We see these estimates (Marcato’s) as ambitious but plausible in the context of international opportunities, potential in other categories helped by improved segmentation (to begin Spring '18), and revenue recapture from closed stores… …Cost savings initiatives over this period are more aggressive than those of management but, in our view, a fair directional assessment of opportunity. We are in directional agreement with Marcato on opportunities for financial engineering given the durable cash flow of the business (which could be helped by net working capital benefits from retail closures). While cash balances are principally overseas, the company could both borrow against these cash balances and use foreign cash to support foreign working capital needs. A revolving line of credit or the combination of revolver and term-loan could both accommodate working capital demands and be used to reduce the share count with accretive results.” — Stifel 10/19/17",
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