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  "docSlug": "jarvis-macellum-big-lots-letter-march-2020",
  "documentTitle": "Macellum Big Lots Letter March 2020",
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  "presentationDate": "2020-03-01 00:00:00",
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  "notes": "The slide highlights a decline in investor confidence and P/E multiples following the Board's guidance revisions.",
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      "kind": "callout",
      "text": "Big Lots Trading at 2.6x EV/EBITDA",
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      "text": "Source: Company reports; Bloomberg LP and Macellum Estimates. * Forward 12 month P/E Ratio based on Bloomberg consensus estimates.",
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      "text": "Source: Company reports; Bloomberg LP and Macellum Estimates. Peer Group includes proxy peer group and relevant competitors. Priced on 2/28/20",
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      "text": "We believe the lack of investor confidence also stems from the Board's inability to help develop and approve a realistic strategic plan. In March of 2018 the Board approved guidance for annual earnings of $4.85 for 2018. The Board has now approved a plan to and is guiding investors to expect the Company to earn $3.30 in 2020. The result is a significant decline in the PE multiple the Company's shares trade for.",
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      "text": "Table showing historical quarterly guidance and P/E ratios from 2016 to 2020.",
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      "text": "FY20 EV/EBITDA Ratio based on Consensus Estimates",
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      "text": "Annual Company Guidance",
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