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  "documentTitle": "Macellum Kohls Presentation April 2022",
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  "notes": "Includes a cash flow buildup and a comparison of EPS impact based on different repurchase scenarios.",
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      "text": "Despite its underwhelming three-year plan, Kohl's should generate a significant amount of cash, which can be used to make additional share repurchases. Undertaking a $3 billion share repurchase program could generate EPS 30-35% higher",
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      "text": "Source: Company SEC Filings, Bloomberg LP, Macellum estimates. Notes: 1. Macellum model used Kohl's EPS algorithm and line-item commentary to estimate forecasted line items.",
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      "text": "WE BELIEVE KOHL'S HAS THE ABILITY FOR SUBSTANTIALLY MORE SHARE REPURCHASES",
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