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  "docSlug": "jarvis-macellum-kohls-presentation-april-2022",
  "documentTitle": "Macellum Kohls Presentation April 2022",
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  "presentationDate": "2022-04-01 00:00:00",
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  "notes": "The slide uses a scenario-based valuation approach to demonstrate downside risk.",
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      "kind": "list",
      "text": "Kohl's, on an unaffected basis, was trading at a 6.5x P/E. Given the negligible operating improvements implied by the three-year plan, that is unlikely to change. At 6.5x P/E, Kohl's price target at the midpoint of the Company's guidance in 2024 would be $53. Giving Kohl's the benefit of the 5-year average P/E of 8.5x, the price target could be ~$70 in three years. However, we believe there is material risk to Kohl's plan given the significant SG&A, inventory and capex growth. If sales growth does not materialize – which it has not for a decade – earnings could be $5.64 a share. We believe rejecting offers under the current plan and without changing the majority of the Board poses substantial risk to shareholders",
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      "text": "Source: Company SEC Filings, Bloomberg LP. (1) Same operating assumptions as midpoint but with flat sales growth vs. low single digits sales growth. (2) Recent offer price highlighted by Reuters.",
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      "kind": "subtitle",
      "text": "And under many scenarios, Kohl's could be substantially lower",
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      "kind": "table",
      "text": "Kohl's EPS 2024 Targets, 2024 Price Targets @ Current Multiple, % Change Compared to $70 Bid, 2024 Price Targets @ Historic Multiple, % Change Compared to $70 Bid",
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      "kind": "title",
      "text": "EVEN IF KOHL'S HITS ITS TARGETS, THE STOCK WILL LIKELY NOT ACHIEVE REPORTED OFFER PRICES",
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