Simply put, Macy’s owned real estate is worth at least $26bn, whereas the Company’s enterprise value is currently $24bn; this implies that the Macy’s retail operation, which would generate over $600m of pro forma free cash flow (after factoring in increased rent, etc.) is worth negative $2bn. Thi...
![](https://sumzero-prod.s3.amazonaws.com/public/uploads/blog_post/featured_The_87th_Annual_Macy_s_Thanksgiving_Day_Parade__11117182656__1b0ea6dde4.jpg)
Starboard Can Help Macy's Unlock 130%+ Upside in Real Estate Assets
Published: November 20, 2015