Advanced Theory & Practice of Bonds

IBF Recognized Under FTS
1-2 December 2021

Two-day immersive course on bonds designed for private bankers and advisors. 90% funding* available to eligible company-sponsored candidates.

American retail major Macy’s is reportedly being urged by activist investor Jana Partners to spin-off its e-commerce business to get a higher valuation from the separate entity. Jana puts Macy’s online business at a valuation of $14bn if it does go ahead with the spin-off, as per Jana’s investor presentation on Wednesday. Luxury department store Saks Fifth Avenue made a similar move earlier this year, spinning off its digital business into a separate company. The deal valued Saks.com at $2bn, ~2x sales. Macy’s online business is expected to clock in revenues of $8.35-8.45bn this year, doubling over the past four years. If Macy’s online business were to receive the same valuation as Saks.com, it would be valued at $16.8bn including debt or $14.1bn on an equity basis, as per Bloomberg.
Macy’s 5.875% 2029s have been trending lower this week, down ~2.1 points to now trade at 106.44.
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