Doomsday Valuation Makes Michaels a Buy [Forbes]
THE MICHAELS COMPANIES (MIK)
Last the michaels companies earnings: 3/17 07:00 am
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Source: Forbes
Doomsday Valuation Makes Michaels a Buy This retailer’s stock gained over 20% in one day in early September after the company beat top and bottom line expectations and reported positive comparable store sales. This strong quarter reaffirms our belief that The Michaels Companies has been unfairly lumped into the “dying retailers” category, despite evidence to the contrary. The stock is still down 50% from my original Long Idea in June 2018 MIK’s Reported Profits Understate Economic Earnings MIK’s reported EPS are below its economic earnings per share, which is unusual. Economic earnings are generally lower than reported profits because economic earnings account for more operating expenses, most notably the cost of equity capital. However, for MIK, I remove several non-recurring expenses that artificially decrease the company’s reported earnings. Most notably, the company incurred $ 104 million in restructuring charges You can find that restructuring charge on the income statement, but
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