Doomsday Valuation Makes Michaels A Buy [Seeking Alpha]
THE MICHAELS COMPANIES (MIK)
Last the michaels companies earnings: 3/17 07:00 am
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US:NYSE Investor Relations:
investors.michaels.com
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Source: Seeking Alpha
Doomsday Valuation Makes Michaels A Buy Summary 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 our original Long Idea in June 2018, and the expectations baked into this lowered valuation remain overly pessimistic. MIK MIK’s Reported Profits Understate Economic MIK’s reported EPS is below its economic earnings However, for MIK, we 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 you cannot find another $6+ million in non-operating expenses hidden in operating earnings anywhere but t
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