BID

Sotheby's

Consumer, Event Driven/Special Sit


Presented:10/23/2013
Price:$N/A
Cap:N/A
Current Price:no data
Cap:no data

Presented

Date10/23/2013
Price$N/A
Market CapN/A
Ent ValueN/A
P/E Ratio24.79x
Book Value$11.98
Div Yield0.9%
Shares O/SN/A
Ave Daily VolN/A
Short IntN/A

Current

Priceno data
Market Capno data

Presented by: Mick McGuire, Founder and Managing Partner, Marcato Capital Management at The Excellence in Investing: San Francisco conference

Highlights

Mr. McGuire highlighted Marcato’s activist stance on Sotheby’s at the conference. Despite a relatively strong art market, shares of BID have languished. He believes the company has trapped $1.3 billion (after tax) on its balance sheet, which can be unlocked by selling its NYC and London headquarters, capitalizing its financing segment with less expensive capital (as opposed to equity), and closing or selling the dealer segment. This equates to ~$19 per-share/ ~38% of the present market cap in value, and an accelerated share repurchase would help create substantial shareholder value over the long-run and push the stock up to the high $60s.

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Idea Discussion

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