Hudson Bay Co.

HBC-T

TSE:HBC

8.43
0.35 (3.99%)
The Hudson's Bay Company, commonly referred to as The Bay, is a Canadian retail business group. A fur trading business for much of its existence, HBC now owns and operates retail stores in Canada, the ...
More at Wikipedia

Analysis and Opinions about HBC-T

Signal
Opinion
Expert
DON'T BUY
DON'T BUY
December 2, 2019
It's a saga. The latest is that an activist has come in during this sale to complicate things. We'll see where it goes. A few parties want to buy it and see more value than the current share price. But overall he's not positive about HBC.
Hudson Bay Co. (HBC-T)
December 2, 2019
It's a saga. The latest is that an activist has come in during this sale to complicate things. We'll see where it goes. A few parties want to buy it and see more value than the current share price. But overall he's not positive about HBC.
Joshua Varghese
Portfolio manager, Signature Global Asset Management, CI Investments
Price
$9.720
Owned
Unknown
COMMENT
COMMENT
November 6, 2019
The Chinese trade was has been so negative for commodities as a whole. You should never fall in love with commodity stocks, they are just too cyclical.
Hudson Bay Co. (HBC-T)
November 6, 2019
The Chinese trade was has been so negative for commodities as a whole. You should never fall in love with commodity stocks, they are just too cyclical.
Rick Stuchberry
Portfolio Manager, Wellington-Altus Private Wealth
Price
$9.900
Owned
Unknown
DON'T BUY
DON'T BUY
August 28, 2019
They've been on a rocky road. Beyond the headline noise, what do they have? They're in a secular (department store) decline as people buy online. Their assets being in real estate is an old story and not convincing now. Look elsewhere.
Hudson Bay Co. (HBC-T)
August 28, 2019
They've been on a rocky road. Beyond the headline noise, what do they have? They're in a secular (department store) decline as people buy online. Their assets being in real estate is an old story and not convincing now. Look elsewhere.
James Telfser
Partner & Portfolio Manager, Aventine Management Group
Price
$10.220
Owned
No
PAST TOP PICK
PAST TOP PICK
July 15, 2019
(A Top Pick Jun 28/18, Down 12%) This is a real estate play. What drags this down is the brutal retail space. They need to close some stores and it's likely in progress now. This will rise eventually rise above $10. They need to make better use of their prime real estate and to do it sooner than latter--they are generating negative cash flow.
(A Top Pick Jun 28/18, Down 12%) This is a real estate play. What drags this down is the brutal retail space. They need to close some stores and it's likely in progress now. This will rise eventually rise above $10. They need to make better use of their prime real estate and to do it sooner than latter--they are generating negative cash flow.
John Zechner
Chairman, J. Zechner & Assoc
Price
$10.080
Owned
Yes
COMMENT
COMMENT
July 9, 2019
Closing stores should be part of their strategy. There needs to be more definitive action by the management team. Management understands how expensive it is becoming to run a traditional retail operation. Digital and e-commerce products are making it very competitive to run a business. The real estate they possess is very valuable and it may be put to better use than retail. The deal being offered to HBC-T is very low at just $9.45 per share -- the real estate is worth $30 per share alone not including the value of their inventory. He thinks the minority shareholders will feel the offer is far to low as well.
Closing stores should be part of their strategy. There needs to be more definitive action by the management team. Management understands how expensive it is becoming to run a traditional retail operation. Digital and e-commerce products are making it very competitive to run a business. The real estate they possess is very valuable and it may be put to better use than retail. The deal being offered to HBC-T is very low at just $9.45 per share -- the real estate is worth $30 per share alone not including the value of their inventory. He thinks the minority shareholders will feel the offer is far to low as well.
Joshua Varghese
Portfolio manager, Signature Global Asset Management, CI Investments
Price
$9.890
Owned
Yes
SELL
SELL
June 11, 2019
They want to privatize the company and it is trading below the take out price, so she does not expect a competing bid. She is not sure if there is an expiry on the offer, but this is a good time to sell if you are a shareholder.
They want to privatize the company and it is trading below the take out price, so she does not expect a competing bid. She is not sure if there is an expiry on the offer, but this is a good time to sell if you are a shareholder.
Christine Poole
CEO & Managing Director, GlobeInvest Capital Management
Price
$9.240
Owned
No
DON'T BUY
DON'T BUY
May 21, 2019
Real estate worth it? Not a company that he ever liked. Thinks the operating business is very difficult. They have to come to the understanding that they need to have much smaller stores. Sure, some of their locations are great, but there is a lot of other Hudson's Bay that aren't so great. Wouldn't touch it.
Real estate worth it? Not a company that he ever liked. Thinks the operating business is very difficult. They have to come to the understanding that they need to have much smaller stores. Sure, some of their locations are great, but there is a lot of other Hudson's Bay that aren't so great. Wouldn't touch it.
Paul Harris, CFA
Partner and Portfolio Manager, Harris Douglas Asset Management
Price
$6.860
Owned
Unknown
DON'T BUY
DON'T BUY
May 6, 2019
He got out a few years ago. He thought he was protected by the real estate portfolio. He left the retailers and stuck with AMZN-Q. The retail business is tough. They are looking at more asset sales such as Lord and Taylor.
He got out a few years ago. He thought he was protected by the real estate portfolio. He left the retailers and stuck with AMZN-Q. The retail business is tough. They are looking at more asset sales such as Lord and Taylor.
Rick Stuchberry
Portfolio Manager, Wellington-Altus Private Wealth
Price
$7.570
Owned
No
DON'T BUY
DON'T BUY
April 23, 2019
He used to own this for the land it held. The land is worth a lot, but HBC has a lot of debt and other problems. He hasn't looked at HBC lately, and the retail environment has changed since he owned this. Managers are making many changes, mostly better, but time is of the essence.
Hudson Bay Co. (HBC-T)
April 23, 2019
He used to own this for the land it held. The land is worth a lot, but HBC has a lot of debt and other problems. He hasn't looked at HBC lately, and the retail environment has changed since he owned this. Managers are making many changes, mostly better, but time is of the essence.
Benj Gallander
President, Contra the Heard Investment Letter
Price
$7.370
Owned
No
PAST TOP PICK
PAST TOP PICK
January 28, 2019
(A Top Pick Nov 16/18, Up 3%) Totally news driven. Disappointed with it. He sold it and wouldn't buy it today. He bought it because it was cheap at the time. If you hold, continue to hold.
Hudson Bay Co. (HBC-T)
January 28, 2019
(A Top Pick Nov 16/18, Up 3%) Totally news driven. Disappointed with it. He sold it and wouldn't buy it today. He bought it because it was cheap at the time. If you hold, continue to hold.
Elliott Fishman
Director of U.S. and international equity trading, Trading Services Group, Scotia Wealth
Price
$7.710
Owned
No
COMMENT
COMMENT
December 24, 2018
He owned it years ago. It got taken over and he did really well. They had a lot of difficulties. Retail is not going to die. He never sells to take a tax loss in December but if you want to get it off the table, then match it up against winners. Ask yourself why you bought it and ask if it still makes sense. Stay disciplined but learn from your mistakes.
Hudson Bay Co. (HBC-T)
December 24, 2018
He owned it years ago. It got taken over and he did really well. They had a lot of difficulties. Retail is not going to die. He never sells to take a tax loss in December but if you want to get it off the table, then match it up against winners. Ask yourself why you bought it and ask if it still makes sense. Stay disciplined but learn from your mistakes.
Benj Gallander
President, Contra the Heard Investment Letter
Price
$7.180
Owned
No
COMMENT
COMMENT
December 21, 2018
Pretty good company fundamentally. Moving in a range, not bad. Look for a rebound back to the top of the range. Not a bad-looking chart in the context of what else is out there.
Hudson Bay Co. (HBC-T)
December 21, 2018
Pretty good company fundamentally. Moving in a range, not bad. Look for a rebound back to the top of the range. Not a bad-looking chart in the context of what else is out there.
Keith Richards
Portfolio Manager, ValueTrend Wealth Management
Price
$7.250
Owned
Unknown
STRONG BUY
STRONG BUY
December 5, 2018
A massively discounted stock price, he thinks. There have been a lot of concerns about the company, but most of them are being adequately addressed. The European business they own is worth the entire current share price alone. They also own the Sak’s property in New York and other great real estate holdings.
Hudson Bay Co. (HBC-T)
December 5, 2018
A massively discounted stock price, he thinks. There have been a lot of concerns about the company, but most of them are being adequately addressed. The European business they own is worth the entire current share price alone. They also own the Sak’s property in New York and other great real estate holdings.
Joshua Varghese
Portfolio manager, Signature Global Asset Management, CI Investments
Price
$9.490
Owned
No
PAST TOP PICK
PAST TOP PICK
November 26, 2018
(A Top Pick Nov 06/17, Down 31%) A disappointment. They continue to bottom. He exited. They've been bleeding money and are negative EBITDA. The new CEO is doing a alittle better by selling off some of their lines to return to the core business. Retail is slightly better and they carry some real estate value. But their balance sheet is stretched. They should've sold their Vancouver property sooner.
Hudson Bay Co. (HBC-T)
November 26, 2018
(A Top Pick Nov 06/17, Down 31%) A disappointment. They continue to bottom. He exited. They've been bleeding money and are negative EBITDA. The new CEO is doing a alittle better by selling off some of their lines to return to the core business. Retail is slightly better and they carry some real estate value. But their balance sheet is stretched. They should've sold their Vancouver property sooner.
John Zechner
Chairman, J. Zechner & Assoc
Price
$8.230
Owned
No
TOP PICK
TOP PICK
November 16, 2018
Up until today, US retailers have all come back from the death spiral. So that will happen here. It has so much going for it, believes this company will bounce. Yield is 0.7%. (Analysts’ price target is $12.10)
Hudson Bay Co. (HBC-T)
November 16, 2018
Up until today, US retailers have all come back from the death spiral. So that will happen here. It has so much going for it, believes this company will bounce. Yield is 0.7%. (Analysts’ price target is $12.10)
Elliott Fishman
Director of U.S. and international equity trading, Trading Services Group, Scotia Wealth
Price
$7.480
Owned
No
DON'T BUY
DON'T BUY
July 27, 2018

The traditional retailers have been under pressure. They did a deep dive into evaluating this company about a year ago and concluded some of the US investments were not performing as well as expected. They have mortgages a lot of their real estate the base business is not growing. It is fair valued, but he does not like this name right now.

The traditional retailers have been under pressure. They did a deep dive into evaluating this company about a year ago and concluded some of the US investments were not performing as well as expected. They have mortgages a lot of their real estate the base business is not growing. It is fair valued, but he does not like this name right now.

Bryden Teich
Portfolio Manager, Avenue Investment Management
Price
$10.920
Owned
No
SELL
SELL
July 23, 2018

He thinks they have a lot of valuable real estate and have attempted to monetize it, but even as they have done this, the stock has not made any headway. The negative secular trend in retail is just too tough. If they can't get the retail business going then investors may start to question if the real estate is really worth all that much.

He thinks they have a lot of valuable real estate and have attempted to monetize it, but even as they have done this, the stock has not made any headway. The negative secular trend in retail is just too tough. If they can't get the retail business going then investors may start to question if the real estate is really worth all that much.

Colin Stewart
CEO & Portfolio manager, JC Clark Investments Ltd.
Price
$11.500
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
June 28, 2018

(A Top Pick November 6/17 - Down 3%) He likes the fac that you have 30 plus dollars’ worth of real estate there. Rising interest rates has effectively taken up the capitalization rate for the real estate. The retail is doing far worse than expected. Don’t own it anymore. He thinks there is more upside then downside but not without a share of risk.

(A Top Pick November 6/17 - Down 3%) He likes the fac that you have 30 plus dollars’ worth of real estate there. Rising interest rates has effectively taken up the capitalization rate for the real estate. The retail is doing far worse than expected. Don’t own it anymore. He thinks there is more upside then downside but not without a share of risk.

John Zechner
Chairman, J. Zechner & Assoc
Price
$11.570
Owned
No
DON'T BUY
DON'T BUY
June 21, 2018

He owned it years ago before it went private. He did very well. They did poorly over the last few years and then approved a huge pay package for the CEO. He does not like buying into companies where management is going to be paid too much. Retail is having difficulties. He prefers RET.A-T for retail exposure.

He owned it years ago before it went private. He did very well. They did poorly over the last few years and then approved a huge pay package for the CEO. He does not like buying into companies where management is going to be paid too much. Retail is having difficulties. He prefers RET.A-T for retail exposure.

Benj Gallander
President, Contra the Heard Investment Letter
Price
$11.870
Owned
Unknown
COMMENT
COMMENT
June 6, 2018

It's modestly undervalued now. Restructuring has borne some fruit, though the market hasn't responded to HBC in kind. Them getting out of luxury lines makes sense at this stage in the economy with limited discetionary spending. He prefers placing this in the retail, and not real estate, space. This is a consumer discretionary stock late in the cycle.

It's modestly undervalued now. Restructuring has borne some fruit, though the market hasn't responded to HBC in kind. Them getting out of luxury lines makes sense at this stage in the economy with limited discetionary spending. He prefers placing this in the retail, and not real estate, space. This is a consumer discretionary stock late in the cycle.

Andrew Pyle
Senior wealth advisor and portfolio manager, The Pyle Group, Scotia Wealth Mgt.
Price
$10.870
Owned
Unknown
WATCH
WATCH
May 23, 2018

This is a real estate restructuring play. Technically there has been some consolidation and if there is a break above $14, that would suggest some good strength. It still feels like a high risk stock here, he thinks.

This is a real estate restructuring play. Technically there has been some consolidation and if there is a break above $14, that would suggest some good strength. It still feels like a high risk stock here, he thinks.

Brooke Thackray
Research Analyst, Horizons ETFs (Canada) Inc.
Price
$9.400
Owned
No
PAST TOP PICK
PAST TOP PICK
May 10, 2018

(A Top Pick February 12/18 - Down 11.4%.) He is done with it. He likes the store, but he doesn’t get it.

(A Top Pick February 12/18 - Down 11.4%.) He is done with it. He likes the store, but he doesn’t get it.

Elliott Fishman
Director of U.S. and international equity trading, Trading Services Group, Scotia Wealth
Price
$8.770
Owned
No
SELL STRENGTH
SELL STRENGTH
March 19, 2018

This is a tricky one, because the retail Bay outlets never seem crowded. The real play is the real estate value. There was a strong topping formation on the chart back in 2015. The recent selling looks like it will continue. He would not add to a position and would unload the position above $12.

Hudson Bay Co. (HBC-T)
March 19, 2018

This is a tricky one, because the retail Bay outlets never seem crowded. The real play is the real estate value. There was a strong topping formation on the chart back in 2015. The recent selling looks like it will continue. He would not add to a position and would unload the position above $12.

William Chin
Portfolio manager, Caldwell Investment Management
Price
$8.990
Owned
No
DON'T BUY
DON'T BUY
March 7, 2018

Not for the faint of heart. Retail operations have been losing money in the past three years and same-store sales are down, but HBC has amazing real estate assets. They got a lot of debt while interest rates are rising. They need to make more real estate deals, but can they close them in time?

Not for the faint of heart. Retail operations have been losing money in the past three years and same-store sales are down, but HBC has amazing real estate assets. They got a lot of debt while interest rates are rising. They need to make more real estate deals, but can they close them in time?

Douglas Kee
Chief Investment Officer, Leon Frazer & Associates
Price
$9.540
Owned
Unknown
DON'T BUY
DON'T BUY
February 15, 2018

Pros of the stock is the real estate assets. Retail has been very challenging. HSB has been buying more. Not an area where he wants to be. They are fighting a losing battle. Not a good area to be exposed to.

Hudson Bay Co. (HBC-T)
February 15, 2018

Pros of the stock is the real estate assets. Retail has been very challenging. HSB has been buying more. Not an area where he wants to be. They are fighting a losing battle. Not a good area to be exposed to.

Mario Mainelli, CFA
Portfolio Manager, Caldwell Investment Management
Price
$9.790
Owned
No
PAST TOP PICK
PAST TOP PICK
February 12, 2018

(A Top Pick Jan. 2/18, Down 15%) A rare long-term call for him. It's a no-brainer below $10. Would not exit. It will have its day. Their real estate is valuable. Trying to rebrand and they're in a tough space

Hudson Bay Co. (HBC-T)
February 12, 2018

(A Top Pick Jan. 2/18, Down 15%) A rare long-term call for him. It's a no-brainer below $10. Would not exit. It will have its day. Their real estate is valuable. Trying to rebrand and they're in a tough space

Elliott Fishman
Director of U.S. and international equity trading, Trading Services Group, Scotia Wealth
Price
$9.900
Owned
Unknown
TOP PICK
TOP PICK
February 12, 2018

Can't see this below $10 for much longer. Has a lot to offer. It needs some good news, but in the U.S. Macy's has regrouped. (Analysts' price target $11.12)

Hudson Bay Co. (HBC-T)
February 12, 2018

Can't see this below $10 for much longer. Has a lot to offer. It needs some good news, but in the U.S. Macy's has regrouped. (Analysts' price target $11.12)

Elliott Fishman
Director of U.S. and international equity trading, Trading Services Group, Scotia Wealth
Price
$9.900
Owned
No
DON'T BUY
DON'T BUY
February 8, 2018

Would you buy HBC at all? He wouldn’t buy it now. One of Canada’s oldest retailer controlled now by Americans. Begun this global expansion. There are massive changes in the retail space and he thinks we are not done yet. Retail is only one part of the company the other is the real estate.

Hudson Bay Co. (HBC-T)
February 8, 2018

Would you buy HBC at all? He wouldn’t buy it now. One of Canada’s oldest retailer controlled now by Americans. Begun this global expansion. There are massive changes in the retail space and he thinks we are not done yet. Retail is only one part of the company the other is the real estate.

Gerard Ferguson
CEO & Portfolio Manager, Jemekk Capital Management
Price
$9.960
Owned
No
DON'T BUY
DON'T BUY
January 23, 2018

He would avoid this. As a value investor, there is a tendency to see a lot of underlying asset value. However, we’ve recently seen trends in online retailing accelerating and department stores becoming more and more challenged. Even though there is this theoretical asset value in the real estate, if the underlying retail valuations are not strong enough to pay the rent and support it over time, it is going to be hard for the company to surface that.

Hudson Bay Co. (HBC-T)
January 23, 2018

He would avoid this. As a value investor, there is a tendency to see a lot of underlying asset value. However, we’ve recently seen trends in online retailing accelerating and department stores becoming more and more challenged. Even though there is this theoretical asset value in the real estate, if the underlying retail valuations are not strong enough to pay the rent and support it over time, it is going to be hard for the company to surface that.

Colin Stewart
CEO & Portfolio manager, JC Clark Investments Ltd.
Price
$11.290
Owned
No
TOP PICK
TOP PICK
January 2, 2018

He is looking for a retailer whose name has been bantered about. Late last year it started having some shareholder activists that thought the stock was way undervalued to what it owns. It broke $10 a couple of times late last year. It is $11 now, and he believes it is $15 easy, even if nothing happens with it. (Analysts' price target is $12.00.)

Hudson Bay Co. (HBC-T)
January 2, 2018

He is looking for a retailer whose name has been bantered about. Late last year it started having some shareholder activists that thought the stock was way undervalued to what it owns. It broke $10 a couple of times late last year. It is $11 now, and he believes it is $15 easy, even if nothing happens with it. (Analysts' price target is $12.00.)

Elliott Fishman
Director of U.S. and international equity trading, Trading Services Group, Scotia Wealth
Price
$11.720
Owned
No
COMMENT
COMMENT
December 15, 2017

Has been hearing about their real estate value for years. The hedge funds are saying this $10 stock has $31 of value if they do something with the real estate valuation. He is not sure how long investors are willing to wait. Meanwhile, the retail business and industry are not doing very well at all. They really have to get it together. Either do something with the real estate, or not. He doesn't like recommending companies that "might" do something.

Hudson Bay Co. (HBC-T)
December 15, 2017

Has been hearing about their real estate value for years. The hedge funds are saying this $10 stock has $31 of value if they do something with the real estate valuation. He is not sure how long investors are willing to wait. Meanwhile, the retail business and industry are not doing very well at all. They really have to get it together. Either do something with the real estate, or not. He doesn't like recommending companies that "might" do something.

Peter Hodson
CEO & Head of Research, 5i Research Inc.
Price
$10.480
Owned
Unknown
COMMENT
COMMENT
December 6, 2017

This is basically a bet on real estate. Can they realize the value on their real estate? On the retail side, they have a lot of debt. Just reported negative earnings.

Hudson Bay Co. (HBC-T)
December 6, 2017

This is basically a bet on real estate. Can they realize the value on their real estate? On the retail side, they have a lot of debt. Just reported negative earnings.

Douglas Kee
Chief Investment Officer, Leon Frazer & Associates
Price
$10.350
Owned
No
COMMENT
COMMENT
December 5, 2017

A very interesting story because it kind of represents a “push me-pull me” situation. They have spent a lot of time building what they’ve got, and outside hedge funds are seeing about $35 of value, which is not being represented by the stock price. Thinks the company will resist selling assets unnecessarily, except for what they need to support the balance sheet. An interesting speculation and you are just going to have to wait and see.

Hudson Bay Co. (HBC-T)
December 5, 2017

A very interesting story because it kind of represents a “push me-pull me” situation. They have spent a lot of time building what they’ve got, and outside hedge funds are seeing about $35 of value, which is not being represented by the stock price. Thinks the company will resist selling assets unnecessarily, except for what they need to support the balance sheet. An interesting speculation and you are just going to have to wait and see.

Ross Healy
Chairman, Strategic Analysis Corp
Price
$11.900
Owned
No
TOP PICK
TOP PICK
November 17, 2017

Richard Baker is regarded as the best man in the ghastly department store sector. Had a meeting about a month ago and it was intriguing to hear him talk. He is very creative, and expected to create more things. Dividend yield of 0.4%. (Analysts’ price target is $13.75.)

Hudson Bay Co. (HBC-T)
November 17, 2017

Richard Baker is regarded as the best man in the ghastly department store sector. Had a meeting about a month ago and it was intriguing to hear him talk. He is very creative, and expected to create more things. Dividend yield of 0.4%. (Analysts’ price target is $13.75.)

Michael Smedley
Exec VP & Chief Investment Officer, Morgan Meighan & Associates
Price
$11.290
Owned
No
WEAK BUY
WEAK BUY
November 13, 2017

Retail has not done well. Eaton’s used to be the largest retailer on the face of the earth. Retail then was very different than the way it is done now. You have to look at AMZN-Q. He thinks, however, HBC-T will do relatively well this season.

Hudson Bay Co. (HBC-T)
November 13, 2017

Retail has not done well. Eaton’s used to be the largest retailer on the face of the earth. Retail then was very different than the way it is done now. You have to look at AMZN-Q. He thinks, however, HBC-T will do relatively well this season.

Brendan Caldwell
President, Caldwell Securities
Price
$11.750
Owned
No
TOP PICK
TOP PICK
November 6, 2017

This is basically about the real estate. A controversial call, as the company is bleeding cash and they have high debt, so why would you own it. Their land and buildings are going to start to push the button a little, to get the difference between what it is trading at and what the real estate value is. Dividend yield of 0.4%. (Analysts' price target is $13.75.)

Hudson Bay Co. (HBC-T)
November 6, 2017

This is basically about the real estate. A controversial call, as the company is bleeding cash and they have high debt, so why would you own it. Their land and buildings are going to start to push the button a little, to get the difference between what it is trading at and what the real estate value is. Dividend yield of 0.4%. (Analysts' price target is $13.75.)

John Zechner
Chairman, J. Zechner & Assoc
Price
$11.950
Owned
Yes
WATCH
WATCH
October 31, 2017

The chart is showing consolidation. It is finding a lid and is possibly finding a floor. He wouldn't buy this unless it breaks the $12-$13 level. If it breaks out to the upside on some volume, he would be interested. It has stopped going down, so the downtrend is over.

Hudson Bay Co. (HBC-T)
October 31, 2017

The chart is showing consolidation. It is finding a lid and is possibly finding a floor. He wouldn't buy this unless it breaks the $12-$13 level. If it breaks out to the upside on some volume, he would be interested. It has stopped going down, so the downtrend is over.

Keith Richards
Portfolio Manager, ValueTrend Wealth Management
Price
$11.270
Owned
Unknown
DON'T BUY
DON'T BUY
October 26, 2017

It is a tricky one. He has been a shareholder in the past. He recommends staying away because it is a complicated situation. He questions issuing equity that is dilutive if there was so much value in their real estate. If the retail business can’t afford to pay the rent eventually then it does not substantiate the value on those properties.

Hudson Bay Co. (HBC-T)
October 26, 2017

It is a tricky one. He has been a shareholder in the past. He recommends staying away because it is a complicated situation. He questions issuing equity that is dilutive if there was so much value in their real estate. If the retail business can’t afford to pay the rent eventually then it does not substantiate the value on those properties.

Colin Stewart
CEO & Portfolio manager, JC Clark Investments Ltd.
Price
$11.560
Owned
No
BUY
BUY
October 17, 2017

Thinks this probably should be bought here. Thinks it is a nice, patient Hold.

Hudson Bay Co. (HBC-T)
October 17, 2017

Thinks this probably should be bought here. Thinks it is a nice, patient Hold.

Michael Smedley
Exec VP & Chief Investment Officer, Morgan Meighan & Associates
Price
$11.990
Owned
Unknown
COMMENT
COMMENT
October 6, 2017

Has added to his holdings in the last couple of months. He understands how bad retail is because of Amazon competition. On the other hand, it is too hard for him to ignore what the potential valuation is on the real estate side. If there is $30 worth of real estate assets, they are going to find a way to surface it. The risk/reward is pretty good.

Hudson Bay Co. (HBC-T)
October 6, 2017

Has added to his holdings in the last couple of months. He understands how bad retail is because of Amazon competition. On the other hand, it is too hard for him to ignore what the potential valuation is on the real estate side. If there is $30 worth of real estate assets, they are going to find a way to surface it. The risk/reward is pretty good.

John Zechner
Chairman, J. Zechner & Assoc
Price
$12.210
Owned
Yes
COMMENT
COMMENT
September 28, 2017

This one is hard. Missed on Q2 again, where they missed $.90. Margin compression was an issue again. There are headwinds for retail, especially for department stores. However Saks did beat their best comp in 2 years. HBC also had some pretty good comps. There are better trends in retail so far for Q3, and there is optimism for the 2nd half. This is a risky name. It is very hard to model, as they don’t have any clear earnings path. When stocks are really hard to model, often they are the best buy.

Hudson Bay Co. (HBC-T)
September 28, 2017

This one is hard. Missed on Q2 again, where they missed $.90. Margin compression was an issue again. There are headwinds for retail, especially for department stores. However Saks did beat their best comp in 2 years. HBC also had some pretty good comps. There are better trends in retail so far for Q3, and there is optimism for the 2nd half. This is a risky name. It is very hard to model, as they don’t have any clear earnings path. When stocks are really hard to model, often they are the best buy.

Greg Newman
Director & Portfolio Manager, Scotia Wealth Management
Price
$13.130
Owned
Yes
COMMENT
COMMENT
September 8, 2017

Seasonality doesn’t really apply, because they have been going under a major restructuring. Fundamental analysts say it has real estate value at around $35 a share, and is currently trading at $12.75. There have been some activist investors trying to get the company to do something with the assets, such as capitalizing them and making them into condos. During the last couple of days, the stock has been in a trading range, and yesterday it broke above that base building pattern, for the 1st time in 6 months, which is very, very bullish. He would guess that there are some activist investors behind this scenario that are boosting the value of the stocks.

Hudson Bay Co. (HBC-T)
September 8, 2017

Seasonality doesn’t really apply, because they have been going under a major restructuring. Fundamental analysts say it has real estate value at around $35 a share, and is currently trading at $12.75. There have been some activist investors trying to get the company to do something with the assets, such as capitalizing them and making them into condos. During the last couple of days, the stock has been in a trading range, and yesterday it broke above that base building pattern, for the 1st time in 6 months, which is very, very bullish. He would guess that there are some activist investors behind this scenario that are boosting the value of the stocks.

Don Vialoux
Research Analyst, TimingTheMarket.CA & EquityClock.COM
Price
$12.660
Owned
Unknown
COMMENT
COMMENT
September 5, 2017

Thinks it will be quite a while before they actually close their doors. It is one of the stocks he has been lucky on in that he got out at $17. Wonders how department stores can create a new formula for their existence. The real estate is important, and you can buy this for a recovery on sheer speculation that it goes up later. The underlying value of the real estate is quite substantial.

Hudson Bay Co. (HBC-T)
September 5, 2017

Thinks it will be quite a while before they actually close their doors. It is one of the stocks he has been lucky on in that he got out at $17. Wonders how department stores can create a new formula for their existence. The real estate is important, and you can buy this for a recovery on sheer speculation that it goes up later. The underlying value of the real estate is quite substantial.

Michael Smedley
Exec VP & Chief Investment Officer, Morgan Meighan & Associates
Price
$11.270
Owned
No
SELL
SELL
August 29, 2017

This is such a sectoral challenged business being a department store. A lot has been discussed about its valuable real estate, but at the end of the day it’s the stores they are operating that cannot afford the lease payments to be in those prime locations. Ultimately, at some point, the model breaks down.

Hudson Bay Co. (HBC-T)
August 29, 2017

This is such a sectoral challenged business being a department store. A lot has been discussed about its valuable real estate, but at the end of the day it’s the stores they are operating that cannot afford the lease payments to be in those prime locations. Ultimately, at some point, the model breaks down.

Colin Stewart
CEO & Portfolio manager, JC Clark Investments Ltd.
Price
$11.760
Owned
No
DON'T BUY
DON'T BUY
August 23, 2017

It is a roll of the dice. The retail business is mature and declining. It is a play on real estate.

Hudson Bay Co. (HBC-T)
August 23, 2017

It is a roll of the dice. The retail business is mature and declining. It is a play on real estate.

Douglas Kee
Chief Investment Officer, Leon Frazer & Associates
Price
$10.600
Owned
Unknown
WEAK BUY
WEAK BUY
July 27, 2017

You have to get your head around the value of their real estate. The whole retail space is under tremendous pressure. It is just a question of when they are going to unlock those assets.

You have to get your head around the value of their real estate. The whole retail space is under tremendous pressure. It is just a question of when they are going to unlock those assets.

Andrey Omelchak
President & CIO, LionGuard Capital Management