Hudson Bay Co.

HBC-T

TSE:HBC

10.93
0.02 (0.18%)
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 ...
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Analysis and Opinions about HBC-T

Signal
Opinion
Expert
SELL
SELL
July 19, 2016

He knew the stock price would be down. It is a really, really tough space. Too tough an environment for them to compete. He likes all the initiatives they have taken and also likes the real estate value. If you own, he would urge you to walk away from the space and own something that is working and is extremely expensive, such as Amazon (AMZN-Q).

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He knew the stock price would be down. It is a really, really tough space. Too tough an environment for them to compete. He likes all the initiatives they have taken and also likes the real estate value. If you own, he would urge you to walk away from the space and own something that is working and is extremely expensive, such as Amazon (AMZN-Q).

BUY
BUY
July 13, 2016

This is the last survivor of the department stores. They have aggressive management that is doing an outstanding job of turning the company around. They are in Germany and moving into the Netherlands. They have the various brands for the different price points. But they have the REITs for the physical properties and they are discussing taking them public, which will unleash value. This could be a catalyst. Same store sales growth has been good in Canada.

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This is the last survivor of the department stores. They have aggressive management that is doing an outstanding job of turning the company around. They are in Germany and moving into the Netherlands. They have the various brands for the different price points. But they have the REITs for the physical properties and they are discussing taking them public, which will unleash value. This could be a catalyst. Same store sales growth has been good in Canada.

COMMENT
COMMENT
July 7, 2016

Buying it for the real estate assets has always been the theory since it emerged as a public company. They’ve owned real estate since 1667, and probably the BV is less than the current market value. Nobody is very excited about retail department stores, and they haven’t exactly hit the ball out of the park. He is staying away from this.

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Buying it for the real estate assets has always been the theory since it emerged as a public company. They’ve owned real estate since 1667, and probably the BV is less than the current market value. Nobody is very excited about retail department stores, and they haven’t exactly hit the ball out of the park. He is staying away from this.

TOP PICK
TOP PICK
June 20, 2016

Using REITs and looking at the real estate value, it is pretty easy to get a value of something around $30 for the real estate alone. You are paying less than nothing for the retail asset. They are doing all right in Canada. Saks is a little bit slow. They are bringing costs down across the board. A good story. Dividend yield of 1.27%.

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Using REITs and looking at the real estate value, it is pretty easy to get a value of something around $30 for the real estate alone. You are paying less than nothing for the retail asset. They are doing all right in Canada. Saks is a little bit slow. They are bringing costs down across the board. A good story. Dividend yield of 1.27%.

DON'T BUY
DON'T BUY
June 17, 2016

The Bay is only a small part of this company. It is really an American company with Saks Fifth Avenue being its biggest asset, along with Lord and Taylor. Retailing stocks are not doing well here, so this has become a real estate play. The fellow behind it is a really smart real estate guy. This company has really good real estate assets. The stock has sold off too much, and if you are a long-term investor, it is okay, but if you want to play real estate, go buy a real estate company.

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The Bay is only a small part of this company. It is really an American company with Saks Fifth Avenue being its biggest asset, along with Lord and Taylor. Retailing stocks are not doing well here, so this has become a real estate play. The fellow behind it is a really smart real estate guy. This company has really good real estate assets. The stock has sold off too much, and if you are a long-term investor, it is okay, but if you want to play real estate, go buy a real estate company.

COMMENT
COMMENT
June 14, 2016

This has taken over Saks Fifth Avenue and will be rolling out those stores this year. Expanding into Europe. A very competitive environment. The Bay is more of a real estate play than anything else. Doesn’t feel that traditional retail is a long-term secular growth area.

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This has taken over Saks Fifth Avenue and will be rolling out those stores this year. Expanding into Europe. A very competitive environment. The Bay is more of a real estate play than anything else. Doesn’t feel that traditional retail is a long-term secular growth area.

PAST TOP PICK
PAST TOP PICK
June 9, 2016

(Top Pick Jun 30/15, Down 43.94%) The valuation of the real estate is a big part of it. It is a Canadian, semi-old blue chip. The Sax thing is good. They are not giving up on the department store.

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(Top Pick Jun 30/15, Down 43.94%) The valuation of the real estate is a big part of it. It is a Canadian, semi-old blue chip. The Sax thing is good. They are not giving up on the department store.

COMMENT
COMMENT
June 9, 2016

He doesn’t know a lot about this company, although he does know they have been out acquiring a lot of assets. He isn’t a big fan of retail, which is a pretty brutal business. However, from what he can see, this is more of a real estate play than a merchandiser.

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He doesn’t know a lot about this company, although he does know they have been out acquiring a lot of assets. He isn’t a big fan of retail, which is a pretty brutal business. However, from what he can see, this is more of a real estate play than a merchandiser.

COMMENT
COMMENT
June 8, 2016

This will be reporting tomorrow. A seasonally tough quarter for them. His company expects a loss of $0.53 a share and the street is looking at a $0.35 loss. They are facing so much headwind from the Amazon world, and are really working hard to get into the Omni channel. There is a lot of very good real estate. Not something he would want at this time. They are losing money and he doesn’t see when they are going to be making money.

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This will be reporting tomorrow. A seasonally tough quarter for them. His company expects a loss of $0.53 a share and the street is looking at a $0.35 loss. They are facing so much headwind from the Amazon world, and are really working hard to get into the Omni channel. There is a lot of very good real estate. Not something he would want at this time. They are losing money and he doesn’t see when they are going to be making money.

COMMENT
COMMENT
June 6, 2016

Has the original retail business, but also has expanded into the US and Europe. Fundamentally the value in the business is the real estate, not so much the retail. At the end of the day, with all the creative real estate deals, they still have to run a successful retail business, which has not been proven yet. In the short term, he would be a little cautious and see if they can operate a successful retail business.

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Has the original retail business, but also has expanded into the US and Europe. Fundamentally the value in the business is the real estate, not so much the retail. At the end of the day, with all the creative real estate deals, they still have to run a successful retail business, which has not been proven yet. In the short term, he would be a little cautious and see if they can operate a successful retail business.

Jim Huang

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Price
$15.550
Owned
Unknown
DON'T BUY
DON'T BUY
May 6, 2016

As a proxy for a REIT? This story has been the market for some time. It is part of the wave of unearthing real estate value, and feels the trend is kind of over.

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As a proxy for a REIT? This story has been the market for some time. It is part of the wave of unearthing real estate value, and feels the trend is kind of over.

STRONG BUY
STRONG BUY
May 4, 2016

(Market Call Minute) It gets no respect. Retail has had a tough time. They have really good growth for 2016/17.

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(Market Call Minute) It gets no respect. Retail has had a tough time. They have really good growth for 2016/17.

BUY
BUY
April 15, 2016

He really likes this. Has been disappointed in the action in the last little while. The real estate alone as value is worth more than the stock price. The operator is good. Has brought Saks in, changed the stores around, bought a major department store chain in Europe.

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Hudson Bay Co. (HBC-T)
April 15, 2016

He really likes this. Has been disappointed in the action in the last little while. The real estate alone as value is worth more than the stock price. The operator is good. Has brought Saks in, changed the stores around, bought a major department store chain in Europe.

COMMENT
COMMENT
April 14, 2016

Doesn’t look at retail stocks often. However, in Canada with Target taking a stage left and Sears sort of on the ropes, it is a tough business to be in. However, this is almost a real estate stock, and is trading at a significant discount to NAV. Just added Saks in Toronto and have taken over various stores in Europe and just seem to be able to do the right thing. He is looking at this pretty hard right now. If you believe in the real estate story, this stock is probably good to $30.

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Hudson Bay Co. (HBC-T)
April 14, 2016

Doesn’t look at retail stocks often. However, in Canada with Target taking a stage left and Sears sort of on the ropes, it is a tough business to be in. However, this is almost a real estate stock, and is trading at a significant discount to NAV. Just added Saks in Toronto and have taken over various stores in Europe and just seem to be able to do the right thing. He is looking at this pretty hard right now. If you believe in the real estate story, this stock is probably good to $30.

BUY
BUY
April 11, 2016

(Market Call Minute) There is a lot of real estate value there.

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Hudson Bay Co. (HBC-T)
April 11, 2016

(Market Call Minute) There is a lot of real estate value there.

COMMENT
COMMENT
April 8, 2016

Likes that they are doing more of what Canadian companies should be doing. Many of our major companies through the years have been bought up by foreign companies. This is the oldest company in the Western world, and has taken over Saks Fifth Avenue. This is a tough business. Saks has not done as well had been hoped, but Hudson’s Bay did triple its earnings in the last release. The street had expected larger earnings though. Thinks there are still some risks in the stock, but feels they are doing some things really right.

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Likes that they are doing more of what Canadian companies should be doing. Many of our major companies through the years have been bought up by foreign companies. This is the oldest company in the Western world, and has taken over Saks Fifth Avenue. This is a tough business. Saks has not done as well had been hoped, but Hudson’s Bay did triple its earnings in the last release. The street had expected larger earnings though. Thinks there are still some risks in the stock, but feels they are doing some things really right.

COMMENT
COMMENT
April 6, 2016

This has been a Short for him. It has poor price momentum and valuation is in the bottom 10% for him. Core operations are not great. Has always been a real estate play that has yet to pan out. Also, has a fair amount of debt.

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This has been a Short for him. It has poor price momentum and valuation is in the bottom 10% for him. Core operations are not great. Has always been a real estate play that has yet to pan out. Also, has a fair amount of debt.

COMMENT
COMMENT
April 4, 2016

The quarterly earnings just reported were fine. They took their guidance for the coming year up a little higher on sales. This is a great story. It has an asset value of north of $30 easily, and you could even argue in the $35-$40 range. The real estate assets are worth more than the stock price today.

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The quarterly earnings just reported were fine. They took their guidance for the coming year up a little higher on sales. This is a great story. It has an asset value of north of $30 easily, and you could even argue in the $35-$40 range. The real estate assets are worth more than the stock price today.

PAST TOP PICK
PAST TOP PICK
March 31, 2016

(A Top Pick Jan 30/15. Down 16.99%.) Retail had skipped lower, but thinks they are doing everything right. Has been buying more into this downturn.

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Hudson Bay Co. (HBC-T)
March 31, 2016

(A Top Pick Jan 30/15. Down 16.99%.) Retail had skipped lower, but thinks they are doing everything right. Has been buying more into this downturn.

DON'T BUY
DON'T BUY
March 9, 2016

Doesn’t go to the Bay that often, so it is hard to get excited. Shopping is going more and more online. People are getting more nervous about the economy. Not something he would want to invest in right now.

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Doesn’t go to the Bay that often, so it is hard to get excited. Shopping is going more and more online. People are getting more nervous about the economy. Not something he would want to invest in right now.

COMMENT
COMMENT
February 18, 2016

Thinks the analysts overwhelmingly like the stock. They’ve done a great job, particularly on the real estate. Have a great focus strategy. Successful in bringing premium brands to the country. Department stores are struggling. Overall the stock is a good stock and the company has good fundamentals. Doesn’t like the sector right now.

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Hudson Bay Co. (HBC-T)
February 18, 2016

Thinks the analysts overwhelmingly like the stock. They’ve done a great job, particularly on the real estate. Have a great focus strategy. Successful in bringing premium brands to the country. Department stores are struggling. Overall the stock is a good stock and the company has good fundamentals. Doesn’t like the sector right now.

BUY
BUY
February 16, 2016

What is nice is that they haven’t spun the real estate off into a REIT, but have gone into direct partnership with Simon properties and Germany, in order to enhance and bring on the value of the real estate. The risk is high end retail and the tougher call. This is a good buy for the real estate alone.

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Hudson Bay Co. (HBC-T)
February 16, 2016

What is nice is that they haven’t spun the real estate off into a REIT, but have gone into direct partnership with Simon properties and Germany, in order to enhance and bring on the value of the real estate. The risk is high end retail and the tougher call. This is a good buy for the real estate alone.

SELL
SELL
February 12, 2016

Still a Sell for him. Has a Short on it in all 3 of his funds. It has never been there from a valuation perspective. The retail operation continues to struggle. Occasionally gets a pop because of their real estate asset that is supposed to be spinning into a REIT, but never seems to materialize. Too much debt. 11X EBITDA. Trading at 30X earnings. Very low ROE at about 5%.

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Hudson Bay Co. (HBC-T)
February 12, 2016

Still a Sell for him. Has a Short on it in all 3 of his funds. It has never been there from a valuation perspective. The retail operation continues to struggle. Occasionally gets a pop because of their real estate asset that is supposed to be spinning into a REIT, but never seems to materialize. Too much debt. 11X EBITDA. Trading at 30X earnings. Very low ROE at about 5%.

TOP PICK
TOP PICK
January 6, 2016

The fellow who runs this is up to his eyeballs in his own stock. Also, they have been innovative. The real estate value alone is worth more than where the stock is trading right now. They have Saks come into Canada. Bought one of the largest retailers in Germany. They’re integrating these things and getting synergies out of them. Also, clever enough to go with Internet purchasing and sales have really ramped up in that area.

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Hudson Bay Co. (HBC-T)
January 6, 2016

The fellow who runs this is up to his eyeballs in his own stock. Also, they have been innovative. The real estate value alone is worth more than where the stock is trading right now. They have Saks come into Canada. Bought one of the largest retailers in Germany. They’re integrating these things and getting synergies out of them. Also, clever enough to go with Internet purchasing and sales have really ramped up in that area.

BUY
BUY
December 22, 2015

Likes the fundamentals, but loves what the chart shows. It has come back, but is bouncing already. He thinks there is nothing but upside for this company.

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Hudson Bay Co. (HBC-T)
December 22, 2015

Likes the fundamentals, but loves what the chart shows. It has come back, but is bouncing already. He thinks there is nothing but upside for this company.

COMMENT
COMMENT
December 9, 2015

Has been negative on this for a long time, and sort of unfairly. Had thought of this as a department store in Canadian malls. When he looked at what they have done in the US, he was really surprised. Surprised at how little of their sales was actually from Canada now. However, there is so much to choose from, and he would be more interested in converting money to US$ and buying Amazon (AMZN-Q). Retail is so tough. (See Top Picks.)

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Hudson Bay Co. (HBC-T)
December 9, 2015

Has been negative on this for a long time, and sort of unfairly. Had thought of this as a department store in Canadian malls. When he looked at what they have done in the US, he was really surprised. Surprised at how little of their sales was actually from Canada now. However, there is so much to choose from, and he would be more interested in converting money to US$ and buying Amazon (AMZN-Q). Retail is so tough. (See Top Picks.)

TOP PICK
TOP PICK
December 8, 2015

Sort of the “last department store standing” in Canada. The price has come off which made it attractive to him. Thinks the valuation is largely backstopped by the real estate and they are starting to spin that out. Have done a couple of joint ventures with the real estate in Canada and outside of Canada. They are taking the Saks Fifth Avenue off price, and the off-price retailers have done very well in the US. Expanding that and bringing it into Canada. Also, expanding into Europe. Dividend yield of 0.98%.

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Hudson Bay Co. (HBC-T)
December 8, 2015

Sort of the “last department store standing” in Canada. The price has come off which made it attractive to him. Thinks the valuation is largely backstopped by the real estate and they are starting to spin that out. Have done a couple of joint ventures with the real estate in Canada and outside of Canada. They are taking the Saks Fifth Avenue off price, and the off-price retailers have done very well in the US. Expanding that and bringing it into Canada. Also, expanding into Europe. Dividend yield of 0.98%.

TOP PICK
TOP PICK
December 7, 2015

You are getting the retail for free. You have someone running it that knows real estate and knows retail. It was hit recently because of a down turn in US retailing. Risk in the next quarter is factored in. It is a better company than it has been in a long, long time.

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Hudson Bay Co. (HBC-T)
December 7, 2015

You are getting the retail for free. You have someone running it that knows real estate and knows retail. It was hit recently because of a down turn in US retailing. Risk in the next quarter is factored in. It is a better company than it has been in a long, long time.

COMMENT
COMMENT
November 24, 2015

This is like having 2 faces. One side retail and one side real estate. It looks like it is reasonable value on a real estate basis, and that you are buying the rest of the operations for free. Doesn’t rank really well on a P/E basis as a retailer, but as real estate it looks quite reasonable. Analysts have been increasing their estimates on this. Looks interesting here.

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Hudson Bay Co. (HBC-T)
November 24, 2015

This is like having 2 faces. One side retail and one side real estate. It looks like it is reasonable value on a real estate basis, and that you are buying the rest of the operations for free. Doesn’t rank really well on a P/E basis as a retailer, but as real estate it looks quite reasonable. Analysts have been increasing their estimates on this. Looks interesting here.

WATCH
WATCH
November 23, 2015

It is on his short term watch list. The market is having trouble valuing it. The asset value is much higher than the stock price. The market is giving it a negative value on the retail side. They do make money. You will make money on it longer term.

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Hudson Bay Co. (HBC-T)
November 23, 2015

It is on his short term watch list. The market is having trouble valuing it. The asset value is much higher than the stock price. The market is giving it a negative value on the retail side. They do make money. You will make money on it longer term.

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