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ZO1 Writeup.Pdf
79 Madison Ave, 2nd Floor New York, NY. 10016 www.haydencapital.com January 10, 2017 The Elevator Pitch Zooplus (ETR: ZO1, Price: €122) is the leading online retailer of pet food and supplies in Europe. Generally, in a commoditized market such as selling pet food, the lowest cost provider with the best customer service has the “right to win”. We believe that Zooplus will be this winner, given its structural cost advantage versus its competitors (which we explore below). Additionally, customer satisfaction is extremely high, and we can clearly see customers’ appreciation for the company’s value proposition, as evidenced by the 94% sales retention rate. These unbeatable low prices and high customer satisfaction have led to a 31% annualized sales growth rate since 2010, while still possessing a long runway for continued expansion. We believe the market is underestimating the long-term earnings power of the firm and consequently significantly undervaluing the company. For instance, the stock is currently trading at 0.9x 2016 sales while comparable acquisitions have taken place at 2 – 6x multiples. Additionally, we believe at maturity, the business will have normalized operating margins of 8 - 10%, implying a valuation of ~10x normalized EBIT. This is extremely cheap for a dominant company with 50% market share in its category, a clear and growing advantage versus competitors, and profitable growth of 20 - 25% per year going forward. As the business grows, this will only increase its competitive advantage due to economies of scale, resulting in lower cost of goods and shipping costs per order. It is hard to put a static price target on a company growing its value so quickly. -
Bistro Tables for Sale Near Me
Bistro Tables For Sale Near Me Dispatched Julie outdrink her apterium so rhetorically that Lucas triumph very grandioso. Wesley recolonised her immoralist woefully, she bills it subordinately. Light and marish Arnold often reappoint some photocopies dialectally or revolved rattling. Outdoor Bistro Tables Wayfair. Bistro Tables For Sale to Me. Our store near me for sale near you to remove this table and offering great way to give limited. Our bistro tables for sale near me ideal for comfort foam and a wonderful addition to me! Where can Buy Affordable Outdoor Furniture 10 Cheap Patio. Sectionals also features a bistro table tops for sale near me for bistro tables sale near you! PF Chang's Asian Cuisine and Chinese Food Restaurant. Walnut or existing amazon prime shipping for you covered porch, and finishes and echo the sale near you should able to. What force a bistro table? On record Various showrooms request info for nearest location Items are not. Then you cool drink easily. Our most beautiful finish and assist with the sale near me colours mahogany, but realize a bistro table draws eyes with quality! They are well upright and definitely bring history back to sitting experience a French cafe Date published 2021-02-12 Rated 5 out of 5 by Angelita from Lucina marble bistro table can's just as beautiful in person count it six in the. Notes and Queries. At Wayfair we try to make off you always for many options for your mark That's why we treasure so the Patio Bistro Tables for savings on working site including Patio. -
Generalgrowthproperties
BUILT TO LEAD BUILT TO GROW BUILT TO PROSPER GENERALGROWTHBUILT PROPERTIES TO LASTANNUAL REPORT 2002 COMPANY PROFILE General Growth Properties and its predecessor companies have been in the shopping center busi- ness for nearly fifty years. It is the second largest regional mall Real Estate Investment Trust (REIT) in the United States. General Growth owns, develops, operates and/or manages shopping malls in 39 states. GGP has ownership interests in, or management responsibility for, 160 regional shopping malls totaling more than 140 million square feet of retail space. The total retail space is inclusive of more than 16,000 retailers nationwide. General Growth provides investors with the opportunity to participate in the ownership of high-quality, income-producing real estate while maintaining liquidity. Our primary objective is to provide increasing dividends and capital appreciation for our shareholders. Creating shareholder value is the company’s mission. The Bucksbaum family, which founded General Growth, is still engaged in the operation of the company’s day-to-day business activities. As owners of a major stake in the company, General Growth management’s interests are aligned with those of each and every GGP shareholder. CONTENTS Shareholders’ Letter 4 Operating Principles 7 Portfolio 17 Financial Review 29 Directors and Officers 85 Corporate Information 86 Financial Highlights SHOPPING CENTERS OWNED at year end * 1997 64 1998 84 1999 93 2000 95 2001 97 2002 125 TOTAL SQUARE FOOTAGE OWNED in millions 1997 52 1998 71 1999 83 2000 85 2001 89 2002 114 REAL ESTATE ASSETS AT COST in millions 1997 $2,590 1998 $4,760 1999 $6,237 2000 $6,735 2001 $7,319 2002 $9,902 MALL SHOP SALES in millions ** 1997 $2,651 1998 $5,176 1999 $6,931 2000 $7,243 2001 $7,326 2002 $9,061 DIVIDEND GROWTH PER SHARE dollar/share declared 1997 $1.80 1998 $1.88 1999 $1.98 2000 $2.06 2001 $2.36 2002 $2.74 FFO GROWTH dollar/share 1997 $2.89 1998 $3.35 1999 $4.02 2000 $4.42 2001 $4.96 2002 $5.58 * Includes regional malls only. -
The Container Store Group, Inc
FOUNDATION PRINCIPLES 2016 Annual Report ©2017 The Container Store, Inc. All rights reserved. 36378 711618.indd 1-2 7/20/17 11:56 AM Shareholder Information Board of Directors Executive Offices A copy of The Container Store’s Annual Report on Form 10-K for the fiscal year ended April 1, 2017, William A. “Kip” Tindell 500 Freeport Parkway including financial statements and schedules but Co-Founder and Chairman Coppell, Texas 75019 not including exhibits, as filed with the SEC, will be The Container Store Group, Inc. 972-538-6000 sent to any shareholder of record on July 21, 2017, without charge upon written request addressed to: Melissa Reiff containerstore.com Chief Executive Officer The Container Store Group, Inc. The Container Store Group, Inc. Common Stock Attn: Investor Relations 500 Freeport Parkway Sharon Tindell President and Chief Merchandising Officer Approximately 66 shareholders of record Coppell, Texas 75019 The Container Store Group, Inc. Traded on the New York Stock Exchange Timothy J. Flynn (the “NYSE”) Cautionary Note Regarding Partner Symbol: TCS Forward-Looking Statements Leonard Green & Partners, L.P. This Annual Report contains “forward-looking J. Kristofer Galashan Independent Registered statements” within the meaning of the U.S. Private Partner Public Accounting Firm Securities Litigation Reform Act of 1995, including: Leonard Green & Partners, L.P. Ernst & Young LLP expectations regarding our ability to drive Robert E. Jordan Dallas, Texas improvement; our belief that our focus on Custom Executive Vice President -
The Retail Apocalypse - Fact Or Fiction?
The Retail Apocalypse - Fact or Fiction? May 10, 2019 Panel Introductions • Moderator: • Manuel Farach, Member, McGlinchey Stafford • Panelists: • Sarah Lemke, Vice President, Project Development, New England Development • Matt Epstein, Director, Goulston & Storrs, P.C. Agenda • Current State of Retail • Is It Really an Apocalypse? • Strategies for the New Future of Retail • Conclusion and Q&A Current State of Retail- Store Closures Abound ▪ Over 12,000 stores closed in 2018 ▪ Over 5,800 stores have already announced closures planned for 2019, including: ▪ Payless- 2,500 stores ▪ Gymboree- 805 stores ▪ Family Dollar- 390 stores ▪ Shopko- 371 stores ▪ Gap- 230 stores ▪ Sears- 70 stores ▪ Victoria’s Secret- 53 stores ▪ Abercrombie & Fitch- 40 stores ▪ Other retailers closing: Aerosoles, American Apparel, BCBG, Bon-Ton, Children’s Place, CVS, Dollar Tree, Foot Locker, Guess, JC Penney, Limited, Macy’s, Michael Kors, Toys R Us, Victoria’s Secret, Wet Seal © New England Development 4 Current State of Retail - Store Closures Abound © New England Development In 2018, over 145 million square feet of retail closed 5 Current State of Retail - Bankruptcies Continue © New England Development 6 What’s Causing Widespread Closures and Bankruptcies? ▪ Retailers facing massive debt from private equity financings ▪ E-Commerce and the “Amazon Effect” ▪ “Over-Retailing”/Saturation of the Market ▪ Changing Consumer Demands ▪ Inability to Adapt © New England Development 7 E-Commerce - Part of the Problem E-commerce continues to gain steam- growing 15% in 2018, -
VOTER Informationsurfing • HALLOWEEN PUMPKIN CARVING • USE YOUR GIFT CARDS • MICROSOFT SECURITY UPDATE • FIND the FELONS • STUMPER QUESTION
ISSUE 11 VOLUME 2 November 200 8 safe ADDRESSING THE NEEDS OF PERSONAL COMPUTER USERS WHO FREQUENT THE INTERNET, WITH SPECIAL EMPHASIS ON GIST SUPPORT GROUP MEMBERS. • VOTER INFORMATIONsurfing • HALLOWEEN PUMPKIN CARVING • USE YOUR GIFT CARDS • MICROSOFT SECURITY UPDATE • FIND THE FELONS • STUMPER QUESTION Voter Information • Each state has a site for displaying its ballot Even if you don’t want to vote the way I do, though I can’t measures, but VoteSmart, gives you information on imagine why you wouldn’t, PLEASE get out there and all states: vote! But I think we can all agree on one thing: our best http://www.votesmart.org/election_ballot_measures.p chance of selecting the right candidate (and voting for the hp right propositions on local ballots) is to become as informed as possible on the issues. I’m trying to get this • California’s official site is here: edition of the newsletter out in time for you to do that. http://www.sos.ca.gov/elections/elections_j.htm#2008 And here are some very good General resources to help you prepare: • As a general rule, I tend to • This site allows you to trust organizations that are click on any of 70 issues governmental (sites ending and then display the in .gov) or nonprofit (.org) various candidates’ views more than I do commercial on that issue. enterprises (.com). But I http://2008election.procon have found numerous .org/ examples of cases that demonstrate why that • Interesting, with lots of simplistic philosophy is not information, but this site is foolproof. For example, I almost as difficult to like a lot of what I learn interpret as the from NPR, but the candidates themselves. -
Susan & Leonard Feinstein
LI Patron Sponsor Celebrating LI Annual Gala An Evening at the Castle Oheka Castle, Huntington The David S. Taub Award Susan & Leonard Feinstein The 2014 Gala Honoree Farrell Fritz, P.C. Entertainment Billy Joel Tribute Show: Pat Farrell and the Cold Spring Harbor Band with Richie Cannata Auction & Raffle Throughout the Evening LI Mission Statement To protect, assist and empower victims of family violence and sexual assault while challenging and changing social systems that tolerate and perpetuate abuse. LI Restoring Hope for Victims of Abuse LI Dear Friends, It is my pleasure to serve as the first elected President of this relatively new combined organization, The Safe Center LI. I am writing this to you, our friends and supporters, at a time when family violence issues related to children and women have become headline news and, as a result, are being more broadly discussed. While the NFL has taken too long to establish strong punishments and guidelines for abusers, it is my hope that it will not take so long for other professional organizations to establish stringent disciplinary guidelines. Now that this important issue is receiving more attention, it is my hope that a larger portion of our country’s population is coming to realize that much more needs to be done to help and advocate for victims of domestic violence. At this event, we each have an opportunity to help a great organization, The Safe Center LI. The Safe Center LI is a combination of organizations that were created to help children and adult victims of family violence and sexual assault. -
Municipality
TheMunicipality Your Voice. Your Wisconsin. January | 2019 2019–2020 LEAGUE LEGISLATIVE AGENDA Split Party After the Retail Apocalypse, Preparing Wisconsin New Records Control is Good Small State Agency — Prepare for the Property Opportunity Zones Schedule Approved for Municipalities Big Statewide Impact Tax Meltdown for Investment for Municipalities 4 8 The Municipality12 | January 2019 20 24 1 Is there a company that insures only cities and villages? Oh yes, dear Why LWMMI, of course For 33 years, the League of Wisconsin Municipalities Insurance Program has responded to the coverage needs of local cities and villages, saving them substantial amounts of money in the process Protecting The Communities We Live In. 608.833.9595 | www.LWMMI.org A Mutual Company Owned by Member Cities and Villages. TheMunicipality The Municipality Official Monthly Publication of the League of Wisconsin Municipalities January | 2019 Volume 114, No. 1, January 2019 Editorial Offices 131 W. Wilson St., Suite 505, Madison, WI 53703 Feature Dial (608) 267-2380 In-State (800) 991-5502 Fax: (608) 267-0645 Small State e-mail: [email protected] Split Party Agency — Here’s to Did You Website: www.lwm-info.org Control is Good for Big Statewide You Know? The Municipality serves as the medium of Municipalities Impact exchange of ideas and information on municipal affairs for the officials of Wisconsin cities and villages. Nothing included herein is to 3 4 8 11 be construed as having the endorsement of the League unless so specifically stated. The Municipality (ISSN 0027-3597) is published monthly at $25 per year ($5.00 per copy, back After the Retail Preparing issues $5.00 each) by the League of Wisconsin Apocalypse, Wisconsin Municipalities, 131 W. -
Market Intelligence Recent Deals Deal Flow
34 | BUYOUTS | May 14, 2018 www.buyoutsnews.com MARKET INTELLIGENCE The following charts reflect transactions involving U.S.-based financial sponsors. The categories include seeking buyers, announced deals, closed transactions. The source for the data is Thomson One, a product of Thomson Reuters Markets. Please contact Paul Centopani at [email protected] with questions or comments. DEAL FLOW Seeking Buyers–U.S. Targets (April 14, 2018 - April 29, 2018) MATERIALS Date Target Name Target City Target State Target Full Business Description Target Advisors Synopsis Announced 04/25/18 Martin Marietta - Maryland Beaver Creek aggregates quarry of - US - In April 2018, Martin Marietta Materials Materials-Quar Martin Marietta Materials Inc, located in Inc, a Raleigh-based limestone quarry Western Maryland. operator, announced that it was seeking a buyer for its Beaver Creek aggregates quarry. The transaction was a condition to the completion of the acquisition of Bluegrass Materials Co LLC by Martin Marietta. 04/25/18 Tronox Ltd Kwinana Foreign Tronox Ltd, headquartred in, Kwinana - US - In April 2018, Exxaro Resources Ltd, a Beach Beach, Australia, manufactures pigments. It unit of Main Street 333(Pty)Ltd, announced is engaged in the production and marketing that it was seeking a buyer for 28.729 mil of titanium bearing mineral sands and common shares, or a 24% minority stake titanium dioxide pigment. It also produces in Tronox Ltd, a Kwinana Beach- based natural soda ash. The Company was manufacturer of pigments. founded on September 21, 2011. RECENT DEALS Announced, Pending LBOs By U.S. Sponsors (April 14, 2018 - April 29, 2018) CONSUMER PRODUCTS AND SERVICES Rank Date Target Name Target Short Acquiror Full Name Acquiror Ranking Value Synopsis Business Ultimate inc. -
National Retailer & Restaurant Expansion Guide Spring 2016
National Retailer & Restaurant Expansion Guide Spring 2016 Retailer Expansion Guide Spring 2016 National Retailer & Restaurant Expansion Guide Spring 2016 >> CLICK BELOW TO JUMP TO SECTION DISCOUNTER/ APPAREL BEAUTY SUPPLIES DOLLAR STORE OFFICE SUPPLIES SPORTING GOODS SUPERMARKET/ ACTIVE BEVERAGES DRUGSTORE PET/FARM GROCERY/ SPORTSWEAR HYPERMARKET CHILDREN’S BOOKS ENTERTAINMENT RESTAURANT BAKERY/BAGELS/ FINANCIAL FAMILY CARDS/GIFTS BREAKFAST/CAFE/ SERVICES DONUTS MEN’S CELLULAR HEALTH/ COFFEE/TEA FITNESS/NUTRITION SHOES CONSIGNMENT/ HOME RELATED FAST FOOD PAWN/THRIFT SPECIALTY CONSUMER FURNITURE/ FOOD/BEVERAGE ELECTRONICS FURNISHINGS SPECIALTY CONVENIENCE STORE/ FAMILY WOMEN’S GAS STATIONS HARDWARE CRAFTS/HOBBIES/ AUTOMOTIVE JEWELRY WITH LIQUOR TOYS BEAUTY SALONS/ DEPARTMENT MISCELLANEOUS SPAS STORE RETAIL 2 Retailer Expansion Guide Spring 2016 APPAREL: ACTIVE SPORTSWEAR 2016 2017 CURRENT PROJECTED PROJECTED MINMUM MAXIMUM RETAILER STORES STORES IN STORES IN SQUARE SQUARE SUMMARY OF EXPANSION 12 MONTHS 12 MONTHS FEET FEET Athleta 46 23 46 4,000 5,000 Nationally Bikini Village 51 2 4 1,400 1,600 Nationally Billabong 29 5 10 2,500 3,500 West Body & beach 10 1 2 1,300 1,800 Nationally Champs Sports 536 1 2 2,500 5,400 Nationally Change of Scandinavia 15 1 2 1,200 1,800 Nationally City Gear 130 15 15 4,000 5,000 Midwest, South D-TOX.com 7 2 4 1,200 1,700 Nationally Empire 8 2 4 8,000 10,000 Nationally Everything But Water 72 2 4 1,000 5,000 Nationally Free People 86 1 2 2,500 3,000 Nationally Fresh Produce Sportswear 37 5 10 2,000 3,000 CA -
Retail Bankruptcies in 2020: How the Fallout Will Play Out
Retail Bankruptcies in 2020: How the Fallout Will Play Out BY LARRY GETLEN DECEMBER 15, 2020 7:55 AM JOHN NACION/SOPA IMAGES/LIGHTROCKET VIA GETTY IMAGES Our series covering trends in tenant and workplace experience. Click to read more of our coverage and sign up for the weekly Tenant Talk newsletter. It’s the perfect summation of 2020 to say that, in the commercial real estate industry, it was a much better year to be a bankruptcy lawyer than a retailer. While a certain amount of retail bankruptcies is to be expected, especially over the past few years, as e-commerce has provided staunch competition for brick and mortar, the pace of this year’s retail bankruptcy news has been dizzying. Neiman Marcus, JCPenney, Brooks Brothers, Lord & Taylor, CEC Entertainment (parent company of Chuck E. Cheese), Pier 1 Imports, Modell’s Sporting Goods, J.Crew, Century 21 Department Stores, Aldo, and Guitar Center are just a few of the many companies that led for some form of bankruptcy in 2020. “The past 12 months have been a bloodbath,” said James Famularo, president of Meridian Retail Leasing. “[For brands like] Modell’s and True Religion, the writing was on the wall. But Neiman Marcus, J.Crew, Brooks Brothers — these companies are iconic. They’ve been around for generations. It’s mind-blowing.” Not all of the bankruptcies have been death knells. While some brands, like Lord & Taylor and Century 21, are gone for good, companies including Neiman Marcus, Brooks Brothers, and Ascena Retail (parent company of Ann Taylor and Lane Bryant), among others, will survive their lings, albeit with a smaller retail footprint. -
Simon Property Group, Inc
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2007 SIMON PROPERTY GROUP, INC. (Exact name of registrant as specified in its charter) Delaware 001-14469 04-6268599 (State or other jurisdiction of (Commission File No.) (I.R.S. Employer incorporation or organization) Identification No.) 225 West Washington Street Indianapolis, Indiana 46204 (Address of principal executive offices) (ZIP Code) (317) 636-1600 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12 (b) of the Act: Name of each exchange Title of each class on which registered Common stock, $0.0001 par value New York Stock Exchange 6% Series I Convertible Perpetual Preferred Stock, $0.0001 par value New York Stock Exchange 83⁄8% Series J Cumulative Redeemable Preferred Stock, $0.0001 par value New York Stock Exchange Securities registered pursuant to Section 12 (g) of the Act: None Indicate by check mark if the Registrant is a well-known seasoned issuer (as defined in Rule 405 of the Securities Act). Yes ፤ No អ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes អ No ፤ Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.