Marcato Capital Presentation on Sothebys and Dillards

44
(; KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP (; GGH[KWP (; ([KLELW

description

Marcato Capital Presentation on Sothebys and Dillards

Transcript of Marcato Capital Presentation on Sothebys and Dillards

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    (;GGH[KWP(;([KLELW

    $35,/$FWLYH3DVVLYH,QYHVWRU6XPPLW

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    'LVFODLPHU0DUFDWR&DSLWDO0DQDJHPHQW/30DUFDWRLVDQ6(&UHJLVWHUHGLQYHVWPHQWDGYLVHUEDVHGLQ6DQ)UDQFLVFR&DOLIRUQLD0DUFDWRSURYLGHVLQYHVWPHQWDGYLVRU\VHUYLFHVWRLWVSURSULHWDU\SULYDWHLQYHVWPHQWIXQGVHDFKD0DUFDWR)XQGFROOHFWLYHO\WKH0DUFDWR)XQGV7KLVGLVFODLPHULVLVVXHGLQFRQQHFWLRQZLWKWKHSUHVHQWDWLRQPDGHE\0DUFDWRDWWKH$FWLYH3DVVLYH,QYHVWRU6XPPLWKHOGRQ$SULOLQ1HZ

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    $6LPSOH&DSLWDO$OORFDWLRQ)UDPHZRUN&RVWRIHTXLW\&RVWRIGHEWDQGGHWHUPLQHV5HWXUQRQ&DSLWDO&RVWRI&DSLWDO6KDUHKROGHU9DOXH&UHDWLRQ0L[RIGHEWHTXLW\'ULYHQ%\3URILW&DSLWDO(PSOR\HG,QYHVWPHQWVWKDWHDUQDUHWXUQWKDWH[FHHGWKHLUFRVWRIFDSLWDOFUHDWHVKDUHKROGHUYDOXH,IDFRPSDQ\FDQQRWILQGWKHVHRSSRUWXQLWLHVLWPXVWUHWXUQFDSLWDOWRVKDUHKROGHUV5HYHQXH([SHQVHV 3URILW!

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    0DUFDWRV$SSURDFK7R&DSLWDO$OORFDWLRQ2SWLPDOFDSLWDOVWUXFWXUHDSSURSULDWHPL[RIGHEWHTXLW\&RUSRUDWHVWUXFWXUH5(,70/3HWF%XVLQHVVFRPSRVLWLRQVSLQRIIVDOHRUH[LWRIVXEVLGLDULHV%X\EDFNVYVGLYLGHQGV&RVWRI&DSLWDO5HWXUQRQ&DSLWDO'ULYHUVRI9DOXH&UHDWLRQ5HYHQXHRSSRUWXQLWLHV([SHQVHGLVFLSOLQH7D[SODQQLQJ&DSLWDOSURGXFWLYLW\'ULYHUVRI9DOXH&UHDWLRQ/RZHULQJ\RXUFRVWRIFDSLWDODQGLQFUHDVLQJ\RXUUHWXUQVRQFDSLWDOJURZVWKHYDOXHRIWKHHQWHUSULVH!

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    0DUFDWRV6RWKHE\V7KHVLV6LJQLILFDQWOHYHOVRIXQSURGXFWLYHFDSLWDO,QDSSURSULDWHPL[RIGHEWHTXLW\JLYHQEXVLQHVVFRPSRVLWLRQ&DSLWDOFRXOGEHUHDOORFDWHGRUUHWXUQHGWRVKDUHKROGHUVZLWKRXWDIIHFWLQJEXVLQHVVRSHUDWLRQV,PSURYLQJWKH&RPSDQ\VFDSLWDODOORFDWLRQSROLFLHVZRXOGXQORFNYDOXHDQGLPSURYH6RWKHE\VFRVWUHWXUQUHODWLRQVKLSLQFUHDVLQJORQJWHUPVKDUHKROGHUYDOXH:KDW:H6HH!

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    0HDQLQJIXO9DOXH&UHDWLRQ2SSRUWXQLWLHV3URIRUPDVFHQDULRVFDOFXODWHGXVLQJD[3(PXOWLSOH3URIRUPDVFHQDULRVUHSUHVHQWDFWXDOGLOXWHG(36DGMXVWHGIRULPSDFWRI0DUFDWR3ODQDQGILJXUHVIURPVOLGHRI7KLUG3RLQWV$SULOLQYHVWRUSUHVHQWDWLRQ,OOXVWUDWLYH6WRFN3ULFH6WDWXV4XR3)IRU0DUFDWR3)IRU0DUFDWR7KLUG3RLQW7UDSSHG(TXLW\9DOXH(TXLW\9DOXHRI2SHUDWLRQV(36!

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    6RWKHE\V7RGD\6RWKHE\VILQDQFLDOUHVXOWVKDYHXQGHUSHUIRUPHGWKHDUWPDUNHW6WRFNSULFHKDVXQGHUSHUIRUPHGSULRUWRDFWLYLVWLQYROYHPHQW6RWKHE\VKDVLPSOHPHQWHGDIHZORQJRYHUGXHFKDQJHVWRLWVFDSLWDODOORFDWLRQWKDWRQO\EHJLQWRVFUDWFKWKHVXUIDFHRIRSSRUWXQLW\6XEVWDQWLDOZRUNUHPDLQV6LJQLILFDQWH[FHVVFDSLWDOWREHUHWXUQHG5HYHQXHJURZWKRSSRUWXQLWLHVWREHVHL]HG([SHQVHVWUXFWXUHWREHRSWLPL]HG%RDUGPHPEHUVWKDWEULQJPDWHULDORZQHUVKLSZRXOGHQVXUHDVXVWDLQHGVHQVHRIXUJHQF\DQGDVKDUSHUIRFXVRQVKDUHKROGHUYDOXHFUHDWLRQ!

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    5HFRUG$UW0DUNHW+DV1RW7UDQVODWHG,QWR5HFRUG3URILWV6RXUFH&RPSDQ\.V$JJUHJDWH$XFWLRQ6DOHVYV$XFWLRQ(%,70V$XFWLRQ(%,7$JJUHJDWH$XFWLRQ6DOHV!

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    -XQ6HS'HF0DU-XQ6HS'HF0DU-XQ6HS'HF0DU-XQ6HS'HF0DU%,'63%,'6KDUHV8QGHUSHUIRUPHG3ULRU7R$FWLYLVW,QYROYHPHQW

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    4XHVWLRQV)RU6KDUHKROGHUV7R&RQVLGHU:KDWZDVWKHFDSLWDODOORFDWLRQIUDPHZRUNRIWKLVORQJWHQXUHGERDUGDQGPDQDJHPHQWSULRUWRDFWLYLVWSUHVVXUH":LOOFXUUHQWPDQDJHPHQWIROORZWKURXJKRQWKHLUVWDWHGFDSLWDODOORFDWLRQSODQVRUFRQWLQXHWRPLVV52(WDUJHWV"+DVDODFNRIIRFXVDQGXUJHQF\OHGWRPLVVHGUHYHQXHRSSRUWXQLWLHVDQGRXWVL]HGH[SHQVHJURZWK":KRKDVWKHPRVWLQFHQWLYHWRGULYHVKDUHKROGHUYDOXHFUHDWLRQ"&RPSDQ\LVVD\LQJWKHULJKWWKLQJVEXWLWVDFWLRQVGRQRWVXSSRUWLWVUKHWRULF!

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    6LJQLILFDQW([FHVV&DSLWDO5HPDLQVLQPLOOLRQV([FHVV&DSLWDOLQ$XFWLRQ6HJPHQW([FHVV&DSLWDOLQ6)6/RQGRQ0RUWJDJH0DW/791HZ

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

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

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    0DQDJHPHQW+DV$QQRXQFHG52(7DUJHWV6RXUFH6RWKHE\V&DSLWDO$OORFDWLRQDQG)LQDQFLDO3ROLF\5HYLHZ-DQXDU\!

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    +RZHYHU6)6'RHV1RW0HHW,WV2ZQ6WDWHG+XUGOHLQPLOOLRQVLQPLOOLRQV)LQDQFH6HJPHQW/RDQ%DODQFH:WG$YJ,QWHUHVW5DWH,QWHUHVW,QFRPH,QWHUHVW,QFRPH#/3UHWD[7D[([SHQVH#1HW,QFRPH7RWDO'HEW(IIHFWLYH/797RWDO(TXLW\5HWXUQRQ(TXLW\1HW,QFRPH7RWDO(TXLW\5HWXUQRQ(TXLW\6XEVWDQWLDOO\EHORZ&RPSDQ\VVWDWHG52(WDUJHWRI6RXUFH6RWKHE\V&DSLWDO$OORFDWLRQDQG)LQDQFLDO3ROLF\5HYLHZ-DQXDU\$FFRUGLQJWRWKH.%,'JHQHUDWHG0RI$JHQF\FRPPLVVLRQUHYHQXHIURP)LQDQFHORDQFROODWHUDO$VVXPLQJaDYHUDJH$JHQF\PDUJLQVDQGWD[HV\LHOGV0RIQHWLQFRPHRUaRI52(6RPHRIWKHVHVDOHVPD\KDYHRFFXUUHGZLWKRXWILQDQFLQJ!

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    1R6NLQ,Q7KH*DPH6RXUFH&RPSDQ\SUR[\ILOLQJVDQG)RUPV5HSUHVHQWVWRWDOVKDUHVERXJKWJUDQWHGVROGWKURXJKRXWWHQXUHRUVLQFHIRUWKH'XNHRI'HYRQVKLUH5REHUW7DXEPDQDQG%LOO5XSUHFKW5HSUHVHQWVRQO\GLUHFWO\RZQHGVKDUHV([FOXGHVLQGLUHFWO\RZQHGVKDUHVE\IDPLO\PHPEHUVWUXVWVHWF,QVLGHUVKDYHEHHQODUJHQHWVHOOHUVZKRVHVKDUHRZQHUVKLSLVFRPSULVHGPRVWO\RIRSWLRQJUDQWV"QRUHDOHFRQRPLFH[SRVXUH,QVLGHU2ZQHUVKLS

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    :KR+DV0RUH,QFHQWLYH7R&UHDWH6KDUHKROGHU9DOXH"6RXUFH&RPSDQ\SUR[\ILOLQJVDQG)RUPV5HSUHVHQWVWRWDOVKDUHVERXJKWJUDQWHGVROGWKURXJKRXWGLUHFWRUWHQXUHRUVLQFHIRUWKH'XNHRI'HYRQVKLUH5REHUW7DXEPDQDQG%LOO5XSUHFKW,QVLGHUV6ROG*UDQWHG3XUFKDVHG6KDUH2ZQHUVKLS&KDQJH7KURXJKRXW7HQXUH!

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    $&OHDU&KRLFH5HDFWLYHQRWSURDFWLYH5HFHQWQHWVHOOHUVZLWKOLWWOHVKDUHRZQHUVKLS/RQJRQWHQXUHVKRUWRQUHVXOWV+DVWKHH[SHULHQFHDQGUHVRXUFHVWRDQDO\]HFULWLFDOEXVLQHVVVWUDWHJLHV6XEVWDQWLDOHFRQRPLFRZQHUVKLSDOLJQVLQWHUHVWVZLWKRWKHUVKDUHKROGHUV%ULQJVIUHVKLGHDVDQGDFFRXQWDELOLW\,QFXPEHQW%RDUG6KDUHKROGHUVGHVHUYHDIRFXVHGERDUGZLWKDVHQVHRIXUJHQF\DQGPDQGDWHWRPD[LPL]HYDOXH!

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    !3DVVLYH,QYHVWLQJ:KHQ0DQDJHPHQW3XOOV$OO7KH/HYHUV

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    'LOODUGV,QF''6'LOODUGVLVDPLGXSSHUVFDOHGHSDUWPHQWVWRUHFKDLQLQWKH8QLWHG6WDWHVZLWKVWRUHVLQVWDWHVWRWDOLQJPVTXDUHIHHW7LFNHU''65HFHQW6KDUH3ULFH2SHUDWLQJ6WDWLVWLFV(5HYHQXH%((%,7'$0((%,7'$50((36()&)6KDUH9DOXDWLRQ0XOWLSOHV(9(%,7'$[$GM(9(%,7'$5[3([)&)

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    $+LVWRU\RI8QGHUSHUIRUPDQFH!

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    'LOODUGV6KDUHV8QGHUSHUIRUPHG3HHUV%\)URP7RWDO6KDUHKROGHU5HWXUQ'LOODUGV3HHUV&+$57!6RXUFH&DSLWDO,43HHUVLQFOXGH0DF\V-&3HQQH\.RKOVDQG1RUGVWURP

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    'LOODUGV8QGHUSHUIRUPHG3HHUV2Q$OO.H\2SHUDWLQJ0HWULFV2SHUDWLRQDO3HUIRUPDQFH%HQFKPDUNLQJ!6RXUFH&DSLWDO,4&RPSDQ\'RFXPHQWV3HHUVLQFOXGH0DF\V-&3HQQH\.RKOVDQG1RUGVWURP

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    &KURQLF8QGHUSHUIRUPDQFH$WWUDFWHG$FWLYLVW(QJDJHPHQW!

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

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

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    &+$57%DULQJWRQ$FWLYLVW&DPSDLJQFRQWG6KDUH3ULFH3HUIRUPDQFH-XQ%DULQJWRQUHOHDVHVOHWWHUWRPDQDJHPHQW-DQ%DULQJWRQUHOHDVHVOHWWHUWRERDUGDQGILOHVD'0DU%DULQJWRQDQQRXQFHVSUR[\FRQWHVWZLWKGLUHFWRUQRPLQHHV$SU%DULQJWRQDQG'LOODUGVVHWWOHZLWKQRPLQHHIURP%DULQJWRQDQGQRPLQHHVIURP6RXWKHDVWHUQ&RPSDQ\DJUHHVWRUDWLRQDOL]HUHDOHVWDWHDVVHWVDQGFXWFRVWV'LOODUGV%DULQJWRQDFFXPXODWHVLQLWLDOSRVLWLRQ%DULQJWRQH[LWVLWVLQYHVWPHQWLQ'LOODUGV!6RXUFH&DSLWDO,43UHVV5HOHDVHV6(&)LOLQJV

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    !'LOODUGV7XUQV,WVHOI$URXQG

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

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

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    &ORVHG8QGHUSHUIRUPLQJ6WRUHVDQG+DOWHG1HZ2SHQLQJV6WRUH2SHQLQJVDQG&ORVXUHV&+$57!6RXUFH&RPSDQ\)LOLQJV

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    ,PSURYHG0HUFKDQGLVH$VVRUWPHQWDQG6DPH6WRUH6DOHV6DPH6WRUH6DOHV*URZWK&+$57!6RXUFH&RPSDQ\)LOLQJV

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    ,PSURYHG:RUNLQJ&DSLWDO0HWULFV,QYHQWRU\'D\V&+$57!6RXUFH&RPSDQ\)LOLQJV

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    &OHDQHU,QYHQWRU\$VVRUWPHQW ESV*URVV0DUJLQ5HWDLO*URVV0DUJLQ&+$57!6RXUFH&RPSDQ\)LOLQJV

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    5HGXFHG([SHQVH%DVH%\ESV5HWDLO6*$DVD3HUFHQWDJHRI6DOHV&+$57!6RXUFH&RPSDQ\)LOLQJV

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    (%,7'$50DUJLQ([SDQGHG2YHUESV(%,7'$50DUJLQ&+$57!6RXUFH&RPSDQ\)LOLQJV

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    5HWXUQRQ,QYHVWHG&DSLWDO,PSURYHG'UDPDWLFDOO\5HWXUQRQ,QYHVWHG&DSLWDO&+$57!6RXUFH&RPSDQ\)LOLQJV'HILQHGDV(%,77D[5DWHRI'HEW(TXLW\&DVK

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    ([FHVV&DVK)ORZ'LUHFWHGWR6KDUH5HSXUFKDVHV)UHH&DVK)ORZDQG6KDUH&RXQW)&)5HWXUQHGWR6KDUHKROGHUV&KDQJHLQ6KDUH&RXQW6LQFH&+$57!6RXUFH&DSLWDO,4&RPSDQ\)LOLQJV'HILQHGDVGLYLGHQGVDQGVKDUHUHSXUFKDVHVDVDSHUFHQWDJHRIIUHHFDVKIORZ

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    5HFLSH)RU([WUDRUGLQDU\6KDUHKROGHU5HWXUQV7RWDO6KDUHKROGHU5HWXUQ'LOODUGV3HHUV&+$57!6RXUFH&DSLWDO,43HHUVLQFOXGH0DF\V.RKOVDQG1RUGVWURP-&3HQQH\LVH[FOXGHG

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    !'LOODUGV7RGD\$Q$WWUDFWLYH3DVVLYH,QYHVWPHQW

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    'LOODUGVLVFXUUHQWO\WUDGLQJDWaIUHHFDVKIORZ\LHOGDQGKDVEHHQXVLQJDOORILWVIUHHFDVKIORZWRUHSXUFKDVHVKDUHV:KHUH'RHVLW7UDGH"6XPPDU\7UDGLQJ6WDWLVWLFV!6RXUFH&DSLWDO,4&RPSDQ\)LOLQJV0DUFDWR(VWLPDWHV

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    (9(%,7'$$GM(9(%,7'$5)UHH&DVK)ORZ

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    $GM1HW'HEW(%,7'$56WRUHV2ZQHG&+$57&+$57!'LOODUGV+DV/RZHVW/HYHUDJH$QG+LJKHVW6WRUH2ZQHUVKLS6RXUFH&RPSDQ\)LOLQJV

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    +LVWRULFDO)RUZDUG3(0XOWLSOHV'LOODUGVKDVKLVWRULFDOO\WUDGHGLQOLQHZLWKLWVSHHUVDQGKDVWUDGHGZLWKDQDYHUDJHIRUZDUG3(RI[VLQFHWKHEHJLQQLQJRI)RUZDUG3(0XOWLSOHV&+$57!6RXUFH%ORRPEHUJ3HHUVLQFOXGH0DF\V.RKOVDQG1RUGVWURP-&3HQQH\LVH[FOXGHG

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    )UHH&DVK)ORZ+LJKHU7KDQ1HW,QFRPH)UHHFDVKIORZLVPXFKKLJKHUWKDQQHWLQFRPHGXHWRDPLVPDWFKEHWZHHQ'$DQGFDSLWDOH[SHQGLWXUHV1HW,QFRPHDQG)UHH&DVK)ORZ0LVPDWFK!6RXUFH&RPSDQ\)LOLQJV

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    *LYHQLWVKLJKLQVLGHURZQHUVKLSLI'LOODUGVPDLQWDLQVLWVIUHHFDVKIORZDQGVKDUHUHSXUFKDVHOHYHOVWKHQDWWKHFXUUHQWVWRFNSULFHZHHVWLPDWHLWZRXOGEX\EDFNQHDUO\LWVHQWLUHIORDWLQWKHQH[WILYH\HDUV6KDUH5HSXUFKDVH0DWK,V([WUHPHO\&RPSHOOLQJ6KDUH5HSXUFKDVHDQG,QVLGHU2ZQHUVKLS$QDO\VLV!6RXUFH&DSLWDO,4&RPSDQ\)LOLQJV0DUFDWR(VWLPDWHV

  • (;

    KWWSZZZVHFJRY$UFKLYHVHGJDUGDWDGGH[KWP

    $W[)&)VKDUH'LOODUGVVKDUHVZRXOGEHZRUWKURXJKO\VKDUHXSVLGH:KDWLVLW:RUWK",OOXVWUDWLYH9DOXDWLRQ$QDO\VLV!6RXUFH&DSLWDO,4&RPSDQ\)LOLQJV0DUFDWR(VWLPDWHV