Caleb Harbert

@jasonmiller15 Any idea on valuations given for these leases or numbers of any kind?

Why Some Of This Retailer’s Leases Still Exist More Than 27 Years After It Filed For Bankruptcy $BURL $DLTR $OLLI #servicemerchandise ⬇️ open.substack.com/pub/jasonmille…

Another reason $kss should focus on buybacks/unlocking balance sheet. Yes $aapl revenue has actually grown last 5 years and $kss shrank BUT removing float is one of the best ways to play the EPS and other numbers game offense. $aapl on grew 14% yet share price doubled. $kss can do the same thing easily

Balance sheets matter. $kss has ~50% of current MC in cash, is selling at less than 1x OpCashflow, 1x EBITDA, owns 405 stores, 248 land leases, 12dcs its HQ and so much more… also has $2.7B in inventory. Lowest debt in over 10 years. Paid off over $10/share in debt last year as well with only about $7/share net debt left. Also TBV of $36+ so we are selling at .33x TBV

$KSS Impressive, what is this like 20 of the last 22 days red? What is the record? Meme players love pure junk...

@ShaneRawlings1 @Gubloinvestor Great minds think alike

@Gubloinvestor $KSS

Are you buying anything on this Red Day?

@amitisinvesting Yep

does it feel like extreme fear to anyone?

The math of why $kss should buyback shares over just debt at this moment reddit.com/r/KSSBulls/s/l…

@Fin_Eng_Net Completely agree. Use the cash to buy back debt or shares at severe discounts. IMO it’s a waste of $56M or whatever it is a year

@caleb_harbert They should eliminate the dividend altogether

Why do I want $kss management to do buybacks? Easy, it’s the best way to maximize shareholder value. At today’s market cap of $1.35B and TBV of $4B every $100M of repurchases buys us $300M of hard assets AND saves ~$4M/year in dividends… $kss could buy HALF the current company with cash on hand….

I believe this new CEO is just old school/conservative. I like him better than anyone I’ve seen them hire since pre-COVID. He just is being one track focused, only watching retail numbers. They’ve done an amazing job managing the decline, building value while it’s happening, and improving balance sheet and ratios. They just need to pull more than 1 lever at a time.

@caleb_harbert the thing that they don't do it shows me that this management is clueless , they must see the numbers themselves but for some reason decide not to buyback shares, I believe this CEO must go (from someone who don't know much about the management)

@Tradewavetw Yep. Been waiting and plan to buy a lot more as well. If it runs soon awesome. If it takes some time ok. I’m just hoping management buys $400M of TBV for $150M in buybacks.

@caleb_harbert Taking the current price as a buy opportunity. Strong downward pressure following the Iran situation. Understandably so, of course, but if that resolves, $KSS might run.

$kss is sitting pretty amazingly. The entire LOC is open($1.5B with a MC of $1.46B), their current liabilities are the lowest they’ve been in 10+ years. The highest TBV in 10+ years(maybe ever and selling at .36x TBV currently). Removing Covid years, the largest cash per share since 2018. The lowest current liabilities in 10+ years. The lowest LTD in 10+ years. Etc. This is when management should actually use cash to buy back shares and debt at historically low prices. Also, everyone down on their CRE holdings… they’re worth a fortune and currently depreciated off by over half as of today

A lot of typos and non-sensicals. Completely missed dividend yield and clurent price

$KSS Infographic *first attempt at using Grok to help me make an infographic for an investment

@SentinelFlash I hope they’ll initiate buybacks at prices not seen since the 1990s or atleast buyback debt at severe discounts. 2045 bonds are selling $0.58 on the dollar I believe

Nice read — you’re right that the heavy short interest versus a big CRE portfolio, nearly half the market cap in cash, and that $1.5B credit line creates a real value-discovery question. Do you think management will unlock that value through asset sales, buybacks, or a strategic pivot?

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@Hoopss $kss stock

You’re given $3m. You have 20 minutes to spend it. You can’t spend it on cars, airplanes, yacht or a house. You can’t spend it on golds or diamonds either. What will you buy??

@ZozzledDebacle @Kohls I can’t find what I’ve seen earlier but this is illustrating what I’m talking about

@caleb_harbert @Kohls Is that in the annual report? I couldn’t find much more info on the leases in the 10-K besides the 19 year average term remaining when trying estimate the true lease liability.

Is $kss debt real? I’d argue no… @Kohls management releases an “Adjusted Leverage” publication with earnings to try and help the market better understand its Balance Sheet. Why? Simple, $kss is an old school retailer that actually OWNS a lot of CRE and is playing for the long game. They get punished for locking down long term leases VIA OPTIONS TO EXTEND at advantageous rates for 20-40+ years after initial lease. GAAP requires these options to be considered “debt” even though most aren’t legally obliged whatsoever. This means ~$3B of debt on the balance sheet and included in EV calculations isn’t real at all. $kss is a massive CRE holding co that has an out of favor retailer wrapper. Due to this, earnings show up lower due to owning CRE holdings and being able to cover up actual profits via depreciation. $KSS EBITDA is $1.21B!!! We are selling at a 1.1x multiplier at today’s value….

@ZozzledDebacle @Kohls They haven’t released updated 10k but 2025s also states similar. I’ll find and post screenshot. It’s in the lease breakdown

@fatchips01 Need an activist or some push to cause it. This earnings was wayyy better than Q3s yet market went down over up… 🤷 they even guided to a chance of no more sales decline. 0% to -2% revenue change fo 2026

@caleb_harbert Need a short squeeze 🚀🌕

$kss Market Cap: ~$1.45B Cash On Hand: $674M Line of Credit: $1.5B of $1.5B free and clear Net Debt: $762M CRE owned $4B to $8B EBITDA $1.21B Short Interest: ~24% or ~26.5M shares of 112M short Days to Cover: 8-12 Rational Markets at their finest…

@mb8364324160492 @Kohls Yea I think real FCF is around $700M to $800M once you remove shenanigans. Again, they’re legit moves but just financial engineering levers to make numbers look even better.

@caleb_harbert @Kohls Agree. I estimate true FCF at more like $600 to $700 million annually, but that’s at least $5 per share. Would like to see a buyback of $200 million per year.