Intrinsic value of Macy's - M

Previous Close

$36.99

  Intrinsic Value

$49.51

stock screener

  Rating & Target

buy

+34%

Previous close

$36.99

 
Intrinsic value

$49.51

 
Up/down potential

+34%

 
Rating

buy

We calculate the intrinsic value of M stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 11.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  26,294
  26,898
  27,590
  28,366
  29,226
  30,169
  31,197
  32,309
  33,507
  34,793
  36,169
  37,637
  39,200
  40,861
  42,623
  44,491
  46,468
  48,559
  50,769
  53,101
  55,563
  58,158
  60,895
  63,777
  66,814
  70,010
  73,375
  76,916
  80,641
  84,559
Variable operating expenses, $m
  11,666
  11,924
  12,219
  12,550
  12,917
  13,320
  13,759
  14,234
  14,745
  15,294
  15,442
  16,069
  16,736
  17,445
  18,198
  18,996
  19,840
  20,732
  21,676
  22,672
  23,723
  24,831
  25,999
  27,230
  28,526
  29,891
  31,328
  32,839
  34,430
  36,103
Fixed operating expenses, $m
  13,598
  13,897
  14,203
  14,515
  14,834
  15,161
  15,494
  15,835
  16,184
  16,540
  16,903
  17,275
  17,655
  18,044
  18,441
  18,846
  19,261
  19,685
  20,118
  20,560
  21,013
  21,475
  21,948
  22,430
  22,924
  23,428
  23,944
  24,470
  25,009
  25,559
Total operating expenses, $m
  25,264
  25,821
  26,422
  27,065
  27,751
  28,481
  29,253
  30,069
  30,929
  31,834
  32,345
  33,344
  34,391
  35,489
  36,639
  37,842
  39,101
  40,417
  41,794
  43,232
  44,736
  46,306
  47,947
  49,660
  51,450
  53,319
  55,272
  57,309
  59,439
  61,662
Operating income, $m
  1,030
  1,078
  1,168
  1,300
  1,474
  1,688
  1,943
  2,240
  2,578
  2,959
  3,823
  4,292
  4,808
  5,371
  5,984
  6,649
  7,368
  8,142
  8,975
  9,869
  10,827
  11,853
  12,948
  14,117
  15,364
  16,691
  18,104
  19,606
  21,203
  22,898
EBITDA, $m
  2,666
  2,741
  2,863
  3,031
  3,243
  3,500
  3,802
  4,149
  4,542
  4,982
  5,469
  6,005
  6,592
  7,231
  7,924
  8,674
  9,482
  10,352
  11,285
  12,285
  13,355
  14,499
  15,719
  17,019
  18,404
  19,877
  21,443
  23,106
  24,872
  26,745
Interest expense (income), $m
  396
  371
  387
  407
  429
  455
  483
  513
  547
  583
  622
  664
  708
  756
  807
  861
  918
  979
  1,043
  1,111
  1,183
  1,259
  1,339
  1,423
  1,512
  1,606
  1,704
  1,808
  1,918
  2,033
  2,154
Earnings before tax, $m
  659
  690
  761
  871
  1,019
  1,206
  1,430
  1,693
  1,995
  2,337
  3,160
  3,584
  4,052
  4,565
  5,124
  5,731
  6,389
  7,099
  7,864
  8,686
  9,569
  10,514
  11,525
  12,605
  13,758
  14,987
  16,296
  17,689
  19,170
  20,744
Tax expense, $m
  178
  186
  206
  235
  275
  326
  386
  457
  539
  631
  853
  968
  1,094
  1,232
  1,383
  1,547
  1,725
  1,917
  2,123
  2,345
  2,584
  2,839
  3,112
  3,403
  3,715
  4,046
  4,400
  4,776
  5,176
  5,601
Net income, $m
  481
  504
  556
  636
  744
  880
  1,044
  1,236
  1,457
  1,706
  2,306
  2,616
  2,958
  3,332
  3,740
  4,184
  4,664
  5,182
  5,741
  6,341
  6,985
  7,675
  8,413
  9,202
  10,043
  10,940
  11,896
  12,913
  13,994
  15,143

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  20,241
  20,707
  21,239
  21,837
  22,499
  23,225
  24,016
  24,872
  25,795
  26,784
  27,843
  28,974
  30,177
  31,455
  32,812
  34,250
  35,772
  37,382
  39,083
  40,879
  42,773
  44,772
  46,878
  49,097
  51,435
  53,896
  56,486
  59,212
  62,079
  65,096
Adjusted assets (=assets-cash), $m
  20,241
  20,707
  21,239
  21,837
  22,499
  23,225
  24,016
  24,872
  25,795
  26,784
  27,843
  28,974
  30,177
  31,455
  32,812
  34,250
  35,772
  37,382
  39,083
  40,879
  42,773
  44,772
  46,878
  49,097
  51,435
  53,896
  56,486
  59,212
  62,079
  65,096
Revenue / Adjusted assets
  1.299
  1.299
  1.299
  1.299
  1.299
  1.299
  1.299
  1.299
  1.299
  1.299
  1.299
  1.299
  1.299
  1.299
  1.299
  1.299
  1.299
  1.299
  1.299
  1.299
  1.299
  1.299
  1.299
  1.299
  1.299
  1.299
  1.299
  1.299
  1.299
  1.299
Average production assets, $m
  11,964
  12,239
  12,553
  12,906
  13,298
  13,727
  14,194
  14,701
  15,246
  15,831
  16,457
  17,125
  17,836
  18,592
  19,394
  20,243
  21,143
  22,094
  23,100
  24,161
  25,281
  26,462
  27,707
  29,019
  30,400
  31,855
  33,386
  34,997
  36,692
  38,474
Working capital, $m
  421
  430
  441
  454
  468
  483
  499
  517
  536
  557
  579
  602
  627
  654
  682
  712
  743
  777
  812
  850
  889
  931
  974
  1,020
  1,069
  1,120
  1,174
  1,231
  1,290
  1,353
Total debt, $m
  7,171
  7,535
  7,951
  8,418
  8,936
  9,504
  10,122
  10,792
  11,513
  12,287
  13,116
  13,999
  14,940
  15,940
  17,001
  18,126
  19,316
  20,575
  21,905
  23,309
  24,791
  26,353
  28,001
  29,736
  31,564
  33,488
  35,514
  37,646
  39,888
  42,247
Total liabilities, $m
  15,829
  16,193
  16,609
  17,076
  17,594
  18,162
  18,780
  19,450
  20,171
  20,945
  21,774
  22,657
  23,598
  24,598
  25,659
  26,784
  27,974
  29,233
  30,563
  31,967
  33,449
  35,011
  36,659
  38,394
  40,222
  42,146
  44,172
  46,304
  48,546
  50,905
Total equity, $m
  4,413
  4,514
  4,630
  4,760
  4,905
  5,063
  5,235
  5,422
  5,623
  5,839
  6,070
  6,316
  6,579
  6,857
  7,153
  7,467
  7,798
  8,149
  8,520
  8,912
  9,325
  9,760
  10,219
  10,703
  11,213
  11,749
  12,314
  12,908
  13,533
  14,191
Total liabilities and equity, $m
  20,242
  20,707
  21,239
  21,836
  22,499
  23,225
  24,015
  24,872
  25,794
  26,784
  27,844
  28,973
  30,177
  31,455
  32,812
  34,251
  35,772
  37,382
  39,083
  40,879
  42,774
  44,771
  46,878
  49,097
  51,435
  53,895
  56,486
  59,212
  62,079
  65,096
Debt-to-equity ratio
  1.630
  1.670
  1.720
  1.770
  1.820
  1.880
  1.930
  1.990
  2.050
  2.100
  2.160
  2.220
  2.270
  2.320
  2.380
  2.430
  2.480
  2.520
  2.570
  2.620
  2.660
  2.700
  2.740
  2.780
  2.810
  2.850
  2.880
  2.920
  2.950
  2.980
Adjusted equity ratio
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  481
  504
  556
  636
  744
  880
  1,044
  1,236
  1,457
  1,706
  2,306
  2,616
  2,958
  3,332
  3,740
  4,184
  4,664
  5,182
  5,741
  6,341
  6,985
  7,675
  8,413
  9,202
  10,043
  10,940
  11,896
  12,913
  13,994
  15,143
Depreciation, amort., depletion, $m
  1,636
  1,663
  1,695
  1,730
  1,769
  1,812
  1,859
  1,910
  1,964
  2,023
  1,646
  1,712
  1,784
  1,859
  1,939
  2,024
  2,114
  2,209
  2,310
  2,416
  2,528
  2,646
  2,771
  2,902
  3,040
  3,185
  3,339
  3,500
  3,669
  3,847
Funds from operations, $m
  2,117
  2,167
  2,251
  2,366
  2,513
  2,692
  2,903
  3,146
  3,421
  3,729
  3,952
  4,329
  4,742
  5,191
  5,680
  6,208
  6,778
  7,392
  8,051
  8,757
  9,513
  10,321
  11,184
  12,104
  13,083
  14,126
  15,234
  16,412
  17,663
  18,990
Change in working capital, $m
  8
  10
  11
  12
  14
  15
  16
  18
  19
  21
  22
  23
  25
  27
  28
  30
  32
  33
  35
  37
  39
  42
  44
  46
  49
  51
  54
  57
  60
  63
Cash from operations, $m
  2,109
  2,158
  2,239
  2,354
  2,500
  2,677
  2,887
  3,128
  3,402
  3,708
  3,930
  4,305
  4,717
  5,165
  5,651
  6,178
  6,747
  7,358
  8,015
  8,720
  9,474
  10,280
  11,140
  12,058
  13,035
  14,075
  15,181
  16,356
  17,603
  18,928
Maintenance CAPEX, $m
  -1,172
  -1,196
  -1,224
  -1,255
  -1,291
  -1,330
  -1,373
  -1,419
  -1,470
  -1,525
  -1,583
  -1,646
  -1,712
  -1,784
  -1,859
  -1,939
  -2,024
  -2,114
  -2,209
  -2,310
  -2,416
  -2,528
  -2,646
  -2,771
  -2,902
  -3,040
  -3,185
  -3,339
  -3,500
  -3,669
New CAPEX, $m
  -244
  -275
  -315
  -353
  -391
  -429
  -467
  -506
  -545
  -585
  -626
  -668
  -711
  -756
  -802
  -850
  -900
  -951
  -1,005
  -1,061
  -1,120
  -1,181
  -1,245
  -1,312
  -1,381
  -1,455
  -1,531
  -1,611
  -1,695
  -1,783
Cash from investing activities, $m
  -1,416
  -1,471
  -1,539
  -1,608
  -1,682
  -1,759
  -1,840
  -1,925
  -2,015
  -2,110
  -2,209
  -2,314
  -2,423
  -2,540
  -2,661
  -2,789
  -2,924
  -3,065
  -3,214
  -3,371
  -3,536
  -3,709
  -3,891
  -4,083
  -4,283
  -4,495
  -4,716
  -4,950
  -5,195
  -5,452
Free cash flow, $m
  693
  686
  701
  745
  818
  918
  1,046
  1,202
  1,386
  1,599
  1,721
  1,992
  2,293
  2,625
  2,990
  3,389
  3,823
  4,293
  4,801
  5,348
  5,938
  6,571
  7,249
  7,975
  8,751
  9,580
  10,464
  11,406
  12,409
  13,476
Issuance/(repayment) of debt, $m
  300
  364
  416
  467
  518
  568
  619
  670
  721
  774
  828
  884
  941
  1,000
  1,061
  1,124
  1,190
  1,259
  1,330
  1,404
  1,482
  1,563
  1,647
  1,735
  1,828
  1,924
  2,026
  2,132
  2,242
  2,359
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  300
  364
  416
  467
  518
  568
  619
  670
  721
  774
  828
  884
  941
  1,000
  1,061
  1,124
  1,190
  1,259
  1,330
  1,404
  1,482
  1,563
  1,647
  1,735
  1,828
  1,924
  2,026
  2,132
  2,242
  2,359
Total cash flow (excl. dividends), $m
  993
  1,050
  1,117
  1,212
  1,335
  1,486
  1,665
  1,872
  2,108
  2,373
  2,549
  2,875
  3,234
  3,625
  4,051
  4,513
  5,013
  5,551
  6,131
  6,753
  7,420
  8,133
  8,896
  9,711
  10,579
  11,505
  12,490
  13,538
  14,651
  15,834
Retained Cash Flow (-), $m
  -91
  -101
  -116
  -130
  -144
  -158
  -172
  -187
  -201
  -216
  -231
  -246
  -262
  -279
  -296
  -313
  -332
  -351
  -371
  -391
  -413
  -436
  -459
  -484
  -510
  -536
  -565
  -594
  -625
  -658
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  52
  53
  54
  55
  57
  58
  60
  62
  65
  67
  70
  72
  75
  78
  82
  85
  89
  93
  97
  102
  106
  111
  116
  122
  128
  134
  140
  147
  154
  161
Cash available for distribution, $m
  902
  949
  1,001
  1,082
  1,191
  1,328
  1,493
  1,685
  1,907
  2,157
  2,318
  2,629
  2,972
  3,347
  3,756
  4,200
  4,681
  5,200
  5,760
  6,361
  7,006
  7,698
  8,437
  9,227
  10,070
  10,968
  11,925
  12,943
  14,026
  15,177
Discount rate, %
  6.40
  6.72
  7.06
  7.41
  7.78
  8.17
  8.58
  9.01
  9.46
  9.93
  10.42
  10.95
  11.49
  12.07
  12.67
  13.31
  13.97
  14.67
  15.40
  16.17
  16.98
  17.83
  18.72
  19.66
  20.64
  21.67
  22.76
  23.89
  25.09
  26.34
PV of cash for distribution, $m
  848
  833
  816
  813
  819
  829
  839
  845
  845
  837
  779
  756
  722
  679
  627
  569
  507
  443
  379
  317
  260
  208
  163
  124
  92
  67
  47
  32
  21
  14
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Macy's, Inc. is an omnichannel retail company operating stores, Websites and mobile applications under various brands, such as Macy's, Bloomingdale's and Bluemercury. The Company sells a range of merchandise, including apparel and accessories (men's, women's and children's), cosmetics, home furnishings and other consumer goods. Its subsidiaries provide various support functions to its retail operations. Its bank subsidiary, FDS Bank, provides credit processing, certain collections, customer service and credit marketing services in respect of all credit card accounts that are owned either by Department Stores National Bank (DSNB), which is a subsidiary of Citibank N.A., or FDS Bank. The private label brands offered by the Company include Alfani, American Rag, Aqua, Bar III, Belgique, Charter Club, Club Room, Epic Threads, first impressions, Giani Bernini, Greg Norman for Tasso Elba, Holiday Lane, Home Design, Hotel Collection, John Ashford, Karen Scott, Thalia Sodi and lune+aster.

FINANCIAL RATIOS  of  Macy's (M)

Valuation Ratios
P/E Ratio 18.2
Price to Sales 0.4
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 6.2
Price to Free Cash Flow 12.7
Growth Rates
Sales Growth Rate -4.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -18.1%
Cap. Spend. - 3 Yr. Gr. Rate 1.1%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 151.8%
Total Debt to Equity 158.9%
Interest Coverage 3
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. 6.3%
Return On Total Capital 5.4%
Ret/ On T. Cap. - 3 Yr. Avg. 8.6%
Return On Equity 14.4%
Return On Equity - 3 Yr. Avg. 21%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 39.4%
Gross Margin - 3 Yr. Avg. 39.5%
EBITDA Margin 9.3%
EBITDA Margin - 3 Yr. Avg. 11.5%
Operating Margin 5.1%
Oper. Margin - 3 Yr. Avg. 7.5%
Pre-Tax Margin 3.7%
Pre-Tax Margin - 3 Yr. Avg. 6.1%
Net Profit Margin 2.4%
Net Profit Margin - 3 Yr. Avg. 3.9%
Effective Tax Rate 35.8%
Eff/ Tax Rate - 3 Yr. Avg. 36.1%
Payout Ratio 74.2%

M stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the M stock intrinsic value calculation we used $25778 million for the last fiscal year's total revenue generated by Macy's. The default revenue input number comes from 2017 income statement of Macy's. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our M stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.4%, whose default value for M is calculated based on our internal credit rating of Macy's, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Macy's.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of M stock the variable cost ratio is equal to 44.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $13305 million in the base year in the intrinsic value calculation for M stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Macy's.

Corporate tax rate of 27% is the nominal tax rate for Macy's. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the M stock is equal to 0.2%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for M are equal to 45.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Macy's operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for M is equal to 1.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $4322 million for Macy's - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 306 million for Macy's is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Macy's at the current share price and the inputted number of shares is $11.3 billion.

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▶ Macy's to expand Bluemercury   [Jul-05-18 01:44PM  American City Business Journals]
▶ Macy's Plans 55 New Bluemercury Stores   [Jul-02-18 06:00AM  Bloomberg]
▶ P&G, Macys and Kroger among nations largest advertisers   [01:53PM  American City Business Journals]
▶ b8ta raises $19 million Series B led by Macy's   [Jun-26-18 12:00PM  TechCrunch]
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▶ The Funded: Bay Area company's Aussie IPO plan and more midweek news   [02:45PM  American City Business Journals]
▶ Nest alumni's Bay Area startup to power Macy's pop-up shops   [12:59PM  American City Business Journals]
▶ Macys invests in tech firm to expand pop-up concept   [10:59AM  American City Business Journals]
▶ Macy's invests in tech company to expand pop-ups   [10:12AM  American City Business Journals]
▶ Can Macy's Weather a Market Downturn?   [09:17AM  Motley Fool]
▶ [$$] Investors who bet on Macys shares enjoy a great ride   [Jun-12-18 11:13PM  Financial Times]
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