Thursday, April 7, 2011

Syms Update: New Real Estate Info.

I recently gained knowledge of another 2 owned Syms locations. One is in Tampa and the other is in North Randall, Ohio (which, on Google Maps, appears to be for sale). The Tampa location has an assessed market value of $2.765 million, while the 2 parcels in Ohio are assessed at $3.79 and $.154 million.

This only furthers my thesis that the company is significantly undervalued based on the real estate of the company alone. Additionally, we are getting ready to see some of the effects of the Filene's Basement acquisition in the coming quarters. Over 200 unneeded employees were laid off in late January and the company hired a Chief Integration Officer last year. As we saw with Steak 'n Shake, turn arounds take time (even with a guy as shrewd as Sardar Biglari!), but, are often worth the wait.

Lord willing and if the creek don't rise, I plan to attend the company's annual meeting this year... So, look for my notes sometime in mid July.

Disclosure: Long Syms. This is not advice of any kind. Always do a ton of your own research when so much as thinking about doing anything that I do, talk, think, or write about.

No comments: