Atlantic Equities - Nordstrom Inc. (JWN) Positioning and relevance

Report

Atlantic Equities

Daniela Nedialkova, CFA

Positioning and relevance

02/11/2017 16 EN

Underlying

Nordstrom Inc.

Nordstrom is a fashion retailer providing a selection of brand-name and private label apparel, shoes, cosmetics and accessories for women, men, young adults and children. The company serves customers through two businesses: Full-Price and Off-Price. The company's operations consist of the company's Nordstrom U.S. and Canada full-line stores, U.S. and Canada Nordstrom Rack stores, Jeffrey boutiques, Last Chance clearance stores, Trunk Club clubhouses and Nordstrom Local. Additionally, customers are served online through Nordstrom.com, Nordstromrack.com, HauteLook and TrunkClub.com.

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US6556641008 New York Stock Exchange United States

Provider

Atlantic Equities

Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.

Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.

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Analysts

Daniela Nedialkova, CFA

Other Reports on these Companies

Moody's Investors Service

Nordstrom, Inc. - February 2024 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

EUR 700.28

April 19, 2024 April 19, 2024 1 EN

Moody's Investors Service

Nordstrom, Inc.: Update following CFR downgrade to Ba2

Our credit view of this issuer reflects its continued economic pressure on Nordstrom Rack and entry level full price customers and its high concentration in California.

EUR 233.43

April 15, 2024 April 15, 2024 1 EN

Moody's Investors Service

Moody's Ratings downgrades Nordstrom's CFR to Ba2

Moody's Ratings ("Moody's") today downgraded Nordstrom, Inc.'s ("Nordstrom") long term ratings including its corporate family rating ("CFR") to Ba2 from Ba1, its probability of default rating ("PDR") to Ba2-PD from Ba1-PD and its senior unsecured ratings to Ba2 from Ba1. Moody's Ratings also affirm...

EUR 168.07

April 10, 2024 April 10, 2024 1 EN

Model update

This report contains forecasts updated for reported Q218 results. Neither our financial nor PSU estimates are materially changed and we remain Overweight with a 12m PT of $365.

October 1, 2018 October 1, 2018 5 EN

Kunaal Malde ... (+2)

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V/MA: strong core, adjacencies more competitive

V/MA remain core long term holdings with secular cash to card tailwinds driving strong growth long term, supported by developments such as contactless. Valuation remains reasonable, although newer growth areas such as B2B face greater competition. We remain Overweight V/MA, raise our price targets to $173 and $250 respectively and currently favour V which trades on a PE of 28x, three turns lower than MA.

October 1, 2018 October 1, 2018 17 EN

John Heagerty ... (+3)

John Heagerty
Nadja Heini
CFA

Banks: Trading update and 3Q18 preview

Market volatility has moderated significantly since the beginning of the year, ceasing to be a tailwind for the banks' trading revenues in 3Q18. Despite the strong IB pipelines (announced M&A is up 40% YTD), fee pools have been affected by timing issues and are down 15-20% across the industry for the current quarter. Medium term, the outlook remains positive thanks to improving GDP growth, benign credit conditions, rising interest rates and a deregulatory focus. We have lowered our 3Q18 EPS estimates by 3% on average. Our longer term forecasts decline only modestly by 1%. C remains our t...

September 27, 2018 September 27, 2018 14 EN

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Positioning and relevance

Nordstrom, Inc. - February 2024 (LTM): Peer Snapshot

Nordstrom, Inc.: Update following CFR downgrade to Ba2

Moody's Ratings downgrades Nordstrom's CFR to Ba2

Model update

V/MA: strong core, adjacencies more competitive

Banks: Trading update and 3Q18 preview

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