No-Moat Kohl’s FVE Raised on Debt Reduction and Free Cash Flow Expectations
We are raising our fair value estimate for Kohl’s to $77 per share from $59. While we maintain our no-moat view, we do not anticipate the turnaround plan will require large capital expense increases. We have reduced our annual capex forecast over the next decade to about $850 million from $1.1 billion. We also expect greater debt reduction from Kohl’s and have lowered our forecast of average long-term debt over the next decade to $1.6 billion from $2.3 billion. As we expect more cash to be avail...Kohl's operates department stores, a website (www.Kohls.com), FILA outlets, and Off-Aisle clearance centers. The company's Kohl's stores and website sell proprietary and national brand apparel, footwear, accessories, beauty and home products. The company's website includes merchandise that is available in its stores, as well as merchandise that is available only online. The company's portfolio includes private brands such as Apt. 9, Croft & Barrow, Jumping Beans, SO and Sonoma Goods for Life and exclusive brands that are developed and marketed through agreements with brands such as Food Network, LC Lauren Conrad, Elle and Simply Vera Vera Wang.
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