The shorts are right. Dillards owns 248 stores totaling 44 million square feet. The average sale price of stores closed so far has been below what is required to justify the current EV. That moxreport guy is a pump-and-dump artist, he claims the real estate is worth $150-$300 per share but provides no proof. Some anonymous fellow posts on SeekingAlpha with similar tall claims (SeekingAlpha does not review blog posts). If shorts just hold, they will win eventually.
Today's 10-Q:
"During the six months ended August 3, 2019, the Company received cash proceeds of $22.0 million and recorded a related gain of $12.3 million for the sale of three store locations in Boardman, Ohio, Boynton Beach, Florida and Cary, North Carolina.
During the six months ended August 4, 2018, the Company received cash proceeds of $1.9 million from the sale of a location classified as an asset held for sale. These proceeds were being held in escrow for the acquisition of replacement property under like-kind exchange agreements. The Company used the proceeds for the acquisition of a replacement property at the Oaks Mall in Gainesville, Florida (104,000 square feet)."
The governance leaves much to be desired. Two-thirds of the board is appointed by the Dillards who own the privately-held Class B shares. The current 74-year-old CEO is the son of the founder. If he is too attached to the company and keeps buying a $40 stock at $70 per share using debt, who is going to stop him? Sales keep going down and the company loses money.
Munger's description of the stock market as a place "full of bullshit and craziness" is spot on.
248 stores x $6 million per store = $1.5 billion.
EV including the debentures is $2.3 billion.