MIK - Michaels: Is The Market Being Too Pessimistic?
Michaels Companies (MIK) reported Q2 results not long ago, sending shares into yet another free fall. After listening in on the company's earnings call, we believe that the headwinds in the arts & crafts ("A&C") space are secular and underemphasized by management.
Source: Forbes
Even then, management is pursuing various strategies and initiatives - some of which seem attractive, with considerable potential in driving sales, traffic, and value in the long run. Combined with a heavily discounted valuation, from what we deem to be an overly pessimistic market sentiment, we see value in