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We believe at current prices, there is value in The CATO Corporation (CATO). We like the strength of CATO's balance sheet, with only operating leases as its main contractual obligation and a recently withdrawn $30M from its revolving line of credit. Since we don't believe the company is going bankrupt anytime soon, its operating lease obligations will be rolled over as new contracts are negotiated or management chooses to close some stores. The operating leases have an average remaining lease term of three years, as of February 2020. CATO ended their first-quarter with $123M in