Gaelden udgoer cirka 1/4 af markedsvaerdien og 4x operationelle pengestroemme. Renterne udgoer lidt mere end 1% af omsaetningen, og driftsmargenen ender til sammenligning sikkert i naerheden af 5% i 2021. Jeg har tidligere ejet Gap, og hvis den falder betydeligt (30-50% fra den seneste top), saa koeber jeg den muligvis igen. Retail REITs er ogsaa begyndt at roere paa sig og Simon $SPG er eksempelvis fordoblet siden bunden i marts. De forhandlede forresten en ny pris med Taubman $TCO.

Her presse-meddelelse fra $GPS:
https://www.businesswire.com/news/home/20201124005932/en/Gap-Inc.-Reports-Third-Quarter-Results

Year-over-year net sales were flat, reflecting a meaningful improvement versus the prior quarter, including a 5% rise in comparable sales, and a 61% increase in online sales

Acquired 3.4 million new customers through our online channel, representing over 145% growth in new online customer acquisition year-over-year

Ended the quarter with $2.6 billion in cash, cash equivalents, and short-term investments versus $1.1 billion in the year-ago quarter