INTU - Silo by Silo

All,

Please find out analysis on INTU here.

While we calculate the value and cashflow in each silo - with shortfalls and opportunities, we note that even by our valuation the aggregate value of the real estate is just about enough to cover the hold debt (in the form of equity). 

We are not about to tie ourselves to a long-term investment in a levered bet on UK retail, but we are looking for opportunities to position ourselves tactically.

Legal: We will be doing more work on the legal side, but do let us know if you would like to join us in a proper legal analysis.

Wolfgang