L BRANDS INC. $27 (New York symbol LB; Consumer sector; Shares outstanding: 275.1 million; Market cap: $7.4 billion; Dividend yield: 4.4%; Takeover Target Rating: Medium; www.lb.com) owns two main retail chains: Victoria’s Secret stores (which sell lingerie); and Bath & Body Works outlets (personal-care products, including soaps and shampoos).
Activist investor Barrington Capital Group has sent a letter to L Brands’ chairman and CEO Leslie Wexler demanding that the company split into two separate firms: one would control the Bath & Body Works chain; the other would operate struggling Victoria’s Secret.
Barrington also wants the company to replace some of its directors, which it feels are too closely tied to the CEO.
The breakup would improve the value of both retail chains. The activist feels a separate Bath & Body Works would be worth at least $30 a share, and Victoria’s Secret could be worth a further $8. The combined value of $38 is 41% more than L Brands’ current share price.
L Brands is a hold.
HUDBAY…
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