Dillard's, Inc.
Thesis
Dillard's has tremendous hidden real estate value, with a breakup value estimated at $52 per share compared to its current price of around $27. The company is undergoing a fundamental turnaround, which, combined with its asset value, makes it an attractive investment.
Did it work?
worked
confidence: high
The long thesis on Dillard's played out decisively: the stock returned +2244.3%, rising from ~$27 to far above the $52/share breakup value cited in the pitch. This indicates the market ultimately recognized the hidden real estate value (and more), validating the core of the thesis. Given a return of this magnitude, the thesis is confirmed regardless of the unknown time elapsed.