JC Penney: Even the Best Case Can’t Support $10 a Share

Deutsche Bank’s Kimberly Greenberger and Duo Li remain doubtful that JC Penney’s (JCP) turnaround can support its current stock price: Getty Images Even a robust base case doesn’t support the current equity value, in our view…We value JC Penney by applying a peer-average EV/EBITDA multiple to our 2017e, and discount back after adjusting for debt. [...]