FY17 Forecast, page-6

I agree with your comments, at the end of the day it depends how much they invest into marketing and advertising. If they want a similar retail footprint to Australia they may want to reinvest nearly everything. They will be profitable of course but M&A could go up a bit which is neither here nor there. It amazed me how many retailers in the US are so reliant on phone and paper bills. SPG is well positioned to grow.

I think we can all agree that by most metrics this stock is way undervalued. I topped up quite a bit when there was the crazy panic sale. Retailers have too much power in this stock unfortunately due to the main family owning a decent slice. (That shows their confidence though)