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So far, no harm has been reported. The error occurred when a mail redirection company hired by the NHS failed to pass on documents that had either been incorrectly addressed or needed re-routing because the patient had moved to a new GP surgery. Immediate investigation An NHS England spokesperson said: "A team including clinical experts has reviewed that old correspondence and it has now all been delivered wherever possible to the correct practice." Speaking in the House of Commons, Health Secretary Jeremy Hunt confirmed that 2,000 of the higher risk cases had now been reassessed by doctors - at a cost of 2.2m - with no harm detected. The remaining 500 are still being assessed. He said it was "completely extraordinary" that so much data had gone missing unnoticed for so long. Shadow health secretary Jonathan Ashworth described the "astonishing" failure as an "absolute scandal". "The news is heartbreaking for the families involved and it will be scarcely believable for these hospitals and GPs who are doing their best to deliver services despite the neglect of the government. We urgently need to know how this was allowed to happen, how many patients were involved and how many have been harmed, and whether patients remain at risk." Health Secretary Jeremy Hunt first disclosed the data error in July 2016, but, at that time, did not say how many primary care patients had been affected. Dr Richard Vautrey of the British Medical Association said the error would have meant some GPs were treating patients without all the relevant information that they needed. "That might mean repeat prescriptions, which would be unnecessary, as they have been taken before. And it might mean delay in diagnosis.
Why? I think this is because Foot Locker has a much more diverse storebase (urban & mall-based) than Finish Line, which is heavily concentrated in malls with fewer standalone stores. Additionally, Foot Locker has invested heavily in having a strong digital channel. Digital sales at all banners jumped over 20% y/y in North America for 2016 and accelerated even faster OUS. Increasing Fair Value Estimate Due to the combination of strong guidance that improves my near-term projections and the time value of money, I am increasing my mid-point fair value estimate for shares of Foot Locker to $85. Foot Locker's earnings per share is set to grow at least 10%, so I am projecting earnings of about $5.50. This translates to a PE of about ~15-16x, which seems relatively conservative given Foot Locker's near-decade long run of strong performance. Truthfully, were Foot Locker not associated with other retailers, I believe shares would trade at a much higher multiple. Alas, investors are able to own the company at a reasonable price, enjoy generous returns of capital, and likely a solid return via share price appreciation. Disclosure: I/we have no positions in any stocks mentioned, but may initiate a long position in FL over the next 72 hours.
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