Intrinsic value of CBL&Associates Properties - CBL

Previous Close

$5.50

  Intrinsic Value

$1.79

stock screener

  Rating & Target

str. sell

-67%

Previous close

$5.50

 
Intrinsic value

$1.79

 
Up/down potential

-67%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as CBL.

We calculate the intrinsic value of CBL stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -2.56
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,028
  1,049
  1,073
  1,100
  1,131
  1,165
  1,203
  1,244
  1,288
  1,336
  1,388
  1,442
  1,501
  1,563
  1,629
  1,700
  1,774
  1,853
  1,936
  2,025
  2,118
  2,216
  2,319
  2,428
  2,543
  2,664
  2,792
  2,926
  3,067
  3,216
  3,372
Variable operating expenses, $m
 
  154
  158
  162
  166
  171
  177
  183
  189
  196
  204
  212
  221
  230
  240
  250
  261
  272
  285
  298
  311
  326
  341
  357
  374
  392
  410
  430
  451
  473
  496
Fixed operating expenses, $m
 
  654
  670
  687
  704
  722
  740
  758
  777
  797
  817
  837
  858
  879
  901
  924
  947
  971
  995
  1,020
  1,045
  1,072
  1,098
  1,126
  1,154
  1,183
  1,212
  1,243
  1,274
  1,306
  1,338
Total operating expenses, $m
  775
  808
  828
  849
  870
  893
  917
  941
  966
  993
  1,021
  1,049
  1,079
  1,109
  1,141
  1,174
  1,208
  1,243
  1,280
  1,318
  1,356
  1,398
  1,439
  1,483
  1,528
  1,575
  1,622
  1,673
  1,725
  1,779
  1,834
Operating income, $m
  254
  240
  245
  251
  261
  272
  286
  303
  322
  343
  367
  393
  422
  454
  488
  526
  566
  610
  657
  707
  761
  818
  880
  946
  1,016
  1,090
  1,169
  1,253
  1,343
  1,438
  1,538
EBITDA, $m
  547
  539
  550
  564
  582
  604
  629
  657
  688
  723
  761
  803
  849
  899
  952
  1,009
  1,071
  1,137
  1,208
  1,283
  1,363
  1,449
  1,540
  1,636
  1,739
  1,848
  1,963
  2,086
  2,215
  2,352
  2,497
Interest expense (income), $m
  210
  205
  210
  215
  221
  228
  235
  243
  252
  262
  272
  284
  296
  308
  322
  336
  352
  368
  385
  403
  423
  443
  464
  487
  511
  536
  562
  590
  619
  650
  682
Earnings before tax, $m
  193
  35
  35
  36
  40
  45
  51
  59
  69
  81
  94
  110
  127
  146
  167
  190
  215
  242
  272
  304
  338
  376
  416
  459
  505
  554
  607
  663
  724
  788
  856
Tax expense, $m
  -3
  9
  9
  10
  11
  12
  14
  16
  19
  22
  25
  30
  34
  39
  45
  51
  58
  65
  73
  82
  91
  101
  112
  124
  136
  150
  164
  179
  195
  213
  231
Net income, $m
  173
  26
  26
  27
  29
  33
  37
  43
  51
  59
  69
  80
  92
  106
  122
  138
  157
  177
  198
  222
  247
  274
  304
  335
  369
  405
  443
  484
  528
  575
  625

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  19
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  6,105
  6,204
  6,347
  6,510
  6,693
  6,896
  7,119
  7,361
  7,624
  7,907
  8,210
  8,535
  8,881
  9,250
  9,642
  10,058
  10,499
  10,965
  11,459
  11,980
  12,530
  13,111
  13,724
  14,369
  15,050
  15,766
  16,520
  17,314
  18,150
  19,029
  19,953
Adjusted assets (=assets-cash), $m
  6,086
  6,204
  6,347
  6,510
  6,693
  6,896
  7,119
  7,361
  7,624
  7,907
  8,210
  8,535
  8,881
  9,250
  9,642
  10,058
  10,499
  10,965
  11,459
  11,980
  12,530
  13,111
  13,724
  14,369
  15,050
  15,766
  16,520
  17,314
  18,150
  19,029
  19,953
Revenue / Adjusted assets
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
Average production assets, $m
  5,760
  5,875
  6,010
  6,165
  6,338
  6,530
  6,741
  6,971
  7,219
  7,487
  7,774
  8,082
  8,410
  8,759
  9,130
  9,524
  9,941
  10,383
  10,850
  11,344
  11,865
  12,415
  12,995
  13,606
  14,251
  14,929
  15,643
  16,395
  17,186
  18,019
  18,894
Working capital, $m
  0
  -19
  -19
  -20
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
Total debt, $m
  4,465
  4,559
  4,673
  4,804
  4,950
  5,113
  5,291
  5,486
  5,696
  5,922
  6,165
  6,425
  6,703
  6,998
  7,312
  7,645
  7,998
  8,372
  8,767
  9,185
  9,626
  10,091
  10,582
  11,099
  11,644
  12,218
  12,822
  13,458
  14,127
  14,831
  15,572
Total liabilities, $m
  4,876
  4,970
  5,084
  5,215
  5,361
  5,524
  5,702
  5,897
  6,107
  6,333
  6,576
  6,836
  7,114
  7,409
  7,723
  8,056
  8,409
  8,783
  9,178
  9,596
  10,037
  10,502
  10,993
  11,510
  12,055
  12,629
  13,233
  13,869
  14,538
  15,242
  15,983
Total equity, $m
  1,229
  1,235
  1,263
  1,296
  1,332
  1,372
  1,417
  1,465
  1,517
  1,573
  1,634
  1,698
  1,767
  1,841
  1,919
  2,002
  2,089
  2,182
  2,280
  2,384
  2,494
  2,609
  2,731
  2,859
  2,995
  3,137
  3,288
  3,446
  3,612
  3,787
  3,971
Total liabilities and equity, $m
  6,105
  6,205
  6,347
  6,511
  6,693
  6,896
  7,119
  7,362
  7,624
  7,906
  8,210
  8,534
  8,881
  9,250
  9,642
  10,058
  10,498
  10,965
  11,458
  11,980
  12,531
  13,111
  13,724
  14,369
  15,050
  15,766
  16,521
  17,315
  18,150
  19,029
  19,954
Debt-to-equity ratio
  3.633
  3.690
  3.700
  3.710
  3.720
  3.730
  3.740
  3.740
  3.750
  3.760
  3.770
  3.780
  3.790
  3.800
  3.810
  3.820
  3.830
  3.840
  3.840
  3.850
  3.860
  3.870
  3.870
  3.880
  3.890
  3.890
  3.900
  3.910
  3.910
  3.920
  3.920
Adjusted equity ratio
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  173
  26
  26
  27
  29
  33
  37
  43
  51
  59
  69
  80
  92
  106
  122
  138
  157
  177
  198
  222
  247
  274
  304
  335
  369
  405
  443
  484
  528
  575
  625
Depreciation, amort., depletion, $m
  293
  298
  305
  313
  322
  331
  342
  354
  366
  380
  395
  410
  427
  445
  463
  483
  505
  527
  551
  576
  602
  630
  660
  691
  723
  758
  794
  832
  872
  915
  959
Funds from operations, $m
  476
  324
  331
  340
  351
  364
  380
  397
  417
  439
  464
  490
  519
  551
  585
  622
  661
  704
  749
  798
  849
  904
  963
  1,026
  1,092
  1,162
  1,237
  1,317
  1,401
  1,490
  1,584
Change in working capital, $m
  7
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
Cash from operations, $m
  469
  324
  331
  340
  351
  365
  380
  398
  418
  440
  464
  491
  520
  552
  586
  623
  663
  705
  751
  799
  851
  906
  965
  1,028
  1,094
  1,165
  1,240
  1,319
  1,403
  1,492
  1,587
Maintenance CAPEX, $m
  0
  -292
  -298
  -305
  -313
  -322
  -331
  -342
  -354
  -366
  -380
  -395
  -410
  -427
  -445
  -463
  -483
  -505
  -527
  -551
  -576
  -602
  -630
  -660
  -691
  -723
  -758
  -794
  -832
  -872
  -915
New CAPEX, $m
  -248
  -116
  -135
  -154
  -173
  -192
  -211
  -230
  -249
  -268
  -287
  -307
  -328
  -349
  -371
  -394
  -417
  -442
  -467
  -494
  -521
  -550
  -580
  -611
  -644
  -678
  -714
  -752
  -791
  -832
  -875
Cash from investing activities, $m
  -1
  -408
  -433
  -459
  -486
  -514
  -542
  -572
  -603
  -634
  -667
  -702
  -738
  -776
  -816
  -857
  -900
  -947
  -994
  -1,045
  -1,097
  -1,152
  -1,210
  -1,271
  -1,335
  -1,401
  -1,472
  -1,546
  -1,623
  -1,704
  -1,790
Free cash flow, $m
  468
  -84
  -102
  -119
  -135
  -149
  -162
  -174
  -184
  -194
  -203
  -211
  -218
  -224
  -230
  -234
  -238
  -241
  -244
  -245
  -246
  -246
  -245
  -243
  -241
  -237
  -233
  -227
  -220
  -212
  -203
Issuance/(repayment) of debt, $m
  -203
  94
  114
  131
  147
  163
  178
  194
  210
  226
  243
  260
  277
  295
  314
  333
  353
  374
  395
  418
  441
  465
  491
  517
  545
  574
  604
  636
  669
  704
  741
Issuance/(repurchase) of shares, $m
  0
  0
  3
  6
  7
  8
  7
  5
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -259
  94
  117
  137
  154
  171
  185
  199
  212
  226
  243
  260
  277
  295
  314
  333
  353
  374
  395
  418
  441
  465
  491
  517
  545
  574
  604
  636
  669
  704
  741
Total cash flow (excl. dividends), $m
  208
  10
  15
  17
  19
  21
  23
  25
  27
  32
  40
  49
  60
  71
  84
  99
  115
  132
  152
  172
  195
  219
  245
  274
  304
  337
  372
  409
  449
  492
  537
Retained Cash Flow (-), $m
  56
  -25
  -28
  -32
  -36
  -40
  -44
  -48
  -52
  -56
  -60
  -65
  -69
  -73
  -78
  -83
  -88
  -93
  -98
  -104
  -110
  -116
  -122
  -128
  -135
  -143
  -150
  -158
  -166
  -175
  -184
Prev. year cash balance distribution, $m
 
  19
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  4
  -14
  -15
  -17
  -19
  -21
  -23
  -25
  -24
  -20
  -15
  -9
  -2
  6
  16
  27
  40
  53
  69
  85
  104
  124
  145
  169
  194
  222
  251
  283
  317
  353
Discount rate, %
 
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.60
  17.43
  18.31
  19.22
  20.18
  21.19
  22.25
  23.36
  24.53
  25.76
  27.05
  28.40
  29.82
  31.31
  32.87
  34.52
  36.24
  38.06
  39.96
  41.96
  44.05
  46.26
  48.57
PV of cash for distribution, $m
 
  4
  -11
  -11
  -10
  -10
  -9
  -8
  -7
  -6
  -4
  -2
  -1
  0
  0
  1
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  99.7
  99.1
  98.4
  97.6
  97.0
  96.5
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4

CBL & Associates Properties, Inc. is a self-managed, self-administered, integrated real estate investment trust. The Company owns, develops, acquires, leases, manages and operates regional shopping malls, open-air and mixed-use centers, outlet centers, associated centers, community centers and office properties. Its segments are Malls, Associated Centers, Community Centers and All Other. As of December 31, 2016, the Company owned a controlling interest in 65 Malls and non-controlling interests in nine Malls. As of December 31, 2016, the Company owned a controlling interest in 20 Associated Centers and a non-controlling interest in three Associated Centers. As of December 31, 2016, the Company owned a controlling interest in four Community Centers and a non-controlling interest in five Community Centers. As of December 31, 2016, the Company's properties were located in 27 states, primarily in the southeastern and mid-western United States.

FINANCIAL RATIOS  of  CBL&Associates Properties (CBL)

Valuation Ratios
P/E Ratio 5.4
Price to Sales 0.9
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 2
Price to Free Cash Flow 4.3
Growth Rates
Sales Growth Rate -2.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -39.7%
Cap. Spend. - 3 Yr. Gr. Rate -7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 363.3%
Total Debt to Equity 363.3%
Interest Coverage 2
Management Effectiveness
Return On Assets 6.1%
Ret/ On Assets - 3 Yr. Avg. 6%
Return On Total Capital 3%
Ret/ On T. Cap. - 3 Yr. Avg. 2.7%
Return On Equity 13.8%
Return On Equity - 3 Yr. Avg. 12.3%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 72.7%
Gross Margin - 3 Yr. Avg. 72.7%
EBITDA Margin 67.7%
EBITDA Margin - 3 Yr. Avg. 67.7%
Operating Margin 24.6%
Oper. Margin - 3 Yr. Avg. 31.5%
Pre-Tax Margin 18.8%
Pre-Tax Margin - 3 Yr. Avg. 18.2%
Net Profit Margin 16.8%
Net Profit Margin - 3 Yr. Avg. 15.7%
Effective Tax Rate -1.6%
Eff/ Tax Rate - 3 Yr. Avg. 0.8%
Payout Ratio 130.6%

CBL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CBL stock intrinsic value calculation we used $1028 million for the last fiscal year's total revenue generated by CBL&Associates Properties. The default revenue input number comes from 2016 income statement of CBL&Associates Properties. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CBL stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 11.8%, whose default value for CBL is calculated based on our internal credit rating of CBL&Associates Properties, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of CBL&Associates Properties.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CBL stock the variable cost ratio is equal to 14.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $638 million in the base year in the intrinsic value calculation for CBL stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.6% for CBL&Associates Properties.

Corporate tax rate of 27% is the nominal tax rate for CBL&Associates Properties. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CBL stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CBL are equal to 560.3%.

Life of production assets of 19.7 years is the average useful life of capital assets used in CBL&Associates Properties operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CBL is equal to -1.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1229 million for CBL&Associates Properties - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 171.633 million for CBL&Associates Properties is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of CBL&Associates Properties at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ 5 Low Priced Stocks With 10%+ Dividends   [Nov-27-17 09:49AM  Forbes]
▶ These Ultra High-Yield Plays Are Very Cheap Right Now (BKCC)   [Nov-25-17 07:36AM  ETF Daily News]
▶ 7 Dividend Funds Yielding Over 5.3%   [Nov-13-17 03:16PM  InvestorPlace]
▶ CBL reports 3Q results   [Nov-02-17 04:44PM  Associated Press]
▶ 3 Reasons Why J C Penney Company Inc Stock Will Rebound   [Oct-18-17 01:50PM  InvestorPlace]
▶ 62 More Malls Wont Be Open on Thanksgiving   [Oct-12-17 11:35AM  Fortune]
▶ CBL CEO: We're long-term partners with our retailers   [Oct-11-17 02:34PM  CNBC Videos]
▶ [$$] While Stock Investors Sell Mall Shares, Debt Investors Are Loading Up   [Sep-20-17 12:25AM  The Wall Street Journal]
▶ [$$] While Stock Investors Sell Mall Shares, Debt Investors Are Loading Up   [Sep-19-17 05:03PM  The Wall Street Journal]
▶ CBL Properties Retires Two Loans Totaling $206 Million   [Sep-06-17 11:00AM  Business Wire]
▶ 3 High-Upside Ways to Play the Dying Mall   [Aug-30-17 08:17AM  Motley Fool]
▶ Marcus Theatres plans BistroPlex at Brookfield Square   [Aug-28-17 05:41PM  American City Business Journals]
▶ CBL reports 2Q results   [02:36AM  Associated Press]
▶ 5 High Yielding REITs To Buy   [Jul-31-17 07:14PM  Forbes]
▶ Don't count out Milwaukee-area shopping malls just yet, retail execs say   [Jun-23-17 12:43PM  American City Business Journals]
▶ [$$] Contrarian Investors Dive Into Mall REITs   [Jun-21-17 01:02AM  The Wall Street Journal]
▶ Will border mall hit a wall?   [May-26-17 01:26PM  CNBC Videos]
▶ Ikea could spark mixed-use development in Cary   [May-22-17 02:40PM  American City Business Journals]
▶ Ikea confirms plans for 2020 store opening at Cary Towne Center   [May-18-17 04:06PM  American City Business Journals]
▶ Is The World Flat? No, But The S&P 500 Looks It Today   [May-08-17 05:29PM  Barrons.com]
▶ CBL reports 1Q results   [May-03-17 07:35PM  Associated Press]
▶ Why Cytokinetics, Inc. Jumped Higher Today   [Apr-18-17 12:50PM  Motley Fool]
▶ Retailers Keep Closing Stores. That's Hitting Some Real Estate Stocks   [Mar-24-17 09:58AM  at The Wall Street Journal]
▶ [$$] Sears Stock Stumbles After Going-Concern Warning   [Mar-23-17 12:50AM  The Wall Street Journal]
Financial statements of CBL
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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