Intrinsic value of Tanger Factory Outlet Centers - SKT

Previous Close

$24.06

  Intrinsic Value

$2.73

stock screener

  Rating & Target

str. sell

-89%

  Value-price divergence*

+21%

Previous close

$24.06

 
Intrinsic value

$2.73

 
Up/down potential

-89%

 
Rating

str. sell

 
Value-price divergence*

+21%

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

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of SKT 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 2.3

 

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, %
  6.15
  9.00
  8.60
  8.24
  7.92
  7.62
  7.36
  7.13
  6.91
  6.72
  6.55
  6.39
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
Revenue, $m
  466
  508
  552
  597
  644
  693
  745
  798
  853
  910
  970
  1,032
  1,096
  1,163
  1,233
  1,306
  1,382
  1,462
  1,545
  1,631
  1,721
  1,816
  1,915
  2,018
  2,126
  2,239
  2,357
  2,481
  2,611
  2,747
  2,890
Variable operating expenses, $m
 
  341
  371
  401
  433
  466
  500
  536
  573
  612
  652
  693
  737
  782
  829
  878
  929
  982
  1,038
  1,096
  1,157
  1,220
  1,287
  1,356
  1,429
  1,505
  1,584
  1,668
  1,755
  1,846
  1,942
Fixed operating expenses, $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
Total operating expenses, $m
  315
  341
  371
  401
  433
  466
  500
  536
  573
  612
  652
  693
  737
  782
  829
  878
  929
  982
  1,038
  1,096
  1,157
  1,220
  1,287
  1,356
  1,429
  1,505
  1,584
  1,668
  1,755
  1,846
  1,942
Operating income, $m
  151
  167
  181
  196
  211
  227
  244
  262
  280
  298
  318
  338
  360
  382
  405
  428
  453
  479
  507
  535
  565
  596
  628
  662
  697
  734
  773
  814
  856
  901
  948
EBITDA, $m
  266
  292
  317
  343
  371
  399
  428
  459
  490
  523
  558
  593
  630
  669
  709
  751
  795
  841
  888
  938
  990
  1,044
  1,101
  1,161
  1,223
  1,288
  1,356
  1,427
  1,502
  1,580
  1,662
Interest expense (income), $m
  0
  59
  65
  71
  77
  84
  91
  98
  105
  113
  121
  130
  138
  147
  157
  166
  177
  187
  198
  210
  222
  234
  248
  261
  276
  291
  307
  323
  341
  359
  378
Earnings before tax, $m
  193
  108
  116
  125
  134
  143
  153
  164
  174
  185
  197
  209
  221
  234
  248
  262
  277
  292
  308
  325
  343
  361
  380
  400
  421
  443
  466
  491
  516
  542
  570
Tax expense, $m
  0
  29
  31
  34
  36
  39
  41
  44
  47
  50
  53
  56
  60
  63
  67
  71
  75
  79
  83
  88
  93
  98
  103
  108
  114
  120
  126
  132
  139
  146
  154
Net income, $m
  194
  78
  85
  91
  98
  105
  112
  119
  127
  135
  144
  152
  162
  171
  181
  191
  202
  213
  225
  237
  250
  264
  278
  292
  308
  324
  341
  358
  377
  396
  416

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  12
  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
  2,526
  2,746
  2,982
  3,227
  3,483
  3,748
  4,024
  4,311
  4,609
  4,919
  5,241
  5,576
  5,925
  6,288
  6,667
  7,061
  7,472
  7,901
  8,349
  8,817
  9,305
  9,816
  10,349
  10,908
  11,492
  12,103
  12,743
  13,413
  14,115
  14,850
  15,621
Adjusted assets (=assets-cash), $m
  2,514
  2,746
  2,982
  3,227
  3,483
  3,748
  4,024
  4,311
  4,609
  4,919
  5,241
  5,576
  5,925
  6,288
  6,667
  7,061
  7,472
  7,901
  8,349
  8,817
  9,305
  9,816
  10,349
  10,908
  11,492
  12,103
  12,743
  13,413
  14,115
  14,850
  15,621
Revenue / Adjusted assets
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
Average production assets, $m
  1,958
  2,134
  2,318
  2,509
  2,708
  2,914
  3,128
  3,351
  3,583
  3,824
  4,074
  4,335
  4,606
  4,888
  5,183
  5,489
  5,809
  6,142
  6,490
  6,854
  7,234
  7,630
  8,045
  8,479
  8,933
  9,409
  9,906
  10,427
  10,972
  11,544
  12,143
Working capital, $m
  0
  -13
  -14
  -16
  -17
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -65
  -68
  -71
  -75
Total debt, $m
  1,688
  1,858
  2,033
  2,214
  2,402
  2,598
  2,802
  3,014
  3,234
  3,462
  3,700
  3,947
  4,205
  4,473
  4,752
  5,043
  5,347
  5,663
  5,994
  6,339
  6,699
  7,076
  7,470
  7,882
  8,313
  8,764
  9,236
  9,731
  10,249
  10,791
  11,360
Total liabilities, $m
  1,856
  2,026
  2,201
  2,382
  2,570
  2,766
  2,970
  3,182
  3,402
  3,630
  3,868
  4,115
  4,373
  4,641
  4,920
  5,211
  5,515
  5,831
  6,162
  6,507
  6,867
  7,244
  7,638
  8,050
  8,481
  8,932
  9,404
  9,899
  10,417
  10,959
  11,528
Total equity, $m
  670
  719
  781
  846
  913
  982
  1,054
  1,130
  1,208
  1,289
  1,373
  1,461
  1,552
  1,648
  1,747
  1,850
  1,958
  2,070
  2,187
  2,310
  2,438
  2,572
  2,712
  2,858
  3,011
  3,171
  3,339
  3,514
  3,698
  3,891
  4,093
Total liabilities and equity, $m
  2,526
  2,745
  2,982
  3,228
  3,483
  3,748
  4,024
  4,312
  4,610
  4,919
  5,241
  5,576
  5,925
  6,289
  6,667
  7,061
  7,473
  7,901
  8,349
  8,817
  9,305
  9,816
  10,350
  10,908
  11,492
  12,103
  12,743
  13,413
  14,115
  14,850
  15,621
Debt-to-equity ratio
  2.519
  2.580
  2.600
  2.620
  2.630
  2.650
  2.660
  2.670
  2.680
  2.690
  2.690
  2.700
  2.710
  2.710
  2.720
  2.730
  2.730
  2.740
  2.740
  2.740
  2.750
  2.750
  2.750
  2.760
  2.760
  2.760
  2.770
  2.770
  2.770
  2.770
  2.780
Adjusted equity ratio
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  194
  78
  85
  91
  98
  105
  112
  119
  127
  135
  144
  152
  162
  171
  181
  191
  202
  213
  225
  237
  250
  264
  278
  292
  308
  324
  341
  358
  377
  396
  416
Depreciation, amort., depletion, $m
  115
  126
  136
  148
  159
  171
  184
  197
  211
  225
  240
  255
  271
  288
  305
  323
  342
  361
  382
  403
  426
  449
  473
  499
  525
  553
  583
  613
  645
  679
  714
Funds from operations, $m
  242
  204
  221
  239
  257
  276
  296
  317
  338
  360
  383
  407
  433
  459
  486
  514
  544
  575
  607
  641
  676
  712
  751
  791
  833
  877
  923
  972
  1,022
  1,075
  1,131
Change in working capital, $m
  3
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
Cash from operations, $m
  239
  205
  222
  240
  258
  277
  297
  318
  339
  362
  385
  409
  434
  460
  488
  516
  546
  577
  609
  643
  678
  715
  753
  794
  836
  880
  926
  975
  1,025
  1,079
  1,134
Maintenance CAPEX, $m
  0
  -115
  -126
  -136
  -148
  -159
  -171
  -184
  -197
  -211
  -225
  -240
  -255
  -271
  -288
  -305
  -323
  -342
  -361
  -382
  -403
  -426
  -449
  -473
  -499
  -525
  -553
  -583
  -613
  -645
  -679
New CAPEX, $m
  -172
  -176
  -184
  -191
  -199
  -206
  -215
  -223
  -232
  -241
  -250
  -261
  -271
  -282
  -294
  -307
  -320
  -333
  -348
  -363
  -380
  -397
  -415
  -434
  -454
  -475
  -497
  -521
  -546
  -572
  -599
Cash from investing activities, $m
  -46
  -291
  -310
  -327
  -347
  -365
  -386
  -407
  -429
  -452
  -475
  -501
  -526
  -553
  -582
  -612
  -643
  -675
  -709
  -745
  -783
  -823
  -864
  -907
  -953
  -1,000
  -1,050
  -1,104
  -1,159
  -1,217
  -1,278
Free cash flow, $m
  193
  -86
  -87
  -88
  -88
  -88
  -89
  -89
  -89
  -90
  -90
  -91
  -92
  -93
  -94
  -95
  -97
  -98
  -100
  -102
  -105
  -107
  -110
  -113
  -117
  -121
  -125
  -129
  -134
  -138
  -144
Issuance/(repayment) of debt, $m
  -51
  170
  174
  181
  189
  196
  204
  212
  220
  229
  238
  247
  257
  268
  279
  291
  303
  317
  330
  345
  360
  377
  394
  412
  431
  451
  472
  495
  518
  543
  569
Issuance/(repurchase) of shares, $m
  2
  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 from financing (excl. dividends), $m  
  -62
  170
  174
  181
  189
  196
  204
  212
  220
  229
  238
  247
  257
  268
  279
  291
  303
  317
  330
  345
  360
  377
  394
  412
  431
  451
  472
  495
  518
  543
  569
Total cash flow (excl. dividends), $m
  132
  84
  87
  94
  101
  108
  115
  123
  131
  139
  147
  156
  166
  175
  185
  196
  207
  218
  230
  243
  256
  269
  284
  299
  314
  331
  348
  366
  384
  404
  425
Retained Cash Flow (-), $m
  -95
  -61
  -62
  -64
  -67
  -70
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -99
  -103
  -108
  -112
  -117
  -123
  -128
  -134
  -140
  -146
  -153
  -160
  -168
  -176
  -184
  -193
  -202
Prev. year cash balance distribution, $m
 
  12
  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
 
  35
  25
  29
  34
  38
  43
  47
  52
  58
  63
  68
  74
  80
  86
  92
  99
  106
  113
  120
  128
  136
  144
  152
  161
  170
  180
  190
  201
  212
  223
Discount rate, %
 
  10.60
  11.13
  11.69
  12.27
  12.88
  13.53
  14.21
  14.92
  15.66
  16.44
  17.27
  18.13
  19.04
  19.99
  20.99
  22.04
  23.14
  24.30
  25.51
  26.79
  28.12
  29.53
  31.01
  32.56
  34.19
  35.90
  37.69
  39.57
  41.55
  43.63
PV of cash for distribution, $m
 
  31
  21
  21
  21
  21
  20
  19
  17
  16
  14
  12
  10
  8
  7
  5
  4
  3
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Tanger Factory Outlet Centers, Inc. is a real estate investment trust. The firm invests in the real estate markets in United States. It focuses on developing, acquiring, owning, operating, and managing outlet shopping centers. Tanger Factory Outlet Centers, Inc. was founded in 1981, and is based in Greensboro, North Carolina.

FINANCIAL RATIOS  of  Tanger Factory Outlet Centers (SKT)

Valuation Ratios
P/E Ratio 11.9
Price to Sales 5
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 9.7
Price to Free Cash Flow 34.5
Growth Rates
Sales Growth Rate 6.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -28.3%
Cap. Spend. - 3 Yr. Gr. Rate 25.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 251.9%
Total Debt to Equity 251.9%
Interest Coverage 0
Management Effectiveness
Return On Assets 8%
Ret/ On Assets - 3 Yr. Avg. 7.2%
Return On Total Capital 8.6%
Ret/ On T. Cap. - 3 Yr. Avg. 7.6%
Return On Equity 31.2%
Return On Equity - 3 Yr. Avg. 28.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 79.6%
Gross Margin - 3 Yr. Avg. 79.4%
EBITDA Margin 66.1%
EBITDA Margin - 3 Yr. Avg. 60.1%
Operating Margin 32.4%
Oper. Margin - 3 Yr. Avg. 31.2%
Pre-Tax Margin 41.4%
Pre-Tax Margin - 3 Yr. Avg. 35.3%
Net Profit Margin 41.6%
Net Profit Margin - 3 Yr. Avg. 35.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 72.7%

SKT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SKT stock intrinsic value calculation we used $466 million for the last fiscal year's total revenue generated by Tanger Factory Outlet Centers. The default revenue input number comes from 2016 income statement of Tanger Factory Outlet Centers. 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 SKT stock valuation model: a) initial revenue growth rate of 9% 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 10.6%, whose default value for SKT is calculated based on our internal credit rating of Tanger Factory Outlet Centers, 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 Tanger Factory Outlet Centers.
    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 SKT stock the variable cost ratio is equal to 67.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for SKT 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 3.5% for Tanger Factory Outlet Centers.

Corporate tax rate of 27% is the nominal tax rate for Tanger Factory Outlet Centers. 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 SKT 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 SKT are equal to 420.2%.

Life of production assets of 17 years is the average useful life of capital assets used in Tanger Factory Outlet Centers 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 SKT is equal to -2.6%. 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 - $670 million for Tanger Factory Outlet Centers - 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 93.964 million for Tanger Factory Outlet Centers 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 Tanger Factory Outlet Centers at the current share price and the inputted number of shares is $2.3 billion.

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DDR DDR Corp 9.67 2.26  str.sell
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COMPANY NEWS

▶ 2 Stocks Set to Pop   [Aug-14-17 08:33AM  Motley Fool]
▶ Trade of the Day: Tanger Factory Outlet Centers (SKT)   [Aug-07-17 09:01AM  InvestorPlace]
▶ Tanger Outlets CEO on why REIT is slowing pace, shortening leases   [Aug-03-17 03:05PM  American City Business Journals]
▶ Tanger reports 2Q results   [Aug-01-17 07:07PM  Associated Press]
▶ 3 Quality Mall REITs To Buy   [Jul-24-17 07:00AM  Forbes]
▶ Tanger Prices $300 Million 3.875% Senior Notes Due 2027   [Jun-28-17 04:22PM  PR Newswire]
▶ REITs Deserve Cornerstone Status   [Jun-07-17 07:00AM  Forbes]
▶ 3 Beaten-Up Dividend Stocks: Are They Bargains?   [May-31-17 08:27AM  Motley Fool]
▶ Tanger Factory Outlets: Bargain Of The Year   [May-28-17 07:00AM  Forbes]
▶ Tanger Factory Outlet Centers names new president/COO   [04:25PM  American City Business Journals]
▶ Tanger Elects Directors and Officers   [04:15PM  PR Newswire]
▶ 10 Growth Stocks at Reasonable Prices   [May-12-17 06:00AM  Morningstar]
▶ Tanger Factory Outlet Goes on Sale, So Buy   [11:00AM  TheStreet.com]
▶ Tanger reports 1Q results   [May-01-17 05:45PM  Associated Press]
▶ Tanger Reports First Quarter 2017 Results   [05:28PM  PR Newswire]
▶ 2 Cheap High-Yield Dividend Stocks You Can Buy Right Now   [Apr-24-17 07:07AM  Motley Fool]
▶ Final Trade: XLE, GDX & more   [Apr-06-17 05:58PM  CNBC Videos]
▶ Tanger Increases Dividend 5.4%   [08:30AM  PR Newswire]
▶ 5 Can't Miss Dividend Hikes Coming This Spring   [Mar-26-17 08:34AM  Forbes]
▶ Tanger Outlets Celebrates Spring With TangerSTYLE!   [Mar-16-17 10:11AM  PR Newswire]
▶ 3 High-Quality Retail REITs at Selling at a Discount   [Mar-15-17 11:23AM  Barrons.com]
▶ 5 Top Dividend Stocks in Retail REITs   [Mar-14-17 04:03PM  Motley Fool]
▶ Tanger Reports Year-End Results For 2016   [04:51PM  PR Newswire]
▶ 4 REITs For Retirement   [Feb-13-17 07:00AM  at Forbes]
▶ REIT Risk: The Mall Sector Series   [Jan-30-17 07:00AM  at Forbes]
▶ These 5 Stocks Could Double Your Retirement Nest Egg   [Jan-07-17 08:12AM  at Forbes]
▶ Tanger Declares Dividend For Fourth Quarter 2016   [Jan-06-17 08:15AM  PR Newswire]
▶ The Art of Repeal: The Law of Unintended Consequences   [Dec-21-16 06:45AM  at Forbes]
▶ Hedge Funds Are Selling Tanger Factory Outlet Centers Inc. (SKT)   [Dec-12-16 02:26AM  at Insider Monkey]
▶ A Premium REIT To Help You Sleep Well At Night   [Dec-05-16 11:09AM  at Forbes]
▶ Tanger Outlets Daytona Beach Celebrates Grand Opening   [Nov-18-16 01:15PM  PR Newswire]
Stock chart of SKT Financial statements of SKT
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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