Intrinsic value of Tanger Factory Outlet Centers - SKT

Previous Close

$25.84

  Intrinsic Value

$3.86

stock screener

  Rating & Target

str. sell

-85%

Previous close

$25.84

 
Intrinsic value

$3.86

 
Up/down potential

-85%

 
Rating

str. sell

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

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  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
  466
  475
  486
  499
  513
  528
  545
  564
  584
  606
  629
  654
  680
  709
  739
  771
  804
  840
  878
  918
  960
  1,004
  1,051
  1,101
  1,153
  1,208
  1,266
  1,326
  1,390
  1,458
  1,529
Variable operating expenses, $m
 
  319
  327
  335
  345
  355
  366
  379
  392
  407
  423
  439
  457
  476
  496
  518
  540
  564
  590
  617
  645
  675
  707
  740
  775
  812
  850
  891
  934
  980
  1,027
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
  319
  327
  335
  345
  355
  366
  379
  392
  407
  423
  439
  457
  476
  496
  518
  540
  564
  590
  617
  645
  675
  707
  740
  775
  812
  850
  891
  934
  980
  1,027
Operating income, $m
  151
  156
  159
  164
  168
  173
  179
  185
  192
  199
  206
  214
  223
  232
  242
  253
  264
  276
  288
  301
  315
  329
  345
  361
  378
  396
  415
  435
  456
  478
  501
EBITDA, $m
  266
  273
  280
  287
  295
  304
  314
  324
  336
  348
  362
  376
  391
  408
  425
  443
  463
  483
  505
  528
  552
  578
  605
  633
  663
  695
  728
  763
  800
  838
  879
Interest expense (income), $m
  0
  59
  60
  62
  64
  66
  68
  70
  73
  76
  79
  82
  85
  89
  93
  97
  102
  106
  111
  117
  122
  128
  134
  141
  148
  155
  163
  171
  179
  188
  198
Earnings before tax, $m
  193
  97
  99
  102
  104
  108
  111
  115
  119
  123
  128
  133
  138
  143
  149
  155
  162
  169
  177
  184
  193
  201
  210
  220
  230
  241
  252
  264
  277
  290
  304
Tax expense, $m
  0
  26
  27
  27
  28
  29
  30
  31
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  71
  75
  78
  82
Net income, $m
  194
  71
  72
  74
  76
  79
  81
  84
  87
  90
  93
  97
  101
  105
  109
  113
  118
  123
  129
  135
  141
  147
  154
  161
  168
  176
  184
  193
  202
  212
  222

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
  2,569
  2,628
  2,696
  2,772
  2,856
  2,948
  3,048
  3,157
  3,274
  3,400
  3,534
  3,678
  3,830
  3,993
  4,165
  4,347
  4,541
  4,745
  4,961
  5,189
  5,429
  5,683
  5,950
  6,232
  6,529
  6,841
  7,170
  7,516
  7,880
  8,263
Adjusted assets (=assets-cash), $m
  2,514
  2,569
  2,628
  2,696
  2,772
  2,856
  2,948
  3,048
  3,157
  3,274
  3,400
  3,534
  3,678
  3,830
  3,993
  4,165
  4,347
  4,541
  4,745
  4,961
  5,189
  5,429
  5,683
  5,950
  6,232
  6,529
  6,841
  7,170
  7,516
  7,880
  8,263
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
  1,997
  2,043
  2,096
  2,155
  2,220
  2,292
  2,370
  2,454
  2,545
  2,643
  2,747
  2,859
  2,978
  3,104
  3,238
  3,380
  3,530
  3,689
  3,856
  4,034
  4,221
  4,418
  4,626
  4,845
  5,075
  5,318
  5,574
  5,843
  6,126
  6,423
Working capital, $m
  0
  -12
  -13
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -40
Total debt, $m
  1,688
  1,728
  1,772
  1,822
  1,878
  1,940
  2,008
  2,082
  2,162
  2,248
  2,341
  2,440
  2,546
  2,659
  2,779
  2,906
  3,040
  3,183
  3,334
  3,493
  3,661
  3,839
  4,026
  4,223
  4,431
  4,650
  4,881
  5,123
  5,379
  5,647
  5,930
Total liabilities, $m
  1,856
  1,896
  1,940
  1,990
  2,046
  2,108
  2,176
  2,250
  2,330
  2,416
  2,509
  2,608
  2,714
  2,827
  2,947
  3,074
  3,208
  3,351
  3,502
  3,661
  3,829
  4,007
  4,194
  4,391
  4,599
  4,818
  5,049
  5,291
  5,547
  5,815
  6,098
Total equity, $m
  670
  673
  689
  706
  726
  748
  772
  799
  827
  858
  891
  926
  964
  1,004
  1,046
  1,091
  1,139
  1,190
  1,243
  1,300
  1,359
  1,422
  1,489
  1,559
  1,633
  1,711
  1,792
  1,879
  1,969
  2,065
  2,165
Total liabilities and equity, $m
  2,526
  2,569
  2,629
  2,696
  2,772
  2,856
  2,948
  3,049
  3,157
  3,274
  3,400
  3,534
  3,678
  3,831
  3,993
  4,165
  4,347
  4,541
  4,745
  4,961
  5,188
  5,429
  5,683
  5,950
  6,232
  6,529
  6,841
  7,170
  7,516
  7,880
  8,263
Debt-to-equity ratio
  2.519
  2.570
  2.570
  2.580
  2.590
  2.590
  2.600
  2.610
  2.610
  2.620
  2.630
  2.640
  2.640
  2.650
  2.660
  2.660
  2.670
  2.680
  2.680
  2.690
  2.690
  2.700
  2.700
  2.710
  2.710
  2.720
  2.720
  2.730
  2.730
  2.740
  2.740
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
  71
  72
  74
  76
  79
  81
  84
  87
  90
  93
  97
  101
  105
  109
  113
  118
  123
  129
  135
  141
  147
  154
  161
  168
  176
  184
  193
  202
  212
  222
Depreciation, amort., depletion, $m
  115
  117
  120
  123
  127
  131
  135
  139
  144
  150
  155
  162
  168
  175
  183
  190
  199
  208
  217
  227
  237
  248
  260
  272
  285
  299
  313
  328
  344
  360
  378
Funds from operations, $m
  242
  188
  192
  197
  203
  209
  216
  223
  231
  240
  249
  258
  269
  280
  292
  304
  317
  331
  346
  361
  378
  395
  414
  433
  453
  475
  497
  521
  546
  572
  600
Change in working capital, $m
  3
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
Cash from operations, $m
  239
  188
  193
  198
  203
  210
  216
  224
  232
  240
  249
  259
  269
  281
  292
  305
  318
  332
  347
  362
  379
  396
  415
  434
  454
  476
  499
  522
  547
  574
  601
Maintenance CAPEX, $m
  0
  -115
  -117
  -120
  -123
  -127
  -131
  -135
  -139
  -144
  -150
  -155
  -162
  -168
  -175
  -183
  -190
  -199
  -208
  -217
  -227
  -237
  -248
  -260
  -272
  -285
  -299
  -313
  -328
  -344
  -360
New CAPEX, $m
  -172
  -39
  -46
  -53
  -59
  -65
  -72
  -78
  -84
  -91
  -98
  -105
  -112
  -119
  -126
  -134
  -142
  -150
  -159
  -168
  -177
  -187
  -197
  -208
  -219
  -231
  -243
  -256
  -269
  -283
  -298
Cash from investing activities, $m
  -46
  -154
  -163
  -173
  -182
  -192
  -203
  -213
  -223
  -235
  -248
  -260
  -274
  -287
  -301
  -317
  -332
  -349
  -367
  -385
  -404
  -424
  -445
  -468
  -491
  -516
  -542
  -569
  -597
  -627
  -658
Free cash flow, $m
  193
  34
  29
  25
  21
  17
  14
  11
  8
  5
  2
  -1
  -4
  -6
  -9
  -12
  -14
  -17
  -20
  -22
  -25
  -28
  -31
  -34
  -37
  -40
  -43
  -46
  -49
  -53
  -57
Issuance/(repayment) of debt, $m
  -51
  40
  44
  50
  56
  62
  68
  74
  80
  86
  93
  99
  106
  113
  120
  127
  135
  143
  151
  159
  168
  178
  187
  197
  208
  219
  231
  243
  255
  269
  283
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
  40
  44
  50
  56
  62
  68
  74
  80
  86
  93
  99
  106
  113
  120
  127
  135
  143
  151
  159
  168
  178
  187
  197
  208
  219
  231
  243
  255
  269
  283
Total cash flow (excl. dividends), $m
  132
  74
  73
  75
  77
  79
  82
  85
  88
  91
  95
  98
  102
  106
  111
  115
  120
  126
  131
  137
  143
  150
  156
  164
  171
  179
  188
  197
  206
  216
  226
Retained Cash Flow (-), $m
  -95
  -15
  -15
  -18
  -20
  -22
  -24
  -26
  -28
  -31
  -33
  -35
  -38
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -74
  -78
  -82
  -86
  -91
  -95
  -100
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
 
  71
  57
  57
  57
  57
  58
  59
  59
  60
  62
  63
  65
  66
  68
  70
  73
  75
  78
  80
  83
  87
  90
  94
  97
  102
  106
  110
  115
  120
  126
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
 
  64
  47
  41
  36
  31
  27
  23
  20
  16
  13
  11
  9
  7
  5
  4
  3
  2
  2
  1
  1
  0
  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 an owner and operator of outlet centers in the United States and Canada. The Company is a fully-integrated, self-administered and self-managed real estate investment trust (REIT), which focuses on developing, acquiring, owning, operating and managing outlet shopping centers. As of December 31, 2016, its portfolio consisted of 36 outlet centers, with a total gross leasable area of approximately 12.7 million square feet, which were 98% occupied and contained over 2,600 stores representing approximately 400 store brands. Its outlet centers and other assets are held by, and all of its operations are conducted by, Tanger Properties Limited Partnership and subsidiaries (Operating Partnership). The Company owns the majority of the units of partnership interest issued by the Operating Partnership, through its subsidiaries, Tanger GP Trust and Tanger LP Trust. Tanger GP Trust controls the Operating Partnership as its sole general partner.

FINANCIAL RATIOS  of  Tanger Factory Outlet Centers (SKT)

Valuation Ratios
P/E Ratio 12.8
Price to Sales 5.3
Price to Book 3.7
Price to Tangible Book
Price to Cash Flow 10.4
Price to Free Cash Flow 37.1
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 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 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 94.304 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 $2.4 billion.

RELATED COMPANIES Price Int.Val. Rating
NNN National Retai 40.73 6.44  str.sell
TCO Taubman Center 62.74 0.30  str.sell
WRI Weingarten Rea 31.33 2.99  str.sell
O Realty Income 53.86 5.98  str.sell
KIM Kimco Realty 16.58 3.05  str.sell
REG Regency Center 64.31 3.79  str.sell
DDR DDR Corp 8.57 2.22  str.sell
RPT Ramco-Gershens 13.91 2.71  str.sell
CBL CBL&Associates 5.71 1.79  str.sell

COMPANY NEWS

▶ 2 Bargain Stocks With Big Yields You Can Buy Today   [Jan-18-18 07:45AM  Motley Fool]
▶ Tanger Declares Dividend For Fourth Quarter 2017   [Jan-11-18 08:30AM  PR Newswire]
▶ 3 Dividend Stocks to Fund Your Nest Egg   [Jan-09-18 09:11AM  Motley Fool]
▶ 5 REITs Paying Over 5%   [Dec-29-17 10:38AM  Forbes]
▶ 3 Top Stocks Wall Street Is Overlooking   [Dec-26-17 10:30AM  Motley Fool]
▶ All I Want For Christmas Are A Few Good REITs   [Dec-24-17 11:37AM  Forbes]
▶ 3 Top Dividend Stocks With Yields Over 3%   [Dec-21-17 07:48AM  Motley Fool]
▶ 3 Great Stocks for Your Roth IRA   [Dec-20-17 07:50AM  Motley Fool]
▶ These 5 Dividend Aristocrats Pay Up to 5.6%   [Dec-15-17 03:56AM  Harvest Exchange]
▶ Tanger reports 3Q results   [Nov-07-17 06:56PM  Associated Press]
▶ Tanger Reports Third Quarter 2017 Results   [04:15PM  PR Newswire]
▶ Top NYSE Dividend Payers   [09:02AM  Simply Wall St.]
▶ 4 'Sleep Well At Night' REITs For Retirement   [Oct-20-17 07:00AM  Forbes]
▶ Nows the Time to Buy These High Yield Stocks   [Oct-11-17 08:32AM  Motley Fool]
▶ About to Sell Your Apparel Stocks? Read This First   [Oct-10-17 08:02PM  Motley Fool]
▶ 3 Stocks to Own in a Stock Market Crash   [10:48AM  Motley Fool]
▶ 5 REITs To Help You Sleep Well At Night   [Oct-04-17 09:47AM  Forbes]
▶ Why I'm Buying Tanger Factory Outlets   [Oct-02-17 11:15AM  Motley Fool]
▶ Ikea opening second Arizona store   [Sep-26-17 01:20PM  American City Business Journals]
▶ Tanger Outlets Issues Corporate Responsibility Report   [Sep-21-17 03:43PM  PR Newswire]
▶ 3 High-Yield Stocks at Rock-Bottom Prices   [Sep-19-17 03:28PM  Motley Fool]
▶ Better Dividend Stock: Target vs. Tanger Factory Outlets   [Sep-18-17 07:36AM  Motley Fool]
▶ 3 High-Yield Stocks on Sale   [Aug-29-17 05:30PM  Motley Fool]
▶ 10 Stock Buys For The Next 6 Months   [Aug-24-17 01:08PM  Forbes]
▶ Top 3 Stocks for Retirees to Consider   [Aug-23-17 06:41PM  Motley Fool]
▶ 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]
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.