Intrinsic value of Taubman Centers - TCO

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$62.55

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$62.55

 
Intrinsic value

$2.25

 
Up/down potential

-96%

 
Rating

str. sell

 
Value-price divergence* premium content

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

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

We calculate the intrinsic value of TCO 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 3.8

 

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, %
  10.05
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
Revenue, $m
  613
  652
  693
  736
  780
  826
  874
  924
  977
  1,031
  1,089
  1,148
  1,211
  1,276
  1,345
  1,416
  1,491
  1,569
  1,652
  1,738
  1,828
  1,922
  2,021
  2,125
  2,234
  2,348
  2,468
  2,594
  2,725
  2,864
  3,009
Variable operating expenses, $m
 
  497
  528
  561
  594
  629
  666
  704
  744
  786
  830
  875
  923
  972
  1,025
  1,079
  1,136
  1,196
  1,258
  1,324
  1,393
  1,465
  1,540
  1,619
  1,702
  1,789
  1,881
  1,976
  2,077
  2,182
  2,293
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
  515
  497
  528
  561
  594
  629
  666
  704
  744
  786
  830
  875
  923
  972
  1,025
  1,079
  1,136
  1,196
  1,258
  1,324
  1,393
  1,465
  1,540
  1,619
  1,702
  1,789
  1,881
  1,976
  2,077
  2,182
  2,293
Operating income, $m
  98
  155
  165
  175
  186
  197
  208
  220
  232
  245
  259
  273
  288
  304
  320
  337
  355
  374
  393
  414
  435
  457
  481
  506
  532
  559
  587
  617
  649
  682
  716
EBITDA, $m
  236
  302
  321
  341
  361
  383
  405
  428
  453
  478
  504
  532
  561
  591
  623
  656
  691
  727
  765
  805
  847
  891
  937
  985
  1,035
  1,088
  1,144
  1,202
  1,263
  1,327
  1,394
Interest expense (income), $m
  78
  114
  110
  118
  127
  136
  145
  155
  165
  176
  187
  199
  211
  224
  237
  251
  266
  281
  297
  314
  332
  350
  369
  390
  411
  433
  456
  481
  507
  534
  562
Earnings before tax, $m
  121
  41
  55
  57
  59
  61
  63
  65
  67
  70
  72
  75
  77
  80
  83
  86
  89
  92
  96
  100
  103
  108
  112
  116
  121
  126
  131
  136
  142
  148
  154
Tax expense, $m
  3
  11
  15
  15
  16
  16
  17
  18
  18
  19
  19
  20
  21
  22
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  35
  37
  38
  40
  42
Net income, $m
  133
  30
  40
  42
  43
  45
  46
  48
  49
  51
  53
  54
  56
  58
  60
  63
  65
  67
  70
  73
  76
  79
  82
  85
  88
  92
  96
  100
  104
  108
  113

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  41
  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
  4,011
  4,235
  4,500
  4,776
  5,064
  5,364
  5,676
  6,002
  6,343
  6,698
  7,069
  7,457
  7,863
  8,287
  8,731
  9,195
  9,682
  10,191
  10,724
  11,283
  11,868
  12,482
  13,125
  13,800
  14,507
  15,248
  16,026
  16,842
  17,698
  18,595
  19,537
Adjusted assets (=assets-cash), $m
  3,970
  4,235
  4,500
  4,776
  5,064
  5,364
  5,676
  6,002
  6,343
  6,698
  7,069
  7,457
  7,863
  8,287
  8,731
  9,195
  9,682
  10,191
  10,724
  11,283
  11,868
  12,482
  13,125
  13,800
  14,507
  15,248
  16,026
  16,842
  17,698
  18,595
  19,537
Revenue / Adjusted assets
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
Average production assets, $m
  2,874
  3,058
  3,249
  3,448
  3,656
  3,872
  4,098
  4,333
  4,579
  4,836
  5,104
  5,384
  5,677
  5,983
  6,303
  6,639
  6,990
  7,357
  7,742
  8,146
  8,568
  9,011
  9,476
  9,963
  10,473
  11,009
  11,570
  12,159
  12,777
  13,425
  14,105
Working capital, $m
  0
  -44
  -46
  -49
  -52
  -55
  -59
  -62
  -65
  -69
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -105
  -111
  -116
  -122
  -129
  -135
  -142
  -150
  -157
  -165
  -174
  -183
  -192
  -202
Total debt, $m
  3,256
  3,129
  3,367
  3,616
  3,875
  4,144
  4,426
  4,719
  5,025
  5,345
  5,679
  6,028
  6,394
  6,775
  7,175
  7,593
  8,030
  8,489
  8,969
  9,472
  9,999
  10,551
  11,130
  11,737
  12,373
  13,040
  13,740
  14,475
  15,245
  16,053
  16,901
Total liabilities, $m
  3,939
  3,812
  4,050
  4,299
  4,558
  4,827
  5,109
  5,402
  5,708
  6,028
  6,362
  6,711
  7,077
  7,458
  7,858
  8,276
  8,713
  9,172
  9,652
  10,155
  10,682
  11,234
  11,813
  12,420
  13,056
  13,723
  14,423
  15,158
  15,928
  16,736
  17,584
Total equity, $m
  72
  424
  450
  478
  506
  536
  568
  600
  634
  670
  707
  746
  786
  829
  873
  920
  968
  1,019
  1,072
  1,128
  1,187
  1,248
  1,313
  1,380
  1,451
  1,525
  1,603
  1,684
  1,770
  1,860
  1,954
Total liabilities and equity, $m
  4,011
  4,236
  4,500
  4,777
  5,064
  5,363
  5,677
  6,002
  6,342
  6,698
  7,069
  7,457
  7,863
  8,287
  8,731
  9,196
  9,681
  10,191
  10,724
  11,283
  11,869
  12,482
  13,126
  13,800
  14,507
  15,248
  16,026
  16,842
  17,698
  18,596
  19,538
Debt-to-equity ratio
  45.222
  7.390
  7.480
  7.570
  7.650
  7.730
  7.800
  7.860
  7.920
  7.980
  8.030
  8.080
  8.130
  8.180
  8.220
  8.260
  8.290
  8.330
  8.360
  8.390
  8.420
  8.450
  8.480
  8.510
  8.530
  8.550
  8.570
  8.590
  8.610
  8.630
  8.650
Adjusted equity ratio
  0.008
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  133
  30
  40
  42
  43
  45
  46
  48
  49
  51
  53
  54
  56
  58
  60
  63
  65
  67
  70
  73
  76
  79
  82
  85
  88
  92
  96
  100
  104
  108
  113
Depreciation, amort., depletion, $m
  138
  147
  156
  166
  176
  186
  197
  208
  220
  232
  245
  259
  273
  288
  303
  319
  336
  354
  372
  392
  412
  433
  456
  479
  504
  529
  556
  585
  614
  645
  678
Funds from operations, $m
  274
  177
  197
  208
  219
  231
  243
  256
  269
  283
  298
  313
  329
  346
  364
  382
  401
  421
  442
  464
  487
  512
  537
  564
  592
  621
  652
  684
  718
  753
  791
Change in working capital, $m
  -31
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
Cash from operations, $m
  305
  365
  199
  210
  222
  234
  246
  259
  273
  287
  302
  317
  333
  350
  368
  387
  406
  426
  448
  470
  494
  518
  544
  571
  599
  629
  660
  693
  727
  763
  800
Maintenance CAPEX, $m
  0
  -138
  -147
  -156
  -166
  -176
  -186
  -197
  -208
  -220
  -232
  -245
  -259
  -273
  -288
  -303
  -319
  -336
  -354
  -372
  -392
  -412
  -433
  -456
  -479
  -504
  -529
  -556
  -585
  -614
  -645
New CAPEX, $m
  -505
  -184
  -191
  -199
  -208
  -216
  -226
  -235
  -246
  -257
  -268
  -280
  -293
  -306
  -320
  -335
  -351
  -368
  -385
  -403
  -423
  -443
  -464
  -487
  -510
  -535
  -561
  -589
  -618
  -648
  -680
Cash from investing activities, $m
  -723
  -322
  -338
  -355
  -374
  -392
  -412
  -432
  -454
  -477
  -500
  -525
  -552
  -579
  -608
  -638
  -670
  -704
  -739
  -775
  -815
  -855
  -897
  -943
  -989
  -1,039
  -1,090
  -1,145
  -1,203
  -1,262
  -1,325
Free cash flow, $m
  -418
  43
  -139
  -145
  -152
  -158
  -166
  -173
  -181
  -190
  -199
  -208
  -218
  -229
  -240
  -252
  -264
  -277
  -291
  -305
  -321
  -337
  -354
  -372
  -390
  -410
  -431
  -453
  -476
  -500
  -525
Issuance/(repayment) of debt, $m
  626
  -127
  239
  248
  259
  270
  281
  293
  306
  320
  334
  349
  365
  382
  399
  418
  438
  458
  480
  503
  527
  552
  579
  607
  636
  667
  700
  734
  770
  808
  848
Issuance/(repurchase) of shares, $m
  2
  436
  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  
  420
  309
  239
  248
  259
  270
  281
  293
  306
  320
  334
  349
  365
  382
  399
  418
  438
  458
  480
  503
  527
  552
  579
  607
  636
  667
  700
  734
  770
  808
  848
Total cash flow (excl. dividends), $m
  3
  -84
  100
  103
  107
  111
  116
  120
  125
  130
  135
  141
  147
  153
  160
  166
  174
  181
  189
  197
  206
  215
  225
  235
  246
  257
  269
  282
  295
  308
  323
Retained Cash Flow (-), $m
  41
  -393
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -59
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -90
  -94
Prev. year cash balance distribution, $m
 
  41
  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
 
  0
  73
  76
  79
  81
  84
  88
  91
  95
  98
  102
  106
  111
  115
  120
  125
  130
  136
  142
  148
  154
  161
  168
  175
  183
  191
  200
  209
  219
  229
Discount rate, %
 
  14.10
  14.81
  15.55
  16.32
  17.14
  18.00
  18.90
  19.84
  20.83
  21.87
  22.97
  24.12
  25.32
  26.59
  27.92
  29.31
  30.78
  32.32
  33.93
  35.63
  37.41
  39.28
  41.25
  43.31
  45.47
  47.75
  50.13
  52.64
  55.27
  58.04
PV of cash for distribution, $m
 
  0
  55
  49
  43
  37
  31
  26
  21
  17
  14
  11
  8
  6
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  41.6
  41.6
  41.6
  41.6
  41.6
  41.6
  41.6
  41.6
  41.6
  41.6
  41.6
  41.6
  41.6
  41.6
  41.6
  41.6
  41.6
  41.6
  41.6
  41.6
  41.6
  41.6
  41.6
  41.6
  41.6
  41.6
  41.6
  41.6
  41.6
  41.6

Taubman Centers, Inc. operates as a real estate investment trust. As of June 30, 2005, the company owned a 63% managing general partner’s interest in The Taubman Realty Group Limited Partnership (the operating partnership). The operating partnership engages in the ownership, management, leasing, acquisition, development, and expansion of regional retail shopping centers and interests therein. As of August 23, 2007, it owned and/or managed 23 urban and suburban shopping centers in 11 states the United States. These centers are located in metropolitan areas, including New York City, Los Angeles, San Francisco, Denver, Detroit, Phoenix, Miami, Dallas, Tampa, Orlando, and Washington, D.C. The operating partnership also owns certain regional retail shopping center development projects, as well as approximately 99% of The Taubman Company LLC, which manages the shopping centers and provides other services to the operating partnership and to the company. Taubman Centers qualifies as a REIT under the Internal Revenue Code. As a REIT, the company would not be subjected to federal income tax to the extent it distributes at least 90% of its taxable income to its shareholders. Taubman Centers was founded in 1950 by A. Alfred Taubman and is headquartered in Bloomfield Hills, Michigan.

FINANCIAL RATIOS  of  Taubman Centers (TCO)

Valuation Ratios
P/E Ratio 28.4
Price to Sales 6.2
Price to Book 52.5
Price to Tangible Book
Price to Cash Flow 12.4
Price to Free Cash Flow -18.9
Growth Rates
Sales Growth Rate 10.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 14.5%
Cap. Spend. - 3 Yr. Gr. Rate 12.2%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 4522.2%
Total Debt to Equity 4522.2%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 13.5%
Return On Total Capital 4.4%
Ret/ On T. Cap. - 3 Yr. Avg. 14.5%
Return On Equity 143.8%
Return On Equity - 3 Yr. Avg. 369.3%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 60.8%
Gross Margin - 3 Yr. Avg. 61.6%
EBITDA Margin 55%
EBITDA Margin - 3 Yr. Avg. 52.2%
Operating Margin 16%
Oper. Margin - 3 Yr. Avg. 20.9%
Pre-Tax Margin 19.7%
Pre-Tax Margin - 3 Yr. Avg. 20.3%
Net Profit Margin 21.7%
Net Profit Margin - 3 Yr. Avg. 59.1%
Effective Tax Rate 2.5%
Eff/ Tax Rate - 3 Yr. Avg. 1.9%
Payout Ratio 127.1%

TCO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TCO stock intrinsic value calculation we used $613 million for the last fiscal year's total revenue generated by Taubman Centers. The default revenue input number comes from 2016 income statement of Taubman 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 TCO stock valuation model: a) initial revenue growth rate of 6.4% 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 14.1%, whose default value for TCO is calculated based on our internal credit rating of Taubman 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 Taubman 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 TCO stock the variable cost ratio is equal to 76.2%.

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 TCO 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 Taubman Centers.

Corporate tax rate of 27% is the nominal tax rate for Taubman 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 TCO 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 TCO are equal to 468.8%.

Life of production assets of 20.8 years is the average useful life of capital assets used in Taubman 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 TCO is equal to -6.7%. 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 - $72 million for Taubman 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 61.194 million for Taubman 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 Taubman Centers at the current share price and the inputted number of shares is $3.8 billion.


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COMPANY NEWS

▶ Taubman reports 1Q results   [Apr-27-17 04:44PM  Associated Press]
▶ [$$] Activist Investor Seeks to Replace CEO, Director at Taubman Centers   [Apr-19-17 12:39PM  The Wall Street Journal]
▶ Executive Edge: Retail real estate bargain hunting   [Apr-10-17 06:42AM  CNBC Videos]
▶ [$$] With Retail Tanking Could Mall REITs be the Next Nightmare?   [Mar-27-17 10:13AM  The Wall Street Journal]
▶ High-Quality Retail REITs on the Clearance Rack   [Mar-15-17 06:00AM  Morningstar]
▶ Stocks Declining to Their 3-Year Lows   [Mar-11-17 09:35PM  GuruFocus.com]
▶ Activist Investor Targets Mall Operator Taubman Centers   [Mar-02-17 05:20PM  The Wall Street Journal]
▶ Taubman Centers boosts dividend by 5%   [09:34AM  MarketWatch]
▶ REIT Risk: The Mall Sector Series   [Jan-30-17 07:00AM  at Forbes]
▶ [$$] U.S. Mall Developers Face Hurdles in China   [12:28AM  at The Wall Street Journal]
▶ [$$] U.S. Mall Developers Face Hurdles in China   [Jan-03-17 11:06AM  at The Wall Street Journal]
▶ Is Hospitality Properties Trust (HPT) A Good Stock to Buy?   [Dec-08-16 04:44PM  at Insider Monkey]
▶ A Premium REIT To Help You Sleep Well At Night   [Dec-05-16 11:09AM  at Forbes]
▶ Here Is What Hedge Funds Think about Heico Corp (HEI)   [Dec-01-16 03:39PM  at Insider Monkey]
▶ The Mall's Not Dead   [Sep-26-16 07:00AM  at Morningstar]
▶ Taubman Centers Declares Common and Preferred Dividends   [Sep-01-16 11:42AM  Business Wire]
Stock chart of TCO Financial statements of TCO
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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