Intrinsic value of Taubman Centers - TCO

Previous Close

$52.22

  Intrinsic Value

$1.43

stock screener

  Rating & Target

str. sell

-97%

  Value-price divergence*

+33%

Previous close

$52.22

 
Intrinsic value

$1.43

 
Up/down potential

-97%

 
Rating

str. sell

 
Value-price divergence*

+33%

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 3.1

 

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
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
Revenue, $m
  613
  657
  703
  751
  800
  852
  905
  961
  1,020
  1,080
  1,143
  1,209
  1,278
  1,350
  1,425
  1,503
  1,585
  1,671
  1,761
  1,855
  1,953
  2,056
  2,164
  2,276
  2,395
  2,519
  2,649
  2,785
  2,928
  3,077
  3,234
Variable operating expenses, $m
 
  501
  536
  572
  610
  649
  690
  733
  777
  823
  871
  921
  974
  1,029
  1,086
  1,146
  1,208
  1,273
  1,342
  1,413
  1,488
  1,567
  1,649
  1,735
  1,825
  1,919
  2,018
  2,122
  2,231
  2,345
  2,465
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
  501
  536
  572
  610
  649
  690
  733
  777
  823
  871
  921
  974
  1,029
  1,086
  1,146
  1,208
  1,273
  1,342
  1,413
  1,488
  1,567
  1,649
  1,735
  1,825
  1,919
  2,018
  2,122
  2,231
  2,345
  2,465
Operating income, $m
  98
  156
  167
  179
  190
  203
  216
  229
  243
  257
  272
  288
  304
  321
  339
  358
  377
  398
  419
  441
  465
  489
  515
  542
  570
  599
  630
  663
  697
  732
  770
EBITDA, $m
  236
  305
  326
  348
  371
  395
  420
  445
  472
  501
  530
  560
  592
  626
  660
  697
  735
  774
  816
  859
  905
  953
  1,003
  1,055
  1,110
  1,167
  1,227
  1,290
  1,357
  1,426
  1,499
Interest expense (income), $m
  78
  114
  111
  121
  131
  141
  151
  163
  174
  186
  198
  211
  225
  239
  254
  269
  286
  303
  320
  339
  358
  378
  399
  422
  445
  469
  495
  521
  549
  579
  610
Earnings before tax, $m
  121
  42
  56
  58
  60
  62
  64
  66
  69
  71
  74
  76
  79
  82
  85
  88
  92
  95
  99
  103
  107
  111
  116
  120
  125
  130
  136
  141
  147
  154
  160
Tax expense, $m
  3
  11
  15
  16
  16
  17
  17
  18
  19
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  37
  38
  40
  41
  43
Net income, $m
  133
  31
  41
  42
  44
  45
  47
  48
  50
  52
  54
  56
  58
  60
  62
  64
  67
  70
  72
  75
  78
  81
  84
  88
  91
  95
  99
  103
  108
  112
  117

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
  4,295
  4,595
  4,906
  5,230
  5,567
  5,918
  6,283
  6,664
  7,060
  7,473
  7,904
  8,354
  8,823
  9,314
  9,826
  10,362
  10,923
  11,509
  12,122
  12,764
  13,437
  14,141
  14,879
  15,651
  16,462
  17,311
  18,201
  19,134
  20,113
  21,139
Adjusted assets (=assets-cash), $m
  3,970
  4,295
  4,595
  4,906
  5,230
  5,567
  5,918
  6,283
  6,664
  7,060
  7,473
  7,904
  8,354
  8,823
  9,314
  9,826
  10,362
  10,923
  11,509
  12,122
  12,764
  13,437
  14,141
  14,879
  15,651
  16,462
  17,311
  18,201
  19,134
  20,113
  21,139
Revenue / Adjusted assets
  0.154
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
Average production assets, $m
  2,874
  3,081
  3,296
  3,519
  3,752
  3,993
  4,245
  4,507
  4,780
  5,064
  5,360
  5,669
  5,992
  6,329
  6,680
  7,048
  7,432
  7,834
  8,255
  8,695
  9,155
  9,638
  10,143
  10,672
  11,226
  11,807
  12,416
  13,055
  13,724
  14,426
  15,162
Working capital, $m
  0
  -44
  -47
  -50
  -54
  -57
  -61
  -64
  -68
  -72
  -77
  -81
  -86
  -90
  -95
  -101
  -106
  -112
  -118
  -124
  -131
  -138
  -145
  -153
  -160
  -169
  -177
  -187
  -196
  -206
  -217
Total debt, $m
  3,256
  3,183
  3,452
  3,733
  4,024
  4,328
  4,643
  4,972
  5,314
  5,671
  6,043
  6,431
  6,835
  7,258
  7,699
  8,161
  8,643
  9,147
  9,675
  10,227
  10,805
  11,410
  12,044
  12,708
  13,403
  14,132
  14,897
  15,698
  16,538
  17,418
  18,342
Total liabilities, $m
  3,939
  3,866
  4,135
  4,416
  4,707
  5,011
  5,326
  5,655
  5,997
  6,354
  6,726
  7,114
  7,518
  7,941
  8,382
  8,844
  9,326
  9,830
  10,358
  10,910
  11,488
  12,093
  12,727
  13,391
  14,086
  14,815
  15,580
  16,381
  17,221
  18,101
  19,025
Total equity, $m
  72
  430
  459
  491
  523
  557
  592
  628
  666
  706
  747
  790
  835
  882
  931
  983
  1,036
  1,092
  1,151
  1,212
  1,276
  1,344
  1,414
  1,488
  1,565
  1,646
  1,731
  1,820
  1,913
  2,011
  2,114
Total liabilities and equity, $m
  4,011
  4,296
  4,594
  4,907
  5,230
  5,568
  5,918
  6,283
  6,663
  7,060
  7,473
  7,904
  8,353
  8,823
  9,313
  9,827
  10,362
  10,922
  11,509
  12,122
  12,764
  13,437
  14,141
  14,879
  15,651
  16,461
  17,311
  18,201
  19,134
  20,112
  21,139
Debt-to-equity ratio
  45.222
  7.410
  7.510
  7.610
  7.690
  7.770
  7.850
  7.910
  7.980
  8.030
  8.090
  8.140
  8.180
  8.230
  8.270
  8.300
  8.340
  8.370
  8.410
  8.440
  8.460
  8.490
  8.520
  8.540
  8.560
  8.590
  8.610
  8.620
  8.640
  8.660
  8.680
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
  31
  41
  42
  44
  45
  47
  48
  50
  52
  54
  56
  58
  60
  62
  64
  67
  70
  72
  75
  78
  81
  84
  88
  91
  95
  99
  103
  108
  112
  117
Depreciation, amort., depletion, $m
  138
  148
  158
  169
  180
  192
  204
  217
  230
  243
  258
  273
  288
  304
  321
  339
  357
  377
  397
  418
  440
  463
  488
  513
  540
  568
  597
  628
  660
  694
  729
Funds from operations, $m
  274
  179
  199
  211
  224
  237
  251
  265
  280
  295
  311
  328
  346
  364
  383
  403
  424
  446
  469
  493
  518
  544
  572
  601
  631
  663
  696
  731
  767
  806
  846
Change in working capital, $m
  -31
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
Cash from operations, $m
  305
  182
  202
  215
  227
  241
  254
  269
  284
  299
  316
  333
  350
  369
  388
  409
  430
  452
  475
  499
  525
  551
  579
  608
  639
  671
  705
  740
  777
  816
  856
Maintenance CAPEX, $m
  0
  -138
  -148
  -158
  -169
  -180
  -192
  -204
  -217
  -230
  -243
  -258
  -273
  -288
  -304
  -321
  -339
  -357
  -377
  -397
  -418
  -440
  -463
  -488
  -513
  -540
  -568
  -597
  -628
  -660
  -694
New CAPEX, $m
  -505
  -207
  -215
  -224
  -232
  -242
  -252
  -262
  -273
  -284
  -296
  -309
  -323
  -337
  -352
  -368
  -384
  -402
  -420
  -440
  -461
  -482
  -505
  -529
  -554
  -581
  -609
  -638
  -669
  -702
  -736
Cash from investing activities, $m
  -723
  -345
  -363
  -382
  -401
  -422
  -444
  -466
  -490
  -514
  -539
  -567
  -596
  -625
  -656
  -689
  -723
  -759
  -797
  -837
  -879
  -922
  -968
  -1,017
  -1,067
  -1,121
  -1,177
  -1,235
  -1,297
  -1,362
  -1,430
Free cash flow, $m
  -418
  -163
  -161
  -167
  -174
  -181
  -189
  -197
  -206
  -215
  -224
  -234
  -245
  -256
  -268
  -280
  -293
  -307
  -322
  -338
  -354
  -371
  -389
  -408
  -428
  -450
  -472
  -495
  -520
  -546
  -573
Issuance/(repayment) of debt, $m
  626
  -73
  270
  280
  292
  303
  316
  329
  342
  357
  372
  388
  405
  423
  441
  461
  482
  504
  528
  552
  578
  605
  634
  664
  696
  729
  764
  801
  840
  881
  924
Issuance/(repurchase) of shares, $m
  2
  327
  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
  254
  270
  280
  292
  303
  316
  329
  342
  357
  372
  388
  405
  423
  441
  461
  482
  504
  528
  552
  578
  605
  634
  664
  696
  729
  764
  801
  840
  881
  924
Total cash flow (excl. dividends), $m
  3
  90
  109
  113
  117
  122
  127
  131
  137
  142
  148
  154
  160
  167
  174
  181
  189
  197
  206
  215
  224
  234
  245
  256
  267
  279
  292
  306
  320
  335
  350
Retained Cash Flow (-), $m
  41
  -358
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -93
  -98
  -103
Prev. year cash balance distribution, $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 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
 
  -268
  79
  82
  85
  88
  91
  95
  99
  102
  106
  111
  115
  120
  125
  130
  135
  141
  147
  153
  160
  167
  174
  182
  190
  198
  207
  217
  227
  237
  248
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
 
  -235
  60
  53
  46
  40
  34
  28
  23
  19
  15
  11
  9
  6
  5
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  68.8
  68.8
  68.8
  68.8
  68.8
  68.8
  68.8
  68.8
  68.8
  68.8
  68.8
  68.8
  68.8
  68.8
  68.8
  68.8
  68.8
  68.8
  68.8
  68.8
  68.8
  68.8
  68.8
  68.8
  68.8
  68.8
  68.8
  68.8
  68.8
  68.8

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 23.7
Price to Sales 5.1
Price to Book 43.8
Price to Tangible Book
Price to Cash Flow 10.3
Price to Free Cash Flow -15.8
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 7.2% 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 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 59.725 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 $3.1 billion.

RELATED COMPANIES Price Int.Val. Rating
SKT Tanger Factory 24.06 2.73  str.sell
NNN National Retai 40.73 6.77  str.sell
CBL CBL&Associates 8.01 1.83  str.sell
MAC Macerich 53.14 7.19  str.sell
SPG Simon Property 153.58 29.86  str.sell
GGP GGP 20.50 2.48  str.sell
PEI Pennsylvania R 10.24 2.03  str.sell
WPG Washington Pri 8.35 1.48  str.sell
FL Foot Locker 34.38 87.06  str.buy

COMPANY NEWS

▶ Taubman reports 2Q results   [Jul-27-17 06:00PM  Associated Press]
▶ 3 Quality Mall REITs To Buy   [Jul-24-17 07:00AM  Forbes]
▶ Clothing upstart Untuckit plans Tampa storefront in $30M growth wave   [Jul-13-17 02:20PM  American City Business Journals]
▶ [$$] Has America Built Its Last Major Mall?   [Jun-28-17 12:58AM  The Wall Street Journal]
▶ [$$] Has America Built Its Last Major Mall?   [Jun-27-17 03:41PM  The Wall Street Journal]
▶ Has America Built Its Last Major Mall?   [02:56PM  The Wall Street Journal]
▶ Taubman Centers to Present at NAREITs REITWeek 2017   [Jun-05-17 02:09PM  Business Wire]
▶ Taubman Centers Declares Common and Preferred Dividends   [Jun-01-17 04:14PM  Business Wire]
▶ Blue Lights Are Flashing In The Mall REIT Sector   [May-31-17 02:45PM  Forbes]
▶ [$$] Taubman Centers to Hold Annual Elections for Directors   [May-30-17 05:50PM  The Wall Street Journal]
▶ Tanger Factory Outlets: Bargain Of The Year   [May-28-17 07:00AM  Forbes]
▶ [$$] MLB's Giancarlo Stanton Buys Glitzy Miami Condo   [May-24-17 01:26PM  The Wall Street Journal]
▶ [$$] Proxy Firms Back Activist's Nominees for Taubman Centers Board   [May-23-17 06:53PM  The Wall Street Journal]
▶ Investing in Simon Property Group: Relative Valuation   [May-22-17 10:36AM  Market Realist]
▶ [$$] Taubman Fires Back Against Activist Investor   [May-10-17 01:09AM  The Wall Street Journal]
▶ [$$] Taubman Fires Back Against Activist Investor   [11:44AM  The Wall Street Journal]
▶ Taubman reports 1Q results   [Apr-27-17 04:44PM  Associated Press]
▶ [$$] 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]
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

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

Copyright © X-FIN.com 2005-2017. All rigths reserved.