Intrinsic value of Tanger Factory Outlet Centers - SKT

Previous Close

$25.53

  Intrinsic Value

$2.88

stock screener

  Rating & Target

str. sell

-89%

Previous close

$25.53

 
Intrinsic value

$2.88

 
Up/down potential

-89%

 
Rating

str. sell

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 2.4

 

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
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
Revenue, $m
  466
  504
  543
  584
  626
  670
  716
  764
  813
  865
  918
  974
  1,032
  1,093
  1,156
  1,222
  1,291
  1,363
  1,438
  1,517
  1,599
  1,685
  1,775
  1,869
  1,968
  2,071
  2,179
  2,292
  2,411
  2,536
  2,666
Variable operating expenses, $m
 
  339
  365
  392
  421
  450
  481
  513
  546
  581
  617
  655
  694
  734
  777
  821
  868
  916
  966
  1,019
  1,074
  1,132
  1,193
  1,256
  1,322
  1,392
  1,464
  1,540
  1,620
  1,704
  1,792
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
  339
  365
  392
  421
  450
  481
  513
  546
  581
  617
  655
  694
  734
  777
  821
  868
  916
  966
  1,019
  1,074
  1,132
  1,193
  1,256
  1,322
  1,392
  1,464
  1,540
  1,620
  1,704
  1,792
Operating income, $m
  151
  165
  178
  191
  205
  220
  235
  250
  267
  284
  301
  319
  339
  358
  379
  401
  423
  447
  472
  497
  524
  553
  582
  613
  645
  679
  715
  752
  791
  832
  874
EBITDA, $m
  266
  290
  312
  336
  360
  385
  412
  439
  468
  497
  528
  560
  594
  629
  665
  703
  743
  784
  827
  872
  920
  969
  1,021
  1,075
  1,132
  1,191
  1,253
  1,319
  1,387
  1,458
  1,533
Interest expense (income), $m
  0
  59
  64
  70
  76
  82
  88
  94
  101
  108
  115
  122
  130
  138
  147
  156
  165
  174
  184
  195
  206
  217
  229
  242
  255
  269
  283
  298
  314
  331
  348
Earnings before tax, $m
  193
  106
  114
  122
  130
  138
  147
  156
  166
  176
  186
  197
  208
  220
  232
  245
  259
  273
  287
  303
  319
  335
  353
  371
  390
  410
  431
  454
  477
  501
  526
Tax expense, $m
  0
  29
  31
  33
  35
  37
  40
  42
  45
  48
  50
  53
  56
  59
  63
  66
  70
  74
  78
  82
  86
  91
  95
  100
  105
  111
  116
  122
  129
  135
  142
Net income, $m
  194
  77
  83
  89
  95
  101
  107
  114
  121
  128
  136
  144
  152
  161
  170
  179
  189
  199
  210
  221
  233
  245
  258
  271
  285
  300
  315
  331
  348
  366
  384

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
  2,723
  2,935
  3,156
  3,385
  3,623
  3,870
  4,127
  4,395
  4,673
  4,963
  5,265
  5,579
  5,907
  6,249
  6,606
  6,978
  7,367
  7,774
  8,199
  8,643
  9,108
  9,594
  10,103
  10,636
  11,194
  11,779
  12,391
  13,033
  13,706
  14,411
Adjusted assets (=assets-cash), $m
  2,514
  2,723
  2,935
  3,156
  3,385
  3,623
  3,870
  4,127
  4,395
  4,673
  4,963
  5,265
  5,579
  5,907
  6,249
  6,606
  6,978
  7,367
  7,774
  8,199
  8,643
  9,108
  9,594
  10,103
  10,636
  11,194
  11,779
  12,391
  13,033
  13,706
  14,411
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
  2,117
  2,282
  2,453
  2,631
  2,816
  3,009
  3,209
  3,417
  3,633
  3,858
  4,093
  4,337
  4,592
  4,858
  5,135
  5,425
  5,727
  6,043
  6,373
  6,719
  7,080
  7,458
  7,854
  8,268
  8,702
  9,156
  9,632
  10,131
  10,654
  11,203
Working capital, $m
  0
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -34
  -35
  -37
  -39
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -69
Total debt, $m
  1,688
  1,842
  1,998
  2,161
  2,330
  2,506
  2,688
  2,878
  3,075
  3,281
  3,495
  3,718
  3,950
  4,192
  4,444
  4,707
  4,982
  5,269
  5,569
  5,883
  6,211
  6,553
  6,912
  7,288
  7,681
  8,093
  8,525
  8,977
  9,450
  9,947
  10,467
Total liabilities, $m
  1,856
  2,010
  2,166
  2,329
  2,498
  2,674
  2,856
  3,046
  3,243
  3,449
  3,663
  3,886
  4,118
  4,360
  4,612
  4,875
  5,150
  5,437
  5,737
  6,051
  6,379
  6,721
  7,080
  7,456
  7,849
  8,261
  8,693
  9,145
  9,618
  10,115
  10,635
Total equity, $m
  670
  713
  769
  827
  887
  949
  1,014
  1,081
  1,151
  1,224
  1,300
  1,379
  1,462
  1,548
  1,637
  1,731
  1,828
  1,930
  2,037
  2,148
  2,264
  2,386
  2,514
  2,647
  2,787
  2,933
  3,086
  3,246
  3,415
  3,591
  3,776
Total liabilities and equity, $m
  2,526
  2,723
  2,935
  3,156
  3,385
  3,623
  3,870
  4,127
  4,394
  4,673
  4,963
  5,265
  5,580
  5,908
  6,249
  6,606
  6,978
  7,367
  7,774
  8,199
  8,643
  9,107
  9,594
  10,103
  10,636
  11,194
  11,779
  12,391
  13,033
  13,706
  14,411
Debt-to-equity ratio
  2.519
  2.580
  2.600
  2.610
  2.630
  2.640
  2.650
  2.660
  2.670
  2.680
  2.690
  2.700
  2.700
  2.710
  2.710
  2.720
  2.720
  2.730
  2.730
  2.740
  2.740
  2.750
  2.750
  2.750
  2.760
  2.760
  2.760
  2.770
  2.770
  2.770
  2.770
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
  77
  83
  89
  95
  101
  107
  114
  121
  128
  136
  144
  152
  161
  170
  179
  189
  199
  210
  221
  233
  245
  258
  271
  285
  300
  315
  331
  348
  366
  384
Depreciation, amort., depletion, $m
  115
  125
  134
  144
  155
  166
  177
  189
  201
  214
  227
  241
  255
  270
  286
  302
  319
  337
  355
  375
  395
  416
  439
  462
  486
  512
  539
  567
  596
  627
  659
Funds from operations, $m
  242
  202
  217
  233
  249
  267
  284
  303
  322
  342
  363
  385
  407
  431
  455
  481
  508
  536
  565
  596
  628
  661
  696
  733
  771
  811
  854
  898
  944
  992
  1,043
Change in working capital, $m
  3
  -1
  -1
  -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
Cash from operations, $m
  239
  203
  218
  234
  251
  268
  286
  304
  323
  343
  364
  386
  409
  432
  457
  483
  510
  538
  567
  598
  630
  663
  699
  735
  774
  814
  856
  901
  947
  996
  1,047
Maintenance CAPEX, $m
  0
  -115
  -125
  -134
  -144
  -155
  -166
  -177
  -189
  -201
  -214
  -227
  -241
  -255
  -270
  -286
  -302
  -319
  -337
  -355
  -375
  -395
  -416
  -439
  -462
  -486
  -512
  -539
  -567
  -596
  -627
New CAPEX, $m
  -172
  -159
  -165
  -171
  -178
  -185
  -192
  -200
  -208
  -216
  -225
  -235
  -244
  -255
  -266
  -277
  -290
  -302
  -316
  -330
  -345
  -361
  -378
  -396
  -414
  -434
  -454
  -476
  -499
  -523
  -548
Cash from investing activities, $m
  -46
  -274
  -290
  -305
  -322
  -340
  -358
  -377
  -397
  -417
  -439
  -462
  -485
  -510
  -536
  -563
  -592
  -621
  -653
  -685
  -720
  -756
  -794
  -835
  -876
  -920
  -966
  -1,015
  -1,066
  -1,119
  -1,175
Free cash flow, $m
  193
  -71
  -71
  -72
  -72
  -72
  -72
  -73
  -73
  -74
  -75
  -75
  -76
  -78
  -79
  -80
  -82
  -84
  -86
  -88
  -90
  -93
  -96
  -99
  -102
  -106
  -110
  -114
  -119
  -123
  -128
Issuance/(repayment) of debt, $m
  -51
  154
  157
  163
  169
  176
  183
  190
  197
  205
  214
  223
  232
  242
  252
  263
  275
  287
  300
  314
  328
  343
  359
  376
  393
  412
  431
  452
  474
  497
  521
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
  154
  157
  163
  169
  176
  183
  190
  197
  205
  214
  223
  232
  242
  252
  263
  275
  287
  300
  314
  328
  343
  359
  376
  393
  412
  431
  452
  474
  497
  521
Total cash flow (excl. dividends), $m
  132
  83
  85
  91
  97
  104
  110
  117
  124
  132
  139
  147
  156
  164
  174
  183
  193
  203
  214
  226
  238
  250
  263
  277
  291
  306
  321
  338
  355
  373
  392
Retained Cash Flow (-), $m
  -95
  -55
  -56
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -86
  -90
  -93
  -98
  -102
  -106
  -111
  -116
  -122
  -127
  -133
  -140
  -146
  -153
  -160
  -168
  -176
  -185
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
 
  39
  30
  33
  37
  41
  45
  50
  54
  59
  63
  68
  73
  79
  84
  90
  95
  101
  108
  114
  121
  128
  136
  143
  151
  160
  168
  177
  187
  197
  207
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
 
  35
  24
  24
  23
  22
  21
  20
  18
  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 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 12.6
Price to Sales 5.3
Price to Book 3.7
Price to Tangible Book
Price to Cash Flow 10.3
Price to Free Cash Flow 36.6
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 8.1% 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 94.841 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.

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COMPANY NEWS

▶ 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]
▶ 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]
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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