Intrinsic value of Taubman Centers - TCO

Previous Close

$50.12

  Intrinsic Value

$0.29

stock screener

  Rating & Target

str. sell

-99%

  Value-price divergence*

-60%

Previous close

$50.12

 
Intrinsic value

$0.29

 
Up/down potential

-99%

 
Rating

str. sell

 
Value-price divergence*

-60%

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
  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
  613
  625
  640
  656
  675
  695
  717
  742
  768
  797
  827
  860
  895
  932
  972
  1,014
  1,058
  1,105
  1,155
  1,207
  1,263
  1,321
  1,383
  1,448
  1,517
  1,589
  1,665
  1,745
  1,829
  1,918
  2,011
Variable operating expenses, $m
 
  476
  487
  500
  514
  530
  547
  565
  585
  607
  630
  655
  682
  710
  740
  772
  806
  842
  880
  920
  962
  1,007
  1,054
  1,103
  1,156
  1,211
  1,269
  1,330
  1,394
  1,461
  1,532
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
  476
  487
  500
  514
  530
  547
  565
  585
  607
  630
  655
  682
  710
  740
  772
  806
  842
  880
  920
  962
  1,007
  1,054
  1,103
  1,156
  1,211
  1,269
  1,330
  1,394
  1,461
  1,532
Operating income, $m
  98
  149
  152
  156
  161
  165
  171
  177
  183
  190
  197
  205
  213
  222
  231
  241
  252
  263
  275
  287
  301
  314
  329
  345
  361
  378
  396
  415
  435
  456
  479
EBITDA, $m
  236
  290
  296
  304
  313
  322
  332
  344
  356
  369
  383
  399
  415
  432
  450
  470
  490
  512
  535
  559
  585
  612
  641
  671
  703
  736
  771
  809
  848
  889
  932
Interest expense (income), $m
  78
  114
  104
  107
  110
  114
  118
  123
  128
  133
  139
  145
  152
  159
  167
  175
  183
  193
  202
  212
  223
  234
  246
  259
  272
  286
  301
  317
  333
  350
  368
Earnings before tax, $m
  121
  35
  48
  49
  50
  51
  52
  54
  55
  56
  58
  59
  61
  63
  64
  66
  68
  70
  73
  75
  77
  80
  83
  86
  89
  92
  95
  99
  102
  106
  110
Tax expense, $m
  3
  9
  13
  13
  14
  14
  14
  15
  15
  15
  16
  16
  16
  17
  17
  18
  18
  19
  20
  20
  21
  22
  22
  23
  24
  25
  26
  27
  28
  29
  30
Net income, $m
  133
  25
  35
  36
  37
  37
  38
  39
  40
  41
  42
  43
  45
  46
  47
  48
  50
  51
  53
  55
  57
  58
  60
  63
  65
  67
  69
  72
  75
  78
  80

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
  4,060
  4,154
  4,260
  4,380
  4,513
  4,659
  4,817
  4,989
  5,174
  5,373
  5,585
  5,812
  6,053
  6,310
  6,582
  6,870
  7,175
  7,498
  7,839
  8,200
  8,580
  8,981
  9,403
  9,848
  10,317
  10,811
  11,330
  11,877
  12,452
  13,057
Adjusted assets (=assets-cash), $m
  3,970
  4,060
  4,154
  4,260
  4,380
  4,513
  4,659
  4,817
  4,989
  5,174
  5,373
  5,585
  5,812
  6,053
  6,310
  6,582
  6,870
  7,175
  7,498
  7,839
  8,200
  8,580
  8,981
  9,403
  9,848
  10,317
  10,811
  11,330
  11,877
  12,452
  13,057
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
  2,931
  2,999
  3,076
  3,162
  3,258
  3,363
  3,478
  3,602
  3,735
  3,879
  4,032
  4,196
  4,370
  4,555
  4,752
  4,960
  5,180
  5,413
  5,660
  5,920
  6,194
  6,484
  6,789
  7,110
  7,448
  7,805
  8,180
  8,575
  8,990
  9,427
Working capital, $m
  0
  -42
  -43
  -44
  -45
  -47
  -48
  -50
  -51
  -53
  -55
  -58
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -85
  -89
  -93
  -97
  -102
  -106
  -112
  -117
  -123
  -128
  -135
Total debt, $m
  3,256
  2,971
  3,055
  3,151
  3,259
  3,379
  3,510
  3,653
  3,807
  3,974
  4,152
  4,344
  4,548
  4,765
  4,996
  5,241
  5,500
  5,775
  6,065
  6,373
  6,697
  7,039
  7,399
  7,780
  8,180
  8,602
  9,047
  9,514
  10,006
  10,524
  11,068
Total liabilities, $m
  3,939
  3,654
  3,738
  3,834
  3,942
  4,062
  4,193
  4,336
  4,490
  4,657
  4,835
  5,027
  5,231
  5,448
  5,679
  5,924
  6,183
  6,458
  6,748
  7,056
  7,380
  7,722
  8,082
  8,463
  8,863
  9,285
  9,730
  10,197
  10,689
  11,207
  11,751
Total equity, $m
  72
  406
  415
  426
  438
  451
  466
  482
  499
  517
  537
  559
  581
  605
  631
  658
  687
  718
  750
  784
  820
  858
  898
  940
  985
  1,032
  1,081
  1,133
  1,188
  1,245
  1,306
Total liabilities and equity, $m
  4,011
  4,060
  4,153
  4,260
  4,380
  4,513
  4,659
  4,818
  4,989
  5,174
  5,372
  5,586
  5,812
  6,053
  6,310
  6,582
  6,870
  7,176
  7,498
  7,840
  8,200
  8,580
  8,980
  9,403
  9,848
  10,317
  10,811
  11,330
  11,877
  12,452
  13,057
Debt-to-equity ratio
  45.222
  7.320
  7.360
  7.400
  7.440
  7.490
  7.530
  7.580
  7.630
  7.680
  7.730
  7.780
  7.820
  7.870
  7.920
  7.960
  8.010
  8.050
  8.090
  8.130
  8.170
  8.200
  8.240
  8.270
  8.310
  8.340
  8.370
  8.400
  8.420
  8.450
  8.480
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
  25
  35
  36
  37
  37
  38
  39
  40
  41
  42
  43
  45
  46
  47
  48
  50
  51
  53
  55
  57
  58
  60
  63
  65
  67
  69
  72
  75
  78
  80
Depreciation, amort., depletion, $m
  138
  141
  144
  148
  152
  157
  162
  167
  173
  180
  186
  194
  202
  210
  219
  228
  238
  249
  260
  272
  285
  298
  312
  326
  342
  358
  375
  393
  412
  432
  453
Funds from operations, $m
  274
  166
  179
  184
  189
  194
  200
  206
  213
  221
  229
  237
  246
  256
  266
  277
  288
  301
  313
  327
  341
  356
  372
  389
  407
  425
  445
  465
  487
  510
  534
Change in working capital, $m
  -31
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
Cash from operations, $m
  305
  167
  180
  185
  190
  195
  202
  208
  215
  223
  231
  239
  249
  258
  269
  280
  291
  304
  317
  330
  345
  360
  376
  393
  411
  430
  450
  471
  493
  516
  540
Maintenance CAPEX, $m
  0
  -138
  -141
  -144
  -148
  -152
  -157
  -162
  -167
  -173
  -180
  -186
  -194
  -202
  -210
  -219
  -228
  -238
  -249
  -260
  -272
  -285
  -298
  -312
  -326
  -342
  -358
  -375
  -393
  -412
  -432
New CAPEX, $m
  -505
  -58
  -67
  -77
  -87
  -96
  -105
  -115
  -124
  -134
  -143
  -153
  -164
  -174
  -185
  -196
  -208
  -220
  -233
  -246
  -260
  -274
  -289
  -305
  -321
  -338
  -356
  -375
  -395
  -415
  -437
Cash from investing activities, $m
  -723
  -196
  -208
  -221
  -235
  -248
  -262
  -277
  -291
  -307
  -323
  -339
  -358
  -376
  -395
  -415
  -436
  -458
  -482
  -506
  -532
  -559
  -587
  -617
  -647
  -680
  -714
  -750
  -788
  -827
  -869
Free cash flow, $m
  -418
  -29
  -28
  -36
  -44
  -52
  -60
  -68
  -76
  -84
  -92
  -100
  -109
  -118
  -127
  -136
  -145
  -155
  -165
  -176
  -187
  -199
  -211
  -223
  -237
  -250
  -265
  -280
  -295
  -312
  -329
Issuance/(repayment) of debt, $m
  626
  -285
  84
  96
  108
  120
  131
  143
  155
  167
  179
  191
  204
  217
  231
  245
  260
  275
  291
  307
  324
  342
  361
  380
  401
  422
  444
  468
  492
  518
  545
Issuance/(repurchase) of shares, $m
  2
  350
  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
  65
  84
  96
  108
  120
  131
  143
  155
  167
  179
  191
  204
  217
  231
  245
  260
  275
  291
  307
  324
  342
  361
  380
  401
  422
  444
  468
  492
  518
  545
Total cash flow (excl. dividends), $m
  3
  36
  56
  60
  63
  67
  71
  75
  78
  82
  87
  91
  95
  100
  104
  109
  114
  120
  125
  131
  137
  143
  150
  157
  164
  172
  180
  188
  197
  206
  215
Retained Cash Flow (-), $m
  41
  -375
  -9
  -11
  -12
  -13
  -15
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -55
  -58
  -61
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
 
  -298
  47
  49
  51
  54
  56
  59
  61
  64
  67
  69
  72
  75
  79
  82
  85
  89
  93
  97
  101
  105
  110
  115
  120
  125
  130
  136
  142
  148
  155
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
 
  -261
  35
  32
  28
  24
  21
  17
  14
  12
  9
  7
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  47.0
  47.0
  47.0
  47.0
  47.0
  47.0
  47.0
  47.0
  47.0
  47.0
  47.0
  47.0
  47.0
  47.0
  47.0
  47.0
  47.0
  47.0
  47.0
  47.0
  47.0
  47.0
  47.0
  47.0
  47.0
  47.0
  47.0
  47.0
  47.0
  47.0

Taubman Centers, Inc. is a self-administered and self-managed real estate investment trust (REIT). The Company's segment is focused on owning, developing and managing regional shopping centers. The Taubman Realty Group Limited Partnership (the Operating Partnership or TRG) is majority-owned partnership subsidiary of the Company that owns direct or indirect interests in all of its real estate properties. The Company owns, leases, acquires, disposes of, develops, expands and manages regional and super-regional shopping centers and interests therein. Its owned portfolio of operating centers as of December 31, 2016 consisted of 23 urban and suburban shopping centers operating in 11 the United States states, Puerto Rico, South Korea, and China. The consolidated businesses consist of shopping centers and entities that are controlled by ownership or contractual agreements, The Taubman Company LLC (Manager), and Taubman Properties Asia LLC and its subsidiaries (Taubman Asia).

FINANCIAL RATIOS  of  Taubman Centers (TCO)

Valuation Ratios
P/E Ratio 22.8
Price to Sales 4.9
Price to Book 42.1
Price to Tangible Book
Price to Cash Flow 9.9
Price to Free Cash Flow -15.1
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 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 62.406 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.

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COMPANY NEWS

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▶ Stocks That Fell to 3-Year Lows   [Sep-01-17 08:17PM  GuruFocus.com]
▶ 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]
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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