DB:T6O

Stock Analysis Report

Tanger Factory Outlet Centers

Executive Summary

Tanger Factory Outlet Centers, Inc. (NYSE: SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that presently operates and owns, or has an ownership interest in, a portfolio of 39 upscale outlet shopping centers.


Snowflake Analysis

6 star dividend payer with proven track record.


Similar Companies

Share Price & News

How has Tanger Factory Outlet Centers's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: T6O's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-3.7%

T6O

3.3%

DE REITs

0.2%

DE Market


1 Year Return

-36.6%

T6O

44.2%

DE REITs

14.4%

DE Market

Return vs Industry: T6O underperformed the German REITs industry which returned 44.1% over the past year.

Return vs Market: T6O underperformed the German Market which returned 14.1% over the past year.


Shareholder returns

T6OIndustryMarket
7 Day-3.7%3.3%0.2%
30 Day-17.1%8.6%0.9%
90 Day-17.7%15.5%4.6%
1 Year-30.9%-36.6%48.8%44.2%17.9%14.4%
3 Year-54.0%-62.3%42.3%22.0%15.7%5.6%
5 Year-49.7%-61.9%46.2%14.7%23.4%6.5%

Price Volatility Vs. Market

How volatile is Tanger Factory Outlet Centers's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Tanger Factory Outlet Centers undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: T6O (€12) is trading below our estimate of fair value (€24.98)

Significantly Below Fair Value: T6O is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: T6O is poor value based on its PE Ratio (14x) compared to the REITs industry average (9.8x).

PE vs Market: T6O is good value based on its PE Ratio (14x) compared to the German market (20.9x).


Price to Earnings Growth Ratio

PEG Ratio: T6O's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: T6O is overvalued based on its PB Ratio (2.8x) compared to the DE REITs industry average (1.7x).


Next Steps

Future Growth

How is Tanger Factory Outlet Centers forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

-24.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: T6O's earnings are forecast to decline over the next 3 years (-24% per year).

Earnings vs Market: T6O's earnings are forecast to decline over the next 3 years (-24% per year).

High Growth Earnings: T6O's earnings are forecast to decline over the next 3 years.

Revenue vs Market: T6O's revenue is expected to decline over the next 3 years (-5.6% per year).

High Growth Revenue: T6O's revenue is forecast to decline over the next 3 years (-5.6% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: T6O's Return on Equity is forecast to be low in 3 years time (16.5%).


Next Steps

Past Performance

How has Tanger Factory Outlet Centers performed over the past 5 years?

-15.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: T6O has high quality earnings.

Growing Profit Margin: T6O's current net profit margins (17.8%) are higher than last year (8.6%).


Past Earnings Growth Analysis

Earnings Trend: T6O's earnings have declined by -15.3% per year over the past 5 years.

Accelerating Growth: T6O's earnings growth over the past year (103.8%) exceeds its 5-year average (-15.3% per year).

Earnings vs Industry: T6O earnings growth over the past year (103.8%) exceeded the REITs industry 91.2%.


Return on Equity

High ROE: Whilst T6O's Return on Equity (20.33%) is high, this metric is skewed due to their high level of debt.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Tanger Factory Outlet Centers's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: T6O has a high level of physical assets or inventory.

Debt Coverage by Assets: T6O's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

Asset Level: T6O's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if T6O has a sufficient allowance for bad loans.

Low Risk Liabilities: T6O reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if T6O has an acceptable proportion of non-loan assets held.

Low Risk Deposits: T6O has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if T6O has an appropriate level of bad loans.


Next Steps

Dividend

What is Tanger Factory Outlet Centers's current dividend yield, its reliability and sustainability?

11.35%

Current Dividend Yield


Upcoming Dividend Payment

TodayFeb 20 2020Ex Dividend DateApr 29 2020Dividend Pay DateMay 15 202016 days from Ex DividendBuy in the next 68 days to receive upcoming dividend

Dividend Yield vs Market

Notable Dividend: T6O's dividend (10.93%) is higher than the bottom 25% of dividend payers in the German market (1.31%).

High Dividend: T6O's dividend (10.93%) is in the top 25% of dividend payers in the German market (3.57%)


Stability and Growth of Payments

Stable Dividend: T6O's dividends per share have been stable in the past 10 years.

Growing Dividend: T6O's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (59.8%), T6O's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: T6O's dividends in 3 years are forecast to be thoroughly covered by earnings (0.8% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

8.1yrs

Average management tenure


CEO

Steve Tanger (70yo)

11.1yrs

Tenure

US$6,970,297

Compensation

Mr. Steven B. Tanger, also known as Steve, serves as a Director of Tanger Factory Outlet Centers, Inc., one of the largest owners and operators of outlet centers in the U.S. and Canada that is publicly tra ...


CEO Compensation Analysis

Compensation vs Market: Steve's total compensation ($USD6.97M) is above average for companies of similar size in the German market ($USD1.47M).

Compensation vs Earnings: Steve's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Steven Tanger
CEO & Director11.1yrsUS$6.97m1.42% $16.2m
James Williams
Executive VP & CFO3.8yrsUS$1.29m0.11% $1.3m
Gareth Taylor
Executive VP8.2yrsUS$1.84m0.13% $1.5m
Lisa Morrison
Executive Vice President of Leasing18.8yrsUS$981.49k0.061% $700.0k
Thomas Guerrieri
VP, Chief Accounting Officer & Controller2.8yrsno data0.043% $491.1k
Cyndi Holt
Vice President of Investor Relations0yrsno datano data
Quentin Pell
Vice President of Corporate Communications & Enterprise Risk Management0yrsno datano data
Carrie Warren
Senior VP & Chief Marketing Officer8.1yrsUS$370.07k0.070% $800.3k
Mary Williams
Vice President of Human Resources12.8yrsno datano data
Charles Worsham
Senior Vice President of Construction & Development5.8yrsno data0.057% $648.0k

8.1yrs

Average Tenure

55yo

Average Age

Experienced Management: T6O's management team is seasoned and experienced (8.1 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Steven Tanger
CEO & Director11.1yrsUS$6.97m1.42% $16.2m
Thomas Reddin
Independent Director9.6yrsUS$289.42k0.059% $669.4k
Allan Schuman
Independent Director15.5yrsUS$251.92k0.064% $726.5k
William Benton
Independent Director26.7yrsUS$239.42k0.096% $1.1m
Jeffrey Citrin
Independent Director5.6yrsUS$264.42k0.0022% $24.6k
Thomas Robinson
Independent Director26.1yrsUS$239.42k0.089% $1.0m
David Henry
Non-Executive Chair of the Board0.8yrsUS$251.92k0.050% $570.7k
Bridget Ryan-Berman
Independent Director11.1yrsUS$254.42k0.076% $873.2k
Susan Skerritt
Independent Director1.6yrsUS$25.27kno data
Luis Ubiñas
Director0.6yrsno datano data

10.3yrs

Average Tenure

67yo

Average Age

Experienced Board: T6O's board of directors are seasoned and experienced ( 10.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Tanger Factory Outlet Centers, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Tanger Factory Outlet Centers, Inc.
  • Ticker: T6O
  • Exchange: DB
  • Founded: 1981
  • Industry: Retail REITs
  • Sector: Real Estate
  • Implied Market Cap: US$1.233b
  • Market Cap: US$1.085b
  • Listing Market Cap: US$1.142b
  • Shares outstanding: 97.85m
  • Website: https://www.tangeroutlets.com

Number of Employees


Location

  • Tanger Factory Outlet Centers, Inc.
  • 3200 Northline Avenue
  • Suite 360
  • Greensboro
  • North Carolina
  • 27408
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SKTNYSE (New York Stock Exchange)YesCommon SharesUSUSDMay 1993
T6ODB (Deutsche Boerse AG)YesCommon SharesDEEURMay 1993
0LD4LSE (London Stock Exchange)YesCommon SharesGBUSDMay 1993

Biography

Tanger Factory Outlet Centers, Inc. (NYSE: SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that presently operates and owns, or has an ownership interest in, a portfolio of 39 upscale outlet shopping centers. Tanger's operating properties are located in 20 states and in Canada, totaling approximately 14.3 million square feet, leased to over 2,800 stores which are operated by more than 510 different brand name companies. The Company has more than 39 years of experience in the outlet industry. Tanger Outlet Centers continue to attract more than 181 million visitors annually. Tanger is furnishing a Form 8-K with the Securities and Exchange Commission that includes a supplemental information package for the quarter and year ended December 31, 2019. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/20 21:09
End of Day Share Price2020/02/20 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.