NYSE:CBL

Stock Analysis Report

CBL & Associates Properties

Executive Summary

Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities.


Snowflake Analysis

Fair value with worrying balance sheet.


Similar Companies

Share Price & News

How has CBL & Associates Properties's share price performed over time and what events caused price changes?


Latest Share Price and Events

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


Market Performance


7 Day Return

-4.9%

CBL

-4.7%

US REITs

-7.6%

US Market


1 Year Return

-75.7%

CBL

11.6%

US REITs

10.2%

US Market

Return vs Industry: CBL underperformed the US REITs industry which returned 12.8% over the past year.

Return vs Market: CBL underperformed the US Market which returned 10.5% over the past year.


Shareholder returns

CBLIndustryMarket
7 Day-4.9%-4.7%-7.6%
30 Day-40.5%-1.5%-4.5%
90 Day-63.9%0.9%-0.6%
1 Year-74.6%-75.7%16.1%11.6%12.5%10.2%
3 Year-92.9%-94.9%31.7%15.3%37.1%28.3%
5 Year-95.6%-97.4%52.7%21.3%60.8%43.2%

Price Volatility Vs. Market

How volatile is CBL & Associates Properties's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is CBL & Associates Properties 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: CBL ($0.51) is trading below our estimate of fair value ($3.18)

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


Price To Earnings Ratio

PE vs Industry: CBL is unprofitable, so we can't compare its PE Ratio to the REITs industry average.

PE vs Market: CBL is unprofitable, so we can't compare its PE Ratio to the US market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate CBL's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: CBL is good value based on its PB Ratio (0.1x) compared to the US REITs industry average (2x).


Next Steps

Future Growth

How is CBL & Associates Properties forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

37.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CBL is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: CBL is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: CBL is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: CBL's revenue is expected to decline over the next 3 years (-10.9% per year).

High Growth Revenue: CBL's revenue is forecast to decline over the next 3 years (-10.9% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CBL is forecast to be unprofitable in 3 years.


Next Steps

Past Performance

How has CBL & Associates Properties performed over the past 5 years?

-63.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CBL is currently unprofitable.

Growing Profit Margin: CBL is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: CBL is unprofitable, and losses have increased over the past 5 years at a rate of -63.4% per year.

Accelerating Growth: Unable to compare CBL's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: CBL is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (5.9%).


Return on Equity

High ROE: CBL has a negative Return on Equity (-11.6%), as it is currently unprofitable.


Next Steps

Financial Health

How is CBL & Associates Properties'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: CBL has a high level of physical assets or inventory.

Debt Coverage by Assets: CBL's debt is not covered by short term assets (assets are 0x debt).


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: CBL has been profitable on average in the past, therefore cash runway is not a concern.

Forecast Cash Runway: CBL has been profitable on average in the past, therefore cash runway is not a concern.


Financial Institutions Analysis

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

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

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

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

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

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


Next Steps

Dividend

What is CBL & Associates Properties's current dividend yield, its reliability and sustainability?

2.88%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate CBL's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate CBL's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if CBL's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if CBL's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: CBL is not paying a notable dividend for the US market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of CBL's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

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

5.2yrs

Average management tenure


CEO

Stephen Lebovitz (58yo)

10.1yrs

Tenure

US$3,472,388

Compensation

Mr. Stephen D. Lebovitz serves as the Chief Executive Officer of CBL Holdings I, Inc and President of CBL Holdings I, Inc. Mr. Lebovitz has been the Chief Executive Officer of CBL & Associates Properties,  ...


CEO Compensation Analysis

Compensation vs Market: Stephen's total compensation ($USD3.47M) is above average for companies of similar size in the US market ($USD524.26K).

Compensation vs Earnings: Stephen's compensation has increased whilst the company is unprofitable.


Leadership Team

NamePositionTenureCompensationOwnership
Stephen Lebovitz
CEO & Director10.1yrsUS$3.47m0.93% $951.3k
Michael Lebovitz
President1.7yrsUS$1.17m0.29% $299.0k
Farzana Mitchell
Executive VP7.4yrsUS$1.28m0.26% $263.4k
Jeffery Curry
Chief Legal Officer & Secretary7.8yrsUS$728.55k0.081% $82.1k
Michael Harrison
Executive Vice President of Operations0yrsno data0.018% $18.2k
Kathryn Reinsmidt
Executive VP & Chief Investment Officer3yrsno data0.026% $26.4k
J. Overley
VP of Accounting & Assistant Controller0yrsno datano data
Joseph Khalili
Vice President of Financial Operations & Administration1yrsno datano data
Ben Landress
Executive VP of Management & Compliance Officer0yrsno data0.20% $200.3k
Stacey Keating
Director of Public Relations & Corporate Communications0yrsno datano data

5.2yrs

Average Tenure

58yo

Average Age

Experienced Management: CBL's management team is seasoned and experienced (5.2 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Stephen Lebovitz
CEO & Director10.1yrsUS$3.47m0.93% $951.3k
John Griffith
Independent Director5.1yrsUS$170.00k0.11% $107.8k
Charles Lebovitz
Chairman of the Board26.3yrsUS$2.54m0.72% $737.8k
Michael Ashner
Independent Director0.3yrsno data0.019% $19.4k
Matthew Dominski
Lead Director6.1yrsUS$205.00k0.11% $110.9k
A. Chapman
Independent Director6.5yrsUS$180.00k0.048% $49.4k
Carolyn Tiffany
Independent Director0.3yrsno data0.019% $19.4k
Kathleen Nelson
Independent Director10.8yrsUS$175.00k0.11% $109.5k
Richard Lieb
Independent Director4yrsUS$175.00k0.097% $98.7k

6.1yrs

Average Tenure

64yo

Average Age

Experienced Board: CBL's board of directors are considered experienced (6.1 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

CBL & Associates Properties, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: CBL & Associates Properties, Inc.
  • Ticker: CBL
  • Exchange: NYSE
  • Founded: 1978
  • Industry: Retail REITs
  • Sector: Real Estate
  • Implied Market Cap: US$101.896m
  • Market Cap: US$90.540m
  • Shares outstanding: 200.19m
  • Website: https://www.cblproperties.com

Number of Employees


Location

  • CBL & Associates Properties, Inc.
  • CBL Center
  • 2030 Hamilton Place Boulevard
  • Chattanooga
  • Tennessee
  • 37421
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CBLNYSE (New York Stock Exchange)YesCommon StockUSUSDOct 1993
CAZDB (Deutsche Boerse AG)YesCommon StockDEEUROct 1993
0HQKLSE (London Stock Exchange)YesCommon StockGBUSDOct 1993
CBL.PRDNYSE (New York Stock Exchange)PFD 1/10 SER DUSUSDDec 2004
CBL.PRENYSE (New York Stock Exchange)6.625 DPRP PFD EUSUSDOct 2012

Biography

Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s portfolio is comprised of 108 properties totaling 68.2 million square feet across 26 states, including 68 high-quality enclosed, outlet and open-air retail centers and 9 properties managed for third parties. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/27 00:46
End of Day Share Price2020/02/26 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.