CBL  Cbl & Associates Properties In...

Exchange

NYSE

Sector

Consumer Services

Industry

Real Estate Investment Trusts

Market Cap.

1.51B

Vuru Grade

51.01/100

Current Price

$8.83
+0.17 (+1.96%)

Growth Price

$15.49
Undervalued by 75.38%

Company Metrics

  • P/E 12.44
  • P/S 1.48
  • P/B 1.23
  • EPS 0.71
  • Cash ROIC 2.35%
  • Cash Ratio -
  • Dividend 1.06 / 12.62 %
  • Avg. Vol. 5.32M
  • Shares 171.01M
  • Market Cap. 1.51B

Company Description

CBL & Associates Properties, Inc. is a public real estate investment trust. It engages in acquisition, development, and management of properties. The fund invests in the real estate markets of United States. Its portfolio consists of enclosed malls and open-air centers. CBL & Associates Properties is based in Oak Brook, Illinois. CBL & Associates Properties was founded in 1978 and is based in Chat... more


Download 10 Years of Financial Statements:
Income Statement   Balance Sheet   Cash Flow

News

CBL & Associates Properties, Inc. (CBL) Ex-Dividend Date Scheduled for June 28 ...
Nasdaq - 21 hours ago
CBL & Associates Properties, Inc. ( CBL ) will begin trading ex-dividend on June 28, 2017. A cash dividend payment of $0.265 per share is scheduled to be paid on July 17, 2017.
Analysts See $0.55 EPS for CBL & Associates Properties, Inc. (CBL) - Weekly Register
CBL & Associates Properties, Inc. (CBL) Exposed Via Its Technical Chart - NY Stock News
Don't Buy CBL
Seeking Alpha - May 31, 2017
CBL & Associates Properties (NYSE:CBL) has taken a pounding in the market. Many value investors tried calling the bottom at $12 and $10, only to see the prices get cheaper.
CBL & Associates Properties Sets Second Quarter Earnings Release And ... - PR Newswire (press release)
Revenue Approximations Analysis: CBL & Associates Properties, Inc. (CBL ... - StockNewsJournal
CBL & Associates Properties, Inc. (CBL) Has Finally Shown Its Full Hand Via ...
NY Stock News - 15 hours ago
CBL & Associates Properties, Inc. (CBL) has been having a set of eventful trading activity and it is clear from an examination of the charts that traders are now fully aware of the company's key metrics.
CBL & Associates Properties declares dividend but stock still drops
Chattanooga Times Free Press - Jun 2, 2017
CBL & Associates Properties, Inc. declared a quarterly cash dividend for the company's common stock Friday of 26.5 cents per share, payable on July 17 to shareholders of record as of June 30.
CBL & Associates Properties, Inc. (CBL) Lays Out A Strong Argument Through Its ... - NY Stock News
Few Things investors Didn't Know About: CBL & Associates Properties, Inc. (CBL ... - StockNewsJournal
CBL & Associates Properties Inc Risk Points versus Real Estate
CML News - Jun 19, 2017
This is a scatter plot analysis of the critical risk points from the option market for CBL & Associates Properties Inc (NYSE:CBL) compared to its own past and the Real Estate ETF.
Target Price ($9.68) for CBL & Associates Properties, Inc. (CBL) now below ... - NY Stock News
CBL & Associates Properties Inc. (CBL) Closed at $8.45 - HugoPress
CBL & Associates Properties Inc (NYSE:CBL) Institutional Investors Sentiment ...
Weekly Register - 20 hours ago
CBL & Associates Properties Inc (NYSE:CBL) institutional sentiment decreased to 0.87 in 2016 Q4. Its down -0.50, from 1.37 in 2016Q3.
Irrational Prices: Mall REITs Edition
Seeking Alpha - May 30, 2017
... concerned by the mounting Amazon (NASDAQ:AMZN) threat, investors have been dumping shopping REITs as though they're going out of business shortly.
Traders Secrets on PG&E Corporation (PCG), CBL & Associates Properties, Inc. (CBL)
StockNewsJournal - Jun 15, 2017
CBL & Associates Properties, Inc. (NYSE:CBL), at its latest closing price of $8.50, it has a price-to-book ratio of 1.20, compared to an industry average at 1.59.
CBL & Associates Properties, Inc. (CBL) Ready To Pop? Find Out By Examining ... - NY Stock News
CBL & Associates Properties Inc. (CBL) Closed at $8.49 - HugoPress
Active Runner in Focus: CBL & Associates Properties Inc (CBL)
Stock Talker - 17 hours ago
Shares of CBL & Associates Properties Inc (CBL) is moving on volatility today 2.42% or 0.21 rom the open. The NYSE listed company saw a recent bid of 8.87 on 2014751 volume.
Volume for CBL & Associates Properties, Inc. (CBL) is down on the average volume
NY Stock News - Jun 23, 2017
The technicals for CBL & Associates Properties, Inc. (CBL) has spoken via its technical chart and the message is loud and clear.
Growth Rate Assumed by Market

We did a reverse valuation to calculate the growth rate the market is assuming for CBL to be considered fairly valued at its current market price. It's useful to compare this to the growth rate we're assuming for the Growth Price.

Future Free Cash Flow Growth Rate

This is the annual growth rate we've applied to calculate CBL's Free Cash Flow for the next 10 years. To calculate it, we looked at several time periods of the last 10 years. Feel free to adjust it, but we limit the initial growth rate to 20% and slow it down over the years. Otherwise, long-term sustainability issues come into play.

Discount Rate

The discount rate is the annual rate of return an investor requires to take the risk of investing in a single stock. To account for that risk, this should be above 8-10%, as this is the avg. annual rate of return for the S&P500 over the past 100 years.

$8.83 Current Price

$15.49 Growth Price (DCF)

Undervalued by 75.38%


Growth Rate Assumed by Market: -48.83%


Future Free Cash Flow Growth Rate: 0.0%


Discount Rate: 15.0%


Show Free Cash Flow numbers

$11.79 Book Price

Undervalued by 33.47%


Poor Cash Return on Invested Capital over the past 5 years

CBL has been unable to consistently generate sufficient returns from its investments in buildings, projects and equipment. This could be due to poor management, lack of an economic moat or the capital intensive nature of the business.

CBL has only created $2.35 of cash for every $100 invested.
Figures in USD. Fiscal year ends in December
20122013201420152016
Free Cash Flow 167.59M 109.01M 190.44M 84.14M 220.58M
divided by
Invested Capital 7.09B 6.79B 6.62B 6.48B 6.10B
Cash ROIC 2.36% 1.61% 2.88% 1.30% 3.61%

Satisfactory Return on Equity over the past 5 years

CBL has generated adequate returns with capital that shareholders have invested. This is sufficient and implies that management performance has been good.

CBL has generated $12.83 of Earnings for every $100 of Shareholders' Equity.
Figures in USD. Fiscal year ends in December
20122013201420152016
Net Income 174.52M 110.37M 253.03M 119.02M 195.53M
divided by
Stockholders' Equity 1.33B 1.40B 1.41B 1.28B 1.23B
Return on Equity 13.13% 7.86% 17.99% 9.26% 15.91%

Good Business Performance over the past 10 years

It's likely CBL has been unable to maintain profitability in tough economic times, making it a somewhat cyclical business. The other possibility is CBL has expended significant capital on items such as property, plant and equipment in specific years. Look for correlations.

CBL has created positive free cash flow for 7 or 8 of the past 10 years.
Figures in USD. Fiscal year ends in December
2007200820092010201120122013201420152016
Free Cash Flow -94.44M -18.67M 201.91M 286.21M 224.96M 167.59M 109.01M 190.44M 84.14M 220.58M

Weak Balance Sheet

CBL's financial position is not ideal. The key is to check whether CBL is using debt to fuel its growth and the sustainability of that tendency. Highly capital intensive businesses (see Economic Moat) follow this route, which can deeply impact the future prospects of the business.
Figures in USD. Fiscal year ends in December
2007200820092010201120122013201420152016
Cash - - - - - - - - - -
Current Assets - - - - - - - - - -
Total Assets 8.11B 8.03B 7.73B 7.51B 6.72B 7.09B 6.79B 6.62B 6.48B 6.10B
Current Liabilities - - - - - - - - - -
Total Liabilities 7.18B 7.24B 6.61B 6.21B 5.46B 5.76B 5.38B 5.21B 5.20B 4.88B
Stockholder' Equity 920.55M 793.66M 1.12B 1.30B 1.26B 1.33B 1.40B 1.41B 1.28B 1.23B
Current Ratio - - - - - - - - - -
TL-to-TA 0.89 0.90 0.86 0.83 0.81 0.81 0.79 0.79 0.80 0.80

Low or No Reinvestment of Profits over the past 10 years

CBL has either been retaining a small amount of their earnings or has done so inconsistently. A lack of consistency could be due to CBL operating at a loss or them having such a strong economic moat they feel comfortable spending profits on growth. Be wary of future prospects and if applicable, inspect the moat's sustainability.
Figures in USD. Fiscal year ends in December
2007200820092010201120122013201420152016
Retained Earnings -70.15M -193.31M -283.64M -366.53M -399.58M -453.56M -570.78M -566.79M -689.03M -742.08M
Retained Earnings Growth - -175.55% -46.73% -29.22% -9.02% -13.51% -25.84% 0.70% -21.57% -7.70%

Inconsistent Net Profit Margins over the past 10 years

CBL potentially has a competitive advantage, however inconsistent profit margins are a cause for concern. Look at reasons for this inconsistency to determine the likelihood of future sustainability.

$11.87 of every $100 of Revenue have been pure profit, on average over the past 10 years.
Figures in USD. Fiscal year ends in December
2007200820092010201120122013201420152016
Net Income 89.15M 31.59M -7.07M 98.17M 184.99M 174.52M 110.37M 253.03M 119.02M 195.53M
divided by
Revenue 1.04B 1.14B 1.09B 1.07B 1.07B 1.03B 1.05B 1.06B 1.06B 1.03B
Net Profit Margin 8.57% 2.78% -0.65% 9.16% 17.33% 16.87% 10.48% 23.85% 11.28% 19.02%

Weak Pricing Power over the past 10 years

CBL is likely in a highly competitive industry, due to low barriers to entry. It's because of this, that CBL has been unable to raise prices and increase their profitability. This puts them in a poor position if inflation becomes an issue, as they would struggle to pass higher costs onto consumers.

Only $- of every $100 worth of sales have been Gross Profit, on average over the past 10 years.
Figures in USD. Fiscal year ends in December
2007200820092010201120122013201420152016
Gross Profit - - - - - - - - - -
divided by
Revenue 1.04B 1.14B 1.09B 1.07B 1.07B 1.03B 1.05B 1.06B 1.06B 1.03B
Gross Margin - - - - - - - - - -

High Capital Intensity over the past 10 years

CBL spends large amounts of capital buying new equipment or investing in new facilities to stay competitive. Over the long term, those costs may have to be fuelled by debt. Look at the growth of Shareholders' Equity to see if this strategy is having a positive or negative impact.

374.10% of Profits are being spent on Capital Expenditures, like Property, Plant, & Equipment, required to run the business.
Figures in USD. Fiscal year ends in December
2007200820092010201120122013201420152016
Capital Expenditure 564.72M 437.77M 229.73M 143.59M 216.88M 313.93M 355.74M 277.62M 410.88M 248.00M
divided by
Net Income 89.15M 31.59M -7.07M 98.17M 184.99M 174.52M 110.37M 253.03M 119.02M 195.53M
Capital Expenditure Ratio 633.47% 1,385.90% -3,251.69% 146.26% 117.24% 179.88% 322.32% 109.72% 345.23% 126.84%

Very Strong Dividend History over the past 10 years

CBL has consistently distributed a dividend for at least the past 10 years. Such a long dividend history suggests CBL is very established in its market and that its dividend distribution is likely to continue for a significant period of time.
Figures in USD. Fiscal year ends in December
2007200820092010201120122013201420152016
Dividend Paid 158.71M 166.32M 78.28M 125.40M 165.42M 243.11M 261.43M 264.41M 273.24M 225.85M
divided by
Shares Outstanding 65.91M 66.15M 106.37M 138.42M 148.33M 154.81M 167.03M 170.25M 170.50M 170.84M
Dividend Paid Per Share 2.41 2.51 0.74 0.91 1.12 1.57 1.57 1.55 1.60 1.32
Price at Year End 16.29 4.69 8.87 16.79 15.70 20.83 18.06 19.75 12.53 11.50
Dividend Yield 14.78% 53.61% 8.30% 5.40% 7.10% 7.54% 8.67% 7.86% 12.79% 11.50%

No History of Stock Buybacks over the past 10 years

We're neutral on this. It's not necessarily good or bad that CBL hasn't initiated a stock buyback.
Figures in USD. Fiscal year ends in December
2007200820092010201120122013201420152016
Shares Outstanding 65.91M 66.15M 106.37M 138.42M 148.33M 154.81M 167.03M 170.25M 170.50M 170.84M
Stock Bought Back - -0.36% -37.81% -23.15% -6.69% -4.18% -7.32% -1.89% -0.15% -0.20%
Share your thoughts about CBL

Sign Up or Log In to start contributing!


Discussion

Nothing here yet. Be the first to post!