Tanger Inc. logo SKT - Tanger Inc.

Price: -- -- | CONSENSUS: Hold DETAILS
STRONG
BUY 0
BUY 5
HOLD 15
SELL 1
STRONG
SELL 0
| PRICE TARGET: $40.00 DETAILS
HIGH: $42.00
LOW: $37.00
MEDIAN: $40.50
CONSENSUS: $40.00
UPSIDE: 0.93%
AlphaVal

AlphaVal

Deterministic, archetype-aware fair value

Real Estate Investment Trust 85% confidence

Primary model: P/FFO × Retail REIT Multiple

Valuation Signal Fair Value Mild
Trading 9.6% below fair value
Current Price $39.63
Bear Case $35.07 11.5% downside ($35.07 - $39.63) / $39.63 = -11.5% $2.31 FFO × 16x
Fair Value $43.83 10.6% upside ($43.83 - $39.63) / $39.63 = 10.6% $2.31 FFO × 20x
Bull Case $52.60 32.7% upside ($52.60 - $39.63) / $39.63 = 32.7% $2.31 FFO × 23x

Adjust Assumptions

19.5x
2.31$

Key Value Driver

FFO/share ($2.31) × retail P/FFO multiple

Implied Market Multiple 17.1x

Plain-Language Summary

Our base-case estimate uses P/FFO × Retail REIT Multiple. We then blend that result with the average analyst price target of $40.00 from 21 analysts, using a 25% weight on analyst consensus. That produces an estimated intrinsic value of $43.83 per share.

Warnings

⚠ Standard profit figures are misleading for real estate companies — large non-cash accounting charges make profits look artificially low. Dividend yield and funds from operations are better measures.

Key Risks

  • P/E and EV/EBITDA are structurally wrong for REITs — use P/FFO and NAV
  • Interest rate sensitivity: REIT multiples compress when rates rise
  • FFO approximation (NI + D&A) may include gains on property sales — verify