CBL & Associates Properties, Inc. (CBL)

Industry: REIT - Retail Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
ADC	21	Agree Realty Corpo	689	41.64	35.89	18.81	15.17	31.25	27.63
SRU-UN.TO	22	SmartCentres Real	660	17.45	14.98	19.05	17.29	18.33	18.48
N2IU.SI	23	Mapletree Pan Asia	648	10.94	9.74	15.02	12.08	22.81	19.35
2778.HK	24	Champion Real Esta	639	-	-	23.51	20.32	8.77	8.09
VKE.JO	25	Vukile Property Fu	573	4.31	3.59	8.43	6.95	6.59	6.96
SKT	26	Tanger Inc.	562	35.37	35.37	20.32	17.59	-	57.53
HYP.JO	27	Hyprop Investments	555	3.74	4.09	5.95	5.49	4.87	6.98
CBL	28	CBL & Associates P	554	6.25	6.25	1.49	1.03	2.35	1.96
3292.T	29	AEON REIT Investme	542	9.61	7.46	7.98	6.35	13.21	10.57
FCR-UN.TO	30	First Capital Real	542	14.77	14.17	18.65	18.59	19.80	18.59
RGN.AX	31	Region Group	498	11.13	11.07	39.93	14.02	9.74	8.03
MERY.PA	32	Mercialys	478	10.96	13.20	7.51	7.25	16.90	11.94
HDN.AX	33	HomeCo Daily Needs	476	7.84	7.84	51.69	51.69	8.66	8.95
WHA.AS	34	Wereldhave N.V.	462	4.11	2.92	7.36	6.16	5.68	4.91
RPAI	35	Retail Properties	455	124.46	188.65	15.54	17.49	68.67	82.22
CRT-UN.TO	36	CT Real Estate Inv	433	11.60	10.98	10.82	10.24	11.79	11.57

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.95	10.36	15.02	12.08	10.77	10.57
Full Range Median Multiple	11.04	11.02	15.54	14.02	12.50	11.57
Industry Multiple	21.99	25.71	18.04	15.11	17.65	20.12
Market Implied Multiple	8.89	8.89	2.22	1.53	3.50	2.92
Company (CBL) Multiple	6.25	6.25	1.49	1.03	2.35	1.96
(*) Net Income / EBITDA / Revenue	124	124	451	653	286	343
Winsorized Enterprise Value	N/A	N/A	6,771	7,885	3,081	3,622
Full Range Median Enterprise Value	N/A	N/A	7,004	9,153	3,578	3,966
(-) Net Debt	-100	-100	-100	-100	-100	-100
Winsorized Equity Value	1,355	1,282	6,871	7,986	3,181	3,722
Full Range Median Equity Value	1,367	1,364	7,104	9,253	3,679	4,067
(/) Shares Outstanding	30	30	30	30	30	30
Winsorized Fair Value	$44.50	$42.10	$225.61	$262.21	$104.46	$122.20
Full Range Median Fair Value	$44.88	$44.80	$233.26	$303.83	$120.79	$133.53
Current Price	$36.15	$36.15	$36.15	$36.15	$36.15	$36.15
Upside / Downside	23.11%	16.46%	524.09%	625.33%	188.96%	238.05%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$31.15	$29.47	$157.93	$183.55	$73.12	$85.54
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	BUY	BUY