Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.62, read 2026-11-03
Ethical does not pass the values gate
Price47.94 USD
Fair value63.00
Ethical score10.0/100
Value readUndervaluedas of 5 Nov 2026
Our investment reviews on this name
2026-10-11Read Distribution52.31-8.4% to today ✓Markdown gives way to Distribution
2026-10-02Read Markdown52.31-8.4% to today ✓Markup gives way to Markdown after an 8% rise in 13 weeks
2026-07-02Read Markup48.43-1.0% to today First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
CBL & Associates Properties, Inc. holds its Distribution at $47.94. The statistical read favours the buyers, held for 17 days.
As held on the ledger · 2026-11-05
Phase
Distribution · caution
Quantitative state
The statistical read favours the buyers, held for 17 days
Price at the screen
$47.94
Valuation
7.19 trailing · -126.97 forward price to earnings
Values screen
FAIL· score 10.0
Beta
1.41
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
146.37%
Below 33%
Interest-bearing debt is 146.4% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
8.64%
Below 33%
Cash held in interest-bearing accounts and securities is 8.6% of assets, under the one-third limit.
Pass
Receivables
0.00%
Below 49%
Money owed to the company is 0.0% of assets, under the 49% limit.
Pass
Revenue purity
2.29%
Below 5%
Only 2.3% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
CBL & Associates Properties,'s business is in a permissible area, but its interest-bearing debt is about 146% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 5 Nov 2026: it trades at roughly a 21% discount to our $63.00 fair value, 4.00% revenue growth.
Fair value range in USD, drawn from the 2026-11-05 screen. The gold marker is the market price at the same screen. A 23.9% discount to the base estimate.
Where our models see it going: fair-value estimate $63.00, with a range of $60.00 to $66.00, dated to the 2026-11-05 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Retail landlord stumbles on debt and negative earnings
Picture a portfolio of shopping centres spread across twenty three states where footfall still generates solid cash. CBL runs eighty eight properties covering fifty five million square feet and posts a thirty percent profit margin with fifty one percent return on equity. Yet the forward earnings multiple sits at negative one hundred forty one times and revenue growth barely reaches three percent, while the ethical screen flags a clear failure on the debt ratio. That combination makes the modest nine percent margin of safety to our sixty dollar fair value irrelevant.
We pass because the business cannot clear our basic standards on leverage. Two analysts offer a sixty dollar median target with no consensus rating, but the negative earnings multiple signals that reported profits are not translating into sustainable shareholder value. Retail real estate remains exposed to shifting consumer habits and rising interest costs, so the high return on equity may prove fleeting once debt service bites harder.
Risk sits in the leverage itself, where any downturn in tenant demand or refinancing costs could quickly erode the apparent strength in margins. The ethical failure on debt is not a side note, it is the central reason this name stays off the list. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; it already moves more than the market on an average day; it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
CBL trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-05Distribution$49.70+0.8%Entry 17
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved up 0.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 13% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 111%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (2 analysts) rates it strong buy, with a mean price target of $56. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-04Distribution$49.33-2.1%Entry 16
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 2.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 13% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 111%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (2 analysts) rates it strong buy, with a mean price target of $56. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-03Distribution$50.41+0.0%Entry 15
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 13% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 111%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (2 analysts) rates it strong buy, with a mean price target of $56. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-02Distribution$50.41+0.0%Entry 14
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 13% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 111%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (2 analysts) rates it strong buy, with a mean price target of $56. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-01Distribution$50.41+1.6%Entry 13
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved up 1.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 13% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 111%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (2 analysts) rates it strong buy, with a mean price target of $56. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-31Distribution$49.63+0.0%Entry 12
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 13% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 111%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (2 analysts) rates it strong buy, with a mean price target of $56. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-30Distribution$49.63+0.0%Entry 11
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 13% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 111%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (2 analysts) rates it strong buy, with a mean price target of $56. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-29Distribution$49.63+1.6%Entry 10
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved up 1.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 13% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 111%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (2 analysts) rates it strong buy, with a mean price target of $56. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Distribution$48.84+0.0%Entry 9
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 111%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (2 analysts) rates it strong buy, with a mean price target of $56.
2026-10-18Distribution$48.84-6.6%Entry 8
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 6.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 34% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 111%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (2 analysts) rates it strong buy, with a mean price target of $56.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
