Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price35.80 USD
Fair value30.12
Ethical score70.0/100
Our investment reviews on this name
2026-09-13Read Markdown38.06-5.9% to today ✓
2026-08-13Read Markup39.31-8.9% to today
2026-07-02Read Markdown40.46-11.5% to today ✓
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.
Tanger Inc. holds its Markdown at $35.80. The statistical read favours the buyers, held for 253 days.
As held on the ledger · 2026-09-18
Phase
Markdown · caution
Quantitative state
The statistical read favours the buyers, held for 253 days
Price at the screen
$35.80
Valuation
32.84 trailing · 29.77 forward price to earnings
Values screen
FAIL· score 70.0
Beta
1.08
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
63.57%
Below 33%
Interest-bearing debt is 63.6% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
0.68%
Below 49%
Money owed to the company is 0.7% of assets, under the 49% limit.
Pass
Revenue purity
0.00%
Below 5%
Only 0.0% 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.
Fair value range in USD, drawn from the 2026-09-18 screen. The gold marker is the market price at the same screen. The price runs 15.9% above the base estimate.
Third-party analyst targets: 10 covering, consensus Hold. The average target sits +15% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-18 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
Outlet Centres Draw Crowds Yet Valuation Stretches Too Far
Walk past any busy Tanger outlet centre on a Saturday and the car parks look full. The reality is the shares already price in far more growth than the numbers support. At 34.6 times forward earnings the market pays a premium for a business whose fair value sits 28 percent lower, leaving no margin of safety and an opportunity rating of none.
Revenue is rising 12 percent and the firm clears a 20 percent profit margin with 19 percent return on equity, yet none of that offsets the stretched multiple. Eleven analysts sit on hold with a median target matching the current price, which tells us the upside is already reflected. Ethical screens clear, but valuation discipline does not.
Retail property remains exposed to shifts in consumer spending and rising rates that can squeeze occupancy and rents quickly. When earnings peak and multiples stay elevated the result is often a value trap rather than a bargain. Analysis, not advice.
The risks · The things to watch: 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
SKT 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
2026-09-13Markdown · changed$38.06-3.2%Entry 5
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 3.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 9% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 34%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (11 analysts) rates it hold, with a mean price target of $39.
2026-08-13Markup · changed$39.31-2.8%Entry 4
The framework has shifted from markdown to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 2.8% 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 9% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 34%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (11 analysts) rates it hold, with a mean price target of $39.
2026-07-18Markdown$40.46+0.0%Entry 3
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 9% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 34%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (11 analysts) rates it hold, with a mean price target of $39.
2026-07-03Markdown$40.46+0.0%Entry 2
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Markdown$40.46Entry 1
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.