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Taubmen Centers Is Way Undervalued, Should Be An Exciting Trading Day 0 comments
I don't have time to write a full article. But Taubmen Centers (TCO) is way undervalued (obviously, my opinion) after a sell off last week.
I studied the trade all weekend and jumped in this morning. Lowest debt/market cap of all mall REITs, highest price/psf of all mall REITs. FFO came in the midpoint of guidance, with same store NOI way ahead of estimates, and ahead of peers. Trading at a -7% discount to NAV when its has averaged a $83.17 for the past month compared to the one year average spread of +3.668 compared to todays NAV. I am rarely excited about a trade. This is the first time it has crossed 20 RSI without the index falling in tandem all year.
In the long term, I am concerned about their Asian development plan, but overall feel good.
Very excited about this trade, I will update you guys on how it goes.
Steve
Disclosure: I am long TCO.
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CHCI, RYL, KBH, NVR..It would be nice to have a solid home-builder without exposure to underwriting. Any thoughts?
Nov 12, 2012
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