Is Tanger, Inc. overvalued or undervalued?

As of 1 August 2024, Tanger, Inc. has moved from an expensive to a very expensive valuation grade. The company is currently overvalued, with a P/E ratio of 36, significantly higher than the industry average. Key ratios include a Price to Book Value of 5.40 and an EV to EBITDA of 21.66, which further indicate a premium valuation compared to its peers.
In comparison, Cousins Properties, Inc. has a fair valuation with a P/E of 96.12, while Broadstone Net Lease, Inc. is rated very attractive with a P/E of 20.15. The stark contrast in these valuations suggests that Tanger, Inc. is not only overvalued but also lacks the growth potential reflected in its current price. Notably, Tanger's stock has outperformed the S&P 500 over the past year, returning 15.25% compared to the index's 10.26%, but this does not justify its very expensive valuation.