How does CBL’s valuation metrics (P/B, EV/EBITDA) look after this earnings release compared to historical levels?

Short answer:

The earnings release you provided does not contain any of the data needed to calculate CBL Properties’ current price‑to‑book (P/B) or enterprise‑value‑to‑EBITDA (EV/EBITDA) ratios, nor does it include any historical comparison of those multiples. To evaluate how those valuation metrics look after the Q2 2025 earnings release you’ll need to pull a few additional data points from a market data source (e.g., a financial data platform, the company’s investor‑relations site, or a brokerage screen). Below you’ll find a step‑by‑step guide on how to obtain, calculate, and then compare these metrics against CBL’s historical ranges, as well as a brief discussion of what you would typically look for after an earnings release.

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1. What the Q2 2025 earnings release tells us (and what it doesn’t)

Item in the press release	Available?	Why it matters for valuation
Net earnings, EPS, revenue, EBITDA	Not provided (only a generic “results of operations” statement)	These numbers are the starting point for EV/EBITDA and for assessing profitability (which drives P/B).
Share price on release date	Not provided	Needed for market‑cap (P) and for calculating EV.
Book value per share	Not provided	Needed for P/B calculation.
Total debt & cash	Not provided	Required for Enterprise Value (EV) calculation.
Shares outstanding	Not provided	Needed for both market‑cap (P) and book‑value per share.
Historical multiples	Not provided	Required for “historical levels” comparison.
Any non‑GAAP metrics (e.g., Adjusted EBITDA)	Mentioned that there’s a reconciliation, but numbers are not shown.	Adjusted EBITDA is often used as the “EBITDA” denominator in EV/EBITDA.

Bottom line: The press release alone is insufficient for calculating valuation ratios.

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2. How to calculate the metrics (once you have the missing data)

2.1. Price‑to‑Book (P/B)

[
\text{P/B} = \frac{\text{Current Share Price}}{\text{Book Value Per Share}}
]

Steps:

1. Get the current share price on the day the earnings were released (e.g., close on Aug 6 2025).
   
2. Obtain the latest consolidated balance sheet (quarterly or 10‑Q) and locate shareholder’s equity (or total assets – total liabilities).
   
3. Divide shareholder’s equity by total shares outstanding to get book value per share.
   
4. Divide the market price by that book value per share.

2.2. Enterprise‑Value‑to‑EBITDA (EV/EBITDA)

[
\text{EV/EBITDA} = \frac{\text{Enterprise Value}}{\text{EBITDA (or Adjusted EBITDA)}}
]

Enterprise Value (EV) = Market Capitalization + Total Debt (short‑term + long‑term) + Minority Interest + Preferred Equity – Cash & Cash Equivalents.

EBITDA = Net income + Interest + Taxes + Depreciation + Amortization (or the adjusted EBITDA disclosed in the press release if provided).

Steps:

1. Market cap: Share price × shares outstanding.
   
2. Total Debt: Sum of short‑ and long‑term debt from the balance sheet.
   
3. Cash: From the balance sheet.
   
4. EBITDA: Pull from the income statement (or the adjusted figure if the company provides a non‑GAAP “Adjusted EBITDA” in its earnings release).
   

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3. How to compare to historical levels

3.1. Establish a historical range

Source	Typical historical range (approx.)*
P/B	0.8 ×  to 1.6 × (historical 5‑year range)
EV/EBITDA	5 ×  to 10 × (historical 5‑year range)

*These ranges are illustrative; you must pull actual historical data for CBL from a data provider (Bloomberg, FactSet, S&P Capital IQ, Yahoo Finance, etc.) and compute the average, median, and min/max over a relevant period (e.g., 5‑year trailing).

3.2. What to look for after an earnings release

Metric	What a higher-than‑average ratio may indicate	What a lower-than-average ratio may indicate
P/B	Market expects future growth or assets re‑valuation; possibly a premium for improved cash flow or strategic acquisition.	Potential undervaluation, concerns about asset quality or profitability.
EV/EBITDA	Market pricing in higher growth or higher margins (e.g., stronger tenant lease performance, lower vacancy).	May signal concerns about profitability, higher leverage, or operational challenges.

3.3. Contextual factors from the Q2 release

Even without the exact numbers, you can qualitatively assess how the market might have reacted:

1. Revenue/EBITDA trend – If the company reported higher revenue, lower vacancy, or higher same‑store sales, the market typically bids up the stock, pushing the P/B up.
2. Debt changes – A large increase in debt (or a debt covenant breach) can inflate EV and thus lower EV/EBITDA, even if earnings are stable.
3. Non‑GAAP Adjustments – If CBL reported a significant “adjusted EBITDA” increase versus GAAP EBITDA, analysts may focus on the adjusted number for EV/EBITDA calculations.

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4. Practical next steps

1. Collect the numbers

   • Stock price: Look up CBL’s price on August 6, 2025 (e.g., via Yahoo Finance or Bloomberg).
     
   • Financial statements: Download the Q2 2025 10‑Q (or the supplemental earnings release) from CBL’s investor‑relations site.
     
   • Historical multiples: Pull the past 5–10 years of P/B and EV/EBITDA from a data platform.
     

2. Run the calculations using the formulas above.

3. Compare: Plot the current P/B and EV/EBITDA against the historical range (e.g., a line chart with median and 25‑75th percentile bands).

Example (hypothetical)

Metric	Current (Aug 6 2025)	5‑Year Median	5‑Year Range
P/B	1.12 ×	1.25 ×	0.80 × – 1.60 ×
EV/EBITDA	7.3 ×	8.1 ×	5.0 × – 12.0 ×

Interpretation: The P/B is slightly below its 5‑year median, indicating the stock may be modestly undervalued relative to its book value. The EV/EBITDA is also below the 5‑year average, which could signal either a lower growth outlook or a healthier balance sheet (less debt) relative to earnings. However, if the earnings release showed improved occupancy and higher adjusted EBITDA, the lower multiples may simply reflect a valuation lag where the market has not yet fully priced in the operational improvements.

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5. Bottom‑line recommendation

• Obtain the missing data (share price, book value, debt, cash, EBITDA) and compute the current P/B and EV/EBITDA.
  
• Compare the computed ratios to the historical distribution for CBL.
  
• Interpret the numbers in the context of the Q2 2025 operational results (revenue growth, occupancy, lease‑up, debt profile).
  
• Monitor the market’s reaction over the next few weeks; if earnings beat expectations but the multiples stay low, that could signal a buying opportunity if fundamentals are improving.

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TL;DR

• The press release does not give the P/B or EV/EBITDA figures.
  
• You need to pull market price, share count, balance‑sheet totals, and EBITDA from the Q2 2025 financial statements to calculate those ratios.
  
• Once you have them, compare against CBL’s 5‑year historical ranges to see if the multiples are high, low, or in line with historical averages, and interpret the result in the context of the earnings data.
  

If you need help pulling the specific numbers (e.g., the exact share price on Aug 6, 2025, or the balance‑sheet figures) or would like a quick “plug‑in‑the‑numbers” template, let me know and I can provide a spreadsheet template or a step‑by‑step example using mock numbers.