Intrinsic value of Vector Group - VGR

Previous Close

$20.41

  Intrinsic Value

$3.34

stock screener

  Rating & Target

str. sell

-84%

Previous close

$20.41

 
Intrinsic value

$3.34

 
Up/down potential

-84%

 
Rating

str. sell

We calculate the intrinsic value of VGR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.05
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.11
  5.09
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
Revenue, $m
  1,691
  1,787
  1,888
  1,993
  2,103
  2,218
  2,338
  2,463
  2,595
  2,732
  2,876
  3,027
  3,185
  3,351
  3,524
  3,706
  3,897
  4,097
  4,306
  4,526
  4,757
  4,999
  5,252
  5,519
  5,798
  6,091
  6,399
  6,722
  7,060
  7,416
  7,789
Variable operating expenses, $m
 
  1,587
  1,676
  1,769
  1,866
  1,967
  2,073
  2,184
  2,300
  2,422
  2,549
  2,675
  2,815
  2,961
  3,115
  3,276
  3,444
  3,621
  3,806
  4,000
  4,204
  4,418
  4,642
  4,877
  5,124
  5,383
  5,655
  5,941
  6,240
  6,554
  6,884
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,465
  1,587
  1,676
  1,769
  1,866
  1,967
  2,073
  2,184
  2,300
  2,422
  2,549
  2,675
  2,815
  2,961
  3,115
  3,276
  3,444
  3,621
  3,806
  4,000
  4,204
  4,418
  4,642
  4,877
  5,124
  5,383
  5,655
  5,941
  6,240
  6,554
  6,884
Operating income, $m
  226
  201
  212
  224
  237
  251
  265
  279
  294
  310
  327
  352
  370
  389
  410
  431
  453
  476
  500
  526
  553
  581
  610
  641
  674
  708
  744
  781
  820
  862
  905
EBITDA, $m
  248
  225
  238
  251
  265
  280
  295
  311
  327
  345
  363
  382
  402
  423
  445
  467
  491
  517
  543
  571
  600
  630
  662
  696
  731
  768
  807
  848
  891
  935
  982
Interest expense (income), $m
  0
  40
  9
  10
  12
  14
  16
  17
  19
  22
  24
  26
  28
  31
  34
  36
  39
  42
  45
  49
  52
  56
  60
  64
  68
  73
  77
  82
  87
  93
  98
Earnings before tax, $m
  126
  161
  204
  214
  225
  237
  249
  262
  275
  289
  303
  326
  342
  358
  376
  394
  414
  434
  455
  477
  500
  525
  551
  577
  606
  635
  666
  699
  733
  769
  807
Tax expense, $m
  49
  43
  55
  58
  61
  64
  67
  71
  74
  78
  82
  88
  92
  97
  102
  106
  112
  117
  123
  129
  135
  142
  149
  156
  164
  172
  180
  189
  198
  208
  218
Net income, $m
  71
  118
  149
  156
  164
  173
  182
  191
  201
  211
  221
  238
  249
  262
  274
  288
  302
  317
  332
  348
  365
  383
  402
  422
  442
  464
  486
  510
  535
  561
  589

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  550
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,404
  903
  954
  1,007
  1,062
  1,120
  1,181
  1,244
  1,311
  1,380
  1,453
  1,529
  1,609
  1,692
  1,780
  1,872
  1,968
  2,069
  2,175
  2,286
  2,402
  2,525
  2,653
  2,787
  2,928
  3,076
  3,232
  3,395
  3,566
  3,745
  3,934
Adjusted assets (=assets-cash), $m
  854
  903
  954
  1,007
  1,062
  1,120
  1,181
  1,244
  1,311
  1,380
  1,453
  1,529
  1,609
  1,692
  1,780
  1,872
  1,968
  2,069
  2,175
  2,286
  2,402
  2,525
  2,653
  2,787
  2,928
  3,076
  3,232
  3,395
  3,566
  3,745
  3,934
Revenue / Adjusted assets
  1.980
  1.979
  1.979
  1.979
  1.980
  1.980
  1.980
  1.980
  1.979
  1.980
  1.979
  1.980
  1.979
  1.980
  1.980
  1.980
  1.980
  1.980
  1.980
  1.980
  1.980
  1.980
  1.980
  1.980
  1.980
  1.980
  1.980
  1.980
  1.980
  1.980
  1.980
Average production assets, $m
  232
  245
  259
  273
  288
  304
  320
  337
  355
  374
  394
  415
  436
  459
  483
  508
  534
  561
  590
  620
  652
  685
  720
  756
  794
  834
  877
  921
  967
  1,016
  1,067
Working capital, $m
  509
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
Total debt, $m
  1,172
  248
  294
  342
  392
  444
  499
  556
  615
  678
  743
  812
  884
  959
  1,038
  1,121
  1,207
  1,298
  1,393
  1,493
  1,598
  1,708
  1,823
  1,944
  2,071
  2,205
  2,345
  2,491
  2,645
  2,807
  2,977
Total liabilities, $m
  1,736
  812
  858
  906
  956
  1,008
  1,063
  1,120
  1,179
  1,242
  1,307
  1,376
  1,448
  1,523
  1,602
  1,685
  1,771
  1,862
  1,957
  2,057
  2,162
  2,272
  2,387
  2,508
  2,635
  2,769
  2,909
  3,055
  3,209
  3,371
  3,541
Total equity, $m
  -332
  90
  95
  101
  106
  112
  118
  124
  131
  138
  145
  153
  161
  169
  178
  187
  197
  207
  217
  229
  240
  252
  265
  279
  293
  308
  323
  339
  357
  375
  393
Total liabilities and equity, $m
  1,404
  902
  953
  1,007
  1,062
  1,120
  1,181
  1,244
  1,310
  1,380
  1,452
  1,529
  1,609
  1,692
  1,780
  1,872
  1,968
  2,069
  2,174
  2,286
  2,402
  2,524
  2,652
  2,787
  2,928
  3,077
  3,232
  3,394
  3,566
  3,746
  3,934
Debt-to-equity ratio
  -3.530
  2.750
  3.090
  3.400
  3.690
  3.960
  4.220
  4.470
  4.700
  4.910
  5.120
  5.310
  5.490
  5.670
  5.830
  5.990
  6.130
  6.270
  6.410
  6.530
  6.650
  6.770
  6.870
  6.980
  7.070
  7.170
  7.250
  7.340
  7.420
  7.490
  7.570
Adjusted equity ratio
  -1.033
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  71
  118
  149
  156
  164
  173
  182
  191
  201
  211
  221
  238
  249
  262
  274
  288
  302
  317
  332
  348
  365
  383
  402
  422
  442
  464
  486
  510
  535
  561
  589
Depreciation, amort., depletion, $m
  22
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  30
  32
  33
  35
  37
  39
  41
  43
  45
  47
  50
  52
  55
  58
  60
  64
  67
  70
  74
  77
Funds from operations, $m
  37
  142
  174
  183
  192
  202
  212
  223
  234
  245
  257
  268
  281
  295
  309
  325
  341
  357
  375
  393
  413
  433
  454
  476
  500
  524
  550
  577
  605
  635
  666
Change in working capital, $m
  -61
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from operations, $m
  98
  142
  175
  183
  193
  202
  212
  223
  234
  245
  257
  268
  281
  295
  310
  325
  341
  358
  375
  393
  413
  433
  454
  477
  500
  525
  550
  577
  606
  635
  667
Maintenance CAPEX, $m
  0
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -60
  -64
  -67
  -70
  -74
New CAPEX, $m
  -27
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
Cash from investing activities, $m
  -1
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -80
  -85
  -88
  -93
  -98
  -102
  -108
  -113
  -119
  -125
Free cash flow, $m
  97
  113
  143
  150
  158
  166
  174
  182
  191
  201
  210
  219
  230
  241
  253
  265
  278
  291
  306
  321
  336
  353
  370
  388
  407
  427
  448
  470
  493
  517
  542
Issuance/(repayment) of debt, $m
  272
  -884
  46
  48
  50
  52
  55
  57
  60
  63
  65
  69
  72
  75
  79
  83
  87
  91
  95
  100
  105
  110
  115
  121
  127
  133
  140
  147
  154
  162
  170
Issuance/(repurchase) of shares, $m
  0
  815
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  255
  -69
  46
  48
  50
  52
  55
  57
  60
  63
  65
  69
  72
  75
  79
  83
  87
  91
  95
  100
  105
  110
  115
  121
  127
  133
  140
  147
  154
  162
  170
Total cash flow (excl. dividends), $m
  352
  44
  189
  198
  208
  218
  228
  239
  251
  263
  276
  287
  301
  316
  331
  348
  365
  382
  401
  421
  441
  463
  485
  509
  534
  560
  587
  616
  647
  678
  712
Retained Cash Flow (-), $m
  126
  -932
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
Prev. year cash balance distribution, $m
 
  510
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -378
  184
  193
  202
  212
  222
  233
  244
  256
  269
  280
  293
  308
  323
  338
  355
  372
  390
  409
  429
  450
  472
  496
  520
  545
  572
  600
  629
  660
  693
Discount rate, %
 
  9.70
  10.19
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.38
  29.79
  31.28
  32.85
  34.49
  36.21
  38.03
  39.93
PV of cash for distribution, $m
 
  -345
  151
  142
  132
  121
  110
  99
  88
  77
  66
  56
  47
  38
  31
  24
  19
  14
  11
  8
  5
  4
  2
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Vector Group Ltd. is a holding company. The Company is engaged in the manufacture and sale of cigarettes in the United States through its Liggett Group LLC (Liggett) and Vector Tobacco Inc. (Vector Tobacco) subsidiaries, and the real estate business through its New Valley LLC subsidiary, which is seeking to acquire or invest in additional real estate properties or projects. The Company's segments include Tobacco, E-Cigarettes and Real Estate. The Tobacco segment consists of the manufacture and sale of cigarettes. The E-Cigarettes segment includes the operations of the Company's e-cigarette business. The Real Estate segment includes the Company's investments in New Valley LLC. The Company owns and seeks to acquire investment interests in a range of domestic and international real estate projects through debt and equity investments.

FINANCIAL RATIOS  of  Vector Group (VGR)

Valuation Ratios
P/E Ratio 38.6
Price to Sales 1.6
Price to Book -8.2
Price to Tangible Book
Price to Cash Flow 27.9
Price to Free Cash Flow 38.6
Growth Rates
Sales Growth Rate 2.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 145.5%
Cap. Spend. - 3 Yr. Gr. Rate 15.7%
Financial Strength
Quick Ratio 14
Current Ratio 0.2
LT Debt to Equity -341%
Total Debt to Equity -353%
Interest Coverage 0
Management Effectiveness
Return On Assets 5.3%
Ret/ On Assets - 3 Yr. Avg. 4.1%
Return On Total Capital 9.5%
Ret/ On T. Cap. - 3 Yr. Avg. 7.6%
Return On Equity -26.4%
Return On Equity - 3 Yr. Avg. -34.3%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 35.1%
Gross Margin - 3 Yr. Avg. 33.1%
EBITDA Margin 8.8%
EBITDA Margin - 3 Yr. Avg. 7.9%
Operating Margin 13.4%
Oper. Margin - 3 Yr. Avg. 12.7%
Pre-Tax Margin 7.5%
Pre-Tax Margin - 3 Yr. Avg. 6.4%
Net Profit Margin 4.2%
Net Profit Margin - 3 Yr. Avg. 3.4%
Effective Tax Rate 38.9%
Eff/ Tax Rate - 3 Yr. Avg. 39.3%
Payout Ratio 280.3%

VGR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VGR stock intrinsic value calculation we used $1691 million for the last fiscal year's total revenue generated by Vector Group. The default revenue input number comes from 2016 income statement of Vector Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our VGR stock valuation model: a) initial revenue growth rate of 5.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 9.7%, whose default value for VGR is calculated based on our internal credit rating of Vector Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Vector Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of VGR stock the variable cost ratio is equal to 88.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for VGR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Vector Group.

Corporate tax rate of 27% is the nominal tax rate for Vector Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the VGR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for VGR are equal to 13.7%.

Life of production assets of 13.8 years is the average useful life of capital assets used in Vector Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for VGR is equal to -0.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $-332 million for Vector Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 135.389 million for Vector Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Vector Group at the current share price and the inputted number of shares is $2.8 billion.

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COMPANY NEWS

▶ 3 Tobacco Stocks to Buy for 2018   [Jan-03-18 08:35AM  Motley Fool]
▶ Danger Lurks for These 3 High-Yield Dividend Stocks   [Dec-17-17 11:05AM  Motley Fool]
▶ Vector Gets Relative Strength Rating Upgrade   [Dec-07-17 03:00AM  Investor's Business Daily]
▶ Vector Group Declares Quarterly Cash Dividend   [Nov-29-17 05:00PM  Business Wire]
▶ Vector posts 3Q profit   [Nov-07-17 07:13AM  Associated Press]
▶ Vector Group Ltd. to Host Earnings Call   [07:00AM  ACCESSWIRE]
▶ Vector Group to Celebrate 30th Anniversary of NYSE Listing   [Oct-06-17 09:00AM  Business Wire]
▶ Philip Morris is trying to kick a smoking habit   [Sep-13-17 10:21AM  Yahoo Finance Video]
▶ iPhone X delay rattle markets   [08:51AM  Yahoo Finance]
▶ Yahoo Finance Live: Market Movers - Sep 13th, 2017   [07:20AM  Yahoo Finance Video]
▶ 3 Horrible Dividend Stocks for Retirees   [Sep-09-17 09:10AM  Motley Fool]
▶ Vector Group Declares Quarterly Cash Dividend   [Aug-30-17 05:00PM  Business Wire]
▶ ETFs with exposure to Vector Group Ltd. : August 28, 2017   [Aug-28-17 07:07PM  Capital Cube]
▶ ETFs with exposure to Vector Group Ltd. : August 18, 2017   [Aug-18-17 06:31PM  Capital Cube]
▶ Vector posts 2Q profit   [Aug-04-17 09:09PM  Associated Press]
▶ Tobacco Stocks Continue To Fall On FDA; No Longer Safe Income Plays?   [Jul-31-17 04:03PM  Investor's Business Daily]
▶ ETFs with exposure to Vector Group Ltd. : July 25, 2017   [Jul-25-17 02:00PM  Capital Cube]
▶ ETFs with exposure to Vector Group Ltd. : July 13, 2017   [Jul-13-17 04:49PM  Capital Cube]
▶ ETFs with exposure to Vector Group Ltd. : June 13, 2017   [Jun-13-17 01:02PM  Capital Cube]
▶ Vector Group Declares Quarterly Cash Dividend   [May-31-17 04:51PM  Business Wire]
▶ ETFs with exposure to Vector Group Ltd. : May 23, 2017   [May-23-17 01:11PM  Capital Cube]
▶ ETFs with exposure to Vector Group Ltd. : May 12, 2017   [May-12-17 04:39PM  Capital Cube]
▶ 3 Dividend Stocks I'd Never Buy   [May-11-17 12:00PM  Motley Fool]
▶ Vector reports 1Q loss   [May-05-17 06:09AM  Associated Press]
▶ ETFs with exposure to Vector Group Ltd. : April 21, 2017   [Apr-21-17 03:08PM  Capital Cube]
▶ Vector Group Ready to Light It Up; The Chart is Smokin'   [Apr-20-17 06:58AM  TheStreet.com]
▶ ETFs with exposure to Vector Group Ltd. : March 27, 2017   [Mar-27-17 04:09PM  Capital Cube]
Financial statements of VGR
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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