Intrinsic value of Vector Group - VGR

Previous Close

$22.92

  Intrinsic Value

$3.98

stock screener

  Rating & Target

str. sell

-83%

Previous close

$22.92

 
Intrinsic value

$3.98

 
Up/down potential

-83%

 
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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.1

 

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
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
Revenue, $m
  1,691
  1,823
  1,960
  2,102
  2,250
  2,404
  2,564
  2,731
  2,904
  3,084
  3,272
  3,467
  3,671
  3,884
  4,105
  4,337
  4,579
  4,831
  5,096
  5,372
  5,661
  5,963
  6,279
  6,611
  6,958
  7,321
  7,702
  8,101
  8,519
  8,958
  9,417
Variable operating expenses, $m
 
  1,618
  1,739
  1,865
  1,996
  2,132
  2,273
  2,420
  2,573
  2,733
  2,899
  3,064
  3,244
  3,432
  3,628
  3,833
  4,047
  4,270
  4,504
  4,748
  5,003
  5,270
  5,550
  5,843
  6,149
  6,470
  6,807
  7,160
  7,529
  7,917
  8,323
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
  1,618
  1,739
  1,865
  1,996
  2,132
  2,273
  2,420
  2,573
  2,733
  2,899
  3,064
  3,244
  3,432
  3,628
  3,833
  4,047
  4,270
  4,504
  4,748
  5,003
  5,270
  5,550
  5,843
  6,149
  6,470
  6,807
  7,160
  7,529
  7,917
  8,323
Operating income, $m
  226
  205
  221
  237
  254
  272
  291
  310
  330
  351
  373
  403
  427
  451
  477
  504
  532
  561
  592
  624
  658
  693
  730
  768
  808
  851
  895
  941
  990
  1,041
  1,094
EBITDA, $m
  248
  230
  247
  265
  284
  303
  323
  344
  366
  389
  413
  437
  463
  490
  518
  547
  578
  609
  643
  678
  714
  752
  792
  834
  878
  923
  971
  1,022
  1,074
  1,130
  1,188
Interest expense (income), $m
  0
  40
  9
  11
  14
  16
  19
  21
  24
  26
  29
  32
  35
  39
  42
  46
  49
  53
  57
  61
  66
  70
  75
  80
  85
  91
  97
  103
  109
  116
  123
Earnings before tax, $m
  126
  165
  211
  226
  241
  256
  272
  289
  307
  325
  344
  371
  391
  413
  435
  458
  483
  508
  535
  563
  592
  623
  655
  688
  723
  760
  798
  839
  881
  925
  972
Tax expense, $m
  49
  45
  57
  61
  65
  69
  74
  78
  83
  88
  93
  100
  106
  111
  117
  124
  130
  137
  144
  152
  160
  168
  177
  186
  195
  205
  216
  226
  238
  250
  262
Net income, $m
  71
  121
  154
  165
  176
  187
  199
  211
  224
  237
  251
  271
  286
  301
  318
  335
  352
  371
  391
  411
  432
  454
  478
  502
  528
  555
  583
  612
  643
  675
  709

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
  921
  990
  1,062
  1,137
  1,214
  1,295
  1,379
  1,467
  1,558
  1,652
  1,751
  1,854
  1,961
  2,073
  2,190
  2,313
  2,440
  2,574
  2,713
  2,859
  3,012
  3,171
  3,339
  3,514
  3,698
  3,890
  4,091
  4,303
  4,524
  4,756
Adjusted assets (=assets-cash), $m
  854
  921
  990
  1,062
  1,137
  1,214
  1,295
  1,379
  1,467
  1,558
  1,652
  1,751
  1,854
  1,961
  2,073
  2,190
  2,313
  2,440
  2,574
  2,713
  2,859
  3,012
  3,171
  3,339
  3,514
  3,698
  3,890
  4,091
  4,303
  4,524
  4,756
Revenue / Adjusted assets
  1.980
  1.979
  1.980
  1.979
  1.979
  1.980
  1.980
  1.980
  1.980
  1.979
  1.981
  1.980
  1.980
  1.981
  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
  250
  269
  288
  308
  329
  351
  374
  398
  423
  448
  475
  503
  532
  562
  594
  627
  662
  698
  736
  776
  817
  860
  906
  953
  1,003
  1,055
  1,110
  1,167
  1,227
  1,290
Working capital, $m
  509
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
Total debt, $m
  1,172
  265
  327
  392
  459
  529
  602
  677
  756
  838
  923
  1,012
  1,105
  1,201
  1,302
  1,407
  1,517
  1,632
  1,752
  1,878
  2,009
  2,146
  2,290
  2,441
  2,599
  2,764
  2,937
  3,118
  3,308
  3,508
  3,717
Total liabilities, $m
  1,736
  829
  891
  956
  1,023
  1,093
  1,166
  1,241
  1,320
  1,402
  1,487
  1,576
  1,669
  1,765
  1,866
  1,971
  2,081
  2,196
  2,316
  2,442
  2,573
  2,710
  2,854
  3,005
  3,163
  3,328
  3,501
  3,682
  3,872
  4,072
  4,281
Total equity, $m
  -332
  92
  99
  106
  114
  121
  130
  138
  147
  156
  165
  175
  185
  196
  207
  219
  231
  244
  257
  271
  286
  301
  317
  334
  351
  370
  389
  409
  430
  452
  476
Total liabilities and equity, $m
  1,404
  921
  990
  1,062
  1,137
  1,214
  1,296
  1,379
  1,467
  1,558
  1,652
  1,751
  1,854
  1,961
  2,073
  2,190
  2,312
  2,440
  2,573
  2,713
  2,859
  3,011
  3,171
  3,339
  3,514
  3,698
  3,890
  4,091
  4,302
  4,524
  4,757
Debt-to-equity ratio
  -3.530
  2.870
  3.300
  3.690
  4.040
  4.360
  4.650
  4.910
  5.150
  5.380
  5.590
  5.780
  5.960
  6.120
  6.280
  6.430
  6.560
  6.690
  6.810
  6.920
  7.030
  7.130
  7.220
  7.310
  7.390
  7.470
  7.550
  7.620
  7.690
  7.750
  7.810
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
  121
  154
  165
  176
  187
  199
  211
  224
  237
  251
  271
  286
  301
  318
  335
  352
  371
  391
  411
  432
  454
  478
  502
  528
  555
  583
  612
  643
  675
  709
Depreciation, amort., depletion, $m
  22
  25
  27
  28
  29
  31
  33
  34
  36
  38
  40
  34
  36
  39
  41
  43
  45
  48
  51
  53
  56
  59
  62
  66
  69
  73
  76
  80
  85
  89
  93
Funds from operations, $m
  37
  146
  181
  193
  205
  218
  231
  245
  260
  275
  291
  305
  322
  340
  358
  378
  398
  419
  441
  464
  488
  514
  540
  568
  597
  627
  659
  693
  728
  764
  803
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
  146
  181
  193
  205
  218
  232
  245
  260
  275
  291
  305
  322
  340
  359
  378
  398
  419
  441
  464
  489
  514
  540
  568
  597
  628
  660
  693
  728
  765
  803
Maintenance CAPEX, $m
  0
  -17
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -29
  -31
  -32
  -34
  -36
  -39
  -41
  -43
  -45
  -48
  -51
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -76
  -80
  -85
  -89
New CAPEX, $m
  -27
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -48
  -50
  -52
  -55
  -57
  -60
  -63
Cash from investing activities, $m
  -1
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -59
  -62
  -65
  -69
  -73
  -76
  -80
  -84
  -89
  -93
  -97
  -102
  -107
  -114
  -119
  -125
  -131
  -137
  -145
  -152
Free cash flow, $m
  97
  111
  144
  154
  164
  175
  186
  197
  209
  221
  234
  246
  260
  274
  290
  305
  322
  339
  357
  376
  396
  416
  438
  460
  484
  509
  535
  562
  590
  620
  651
Issuance/(repayment) of debt, $m
  272
  -867
  62
  65
  67
  70
  73
  76
  79
  82
  85
  89
  93
  97
  101
  105
  110
  115
  120
  126
  131
  137
  144
  151
  158
  165
  173
  181
  190
  199
  209
Issuance/(repurchase) of shares, $m
  0
  814
  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
  -53
  62
  65
  67
  70
  73
  76
  79
  82
  85
  89
  93
  97
  101
  105
  110
  115
  120
  126
  131
  137
  144
  151
  158
  165
  173
  181
  190
  199
  209
Total cash flow (excl. dividends), $m
  352
  57
  206
  219
  231
  245
  258
  273
  288
  303
  320
  335
  352
  371
  390
  411
  432
  454
  477
  502
  527
  554
  582
  611
  642
  674
  708
  743
  780
  819
  860
Retained Cash Flow (-), $m
  126
  -934
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
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
 
  -367
  200
  212
  224
  237
  250
  264
  279
  294
  310
  325
  342
  360
  379
  399
  420
  441
  464
  488
  513
  539
  566
  594
  624
  656
  689
  723
  759
  797
  837
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
 
  -334
  164
  156
  146
  136
  124
  112
  100
  88
  76
  65
  54
  45
  36
  29
  22
  17
  13
  9
  6
  4
  3
  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 43.3
Price to Sales 1.8
Price to Book -9.3
Price to Tangible Book
Price to Cash Flow 31.4
Price to Free Cash Flow 43.3
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 7.8% 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 135.2 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 $3.1 billion.

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COMPANY NEWS

▶ 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]
▶ 3 High-Risk Dividend Stocks You Should Probably Avoid   [Mar-16-17 11:09AM  Motley Fool]
▶ Vector Group Declares Quarterly Cash Dividend   [Mar-07-17 04:45PM  Business Wire]
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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