Intrinsic value of Vector Group - VGR

Previous Close

$21.14

  Intrinsic Value

$5.22

stock screener

  Rating & Target

str. sell

-75%

  Value-price divergence*

-52%

Previous close

$21.14

 
Intrinsic value

$5.22

 
Up/down potential

-75%

 
Rating

str. sell

 
Value-price divergence*

-52%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 2.7

 

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
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.87
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.59
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
Revenue, $m
  1,691
  1,841
  1,998
  2,161
  2,331
  2,507
  2,690
  2,880
  3,078
  3,284
  3,497
  3,720
  3,951
  4,192
  4,444
  4,705
  4,978
  5,263
  5,561
  5,871
  6,196
  6,535
  6,890
  7,261
  7,649
  8,055
  8,480
  8,926
  9,392
  9,881
  10,393
Variable operating expenses, $m
 
  1,635
  1,773
  1,917
  2,067
  2,223
  2,385
  2,553
  2,727
  2,909
  3,098
  3,288
  3,492
  3,705
  3,927
  4,159
  4,400
  4,652
  4,915
  5,189
  5,476
  5,776
  6,089
  6,417
  6,760
  7,119
  7,495
  7,888
  8,301
  8,733
  9,185
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
  1,635
  1,773
  1,917
  2,067
  2,223
  2,385
  2,553
  2,727
  2,909
  3,098
  3,288
  3,492
  3,705
  3,927
  4,159
  4,400
  4,652
  4,915
  5,189
  5,476
  5,776
  6,089
  6,417
  6,760
  7,119
  7,495
  7,888
  8,301
  8,733
  9,185
Operating income, $m
  226
  207
  225
  244
  264
  284
  305
  328
  351
  374
  399
  432
  459
  487
  516
  547
  578
  612
  646
  682
  720
  759
  801
  844
  889
  936
  985
  1,037
  1,091
  1,148
  1,208
EBITDA, $m
  248
  232
  252
  273
  294
  316
  339
  363
  388
  414
  441
  469
  498
  529
  560
  593
  628
  664
  701
  741
  781
  824
  869
  916
  965
  1,016
  1,070
  1,126
  1,185
  1,246
  1,311
Interest expense (income), $m
  0
  41
  28
  33
  37
  41
  46
  51
  56
  61
  66
  72
  78
  84
  90
  97
  103
  111
  118
  126
  134
  142
  151
  161
  170
  180
  191
  202
  214
  226
  239
Earnings before tax, $m
  126
  166
  197
  211
  227
  243
  260
  277
  295
  314
  333
  360
  382
  404
  426
  450
  475
  501
  528
  556
  586
  617
  649
  683
  719
  756
  794
  835
  878
  922
  969
Tax expense, $m
  49
  45
  53
  57
  61
  66
  70
  75
  80
  85
  90
  97
  103
  109
  115
  122
  128
  135
  143
  150
  158
  167
  175
  184
  194
  204
  214
  225
  237
  249
  262
Net income, $m
  71
  121
  144
  154
  166
  177
  190
  202
  215
  229
  243
  263
  279
  295
  311
  329
  347
  366
  386
  406
  428
  450
  474
  499
  525
  552
  580
  610
  641
  673
  707

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
  1,529
  1,660
  1,795
  1,936
  2,082
  2,234
  2,392
  2,556
  2,727
  2,905
  3,090
  3,282
  3,482
  3,691
  3,908
  4,135
  4,372
  4,619
  4,877
  5,146
  5,428
  5,722
  6,030
  6,353
  6,690
  7,043
  7,413
  7,801
  8,207
  8,632
Adjusted assets (=assets-cash), $m
  854
  1,529
  1,660
  1,795
  1,936
  2,082
  2,234
  2,392
  2,556
  2,727
  2,905
  3,090
  3,282
  3,482
  3,691
  3,908
  4,135
  4,372
  4,619
  4,877
  5,146
  5,428
  5,722
  6,030
  6,353
  6,690
  7,043
  7,413
  7,801
  8,207
  8,632
Revenue / Adjusted assets
  1.980
  1.204
  1.204
  1.204
  1.204
  1.204
  1.204
  1.204
  1.204
  1.204
  1.204
  1.204
  1.204
  1.204
  1.204
  1.204
  1.204
  1.204
  1.204
  1.204
  1.204
  1.204
  1.204
  1.204
  1.204
  1.204
  1.204
  1.204
  1.204
  1.204
  1.204
Average production assets, $m
  232
  252
  274
  296
  319
  343
  369
  395
  422
  450
  479
  510
  541
  574
  609
  645
  682
  721
  762
  804
  849
  895
  944
  995
  1,048
  1,104
  1,162
  1,223
  1,287
  1,354
  1,424
Working capital, $m
  509
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
Total debt, $m
  1,172
  813
  930
  1,052
  1,178
  1,310
  1,447
  1,589
  1,737
  1,891
  2,050
  2,217
  2,390
  2,570
  2,758
  2,953
  3,157
  3,370
  3,593
  3,825
  4,067
  4,321
  4,586
  4,863
  5,153
  5,457
  5,775
  6,108
  6,457
  6,822
  7,205
Total liabilities, $m
  1,736
  1,377
  1,494
  1,616
  1,742
  1,874
  2,011
  2,153
  2,301
  2,455
  2,614
  2,781
  2,954
  3,134
  3,322
  3,517
  3,721
  3,934
  4,157
  4,389
  4,631
  4,885
  5,150
  5,427
  5,717
  6,021
  6,339
  6,672
  7,021
  7,386
  7,769
Total equity, $m
  -332
  153
  166
  180
  194
  208
  223
  239
  256
  273
  290
  309
  328
  348
  369
  391
  413
  437
  462
  488
  515
  543
  572
  603
  635
  669
  704
  741
  780
  821
  863
Total liabilities and equity, $m
  1,404
  1,530
  1,660
  1,796
  1,936
  2,082
  2,234
  2,392
  2,557
  2,728
  2,904
  3,090
  3,282
  3,482
  3,691
  3,908
  4,134
  4,371
  4,619
  4,877
  5,146
  5,428
  5,722
  6,030
  6,352
  6,690
  7,043
  7,413
  7,801
  8,207
  8,632
Debt-to-equity ratio
  -3.530
  5.310
  5.600
  5.860
  6.090
  6.290
  6.480
  6.640
  6.790
  6.930
  7.060
  7.170
  7.280
  7.380
  7.470
  7.560
  7.640
  7.710
  7.780
  7.840
  7.900
  7.960
  8.010
  8.060
  8.110
  8.160
  8.200
  8.240
  8.280
  8.310
  8.350
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
  144
  154
  166
  177
  190
  202
  215
  229
  243
  263
  279
  295
  311
  329
  347
  366
  386
  406
  428
  450
  474
  499
  525
  552
  580
  610
  641
  673
  707
Depreciation, amort., depletion, $m
  22
  25
  27
  29
  30
  32
  34
  36
  38
  40
  42
  37
  39
  42
  44
  47
  49
  52
  55
  58
  62
  65
  68
  72
  76
  80
  84
  89
  93
  98
  103
Funds from operations, $m
  37
  146
  170
  183
  196
  209
  223
  238
  253
  269
  285
  300
  318
  336
  355
  375
  396
  418
  441
  465
  489
  515
  542
  571
  600
  632
  664
  698
  734
  771
  810
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
  -1
Cash from operations, $m
  98
  147
  171
  183
  196
  210
  224
  238
  253
  269
  285
  300
  318
  336
  356
  376
  397
  418
  441
  465
  490
  516
  543
  571
  601
  632
  665
  699
  734
  772
  811
Maintenance CAPEX, $m
  0
  -17
  -18
  -20
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -62
  -65
  -68
  -72
  -76
  -80
  -84
  -89
  -93
  -98
New CAPEX, $m
  -27
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -44
  -46
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
Cash from investing activities, $m
  -1
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
  -93
  -98
  -102
  -108
  -114
  -119
  -125
  -132
  -138
  -145
  -153
  -160
  -168
Free cash flow, $m
  97
  110
  131
  141
  151
  162
  174
  185
  197
  210
  223
  235
  249
  264
  280
  296
  312
  330
  348
  367
  387
  408
  429
  452
  476
  500
  526
  553
  582
  612
  643
Issuance/(repayment) of debt, $m
  272
  -359
  117
  122
  127
  132
  137
  142
  148
  154
  160
  166
  173
  180
  188
  196
  204
  213
  222
  232
  243
  254
  265
  277
  290
  304
  318
  333
  349
  365
  383
Issuance/(repurchase) of shares, $m
  0
  364
  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
  5
  117
  122
  127
  132
  137
  142
  148
  154
  160
  166
  173
  180
  188
  196
  204
  213
  222
  232
  243
  254
  265
  277
  290
  304
  318
  333
  349
  365
  383
Total cash flow (excl. dividends), $m
  352
  114
  248
  263
  278
  294
  310
  328
  345
  364
  383
  401
  422
  444
  467
  491
  517
  543
  570
  599
  629
  661
  694
  729
  766
  804
  844
  886
  931
  977
  1,026
Retained Cash Flow (-), $m
  126
  -485
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
Prev. year cash balance distribution, $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 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
 
  -371
  235
  249
  264
  279
  295
  312
  329
  347
  365
  383
  403
  424
  446
  470
  494
  519
  546
  573
  603
  633
  665
  698
  734
  770
  809
  849
  892
  936
  983
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
 
  -338
  194
  184
  172
  160
  147
  132
  118
  104
  90
  76
  64
  53
  43
  34
  26
  20
  15
  11
  8
  5
  3
  2
  1
  1
  1
  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., through its subsidiaries, manufactures and sells cigarettes in the United States. It operates through Tobacco, E-Cigarettes, and Real Estate segments. The company produces cigarettes in 117 combinations under the EAGLE 20's, PYRAMID, GRAND PRIX, LIGGETT SELECT, and EVE brand names, as well as USA and various partner brands, and private label brands. It also sells electronic cigarettes. In addition, the company provides residential brokerage, relocation, and real estate sales and marketing services, as well as title and settlement services to real estate companies and financial institutions; manages cooperatives, condominiums, and apartments; invests in, acquires, and owns real estate properties; and engages in land development activities. Further, it operates elliman.com, which enables property search services and offers market information, as well as building and neighborhood guides, and other interactive content; and AskElliman.com that facilitates communication with consumers, providing them with access to information from real estate to mortgage financing, to specific neighborhoods. Vector Group Ltd. markets and sells its cigarettes to candy and tobacco distributors, as well as grocery, drug, and convenience store chains. The company was formerly known as Brooke Group Ltd. Vector Group Ltd. was founded in 1911 and is based in Miami, Florida.

FINANCIAL RATIOS  of  Vector Group (VGR)

Valuation Ratios
P/E Ratio 38
Price to Sales 1.6
Price to Book -8.1
Price to Tangible Book
Price to Cash Flow 27.6
Price to Free Cash Flow 38
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 8.9% 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 126.833 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 $2.7 billion.

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COMPANY NEWS

▶ 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]
▶ Vector posts 4Q profit   [Mar-01-17 05:11PM  Associated Press]
▶ Here's How to Find the Best Dividend Stocks   [Feb-15-17 01:06PM  at Motley Fool]
▶ 3 Terrible Dividend Stocks for Retirees   [Jan-16-17 11:31AM  at Motley Fool]
▶ The Buffett of Biotech's Portfolio   [09:15AM  at Forbes]
▶ Can Vector Group Ltd.'s Dividend Even Survive?   [Dec-17-16 01:00PM  at Motley Fool]
▶ Is UMB Financial Corporation (UMBF) a Good Stock to Buy?   [Dec-13-16 08:47AM  at Insider Monkey]
▶ Hedge Funds Are Dumping Vector Group Ltd (VGR)   [Dec-12-16 04:40AM  at Insider Monkey]
▶ Vector Group Declares Quarterly Cash Dividend   [Dec-06-16 04:15PM  Business Wire]
▶ 5 views on real estate from ULI condo conference   [Nov-30-16 03:45PM  at bizjournals.com]
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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