Intrinsic value of Universal - UVV

Previous Close

$66.98

  Intrinsic Value

$21.93

stock screener

  Rating & Target

str. sell

-67%

Previous close

$66.98

 
Intrinsic value

$21.93

 
Up/down potential

-67%

 
Rating

str. sell

We calculate the intrinsic value of UVV 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 0001), $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 1.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  33.40
  30.56
  28.00
  25.70
  23.63
  21.77
  20.09
  18.58
  17.23
  16.00
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.27
  7.04
  6.83
  6.65
  6.49
  6.34
Revenue, $m
  2,713
  3,542
  4,534
  5,700
  7,047
  8,581
  10,306
  12,221
  14,326
  16,618
  19,095
  21,751
  24,583
  27,587
  30,759
  34,095
  37,595
  41,255
  45,076
  49,059
  53,206
  57,520
  62,005
  66,666
  71,509
  76,542
  81,774
  87,213
  92,870
  98,756
Variable operating expenses, $m
  2,213
  2,887
  3,693
  4,639
  5,733
  6,979
  8,379
  9,935
  11,644
  13,506
  15,508
  17,665
  19,965
  22,405
  24,980
  27,690
  30,532
  33,505
  36,608
  39,843
  43,211
  46,714
  50,356
  54,141
  58,075
  62,163
  66,412
  70,829
  75,423
  80,203
Fixed operating expenses, $m
  210
  214
  219
  224
  229
  234
  239
  244
  249
  255
  260
  266
  272
  278
  284
  290
  297
  303
  310
  317
  324
  331
  338
  346
  353
  361
  369
  377
  385
  394
Total operating expenses, $m
  2,423
  3,101
  3,912
  4,863
  5,962
  7,213
  8,618
  10,179
  11,893
  13,761
  15,768
  17,931
  20,237
  22,683
  25,264
  27,980
  30,829
  33,808
  36,918
  40,160
  43,535
  47,045
  50,694
  54,487
  58,428
  62,524
  66,781
  71,206
  75,808
  80,597
Operating income, $m
  290
  441
  623
  837
  1,085
  1,369
  1,687
  2,042
  2,432
  2,857
  3,327
  3,820
  4,346
  4,905
  5,494
  6,115
  6,766
  7,447
  8,158
  8,900
  9,672
  10,475
  11,310
  12,178
  13,081
  14,019
  14,993
  16,007
  17,062
  18,159
EBITDA, $m
  341
  505
  702
  934
  1,202
  1,509
  1,854
  2,237
  2,659
  3,119
  3,616
  4,150
  4,719
  5,323
  5,961
  6,632
  7,336
  8,073
  8,842
  9,644
  10,479
  11,347
  12,251
  13,190
  14,165
  15,179
  16,234
  17,330
  18,470
  19,657
Interest expense (income), $m
  16
  22
  37
  55
  77
  102
  131
  164
  201
  243
  288
  338
  392
  449
  511
  576
  644
  716
  792
  871
  954
  1,040
  1,130
  1,223
  1,321
  1,421
  1,526
  1,635
  1,748
  1,866
  1,989
Earnings before tax, $m
  268
  404
  568
  761
  984
  1,238
  1,523
  1,840
  2,189
  2,569
  2,989
  3,428
  3,897
  4,394
  4,919
  5,471
  6,049
  6,655
  7,287
  7,946
  8,631
  9,345
  10,087
  10,858
  11,659
  12,492
  13,358
  14,259
  15,195
  16,170
Tax expense, $m
  72
  109
  153
  205
  266
  334
  411
  497
  591
  694
  807
  926
  1,052
  1,186
  1,328
  1,477
  1,633
  1,797
  1,967
  2,145
  2,330
  2,523
  2,723
  2,932
  3,148
  3,373
  3,607
  3,850
  4,103
  4,366
Net income, $m
  196
  295
  415
  555
  718
  904
  1,112
  1,344
  1,598
  1,875
  2,182
  2,503
  2,845
  3,208
  3,591
  3,994
  4,416
  4,858
  5,319
  5,800
  6,301
  6,822
  7,363
  7,926
  8,511
  9,119
  9,752
  10,409
  11,093
  11,804

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  2,877
  3,757
  4,809
  6,045
  7,473
  9,100
  10,928
  12,959
  15,192
  17,623
  20,249
  23,066
  26,069
  29,255
  32,618
  36,156
  39,867
  43,749
  47,801
  52,025
  56,422
  60,997
  65,752
  70,695
  75,831
  81,169
  86,717
  92,485
  98,484
  104,725
Adjusted assets (=assets-cash), $m
  2,877
  3,757
  4,809
  6,045
  7,473
  9,100
  10,928
  12,959
  15,192
  17,623
  20,249
  23,066
  26,069
  29,255
  32,618
  36,156
  39,867
  43,749
  47,801
  52,025
  56,422
  60,997
  65,752
  70,695
  75,831
  81,169
  86,717
  92,485
  98,484
  104,725
Revenue / Adjusted assets
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
Average production assets, $m
  494
  645
  825
  1,037
  1,283
  1,562
  1,876
  2,224
  2,607
  3,025
  3,475
  3,959
  4,474
  5,021
  5,598
  6,205
  6,842
  7,508
  8,204
  8,929
  9,684
  10,469
  11,285
  12,133
  13,015
  13,931
  14,883
  15,873
  16,902
  17,974
Working capital, $m
  1,357
  1,771
  2,267
  2,850
  3,524
  4,291
  5,153
  6,110
  7,163
  8,309
  9,547
  10,876
  12,292
  13,794
  15,379
  17,048
  18,797
  20,627
  22,538
  24,530
  26,603
  28,760
  31,002
  33,333
  35,755
  38,271
  40,887
  43,607
  46,435
  49,378
Total debt, $m
  688
  1,020
  1,418
  1,885
  2,425
  3,040
  3,731
  4,499
  5,343
  6,262
  7,254
  8,319
  9,454
  10,658
  11,930
  13,267
  14,670
  16,137
  17,669
  19,265
  20,928
  22,657
  24,455
  26,323
  28,264
  30,282
  32,379
  34,559
  36,827
  39,186
Total liabilities, $m
  1,088
  1,420
  1,818
  2,285
  2,825
  3,440
  4,131
  4,899
  5,742
  6,661
  7,654
  8,719
  9,854
  11,058
  12,330
  13,667
  15,070
  16,537
  18,069
  19,665
  21,328
  23,057
  24,854
  26,723
  28,664
  30,682
  32,779
  34,959
  37,227
  39,586
Total equity, $m
  1,790
  2,337
  2,991
  3,760
  4,648
  5,660
  6,797
  8,061
  9,449
  10,961
  12,595
  14,347
  16,215
  18,196
  20,289
  22,489
  24,797
  27,212
  29,732
  32,359
  35,095
  37,940
  40,898
  43,972
  47,167
  50,487
  53,938
  57,526
  61,257
  65,139
Total liabilities and equity, $m
  2,878
  3,757
  4,809
  6,045
  7,473
  9,100
  10,928
  12,960
  15,191
  17,622
  20,249
  23,066
  26,069
  29,254
  32,619
  36,156
  39,867
  43,749
  47,801
  52,024
  56,423
  60,997
  65,752
  70,695
  75,831
  81,169
  86,717
  92,485
  98,484
  104,725
Debt-to-equity ratio
  0.380
  0.440
  0.470
  0.500
  0.520
  0.540
  0.550
  0.560
  0.570
  0.570
  0.580
  0.580
  0.580
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
Adjusted equity ratio
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  196
  295
  415
  555
  718
  904
  1,112
  1,344
  1,598
  1,875
  2,182
  2,503
  2,845
  3,208
  3,591
  3,994
  4,416
  4,858
  5,319
  5,800
  6,301
  6,822
  7,363
  7,926
  8,511
  9,119
  9,752
  10,409
  11,093
  11,804
Depreciation, amort., depletion, $m
  51
  64
  79
  96
  117
  140
  166
  195
  227
  262
  290
  330
  373
  418
  467
  517
  570
  626
  684
  744
  807
  872
  940
  1,011
  1,085
  1,161
  1,240
  1,323
  1,409
  1,498
Funds from operations, $m
  247
  359
  493
  652
  835
  1,044
  1,278
  1,539
  1,825
  2,137
  2,471
  2,833
  3,218
  3,626
  4,057
  4,511
  4,986
  5,484
  6,003
  6,544
  7,108
  7,694
  8,304
  8,937
  9,596
  10,280
  10,992
  11,732
  12,501
  13,302
Change in working capital, $m
  340
  415
  496
  583
  674
  767
  862
  958
  1,053
  1,146
  1,238
  1,328
  1,416
  1,502
  1,586
  1,668
  1,750
  1,830
  1,911
  1,992
  2,073
  2,157
  2,242
  2,330
  2,422
  2,517
  2,616
  2,720
  2,828
  2,943
Cash from operations, $m
  -93
  -56
  -3
  69
  161
  276
  416
  581
  773
  991
  1,233
  1,504
  1,802
  2,124
  2,471
  2,842
  3,237
  3,654
  4,092
  4,553
  5,034
  5,537
  6,061
  6,607
  7,174
  7,764
  8,376
  9,012
  9,673
  10,359
Maintenance CAPEX, $m
  -31
  -41
  -54
  -69
  -86
  -107
  -130
  -156
  -185
  -217
  -252
  -290
  -330
  -373
  -418
  -467
  -517
  -570
  -626
  -684
  -744
  -807
  -872
  -940
  -1,011
  -1,085
  -1,161
  -1,240
  -1,323
  -1,409
New CAPEX, $m
  -124
  -151
  -181
  -212
  -245
  -279
  -314
  -349
  -383
  -417
  -451
  -483
  -515
  -547
  -577
  -607
  -637
  -666
  -695
  -725
  -755
  -785
  -816
  -848
  -882
  -916
  -952
  -990
  -1,030
  -1,071
Cash from investing activities, $m
  -155
  -192
  -235
  -281
  -331
  -386
  -444
  -505
  -568
  -634
  -703
  -773
  -845
  -920
  -995
  -1,074
  -1,154
  -1,236
  -1,321
  -1,409
  -1,499
  -1,592
  -1,688
  -1,788
  -1,893
  -2,001
  -2,113
  -2,230
  -2,353
  -2,480
Free cash flow, $m
  -248
  -248
  -237
  -212
  -170
  -110
  -28
  76
  204
  356
  530
  731
  956
  1,205
  1,476
  1,769
  2,083
  2,417
  2,771
  3,144
  3,536
  3,945
  4,373
  4,818
  5,281
  5,763
  6,263
  6,782
  7,320
  7,879
Issuance/(repayment) of debt, $m
  273
  332
  398
  467
  540
  615
  691
  768
  844
  919
  993
  1,065
  1,135
  1,204
  1,271
  1,337
  1,403
  1,467
  1,532
  1,597
  1,662
  1,729
  1,798
  1,868
  1,942
  2,018
  2,097
  2,180
  2,268
  2,359
Issuance/(repurchase) of shares, $m
  252
  252
  240
  213
  170
  108
  25
  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  
  525
  584
  638
  680
  710
  723
  716
  768
  844
  919
  993
  1,065
  1,135
  1,204
  1,271
  1,337
  1,403
  1,467
  1,532
  1,597
  1,662
  1,729
  1,798
  1,868
  1,942
  2,018
  2,097
  2,180
  2,268
  2,359
Total cash flow (excl. dividends), $m
  277
  336
  400
  469
  540
  614
  689
  844
  1,048
  1,275
  1,523
  1,796
  2,092
  2,409
  2,747
  3,106
  3,485
  3,884
  4,303
  4,741
  5,198
  5,674
  6,170
  6,687
  7,223
  7,781
  8,360
  8,962
  9,588
  10,239
Retained Cash Flow (-), $m
  -447
  -547
  -654
  -769
  -889
  -1,012
  -1,137
  -1,263
  -1,388
  -1,512
  -1,634
  -1,752
  -1,868
  -1,981
  -2,092
  -2,201
  -2,308
  -2,414
  -2,521
  -2,627
  -2,735
  -2,845
  -2,958
  -3,074
  -3,195
  -3,320
  -3,451
  -3,588
  -3,731
  -3,882
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
  -170
  -211
  -254
  -300
  -348
  -398
  -449
  -419
  -340
  -237
  -111
  44
  223
  427
  655
  905
  1,177
  1,470
  1,782
  2,114
  2,463
  2,829
  3,212
  3,612
  4,028
  4,461
  4,909
  5,374
  5,857
  6,356
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  -163
  -193
  -221
  -247
  -270
  -289
  -303
  -262
  -196
  -124
  -52
  19
  85
  143
  192
  230
  256
  271
  274
  269
  255
  235
  211
  184
  157
  130
  105
  83
  64
  48
Current shareholders' claim on cash, %
  86.9
  78.1
  72.2
  68.2
  65.8
  64.6
  64.4
  64.4
  64.4
  64.4
  64.4
  64.4
  64.4
  64.4
  64.4
  64.4
  64.4
  64.4
  64.4
  64.4
  64.4
  64.4
  64.4
  64.4
  64.4
  64.4
  64.4
  64.4
  64.4
  64.4

Universal Corporation is a leaf tobacco supplier. The Company is engaged in procuring, financing, processing, packing, storing and shipping leaf tobacco for sale to manufacturers of consumer tobacco products. The Company's segments include North America, South America, Africa, Europe, Asia, Dark Air-Cured, Oriental and Special Services. North America, South America, Africa, Europe and Asia are involved in flue-cured and/or burley leaf tobacco operations for supply to cigarette manufacturers. The Dark Air-Cured group supplies dark air-cured tobacco to manufacturers of cigars, pipe tobacco and smokeless tobacco products. The Oriental business supplies oriental tobacco to cigarette manufacturers. Special Services segment includes the Company's laboratory services business, which provides physical and chemical product testing and smoke testing for customers, as well as its liquid nicotine joint venture and its food and vegetable ingredients business.

FINANCIAL RATIOS  of  Universal (UVV)

Valuation Ratios
P/E Ratio 16
Price to Sales 0.8
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 6.8
Price to Free Cash Flow 7.9
Growth Rates
Sales Growth Rate -2.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -23.4%
Cap. Spend. - 3 Yr. Gr. Rate -4.8%
Financial Strength
Quick Ratio 5
Current Ratio 0.3
LT Debt to Equity 28.7%
Total Debt to Equity 33.3%
Interest Coverage 12
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 5.5%
Return On Total Capital 6%
Ret/ On T. Cap. - 3 Yr. Avg. 6.1%
Return On Equity 7.9%
Return On Equity - 3 Yr. Avg. 8%
Asset Turnover 1
Profitability Ratios
Gross Margin 19.1%
Gross Margin - 3 Yr. Avg. 18.8%
EBITDA Margin 10.7%
EBITDA Margin - 3 Yr. Avg. 10.3%
Operating Margin 8.6%
Oper. Margin - 3 Yr. Avg. 8.2%
Pre-Tax Margin 8.2%
Pre-Tax Margin - 3 Yr. Avg. 7.8%
Net Profit Margin 5.1%
Net Profit Margin - 3 Yr. Avg. 5.1%
Effective Tax Rate 33.1%
Eff/ Tax Rate - 3 Yr. Avg. 29.7%
Payout Ratio 57.5%

UVV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UVV stock intrinsic value calculation we used $2033.947 million for the last fiscal year's total revenue generated by Universal. The default revenue input number comes from 0001 income statement of Universal. 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 UVV stock valuation model: a) initial revenue growth rate of 33.4% 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 4.3%, whose default value for UVV is calculated based on our internal credit rating of Universal, 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 Universal.
    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 UVV stock the variable cost ratio is equal to 81.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $205 million in the base year in the intrinsic value calculation for UVV 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 5.4% for Universal.

Corporate tax rate of 27% is the nominal tax rate for Universal. 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 UVV 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 UVV are equal to 18.2%.

Life of production assets of 12 years is the average useful life of capital assets used in Universal 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 UVV is equal to 50%. 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 - $1342.429 million for Universal - 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 24.957 million for Universal 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 Universal at the current share price and the inputted number of shares is $1.7 billion.

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COMPANY NEWS

▶ Universal Corp.: Fiscal 2Q Earnings Snapshot   [Nov-08-18 06:41PM  Associated Press]
▶ MoviePass trying to save their tail   [01:35PM  Yahoo Finance Video]
▶ Universal Corporation Announces Conference Call   [Oct-31-18 01:57PM  PR Newswire]
▶ 3 Tobacco Stocks Quietly Rising   [12:47PM  Investopedia]
▶ 3 Top Tobacco Stocks Still Burning Strong   [Oct-18-18 12:30PM  InvestorPlace]
▶ 20 Dividend Stocks to Fund 20 Years of Retirement   [Aug-13-18 03:46PM  Kiplinger]
▶ Universal Corp.: Fiscal 1Q Earnings Snapshot   [Aug-07-18 06:07PM  Associated Press]
▶ Universal Corporation Announces Conference Call   [Jul-31-18 09:19AM  PR Newswire]
▶ Universal Corporation Sets Annual Meeting Date   [May-29-18 12:07PM  PR Newswire]
▶ Best-In-Class Dividend Stocks   [May-27-18 09:02AM  Simply Wall St.]
▶ Universal Corp.: Fiscal 4Q Earnings Snapshot   [May-23-18 04:40PM  Associated Press]
▶ Universal Corporation Announces Conference Call   [May-18-18 04:03PM  PR Newswire]
▶ Is your e-cigarette collecting data on you?   [May-15-18 01:50PM  Yahoo Finance Video]
▶ Universal Corp. posts 3Q profit   [Feb-06-18 06:25PM  Associated Press]
▶ Universal Corporation Announces Conference Call   [Jan-23-18 11:41AM  PR Newswire]
▶ ETFs with exposure to Universal Corp. : November 27, 2017   [Nov-27-17 04:14PM  Capital Cube]
▶ These 3 Stocks Just Raised Their Dividends   [Nov-14-17 08:19AM  Motley Fool]
▶ Universal Corp. posts 2Q profit   [Nov-07-17 06:44PM  Associated Press]
▶ Universal Corporation Announces Conference Call   [Oct-25-17 03:28PM  PR Newswire]
▶ ETFs with exposure to Universal Corp. : August 18, 2017   [Aug-18-17 06:28PM  Capital Cube]
▶ Universal Corp. posts 1Q profit   [Aug-04-17 08:13PM  Associated Press]
▶ Universal Corporation Announces Conference Call   [Jul-21-17 09:48AM  PR Newswire]
▶ The Top Dividend-Growing Consumer Staples Stocks   [Jul-12-17 02:44PM  Market Realist]
▶ ETFs with exposure to Universal Corp. : July 10, 2017   [Jul-10-17 03:27PM  Capital Cube]
▶ ETFs with exposure to Universal Corp. : June 28, 2017   [Jun-28-17 03:07PM  Capital Cube]
▶ ETFs with exposure to Universal Corp. : June 13, 2017   [Jun-13-17 01:01PM  Capital Cube]
▶ ETFs with exposure to Universal Corp. : June 2, 2017   [Jun-02-17 02:36PM  Capital Cube]
▶ Universal Corp. posts 4Q profit   [May-23-17 04:39PM  Associated Press]
▶ Universal Corp. Value Analysis (NYSE:UVV) : May 19, 2017   [May-19-17 02:42PM  Capital Cube]
▶ 3 Dividend Stocks You Haven't Thought Of   [May-17-17 03:42PM  Motley Fool]
▶ Universal Corporation Announces Conference Call   [May-11-17 02:09PM  PR Newswire]

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