Intrinsic value of Vector Group - VGR

Previous Close

$14.16

  Intrinsic Value

$1.69

stock screener

  Rating & Target

str. sell

-88%

Previous close

$14.16

 
Intrinsic value

$1.69

 
Up/down potential

-88%

 
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 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 1.9

 

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, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,844
  1,886
  1,934
  1,989
  2,049
  2,115
  2,187
  2,265
  2,349
  2,440
  2,536
  2,639
  2,749
  2,865
  2,989
  3,120
  3,258
  3,405
  3,560
  3,723
  3,896
  4,078
  4,270
  4,472
  4,685
  4,909
  5,145
  5,393
  5,654
  5,929
Variable operating expenses, $m
  1,589
  1,625
  1,666
  1,712
  1,763
  1,819
  1,880
  1,946
  2,017
  2,094
  2,149
  2,236
  2,329
  2,427
  2,532
  2,643
  2,760
  2,885
  3,016
  3,154
  3,301
  3,455
  3,617
  3,789
  3,969
  4,159
  4,359
  4,569
  4,790
  5,023
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
  1,589
  1,625
  1,666
  1,712
  1,763
  1,819
  1,880
  1,946
  2,017
  2,094
  2,149
  2,236
  2,329
  2,427
  2,532
  2,643
  2,760
  2,885
  3,016
  3,154
  3,301
  3,455
  3,617
  3,789
  3,969
  4,159
  4,359
  4,569
  4,790
  5,023
Operating income, $m
  255
  261
  269
  277
  286
  296
  307
  319
  332
  346
  388
  403
  420
  438
  457
  477
  498
  520
  544
  569
  595
  623
  652
  683
  716
  750
  786
  824
  864
  906
EBITDA, $m
  294
  301
  308
  317
  327
  337
  349
  361
  375
  389
  404
  421
  438
  457
  476
  497
  519
  543
  567
  594
  621
  650
  681
  713
  747
  783
  820
  860
  901
  945
Interest expense (income), $m
  0
  178
  70
  73
  77
  81
  85
  90
  96
  102
  108
  115
  122
  130
  138
  147
  156
  166
  177
  188
  200
  212
  225
  239
  253
  269
  285
  302
  320
  338
  358
Earnings before tax, $m
  77
  192
  196
  200
  206
  211
  217
  224
  231
  238
  273
  281
  290
  300
  310
  320
  332
  343
  356
  369
  383
  398
  414
  430
  447
  465
  484
  505
  526
  548
Tax expense, $m
  21
  52
  53
  54
  55
  57
  59
  60
  62
  64
  74
  76
  78
  81
  84
  86
  90
  93
  96
  100
  103
  107
  112
  116
  121
  126
  131
  136
  142
  148
Net income, $m
  56
  140
  143
  146
  150
  154
  158
  163
  168
  174
  199
  205
  212
  219
  226
  234
  242
  251
  260
  270
  280
  291
  302
  314
  326
  340
  354
  368
  384
  400

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
  1,069
  1,093
  1,121
  1,153
  1,188
  1,226
  1,268
  1,313
  1,362
  1,414
  1,470
  1,530
  1,593
  1,661
  1,733
  1,808
  1,889
  1,974
  2,064
  2,158
  2,258
  2,364
  2,475
  2,592
  2,716
  2,846
  2,983
  3,126
  3,278
  3,437
Adjusted assets (=assets-cash), $m
  1,069
  1,093
  1,121
  1,153
  1,188
  1,226
  1,268
  1,313
  1,362
  1,414
  1,470
  1,530
  1,593
  1,661
  1,733
  1,808
  1,889
  1,974
  2,064
  2,158
  2,258
  2,364
  2,475
  2,592
  2,716
  2,846
  2,983
  3,126
  3,278
  3,437
Revenue / Adjusted assets
  1.725
  1.726
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
  1.726
  1.725
  1.725
  1.726
  1.725
  1.725
  1.726
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
  1.725
Average production assets, $m
  243
  249
  255
  263
  270
  279
  289
  299
  310
  322
  335
  348
  363
  378
  394
  412
  430
  449
  470
  491
  514
  538
  564
  590
  618
  648
  679
  712
  746
  783
Working capital, $m
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -30
Total debt, $m
  482
  504
  529
  557
  589
  623
  661
  702
  745
  793
  843
  897
  954
  1,014
  1,079
  1,147
  1,220
  1,296
  1,377
  1,462
  1,552
  1,647
  1,747
  1,853
  1,964
  2,081
  2,204
  2,333
  2,470
  2,613
Total liabilities, $m
  962
  984
  1,009
  1,038
  1,069
  1,104
  1,141
  1,182
  1,226
  1,273
  1,323
  1,377
  1,434
  1,495
  1,559
  1,628
  1,700
  1,776
  1,857
  1,943
  2,033
  2,128
  2,228
  2,333
  2,444
  2,561
  2,684
  2,814
  2,950
  3,093
Total equity, $m
  107
  109
  112
  115
  119
  123
  127
  131
  136
  141
  147
  153
  159
  166
  173
  181
  189
  197
  206
  216
  226
  236
  248
  259
  272
  285
  298
  313
  328
  344
Total liabilities and equity, $m
  1,069
  1,093
  1,121
  1,153
  1,188
  1,227
  1,268
  1,313
  1,362
  1,414
  1,470
  1,530
  1,593
  1,661
  1,732
  1,809
  1,889
  1,973
  2,063
  2,159
  2,259
  2,364
  2,476
  2,592
  2,716
  2,846
  2,982
  3,127
  3,278
  3,437
Debt-to-equity ratio
  4.510
  4.610
  4.720
  4.830
  4.960
  5.080
  5.210
  5.340
  5.470
  5.600
  5.730
  5.860
  5.990
  6.110
  6.230
  6.340
  6.460
  6.570
  6.670
  6.770
  6.870
  6.970
  7.060
  7.150
  7.230
  7.310
  7.390
  7.460
  7.530
  7.600
Adjusted equity ratio
  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
  56
  140
  143
  146
  150
  154
  158
  163
  168
  174
  199
  205
  212
  219
  226
  234
  242
  251
  260
  270
  280
  291
  302
  314
  326
  340
  354
  368
  384
  400
Depreciation, amort., depletion, $m
  39
  39
  40
  40
  40
  41
  41
  42
  42
  43
  17
  17
  18
  19
  20
  21
  22
  22
  23
  25
  26
  27
  28
  30
  31
  32
  34
  36
  37
  39
Funds from operations, $m
  95
  179
  182
  186
  190
  195
  200
  205
  211
  217
  216
  223
  230
  238
  246
  254
  264
  273
  283
  294
  306
  317
  330
  343
  357
  372
  388
  404
  421
  439
Change in working capital, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from operations, $m
  95
  179
  183
  187
  191
  195
  200
  205
  211
  217
  216
  223
  230
  238
  246
  255
  264
  274
  284
  295
  306
  318
  331
  344
  358
  373
  389
  405
  422
  440
Maintenance CAPEX, $m
  -12
  -12
  -12
  -13
  -13
  -14
  -14
  -14
  -15
  -16
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -36
  -37
New CAPEX, $m
  -4
  -6
  -6
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -34
  -36
Cash from investing activities, $m
  -16
  -18
  -18
  -20
  -21
  -23
  -24
  -24
  -26
  -28
  -29
  -31
  -31
  -33
  -35
  -37
  -39
  -41
  -42
  -45
  -48
  -50
  -52
  -55
  -58
  -61
  -63
  -67
  -70
  -73
Free cash flow, $m
  79
  162
  164
  167
  170
  173
  177
  181
  185
  190
  187
  193
  199
  205
  211
  218
  225
  233
  241
  250
  259
  269
  279
  290
  301
  313
  325
  338
  352
  367
Issuance/(repayment) of debt, $m
  -746
  22
  25
  28
  31
  35
  38
  41
  44
  47
  50
  54
  57
  61
  64
  68
  72
  76
  81
  85
  90
  95
  100
  105
  111
  117
  123
  130
  136
  143
Issuance/(repurchase) of shares, $m
  712
  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  
  -34
  22
  25
  28
  31
  35
  38
  41
  44
  47
  50
  54
  57
  61
  64
  68
  72
  76
  81
  85
  90
  95
  100
  105
  111
  117
  123
  130
  136
  143
Total cash flow (excl. dividends), $m
  45
  184
  189
  195
  201
  207
  214
  221
  229
  237
  238
  246
  256
  265
  276
  286
  298
  310
  322
  335
  349
  364
  379
  395
  412
  430
  448
  468
  489
  510
Retained Cash Flow (-), $m
  -768
  -2
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
Prev. year cash balance distribution, $m
  247
  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
  -476
  181
  186
  192
  198
  204
  210
  217
  224
  231
  232
  241
  249
  259
  268
  279
  290
  301
  313
  326
  339
  353
  368
  383
  400
  417
  435
  454
  473
  494
Discount rate, %
  12.80
  13.44
  14.11
  14.82
  15.56
  16.34
  17.15
  18.01
  18.91
  19.86
  20.85
  21.89
  22.99
  24.14
  25.34
  26.61
  27.94
  29.34
  30.80
  32.34
  33.96
  35.66
  37.44
  39.32
  41.28
  43.35
  45.51
  47.79
  50.18
  52.69
PV of cash for distribution, $m
  -422
  141
  125
  110
  96
  82
  69
  58
  47
  38
  29
  22
  17
  13
  9
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  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 26.8
Price to Sales 1.1
Price to Book -5.7
Price to Tangible Book
Price to Cash Flow 19.4
Price to Free Cash Flow 26.8
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 $1807.476 million for the last fiscal year's total revenue generated by Vector Group. The default revenue input number comes from 0001 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 2% 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 12.8%, 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 86.2%.

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 14.5% 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 13.2%.

Life of production assets of 20 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 -0.5%. 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 - $-413.919 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 134.205 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 $1.9 billion.

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COMPANY NEWS

▶ Vector: 3Q Earnings Snapshot   [08:39AM  Associated Press]
▶ An Examination Of Vector Group Ltd (NYSE:VGR)   [Oct-15-18 03:36PM  Simply Wall St.]
▶ Billionaire Opko CEO Frost among 10 named in SEC civil lawsuit   [Sep-07-18 04:41PM  American City Business Journals]
▶ Vector Group Declares Quarterly Cash Dividend   [Aug-29-18 04:30PM  Business Wire]
▶ Vector Group Ltd. to Host Earnings Call   [Aug-07-18 06:30AM  ACCESSWIRE]
▶ Vector: 2Q Earnings Snapshot   [06:47PM  Associated Press]
▶ Is Vector Group Ltd (NYSE:VGR) A Sell At Its Current PE Ratio?   [Jun-26-18 01:45PM  Simply Wall St.]
▶ Vector Group Declares Quarterly Cash Dividend   [May-29-18 05:00PM  Business Wire]
▶ Is your e-cigarette collecting data on you?   [May-15-18 01:50PM  Yahoo Finance Video]
▶ Vector: 1Q Earnings Snapshot   [07:04AM  Associated Press]
▶ Miami Beach condo project boosts construction loan to $117M   [Apr-24-18 07:01AM  American City Business Journals]
▶ March Top Staples Dividend Stock   [Mar-15-18 04:02PM  Simply Wall St.]
▶ Vector Group Declares Quarterly Cash Dividend   [Mar-05-18 04:15PM  Business Wire]
▶ Vector posts 4Q profit   [08:31AM  Associated Press]
▶ Vector Group Ltd. to Host Earnings Call   [06:30AM  ACCESSWIRE]
▶ 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]

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