Vector Group / Douglas Elliman

Ticker
$VGR
Industry
Tobacco
Type
Spin-off
Rating
Not Rated
VGR-InvPres-Nov-2021.pdf1139.6KB
  • Vector Group splitting it's Tobacco segment and RE brokerage segment
  • Tobacco segment is holding onto RE portfolio (mostly in NYC) — strange it's not going with the brokerage business
  • Brokerage business benefitted a ton in TTM period from hyperactive RE activity
  • Tobacco segment looks like it's actually gaining market share?
  • Link to Form 10 filing
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  • It's possible the tobacco business is worth the entire enterprise value of the company... unless the spike in EBITDA is unsustainable?
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