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

• It's possible the tobacco business is worth the entire enterprise value of the company... unless the spike in EBITDA is unsustainable?