VECTOR GROUP LTDVGR

時価総額

$23.6億

PER

12.9倍

たばこ製品製造・販売の大手。約100種のディスカウントブランドとMontegoなど主力ブランドを展開。MSAによる支払い免除の恩恵（2002年4月取得）、2021年12月の不動産事業分離を実施。2023年の生産量約97億本、国内市場シェア5.5%、米国中心で展開。

概要財務

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	2010年 12月31日	2011年 12月31日	2012年 12月31日	2013年 12月31日	2014年 12月31日	2015年 12月31日	2016年 12月31日	2017年 12月31日	2018年 12月31日	2019年 12月31日	2020年 12月31日	2021年 12月31日	2022年 12月31日	2023年 12月31日
Net income	-	-	-	39	49	66	77	91	58	101	93	219	159	184
Depreciation and amortization	11	11	11	13	24	26	22	19	19	18	18	16	7	7
Non-cash stock-based expense	3	3	6	3	3	6	10	11	10	9	9	15	8	10
(Loss) gain on extinguishment of debt	-	-	-	-	-	-	-	-	-	-	-	-	-0	1
Gain on sale of assets	-0	0	-	-0	1	-0	0	0	-0	0	1	1	-	-
Deferred income taxes	-	-	-	-	-	-	13	-33	-18	-11	-1	14	15	6
Distributions from investments	-	-	0	-	-	1	1	1	1	18	54	0	-	-
Equity in (earnings) losses from investments	24	20	30	23	4	2	-3	-1	3	17	56	3	-5	1
Net (gains) losses on investment securities	-	26	-	-	-	-	-	-	-	-	-	-	-8	3
Equity in (earnings) losses from real estate ventures	-	-	-	-	-	-	-	-	-	-	-	-	-	2
Distributions from real estate ventures	4	8	49	3	7	18	23	38	26	7	2	25	3	4
Noncash Interest Expense	-	-	-	-	-	-	11	30	52	2	4	5	4	2
Noncash Lease Expense	-	-	-	-	-	-	-	-	-	21	20	22	3	3
Provision for credit losses	-	-	-	-	-	-	-	-	-	-	14	3	-	-
Other	-	-	-	-	-	-	-	-	-	-	1	-0	-0	-0
Receivables	-6	23	-14	-6	11	1	6	17	13	8	8	10	25	-14
Inventories	9	2	-9	-7	-3	-4	3	-0	1	8	-1	-3	-2	-0
Accounts payable and accrued liabilities	36	-3	4	41	6	38	-23	14	4	-4	3	0	-8	-5
Payments due under the Master Settlement Agreement	-	26	-15	-33	-1	-3	-11	-5	19	-2	5	-32	1	-8
Investments in real estate, net	-	-	-	-	-	-	-	-	-	-	12	-6	-	-
Litigation accruals	-	-	-	-	-	-	-	-	-	-	-	-	-	-2
Other assets and liabilities, net	5	5	1	-30	28	-5	18	-1	-10	19	5	19	7	-1
Net cash provided by operating activities	67	36	84	52	107	144	98	132	182	124	268	255	181	210
Sale of investment securities	-	-	-	-	-	-	-	-	19	22	30	46	24	35
Maturities of investment securities	-	-	-	-	-	-	-	-	25	69	61	72	53	90
Purchase of investment securities	-	-	-	-	-	-	-	-	34	88	100	124	54	115
Proceeds from Sale of Long-Term Investments	-	-	-	-	-	-	5	1	19	8	33	12	9	6
Purchase of long-term investments	-	10	5	5	12	10	0	33	0	9	10	14	4	9
(Increase) decrease in restricted assets	-	-	-	-	-	-	-	-	-1	-1	-0	0	-0	0
Investments in real estate ventures	-	-	-	-	-	-	44	39	10	53	15	49	26	17
Distributions from investments in real estate ventures	-	-	-	-	-	-	33	62	54	41	19	12	5	9
Proceeds from sale of fixed assets	-	-	0	0	0	0	0	0	0	0	5	0	-	0
Capital expenditures	-	-	-	-	-	-	-	-	-	-	19	14	10	11
Increase in cash surrender value of life insurance policies	-	-	-	-	-	-	-	-	1	1	1	1	1	1
Purchase of subsidiaries	-	-	-	-	-	-	-	7	10	0	1	1	-	-
Pay downs of investment securities	-	-	-	-	-	-	9	3	2	1	1	1	0	0
Net cash used in investing activities	-45	41	-4	-92	-221	-22	-1	-40	43	-23	7	-62	-4	-15
Proceeds from issuance of debt	186	6	244	458	414	2	244	850	325	230	-	875	-	-
Repayments of debt	15	5	19	423	13	7	5	837	29	293	175	863	12	24
Deferred financing costs	5	-	11	12	12	1	7	19	9	10	-	20	-	-
Borrowings under revolver	1,035	1,064	1,074	979	886	153	144	158	307	244	131	28	113	88
Repayments on revolver	1,017	1,079	1,066	978	899	168	111	163	311	240	166	28	91	110
Dividends and distributions on common stock	117	125	137	145	167	188	199	211	225	238	128	132	128	126
Proceeds from Noncontrolling Interests	-	-	-	-	-	1	0	-	-	-	-	2	-	-
Withholding of shares as payment of payroll tax liabilities in connection with restricted stock vesting and exercise of stock options	-	-	-	-	-	-	-	-	-	5	3	13	3	4
Cash transferred to Douglas Elliman Inc. at the Distribution	-	-	-	-	-	-	-	-	-	-	-	213	-	-
Other	-	-	-	-	-	-	-	-	-	-0	-	-0	-1	-
Net cash used in financing activities	68	-136	85	-131	206	-208	56	-183	55	-313	-289	-364	-122	-176
Net increase (decrease) in cash, cash equivalents and restricted cash	-	-	-	-	-	-	-	-	-	-212	-14	-171	56	20