Turning Point Brands, Inc. (TPB)

Industry: Tobacco Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
6969.HK	10	Smoore Internation	3,391	37.78	37.78	29.31	29.31	54.43	41.03
UVV	11	Universal Corporat	2,987	12.53	10.93	8.12	6.97	9.25	8.34
KARE.AT	12	Karelia Tobacco Co	1,866	9.05	8.58	6.23	6.22	4.55	5.29
VGR	13	Vector Group Ltd.	1,421	8.42	7.14	7.35	6.99	6.71	7.16
GODFRYPHLP.BO	14	Godfrey Phillips I	657	37.14	28.10	35.41	28.46	40.93	21.69
RMBA.JK	15	PT Bentoel Interna	515	8.42	8.42	11.98	8.60	4.99	11.43
4162.KL	16	British American T	465	11.21	12.93	10.53	11.85	42.33	12.11
TPB	17	Turning Point Bran	436	34.44	25.46	16.13	14.08	18.41	15.58
HAYPP.ST	18	Haypp Group AB (pu	399	85.54	85.54	23.30	23.30	201.99	63.39
WIIM.JK	19	PT Wismilak Inti M	354	7.01	5.58	4.76	3.67	3.63	4.07
VSTIND.BO	20	VST Industries Lim	149	14.41	14.52	14.37	15.30	16.45	19.32
ISPR	21	Ispire Technology	119	-	-	-	-	-	-
TAAT.CN	22	TAAT Global Altern	66	-	-	-	-	-	-
HMBL.CN	23	Humble & Fume Inc.	50	-	-	-	-	-	-
2372.HK	24	WEIli Holdings Lim	40	-	-	-	-	19.92	-
VIRATCRA.BO	25	Virat Crane Indust	16	81.39	112.32	26.48	31.48	-	47.82

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	11.21	10.93	10.53	8.60	9.25	11.43
Full Range Median Multiple	12.53	12.93	11.98	11.85	16.45	12.11
Industry Multiple	28.45	30.17	16.17	15.65	36.83	21.97
Market Implied Multiple	41.44	30.63	19.23	16.79	21.95	18.58
Company (TPB) Multiple	34.44	25.46	16.13	14.08	18.41	15.58
(*) Net Income / EBITDA / Revenue	52	71	118	135	104	122
Winsorized Enterprise Value	N/A	N/A	1,244	1,165	958	1,398
Full Range Median Enterprise Value	N/A	N/A	1,416	1,604	1,703	1,481
(-) Net Debt	102	102	102	102	102	102
Winsorized Equity Value	587	774	1,142	1,063	856	1,296
Full Range Median Equity Value	656	917	1,314	1,502	1,601	1,379
(/) Shares Outstanding	18	18	18	18	18	18
Winsorized Fair Value	$32.16	$42.43	$62.57	$58.23	$46.90	$71.03
Full Range Median Fair Value	$35.96	$50.23	$72.00	$82.33	$87.73	$75.60
Current Price	$118.95	$118.95	$118.95	$118.95	$118.95	$118.95
Upside / Downside	-72.96%	-64.33%	-47.40%	-51.04%	-60.57%	-40.29%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$22.51	$29.70	$43.80	$40.76	$32.83	$49.72
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy