Turning Point Brands, Inc. (TPB)

Tobacco Products

Latest Price

$71.51

TTM P/E

30.82

Normalized P/E

36.08

Div Yield

Book Value

22.83

P/B Ratio

3.13

Valuation metrics

EPS: $3.11

Book value / share: $19.86

Formula: √(22.5 × EPS × BVPS)

Graham Number

$37.28

47% downside

Norm. op. income: $81M (median of 7yr)

Tax rate: 23%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$29.33

58% downside

Base FCF: $61M (median of recent 5yr)

Growth: 8%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$65.53

6% downside

EPS: $3.11

Target P/E: 35×

Formula: EPS × P/E

P/E Fair Value

$108.85

+55% upside

100.0% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	1.62M	$137.0M	8.14%	+148.0K	2026-06-30
Divisadero Street Capital Management, LP	1.27M	$107.0M	6.36%	+969.7K	2026-06-30
Thrivent Financial for Lutherans	1.23M	$104.0M	6.21%	+2.0K	2026-06-30
FIRST TRUST ADVISORS LP	975.4K	$82.0M	4.90%	+285.5K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	822.5K	$69.0M	4.14%	+6.3K	2026-06-30
Copeland Capital Management, LLC	690.3K	$58.0M	3.47%	+283.1K	2026-06-30
Maple Rock Capital Partners Inc.	686.8K	$58.0M	3.45%	+250.8K	2026-06-30
AMERICAN CENTURY COMPANIES INC	627.5K	$53.0M	3.15%	+262.0K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	621.5K	$52.0M	3.12%	+20.5K	2026-06-30
T. Rowe Price Investment Management, Inc.	588.6K	$49.0M	2.96%	+219.6K	2026-06-30