|Shares Out. (in M):||19||P/E||0||0|
|Market Cap (in $M):||995||P/FCF||0||0|
|Net Debt (in $M):||273||EBIT||105||140|
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I wrote up TPB two years ago on the heels of the bootleg THC vaping deaths. Since then, the company has been transformed by positive developments in both vaping and cannabis regulations as well as tailwinds from COVID behavior changes. The growth runway is improved and de-risked. I have done a deep dive into the Zig-Zag brand and have a better sense of its market position and growth prospects.
TPB has two significant catalysts ahead in the next six months: (1) Post-PMTA world taking shape in vaping and (2) Re-rating as ZZ continues its strong growth through 2021. As well, Standard General exiting its position and removing the overhang would also provide a catalyst.
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