Turning Point Brands: One Engine Firing, One Stalling

2025-10-29 12:56:51 ET

One thing that you should know before investing in Turning Point Brands ( TPB ) is that it's a story of two businesses. One of these is struggling, while another is thriving. These types of situations always fascinate me because the market often judges the risks as outweighing the benefits. But when you look at the overall financial performance of this enterprise, it's difficult not to be impressed. Even in a market known for experiencing secular decline, its performance has been exceptional. This year, management expects continued rapid growth. And that should, in turn, make the stock more affordable on a forward basis. Unfortunately, shares are not cheap enough for my liking. As a value investor at heart, valuation means a lot to me. This is not the kind of prospect that I would rate a "Buy." But I can understand why investors would be drawn to this company....

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