Distribution And VisibilityNJOY holds just a mid-single digit market share of the e-vapor category, but the brand is expected to benefit from increased distribution, better visibility, and building consolidation behind legal products as enforcement against the illicit market increases.
Market AuthorizationThese 4 variants are the first flavored vaping products to receive market granted orders, which is seen as a plus for NJOY when the newly formed multi-agency federal task force begins to make inroads in curbing illicit trade.
Shareholder ReturnsA 9% dividend yield alongside an accelerated buyback means double-digit total shareholder returns are likely.