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Blend: This variety is ideal for smokers who appreciate deep flavor and a well-rounded smoking experience

Below is the upside case: US doesnt ban menthol Share gains drive NGP revenues at 20% CAGR, to 13b GBP in 2030 55% incremental margins in NGP, creating 36% terminal operating margin (still a little lower than the company average) Flat 51% margins in combustibles with no menthol ban Stock trades at near market-ish multiple of 15x on substantial NGP transition The above are very much possible

Theres no doubt that menthol increases the numbers of smokers, he says

77 Hulsker, Jan, The complete Van Gogh : paintings, drawings, sketches , New York, 1980, p

Tobacco smoke contains carcinogens and highly addictive nicotine, causing both physical and psychological dependence

BECKER: I want to bring another voice into the conversation as well