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In simple terms, nicotine naturally occurs in the environment (excluding synthetic nicotine)

The inclusion of the health warning in advertising may have had a similarly reassuring effect on the publishers of other newspapers or magazines, who, while not going as far as to refuse cigarette advertising at the time the Cigarette Smoking Act was passed, had perhaps felt themselves under pressure from public-health groups or from this or that senator concerned about the relationship between cigarette promotion, the cigarette habit, and the high incidence of certain diseases among smokers

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BTI's P/E ratio (TTM) is 12.7x, which is higher than its 5-year median P/E of 11.4x, reinforcing the notion of overvaluation