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The model below illustrates a potential future escaping such a ban, as well as assumptions including: Continued significant strain on US combustibles Deceleration and reversal of US MONP segment, with zero inclusion of future potential Velo 2.0 impact Accelerated decline of US Traditional Oral due to growing MONP market Sustained growth of MONP in AME and APMEA Lagging THP topline performance Lower net financing cost Lower contribution from associates & JVs, reflecting partial sale of ITC stake ETR remaining at an elevated 25% Reduced effect of repurchase program reflecting higher per-share price Persistent, pronounced FX pressures weighing across the business While these assumptions collectively are severe, the enormity of cash still produced by the group in such a future leads me to once again ask, So what? If you enjoyed this piece, hit like on the site and give it a share

It isnt just colour

A fresh cigar wrapper typically looks: Smooth and slightly oily Even in color Free from cracks or flaking Signs of a dry cigar wrapper include: Visible cracks Rough or flaky texture Peeling tobacco leaf The wrapper plays an important role in flavor, so damage to it can affect the overall smoking experience

"Nonetheless, its a victory for the tobacco industry, he said

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