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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

So you go, it can be done

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And even if you didnt like his music, you couldnt dislike him . You can watch the full podcast appearance below.

market, driven by its menthol and special blend brand extensions