If you smoke cigarettes, thats bad for you, and theres no debate about that
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
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When smoking messes with these hormone levels, it can cause physical issues like reduced muscle mass, increased fat, and, for men, erectile dysfunction
While Kent State University may be a smoke-free campus, the state of Ohio is another story