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The future of tobacco sales is digital
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
And marijuana can be used without smoking it
Were not trying to have anyone incarcerated because they have this product in their possession, Sheffield said
Q1 2026: The report analyzes tobacco pricing trends and the tobacco price chart across the Middle East and Africa, taking into account factors such as regional industrial expansion, natural resource availability, and geopolitical developments that distinctly impact market pricing dynamics
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