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In summary, here are all the key assumptions in our model: -2% decline in traditional tobacco ex-menthol 50% drop in US menthol brand sales in 2026 driven by US ban 25% growth in smoke-free products near term, stepping down to 12% by 2030 40% incremental margins in smoke-free products 51% operating margins in combustibles, falling to 44% over time due to menthol ban and 60% decremental margins 11x terminal PE ratio in 2030 justified by the 35% revenue share of non-combustibles and 2% profit growth in that year

Light enough for balance, but bold in delivery, this variant stands apart in todays filtered-dominated market

Hiler et al

10.1152/physrev.00050.2017 203 TakamiK.SaitoH.OkudaM.TakanoM.InuiK

Elle accompagne aussi bien une personne fumant une cigarette quotidienne quun paquet, et se combine avec un suivi mdical si vous en avez un

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