french cigarettes A final smoke: Iconic cigarette brands Gitanes and Gauloises could be BANNED Exquisite and stylish France bans glamorous cigarette names

Capri Menthol Indigo 100s is built around freshness, elegance, and minimal intensity

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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

This piece was illustrated by Thrasher, Leslie

Smoking is a major contributor to heart disease, cancer and lung disease