Winner: IQOS ILUMA for cigarette-like familiarity, while RELX offers a smoother experience for users who prefer less throat sensation
This includes components and parts of tobacco products regulated by the 2016 rule, but excludes accessories such as lighters, tongs, or external burners
It follows their successful concerts in 2023 and 2019, demonstrating their ongoing relationship with their Malaysian fans
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
It is estimated that there were 224 deaths over the three year period 2017-19 which occurred to Hull residents aged 35+ years which were from heart disease which was attributable to smoking
