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Think of them as one-use packaging rather than a long-term holder

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So lets say you present all these options to your landlord, and still nothing is done

The model below illustrates a potential future escaping such a ban, as well as assumptions including: Continued significant strain on US combustibles Deceleration and reversal of US MONP segment, with zero inclusion of future potential Velo 2.0 impact Accelerated decline of US Traditional Oral due to growing MONP market Sustained growth of MONP in AME and APMEA Lagging THP topline performance Lower net financing cost Lower contribution from associates & JVs, reflecting partial sale of ITC stake ETR remaining at an elevated 25% Reduced effect of repurchase program reflecting higher per-share price Persistent, pronounced FX pressures weighing across the business While these assumptions collectively are severe, the enormity of cash still produced by the group in such a future leads me to once again ask, So what? If you enjoyed this piece, hit like on the site and give it a share