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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

Those devices have largely been overtaken in the US by Juul and similar devices that have prefilled nicotine cartridges, or pods

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But they can also cause damage to the skin, leading it to age or sag prematurely and have a greyish appearance

This primer is pricey, but highly recommended by professional painters to block stains and odors