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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

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[DOI] [PubMed] [Google Scholar] 21.Zein C.O., Unalp A., Colvin R., Liu Y.C., McCullough A.J., Nonalcoholic Steatohepatitis Clinical Research Network Smoking and severity of hepatic fibrosis in nonalcoholic fatty liver disease