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This means further tax-induced price increases generate less and less revenue

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Nicotine is a highly addictive substance, so vaping tobacco can be addictive , but it is impossible to say whether it is more or less addictive than smoking cigarettes

However, on an optimized base that accounts for scaled margins excluding some growth CapEx, I see shares trading more in line of ~9x 27 EBITDA or ~12x 27 FCF

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they appeared slightly squat