Invariant

British American Tobacco: Stoking the Fire

2025 pre-close note.

Dec 14 • Devin LaSarre

12

5

1

Scandinavian Tobacco Group: A Tale of Two

CMD 2025 note.

Dec 7 • Devin LaSarre

6

2

1

November 2025

Logista: And Paste

FY'25 note.

Nov 30 • Devin LaSarre

10

1

1

Imperial Brands: Never Complacent

FY'25 note.

Nov 23 • Devin LaSarre

11

2

1

Scandinavian Tobacco Group: Washed

Q3'25 note.

Nov 16 • Devin LaSarre

5

1

Haypp Group: Riposte

Q3'25 note.

Nov 9 • Devin LaSarre

12

2

Altria: Drift

Q3'25 note.

Nov 2 • Devin LaSarre

16

1

October 2025

Philip Morris International: ZYNsn't It?

Q3'25 note.

Oct 26 • Devin LaSarre

14

1

Nicotine Certainty

Industry evolution and endgame.

Oct 19 • Devin LaSarre

29

12

4

Imperial Brands: A Plus With Cs

2025 pre-close note.

Oct 12 • Devin LaSarre

12

2

Bubble Trouble

On opportunity, competition, and capitalization.

Oct 5 • Devin LaSarre

20

1

September 2025

Reynolds Consumer Products: Non-Durable Durability

September business update.

Sep 28 • Devin LaSarre

9

2

1