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Do you expect the latest deal to allow MO to monetize the deferred tax asset associated with JUUL?

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MO can take advantage of it. Altria hosted a webcast this morning to provide an update on the business, with a primary focus on the NJOY deal. They briefly mentioned the tax asset, which presently is ~$12.5 billion; a difference between the initial transaction price and the estimated value of the IP exchanged. The company, however, provided no additional context and skirted the idea of using the asset to offset the would-be tax impact of selling the BUD stake.

I'll be publishing a follow-up piece covering the NJOY deal, as well as other continued pieces covering the space broadly. Thanks for your support.

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Excellent piece. Thanks, Devin.

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Thanks so much for reading, Allan.

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Nice recap of the past acquisitions.

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Thank you, Robin.

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If we compare Philip Morris, Imperial Brands, British tobacco and Altria, which do you prefer under current valuation.

Here’s what I think. PM is obviously in the best position and thus enjoys a great premium. Regarding, MO and BATS,I find US market to be very attractive, considering its tax policy and regulations. However, I’m a bit worried about the economics of e-vapors. Imperial Brands is focused on efficiency and capital return, but I don’t know where its future lies.

I’m very interested in your expert opinion about the comparison.

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Thank you for taking such an interest in what I cover. I can't give advice, and each person must consider the merits of each within the greatest context of their own needs, goals. risk tolerances, etc. I've covered MO, PM, and BAT deeply and also (currently) hold positions in all 3. If you search through the Invariant Archive, there will be quite a bit of related material to digest. In all, I believe each have unique pros and cons. I will likely be covering the rest of the publicly traded companies in the sector as well in the future. There is never a shortage of things to consider in this truly unique space. Thanks so much again for reading, Robin.

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Terrific work, Devin. I appreciate the effort.

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I truly appreciate that, John. You've continued to support Invariant and it means a lot to me.

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