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Oli's avatar

Really great article, thank you for writing it. My hope is that BAT use excess FCF to pay off some of the near term debt rather than refinancing it at higher rates and then use the saved interest expense to buyback shares.

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Low Risk Rules's avatar

Good writeup. I feel like this industry offers relative safety in a very uncertain environment, and PMI's management in particular seems to always be a step ahead. Between a US rollout of iQOS and the Swedish Match acquisition there's a real under the radar growth story playing out here in an industry that many investors have written off.

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