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Allebeck, R

Source: Investor presentation, page 11 A potential game-changer for the company is the expansion of IQOS in new markets

BATs guidance to its retailers requires them to ensure that the product is only physically accessible by the retailer. In the opinion of Anne Kendagor, head of Kenyas Tobacco Control Division: The industry has been saying that the product was meant to help smokers quit but it was being marketed to non-smokers, the youth which means it was not serving its purpose

Brandt, of Harvard University, noted that even in the early 20th century it was recognized that smokers bought brands rather than cigarettes alone -- and brands have specific colors and designs that catch the eye

Given the payout ratio of 61% expected for 2022, the dividend seems to be safe

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