cigarettes in new zealand scraps world-first smoking 'generation ban' to fund tax cuts | New Zealand New Zealand: Plain Cigarette Packaging

No: CD011244

In summary, here are all the key assumptions in our model: -2% decline in traditional tobacco ex-menthol 50% drop in US menthol brand sales in 2026 driven by US ban 25% growth in smoke-free products near term, stepping down to 12% by 2030 40% incremental margins in smoke-free products 51% operating margins in combustibles, falling to 44% over time due to menthol ban and 60% decremental margins 11x terminal PE ratio in 2030 justified by the 35% revenue share of non-combustibles and 2% profit growth in that year

The early explorers and conquistadors encountered natives smoking the leaf

The City has drawn down the balance of RHBT by contributing into it less than the annual (pay-as-you-go) cost the health benefits