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In April 2013, we submitted a formal petition to the FDA, requesting the prohibition of menthol as a characterizing flavor of cigarettes

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They heat substances, turning them into inhalable vapor

Valuation and Pricing Relative Valuation - Exit Multiple I valued British American Tobacco using a 10-year exit based on backing out equity from an EV/EBITDA multiple and factoring in forecasted dividends and share repurchases

Available online at: www.monitoringthefuture.org/pubs/monographs/mtf-overview2018.pdf 170

Key Players The Global Duty-Free Retailing Market study report will provide valuable insight with an emphasis on the global market including some of the major players such as Dufry, Lotte Duty-Free, Dubai Duty-Free, Lagardre Travel Retail, Aer Rianta International, China Duty Free Group, Duty Free Americas, Gebr