The resulting regression equation: 5.958 + 20.948 (% Rev from Non-Combustibles) This gives British American Tobacco an implied EV/EBITDA of 9.02, ~7.5% lower than its current multiple
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Exposure to secondhand aerosol (SHA) from e-cigarettes can expose nonusers to potentially harmful substances including nicotine, carbonyl compounds, tobacco-specific nitrosamines, heavy metals, and glycols
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Picture a seagull carrying a cigarette in its beak