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Conclusion BTI trades at ~15.5 P/E versus Philip Morris at ~20, if Velo adds 500M+ in FY26 revenue (with ~25% EBITDA margin), that could imply EPS upside of 0.050.07, justifying a multiple rerate

In fact, recent figures show they now account for 70% of vape sales

Studies found little to no difference in depression (36 RCTs, n = 16 189