SWMAF - Tobacco Stocks: 4 Key Questions For Upcoming Q3 Results

• Tobacco companies will start reporting results this week, with Imperial Brands' update on Thursday. We outline 4 key questions for investors.
• One question is how U.S. cigarette volumes may be affected by Juul, the PMTA deadline, California flavors ban, nicotine pouches and IQOS.
• Emerging Markets, more than a third of Philip Morris' and British American Tobacco's EBIT, and hard hit by COVID, should also be watched.
• The new Imperial Brands CEO will be reporting his first set of results, and investors should watch for his comments on its challenges and strategy.
• For Philip Morris, any evidence that IQOS is becoming mainstream outside Japan would have a large impact on its valuation.

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