After years of constant and determined decline, the COVID-19 pandemic offers a moment of reprieve for Big Tobacco as seasoned smokers take their habits home with them. For the first time in a long time, idling at home has meant structural resilience in smoking volumes. Indeed, we've seen this is exemplary results for some of the most important global tobacco firms. We think that given the discounts tobacco has from pre-COVID-19 levels, they all seem to differing extents attractive from a valuation perspective, as discounts due to increased discount rates aren't a strong reason to