In short: Ranked #6 — "the worst on this list… they are expensive, and they are not that good": under 5% FCF yield, the clear profitability laggard, ~90% combustible, 75% payout and no buybacks yet — "a somewhat weaker version of Philip Morris," though with strong global brands, very high credit quality, and a top performer since 2020.
Japan Tobacco (Winston and Camel outside the US, the Ploom heated-tobacco device, Nordic Spirit pouches) is still about 90% traditional cigarettes. It has strong global brands and very high credit quality, and its shares have done well since 2020.
Lukacs ranks it last: under a 5% free-cash yield makes it expensive, and it is the least profitable of the six — he suggests Japan's long low-rate "liquidity trap" has weighed on corporate profitability generally. It pays out 75% as dividends with no buybacks yet, making it "a somewhat weaker version of Philip Morris" without the valuation cushion; the yen adds currency risk for foreign holders.
18:41JTI, same story except they have vapors on profitability. So, JTI's I think the worst on this list for a reason. They are expensive, and they are not that good. Although, they have really strong global brands. Credit quality is extremely high. They are still basically a tobacco play with other categories include some foodstuff, but that's really negligible.
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