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British American Tobacco: Multiple Expansion Has Run Its Course, Upside Limited [Seeking Alpha]

British American Tobacco Industries, p.l.c. ADR  (BTI) 
NASDAQ:AMEX Investor Relations: bat.com/ir
PDF BTI's non-combustible product line has weak margins with little competitive advantage. Regulatory risks are being understated, with the FDA looking to reduce nicotine [Read more]