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Given the global scale of operations, strong customer loyalty to brander products, high barriers to entry, and strong generation of excess cashflows and excess returns on investment, I believe that BTI has a wide moat ( though most other competitors such as Altria, PMI also spot a wide moat as well) Companies like British American Tobacco can benefit from growth in emerging markets, where smoking is more widespread and declines in smokers are much slower

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It starts with the delivery of raw materials, which includes butane gas, metal for the ignition components, and plastic for the body

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