Article Text Abstract Objective To review peer-reviewed evidence on heat-not-burn tobacco products (HnB), their secondhand emissions and use by humans

JT (Japan Tobacco Inc.): Thorough Verification of Future Growth Scenarios and Purchase Timing Using EPS x PER Range (August 2025 Edition) Table of Contents Conclusion of this article (Summary of key points) Company Overview and Segment/Regional Composition (Recent) FY2024 Results and FY2025 Guidance (What happened/What will happen) Applicability of PER Analysis Valuation Overview (Stock Price, EPS, PER) Appropriate PER Range derived from Historical PER Distribution Theoretical Stock Price (Normal Conditions) calculated by EPS x PER Range Recession Scenario Simulation (Mild/Moderate/Severe) Future Growth Scenarios : HTS (Heated Tobacco), US Expansion, Price Revisions, FX, and Dividends Risks/Uncertainties (Regulations, Volume Decline, Exchange Rates, etc.) Alternative Indicators (P/S, EV/EBITDA) and Peer Comparison (Supplementary) Approach to Purchase Timing (Valuation/Yield/Events) Reference Data/Sources 1

As the original study 15 was conducted in cohorts of European ancestry, we also generated unweighted GRSs and included those in the models for each ethnic group
Following the Commission Delegated Directive (EU) 2022/2100, which became effective on November 23, 2022, novel tobacco products include Heated Tobacco Products, which are defined as a product that is heated to produce an emission containing nicotine and other chemicals, which is then inhaled by user(s), and that, depending on its characteristics, is a smokeless tobacco product or a tobacco product for smoking. II
Confirm Legal Age Tobacco products are age-restricted