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[13] Shu Wang, David Merriman, and Frank Chaloupka, Relative Tax Rates, Proximity, and Cigarette Tax Noncompliance: Evidence from a National Sample of Littered Cigarette Packs, Public Finance Review 47:2 (March 2019): 276-311

I believe 22x is an upper bound multiple for the stock, but as I said above, even without multiple expansion SWMA can deliver 16.5% CAGR total shareholder return

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Customs investigation regarded the former concentration camp Bergen-Belsen the reloading point for this illegal ware