Hard to say.
Vices, particularly physiological ones are hard to predict, I think. One may stop, but start again. With rising awareness about habits that are harmful to the body, sales may come down, but when, I don’t know.
If there is price appreciation, then there could be demergers, not necessarily in the immediate future, but eventually, so someone is buying. And if there isn’t any price rise, and even if tobacco sales are stagnant, but if the company is expanding other verticals, the value of the assets could be increasing, so there is always some buyer interest, and perhaps more so, when the price falls. And they pay more dividends even with stagnant sales.
Invested.
