ITC: “Will”(s) “Gold Flake” assist “Ashirwad” to win “Bingo!”?

I had a question here, should we compare the Tobacco business of ITC with that of the peers listed in the other developed nations and assign the same valuation multiple.

I feel Tobacco consumption per capita in the developed nations is maxed out. Plus there is probably no issues of fake or the illegal cigarette industry in the US or other developed nations.

I feel India still has a lot of growth left in terms of ciggerate consumption and hopefully with time the illegal cigarette industry will come down.

So shouldn’t a little higher multiple be assigned during a valuation exercise.