In our Haypp: Investor Presentations – May 2026 note, we outlined what we view as the key bull case & secular tailwinds and bear case & structural risks for Haypp Group. Following publication, we shared the report with the company and invited management to provide any comments or clarifications. Haypp...
UK: Cigar Market
June 2026: The Structural Shift in the UK Cigar Market: The Rise of the Cigarillo Segment The UK cigar category accounts for more than £350 million in annual retail sales. Within this category, a significant structural realignment has occurred. First introduced six years ago, the cigarillo segment has expanded rapidly...
UK: Cigarette Market
June 2026: Legislative Restructuring and Economic Bifurcation in the UK Tobacco Market The UK tobacco sector is entering a period of significant structural and regulatory transition. Valued at £12.6 billion over the past year, the cigarette category remains a highly profitable segment for the industry, even as it faces unprecedented...