We Expect CFO Lukas Paravicini to Maintain Imperial Brands' Fast-Follower Strategy

Imperial Brands has positioned itself as a fast follower in next-generation products while strengthening its share in its most important markets. This makes sense, given its relatively smaller size to peers like Philip Morris International and British American Tobacco, which leaves it less financial capacity to lead innovation. Although this means Imperial will be more exposed to cigarettes, it also implies that it can maximize its free cash flow generation and returns to shareholders.