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But Juul, which styles itself as a Silicon Valley startup, has always had a messianic philosophy around growth, arguing that persuading smokers to switch to vaping outweighs the potential dangers of encouraging new nicotine addicts

Alongside a substantial stream of dividends, share repurchases are to make up a large part of the return courtesy of what is viewed as a depressed share price, a result of a disconnect between the durability of related cash flows and investors lack of appreciation for these unique assets, amplified by ESG mandates, the companys relatively small size, and Danish listing preventing consideration and access