1. Altria's success hinges on its HTS market entry through the Horizon JV with Japan Tobacco, leveraging Marlboro's brand strength to capture market share in the underdeveloped US HTS space. 2. Other smoke-free initiatives (on!, NJOY) also have potential upside, but their financial impact has not been significant yet. 3. The HTS portfolio is considered a missing piece in the puzzle. Altria's current valuation is attractive, and with the growth of smoke-free initiatives, especially HTS, multiples could increase. 4. Altria is a 'buy' for investors who believe in the HTS product launch, but it faces risks from market conditions and competition from established brands like IQOS.