There are certain sectors in the economy that are relatively recession proof. Tobacco is one such sector, and it has mainly to do with a more or less inelastic demand of the products. While most of the tobacco majors are not expensive, they cannot be considered terribly cheap either. However, this company continues to trade at multiples that is half of other companies in this sector. It also pays a solid 5%+ dividend yield and has increased its dividend for the last 41 years.
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