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By comparison, since the end of 2017, the entirety of the underperformance was driven by multiple compression, as earnings growth and dividend growth were little deviated from the longer-term trend, and in fact surpassed the indexs fundamental results: Now, to be fair, there are legitimate concerns about the sustainability of the industry since there is a long and on-going secular decline in the smoking rate, and the lions share of Altrias revenues are tied to combustibles

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