JUUL is NOT consolidated into $MO Altria's financials. There will be an appeal. If removed, potential marginal + for cig vols.

Equity stake has already been written down by more than 80% over the past few years.

Majority of the damage was not done today, but rather when Altria massively overpaid for their 35% stake in late 2018.

I addressed this 2 weeks ago in my writeup (see link below)

In the valuation portion, I specifically assigned 0 value to JUUL, i.e., marked down equity investment to 0.

If you're focused on fcf, today's news likely doesn't change your view much.