Ompany financial analysis/ valuantion and strategy: Altadis (Tobacco)

The report should be based on a pdf document (Espirito Santo Research)which I will upload.

1) Summarize AltadisA?strategy (based on pdf document) and give your opinion
2) The report (pdf document)offers an economic valution of Altadis. What do you think about it? Would you change anything in that?
3) How does the above strategy fit with the offered evaluation of Altadis?

Sources:
1) most important the pdf document (Espirito Santo Research)
2) (new name of Altadis)
3) Internet