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British American Tobacco PLC ADR - Stock Quote BTI

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Morningstar's British American Tobacco PLC ADR Stock Analysis

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Lowering Our Forecasts for Tobacco Companies but Market Derating Overstates Valuation Impact

Analyst Note

| Philip Gorham, CFA, FRM |

We have updated our cash flow forecasts and valuations of our tobacco coverage following the announcement from several leading cigarette manufacturers that they intend to change their strategy in the Russian Federation in light of sanctions imposed by the west. While we consider events to be materially negative to cash flows at least in the short term, we think the market has overstated the valuation impacts. We are lowering our valuation of Philip Morris International (PMI) to $103 from $108, and of British American (BAT) to GBX 3,900 from GBX 4,000.

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British American Tobacco PLC ADR's Company Profile

Business Description

Following the acquisition of Reynolds American, British American Tobacco is neck-and-neck with Philip Morris International to be the largest listed global tobacco company--slightly larger than PMI on net revenue, but slightly smaller on total tobacco volume. British American's Global Drive Brands are Dunhill, Kent, Pall Mall, Lucky Strike, and Rothmans, and it also owns Newport and Camel in the U.S. The firm also sells vapor e-cigarettes, including its Vype brand, heated tobacco, with Glo, as well as roll- your-own and smokeless tobacco products. The company holds 31% of ITC Limited, the leading Indian cigarette-maker.

Globe House, 4 Temple Place
London, WC2R 2PG, United Kingdom
T +44 2078451000
Sector Consumer Defensive
Industry Tobacco
Most Recent Earnings Dec 31, 2008
Fiscal Year End Dec 31, 2022
Stock Type
Employees 52,634

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