Company initiation at a critical time
The share price of Imperial Brands has almost halved over the last 2 years. This has been driven by increased uncertainty about its future prospects, caused by a series of changes and potential changes to the market.This report: looks at the background and explains the proposals put forward by the Food & Drug Administration (FDA) in the US; looks at Imperial's entry into harm reduced products in the context of its major rivals and the impact of the growth of the vaping market on the US cigarette market in its historic context. The question is: are the potential risks being over discounted?
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Imperial Brands is comprised of two distinct businesses: Tobacco and Logistics. The Tobacco business comprises the manufacture, marketing and sale of tobacco and tobacco-related products, including sales to (but not by) the Logistics business. The Logistics business comprises the distribution of tobacco products for tobacco product manufacturers, including Co., as well as a range of non-tobacco products and services.
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Jonathan has 27 years’ experience as an equity research analyst primarily on the sell-side. He is a graduate of University College, Durham.
Jonathan joined the city in 1991 initially on the buy-side but joined SG Warburg (which became UBS investment bank) in 1994 and spent 20 years there as a consumer analyst. Over that period Jonathan’s sector coverage included food producers, home & personal care, tobacco, and for a time the leisure sector. Jonathan was consistently ranked in the top 3 in both the Extel and Institutional Investor surveys for Tobacco whilst at SGW/UBS and was named in the institutional investor’s ‘Most Team Leader Appearances 1986-2015’ for the All-Europe Research Team.
Since leaving UBS in 2014, Jonathan has worked for Panmure Gordon as the UK consumer staples analyst and Berenberg as the global tobacco analyst.
Jonathan joined Hiddensee in 2019 as an Affiliate research analyst covering the consumer staples sector.
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