Currency Headwinds Seem Likely to Weigh on BAT's First Half, but Underlying Trends Intact
We now expect British American Tobacco to narrowly miss our revenue estimates for the first half of fiscal 2018 due to unfavourable currency movements, following the release of the company's pre-close trading update. Although the company stated that trends were in line with management's expectations, a currency headwind to EBIT of 8% at current rates in the first half appears to be more severe than the low-single-digit headwind we had forecast for revenue, in spite of the recent strength in the ...
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