Material upside to BAT despite rally after first-half results.
British American Tobacco missed our estimates of first-half revenue and operating profit by just over 2%, but the fact that the company beat consensus with underlying revenue growth of less than 2%, and the market has reacted so favourably, shows how pessimistic expectations of tobacco industry performance have become. We are reiterating our GBP 48 fair value estimate and our wide moat rating, and we believe there is upside to BAT and to the other large cap tobacco manufacturers in our coverage....
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