British American Tobacco Posts Solid Year in Combustibles but Lags Philip Morris in E-Cigs
British American Tobacco’s full-year results were distorted significantly by foreign exchange movements, but on an underlying basis, the company is performing very well and delivered modest upside to our top-line forecast. We will likely raise our fair value estimate slightly to account for the time value of money, but we still think the tobacco group, including British American, is overvalued. We are reiterating our wide moat rating, which was clearly evident in the second half of the year thro...British American Tobacco is engaged in tobacco and nicotine products. This includes Co.'s Next Generation Products, comprising its vapour and tobacco heating products, and its oral tobacco and nicotine products such as moist snuff and snus. Co.'s U.S business (Reynolds American) brand portfolio which includes Newport, Camel and Pall Mall. These, and other brands including Doral, Misty and Capri, are manufactured in a variety of styles and marketed throughout the U.S. Co. has other international and local cigarette brands including Vogue, Viceroy, Kool, Peter Stuyvesant, Craven A, Benson & Hedges, John Player Gold Leaf, State Express 555 and Shuang Xi.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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