Collapse of P&H Immaterial to Our Tobacco Valuations; Imperial Remains the Pick of the Group
Imperial Brands and British American Tobacco both declined at a low-single-digit rate in Wednesday's trading after reports Palmer and Harvey, P&H, the U.K.'s largest tobacco wholesaler, had gone into administration. While it is unlikely the tobacco manufacturers will suffer much, if any, operational disruption, they are not likely to be able to recoup excise taxes paid on product shipped to P&H. We have adjusted our valuation models accordingly, but the one-time impacts are immaterial to...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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