Sterling weakness is a strong near-term benefit for BAT.
British American Tobacco's first-half results were fairly uneventful, with strong top-line performance mitigated by currency pressures at the EBIT margin. Results were close to our forecasts, and we are reiterating our GBX 4,400 fair value estimate for the London-traded ordinary shares. Our wide moat rating also remains in place, with the 4% pricing achieved in the first half of the year a clear indication of the pricing power still held by the firm's brands. Despite these positives, we believe ...
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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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