Uneventful 1H for BAT, but Glo Is Gaining Traction and Reynolds Integration Now Begins; Shares Rich
British American Tobacco’s first half was fairly uneventful, and results were bang in line with our forecasts. We are therefore maintaining our fair value estimates of GBX 4,800 for the ordinary shares and $63 for the ADRs, as well as our wide moat rating. The rest of the year is not likely to be as bland, however, as the company completed its acquisition of Reynolds American earlier this week, and now begins the integration process. Also this month, BAT stepped up the commercialisation of Glo, ...
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