Adding Wide-Moat Imperial Brands to Best Ideas as Market Overlooks Competitive Advantages
We are adding wide-moat Imperial Brands to our Best Ideas list because we think the valuation multiple discount to competitors has become too large to ignore. Investors are quite rightly focused on the emergence of heated tobacco, but are underestimating the power of Imperial's wide economic moat, as its competitive advantages of brand equity and in the supply chain should allow it to enter the heated tobacco category if it takes off in core geographies. We are also removing Danone from the list...Danone is engaged in activities in the global food and beverages industry. Co. operates in four markets: Fresh Dairy Products (Co. produces and sells yogurts, fermented dairy products and other fresh dairy products); Waters (Co. produces and sells natural waters as well as flavored and vitamin-enriched waters products); Early Life Nutrition (Co. produces baby formula, milk-and fruit-based desserts, cereals, small pots of baby food and ready-made baby food); and Medical Nutrition (Co. develops adult and pediatric clinical nutrition products to be taken orally, or through a catheter in the event of malnutrition related to illness or other causes).
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