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...
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