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...
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