Imperial Undershoots in 1H, but Improvement Priced Into Valuation
Imperial Brands narrowly undershot our volume forecast in the first half of its fiscal year, and we are lowering our near-term organic growth assumptions. This is immaterial to our valuation, however, and we are maintaining our GBX 3,900 fair value estimate for the London-traded ordinary shares. Although Imperial has suffered below-market declines in several markets in recent quarters, the company’s scale provides it with a cost advantage over regional manufacturers that should give it the finan...
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