Imperial's 2H Pricing and NGP Growth Shows Why the Stock Is Undervalued
We are encouraged by Imperial Brands' second half performance. The company pushed through very strong pricing in the second half, is accelerating next generation products, or NGP, sales, and again grew the dividend by 10% this year. Although we recently became slightly less bullish on margins for the tobacco group, we think Imperial's current market valuation undervalues its future cash flows and we are retaining our GBP 37 per share fair value estimate, and our wide moat rating.The big story o...
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