Imperial's Preclose Update Indicates Firm Is on Track in 1H; Shares Fairly Valued
Imperial Brand's preclose update shed little light on the company's recent trading performance, but noted that it is in line to meet expectations for the first half of the fiscal year, which closed on March 31. As we forecast revenue growth only slightly below that of consensus, we do not plan to make any adjustments to our estimates or of our GBX 3,900 and $50 fair value estimates for the ordinary shares and ADRs, respectively. With the rest of the Big Tobacco industry trading above our fair va...
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