Investors Maul Imperial Over NGP Revenue Miss; Sentiment Low but Material Value Exists
Investors reacted negatively to Imperial Brands' results for the first half of fiscal 2019, but we think the gap down is an overreaction and an indication of how the market is punishing every piece of bad news in the out-of-favor tobacco sector at present. Results were broadly in line with expectations, and we assume the market is concerned with the NGP revenue miss which implies that full year guidance of 1%-4% constant currency revenue growth is now unlikely to be attained at the high end of t...
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