Plenty of Positives in Best Idea Imperial's Preliminary Report Amid Move Into Heated Tobacco
Imperial Brands' preliminary results for the fiscal year ended Sept. 30 demonstrated on a number of levels why the firm is our pick of the European consumer staples group. Modest outperformance on the top line, the surprise announcement of an entry into heated tobacco, respectable execution in challenging markets, and continued capital discipline all support our investment thesis, and we continue to believe Imperial is undervalued. We have tweaked our sales forecasts higher and our margin assump...
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