Slightly Lowering Valuation in Tobacco, but We See Upside to the Group; IMB Our Pick
We are lowering our fair value estimates for three of our global large-cap tobacco manufacturers, after taking a less optimistic view of medium-term margins. Nevertheless, we still believe upside exists to the stocks, particularly Imperial Brands and Philip Morris International, and we think the group is heavily out of favor after heated tobacco sales suddenly plateaued in Japan in the first quarter of this year. The catalyst, however, may not come until early next year when PMI commercializes i...
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