Value of U.S. Deal Evident Again as Imperial Finishes Fiscal 2016 in Line; Shares Fairly Priced
Imperial's U.S. assets continued to support results in the second half of the fiscal year ending September 2016 in line with our forecasts for both sales and earnings per share, and we are maintaining our GBX 3,900 fair value estimate for the ordinary shares but lowering our valuation of the ADRs to $48 from $50 to account for the continued recent weakness in sterling against the U.S. dollar. Imperial has strong competitive advantages, including a cost advantage and some regulatory protection fr...
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