Raising FVE of Reynolds American to $66 to Reflect Current Market Values
We are raising our fair value estimate of Reynolds American to $66 per share from $60 to account for the increase in the acquisition value of the company as a result of the continued rise in the market price of British American Tobacco. Reynolds is expected to be acquired by BAT in the third quarter of this year, and with 55% of the total consideration being paid in stock, the value of the deal is sensitive to the market value of BAT. Our valuation of Reynolds accounts for the current market val...
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