Reynolds Accepts Revised Offer From BAT; Valuation Curbs Our Enthusiasm
The Reynolds American board has approved an improved offer from British American Tobacco for the 57.8% of the business BAT does not already own. We are maintaining our GBX 4,400 fair value estimate for BAT, but are raising our valuation for Reynolds to the transaction value of $60 per share from $54.50, as we have a high level of conviction that the deal will be completed. Although we believe the deal will be somewhat accretive to British American’s wide economic moat, and we acknowledge the att...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.