Report
Adam Fleck
EUR 147.86 For Business Accounts Only

Reynolds American's premium brands support its wide economic moat.

Second-quarter results for wide-moat Reynolds American provided a glimpse of what we have long forecast to be the future for this company and the U.S. tobacco industry overall. After stemming its decline for much of the past year, U.S. cigarette consumption resumed the deceleration that we expect over the long run. However, the industry continues to trend toward premiumization, and Reynolds’ higher-priced brands (which make up more than 90% of the company's cigarette volume) continue to take mar...
Underlying
Reynolds American Inc.

Provider
Morningstar
Morningstar

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.

Analysts
Adam Fleck

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