Despite the warning of a slowdown in the New Category products, the company has continued to show strength in its combustible activity (highly positive in the US too). The “warning” concerning the FY New Category sales doesn’t imply a significant revision in our estimates. All the group level guidance was reiterated. It seems that BAT is succeeding in offsetting the vapour slowdown with its ability to transfer smokers to premium cigarettes. Our Buy recommendation is maintain
27 Nov 2019
Nothing to worry about the New Category products slowdown, at this stage
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Nothing to worry about the New Category products slowdown, at this stage
British American Tobacco p.l.c. (BATS:LON) | 2,348 -328.8 (-0.6%) | Mkt Cap: 52,387m
- Published:
27 Nov 2019 -
Author:
Laura Parisot -
Pages:
3
Despite the warning of a slowdown in the New Category products, the company has continued to show strength in its combustible activity (highly positive in the US too). The “warning” concerning the FY New Category sales doesn’t imply a significant revision in our estimates. All the group level guidance was reiterated. It seems that BAT is succeeding in offsetting the vapour slowdown with its ability to transfer smokers to premium cigarettes. Our Buy recommendation is maintain