On a standalone basis, the underlying performance of the top-line was weaker than expected; on the other hand, organic profitability seemed to be good. The numbers were much helped by the integration of Reynolds. It seems that the tobacco industry has been in shifting sands territory as unprecedented dynamic changes in the market have put pressure on tobacco players to accelerate their transformation and expand less-risky offers. We do not expect sharp changes to our target price as we had al
22 Feb 2018
FY top-line weaker than expected; shifting sands for the tobacco industry
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FY top-line weaker than expected; shifting sands for the tobacco industry
British American Tobacco p.l.c. (BATS:LON) | 2,408 0 0.0% | Mkt Cap: 53,786m
- Published:
22 Feb 2018 -
Author:
Anna Zyniewicz -
Pages:
3
On a standalone basis, the underlying performance of the top-line was weaker than expected; on the other hand, organic profitability seemed to be good. The numbers were much helped by the integration of Reynolds. It seems that the tobacco industry has been in shifting sands territory as unprecedented dynamic changes in the market have put pressure on tobacco players to accelerate their transformation and expand less-risky offers. We do not expect sharp changes to our target price as we had al