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Equity Bottom-Up

British American Tobacco  / Equity Bottom-Up

<p>British American Tobacco’s (BAT’s) H125 results were slightly ahead of expectations and show delivery on the promise to move to higher rates of sustainable growth following two years of below-norm performance. Importantly, the US returned to revenue and profit growth, driven by the strengthened combustibles portfolio and better execution, together with excellent growth in Modern Oral following the Velo Plus launch late last year. Modern Oral was the standout performer in H1 and Velo is the fastest-growing brand in the fastest-growing New Categories segment globally. BAT calls FY25 a deployment year as it is launching new products in all New Categories, with Vuse Ultra in Vapour, glo Hilo in Heated Products and Velo Plus in Modern Oral. Management expects the ongoing phased roll-out of these innovations to drive growth in H2 and beyond.</p>

British American Tobacco’s (BAT’s) H125 results were slightly ahead of expectations and show delivery on the promise to move to higher rates of sustainable growth following two years of below-norm performance. Importantly, the US returned to revenue and profit growth, driven by the strengthened combustibles portfolio and better execution, together with excellent growth in Modern Oral following the Velo Plus launch late last year. Modern Oral was the standout performer in H1 and Velo is the fastest-growing brand in the fastest-growing New Categories segment globally. BAT calls FY25 a deployment year as it is launching new products in all New Categories, with Vuse Ultra in Vapour, glo Hilo in Heated Products and Velo Plus in Modern Oral. Management expects the ongoing phased roll-out of these innovations to drive growth in H2 and beyond.

British American Tobacco — Building momentum

<p>British American Tobacco’s (BAT’s) strategy is to become a predominantly smokeless business, generating more than 50% of revenue (FY24: 17.5%) from smokeless products by FY35. The industry backdrop is favourable, with higher revenue growth expected as consumers move to new reduced-risk products. Having transformed its capabilities through scientific research, customer engagement and product innovation, management believes focused investment should enable BAT to continue capturing the enhanced growth opportunity with better returns. BAT is confident of higher profit growth in FY25 before hitting its full stride of 4–6% pa sustainable growth from FY26, comparable to BAT’s growth rates before FY22.</p>

British American Tobacco’s (BAT’s) strategy is to become a predominantly smokeless business, generating more than 50% of revenue (FY24: 17.5%) from smokeless products by FY35. The industry backdrop is favourable, with higher revenue growth expected as consumers move to new reduced-risk products. Having transformed its capabilities through scientific research, customer engagement and product innovation, management believes focused investment should enable BAT to continue capturing the enhanced growth opportunity with better returns. BAT is confident of higher profit growth in FY25 before hitting its full stride of 4–6% pa sustainable growth from FY26, comparable to BAT’s growth rates before FY22.

British American Tobacco — Moving to a smokeless world

United Kingdom

British American Tobacco P.L.C. operates as a holding company for a group of companies that manufactures, markets, and sells cigarettes and other tobacco products including cigars and roll-your-own tobacco.

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British American Tobacco (BTI SJ)

British American Tobacco — Building momentum

British American Tobacco’s (BAT’s) H125 results were slightly ahead of expectations and show delivery on the promise to move to higher rates of...

Edison Investment Research

British American Tobacco — Moving to a smokeless world

British American Tobacco’s (BAT’s) strategy is to become a predominantly smokeless business, generating more than 50% of revenue (FY24: 17.5%) from...

Edison Investment Research

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