Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

British American Tobacco / Equity Bottom-Up

<ul><li>British American Tobacco plc reported interim results for the first half of 2026 that were broadly in line with management expectations on a constant currency basis.</li><li>Group revenue increased by 2.9%, supported by strong growth in new categories and multi-category delivery, particularly in the U.S. Adjusted profit from operations grew 3.5%, and adjusted diluted earnings per share rose 7.9%.</li><li>The company highlighted that smokeless products now accounted for nearly 20% of group revenue, up 160 basis points year-over-year, with the Modern Oral segment driving 66% revenue growth and adding 4.1 million new consumers globally.</li></ul>

British American Tobacco plc reported interim results for the first half of 2026 that were broadly in line with management expectations on a constant currency basis.Group revenue increased by 2.9%, supported by strong growth in new categories and multi-category delivery, particularly in the U.S. Adjusted profit from operations grew 3.5%, and adjusted diluted earnings per share rose 7.9%.The company highlighted that smokeless products now accounted for nearly 20% of group revenue, up 160 basis points year-over-year, with the Modern Oral segment driving 66% revenue growth and adding 4.1 million new consumers globally.

British American Tobacco’s 4.1 Million New Consumers — Can Modern Oral Reshape The Business?

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/british-american-tobacco-plc-sponsored-adr">British American Tobacco</a> is in a pivotal transition, leveraging strong cash flows from its legacy combustibles business to fund growth in 'New Category' smoke-free products like Vuse (vapour), Velo (modern oral), and glo (heated tobacco).</li>
  <li>The company's New Categories portfolio has achieved profitability ahead of schedule, demonstrating strong volume-led growth, particularly in the Vuse and Velo brands, which are key to offsetting the secular decline in cigarette volumes.</li>
  <li>Despite facing significant regulatory headwinds and competitive pressure, particularly in the U.S. market, the company maintains a wide economic moat, supported by strong brands and a global distribution network, while offering an attractive dividend yield.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
British American Tobacco is in a pivotal transition, leveraging strong cash flows from its legacy combustibles business to fund growth in 'New Category' smoke-free products like Vuse (vapour), Velo (modern oral), and glo (heated tobacco).
  The company's New Categories portfolio has achieved profitability ahead of schedule, demonstrating strong volume-led growth, particularly in the Vuse and Velo brands, which are key to offsetting the secular decline in cigarette volumes.
  Despite facing significant regulatory headwinds and competitive pressure, particularly in the U.S. market, the company maintains a wide economic moat, supported by strong brands and a global distribution network, while offering an attractive dividend yield.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: British American Tobacco (BTI US) - Aug 2026

<ul><li>British American Tobacco delivered full year 2025 results at the top end of guidance, reflecting a combination of resilience in combustibles, accelerating traction in smokeless products, and continued cost discipline, while also highlighting uneven regional performance and regulatory headwinds that shape the near-term outlook.</li><li>The company added 4.7 million smokeless consumers during the year, taking the total to 34.1 million, driven primarily by strong momentum in Modern Oral.</li><li>New Categories revenue grew 7% at constant currency, supported by a 48% increase in Modern Oral, while Vapour declined due to persistent illicit trade pressures in the U.S. and Canada.</li></ul>

British American Tobacco delivered full year 2025 results at the top end of guidance, reflecting a combination of resilience in combustibles, accelerating traction in smokeless products, and continued cost discipline, while also highlighting uneven regional performance and regulatory headwinds that shape the near-term outlook.The company added 4.7 million smokeless consumers during the year, taking the total to 34.1 million, driven primarily by strong momentum in Modern Oral.New Categories revenue grew 7% at constant currency, supported by a 48% increase in Modern Oral, while Vapour declined due to persistent illicit trade pressures in the U.S. and Canada.

British American Tobacco Faces Vapour Pressure Despite 7% New Categories Growth

<ul><li>British American Tobacco (BAT) exhibited a mixed performance in its recent interim financial results, underscored by both positive growth trends and notable challenges.</li><li>The company reported group results ahead of initial expectations, with a 1.8% increase in group revenue and an adjusted profit from operations growth of 1.9%.</li><li>These figures were achieved despite ongoing challenges in some market areas and adjustments, including a reported gain from the partial sale of an ITC investment.</li></ul>

British American Tobacco (BAT) exhibited a mixed performance in its recent interim financial results, underscored by both positive growth trends and notable challenges.The company reported group results ahead of initial expectations, with a 1.8% increase in group revenue and an adjusted profit from operations growth of 1.9%.These figures were achieved despite ongoing challenges in some market areas and adjustments, including a reported gain from the partial sale of an ITC investment.

British American Tobacco’s 135,000-Store Footprint Is a Power Move That Competitors Can’t Ignore!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We will maintain our bullish view as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 5500.</li>
<li>Our base case expectation is that SPX holds above short-term gap support at 5700-5785 (which is also where the 20-day, 100-day, and 200-day MAs all converge).</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish view as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 5500.
Our base case expectation is that SPX holds above short-term gap support at 5700-5785 (which is also where the 20-day, 100-day, and 200-day MAs all converge).


Gap Supports Holding; Expecting Test of All-Time Highs; Long-Term Treasury Yields Rolling Over?

United Kingdom

British American Tobacco is a multinational consumer goods company that manufactures and sells tobacco and nicotine products, including cigarettes, vapour products, heated tobacco, and modern oral products like nicotine pouches. The company offers brands such as Dunhill, Kent, Lucky Strike, Pall Mall, Rothmans, Vuse, glo, and Velo. It was founded in 1902 and is headquartered in London, United Kingdom.

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British American Tobacco (BTI US)

British American Tobacco’s 4.1 Million New Consumers — Can Modern Oral Reshape The Business?

British American Tobacco plc reported interim results for the first half of 2026 that were broadly in line with management expectations on a...

Baptista Research

Primer: British American Tobacco (BTI US) - Aug 2026

British American Tobacco is in a pivotal transition, leveraging strong cash flows from its legacy combustibles business to fund growth in 'New...

αSK Primers

British American Tobacco Faces Vapour Pressure Despite 7% New Categories Growth

British American Tobacco delivered full year 2025 results at the top end of guidance, reflecting a combination of resilience in combustibles,...

Baptista Research

British American Tobacco’s 135,000-Store Footprint Is a Power Move That Competitors Can’t Ignore!

British American Tobacco (BAT) exhibited a mixed performance in its recent interim financial results, underscored by both positive growth trends...

Baptista Research

Gap Supports Holding; Expecting Test of All-Time Highs; Long-Term Treasury Yields Rolling Over?

Gap Supports Holding; Expecting Test of All-Time Highs $SPX $QQQ $NDX; 10- and 30-Year Treasury Yields Rolling Over?; Watching $209-210 resistance...

Vermilion Research

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