British American Tobacco PLC

BATS: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 5,333.00	Vhtx	Hthmzfsq

British American Tobacco Executes Well on Costs and Growth but Customer Acquisition Comes at a Price

Philip Gorham

Jul 28, 2021

British American Tobacco reported in line results for first-half 2021. Both revenue and margins were in line with our forecasts, and we are reiterating our GBX 4,000 fair value estimate for the ordinary shares. The report was most remarkable for a step-up in growth in the new category business and for strong execution on the Quantum cost savings programme.

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