Imperial Brands PLC

IMB: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 1,656.00	Rbnw	Prydsdfd

Imperial Brands: On Track As Company Expands Launch of Next-Generation Products in Europe

Philip Gorham

Apr 19, 2023

Imperial Brands reported a trading update ahead of the release of its first-half fiscal 2023 results next month that indicated the business is tracking in line with the company's previous guidance and our expectations. We may have overestimated the currency tailwind to operating income in the first half of the year, and have lowered our estimates for the second half for that reason, but this has minimal impact on our GBX 2,900 per share fair value estimate.

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