British American Tobacco PLC

BATS: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 9,427.00	Dpgv	Nmxqvxl

British American Tobacco Earnings: First Half Shaping Up Within Expectations; Shares Undervalued

Kristoffer Inton

Jul 25, 2024

Wide-moat British American Tobacco reported an organic revenue decline of 0.8% and a flat adjusted organic operating margin of 44.9%. The company continues to believe that results will improve in the second half, driven by new products and investments in its US commercial distribution. Management reaffirmed full-year guidance for low-single-digit organic constant-currency revenue growth and low-single-digit organic adjusted-profit growth, inclusive of expected currency headwinds of about 2%.

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