British American Tobacco PLC ADR

BTI: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$55.00	Zqqvl	Mzxlwdzn

British American Tobacco's Next-Generation Portfolio Is Unfocused but Should Still Deliver Growth

Kristoffer Inton

Aug 5, 2024

Business Strategy and Outlook

British American Tobacco is the world’s second-largest tobacco company by volume, with cigarette sales to over 180 countries. But with global cigarette consumption declining about 5% per year, BAT has invested in several next-generation products that can deliver nicotine with reduced risk. This strategy makes sense, but we think the firm has placed too many bets, leading to it becoming a “jack of all trades, master of none.”

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