British American Tobacco

Reaffirms FY23 guidance. Wants to be predominantly smokeless by 2035. Lower FY24 & mid-term guidance (as more investments are required). No meaningful recovery in the US cigarette business. VUSE under pressure. No meaningful recovery in heated tobacco. Carrying value of US business is lower (£25bn impairment and the disastrous Reynolds acquisition still hurting BAT). Carrying value of BAT’s indefinite-lived intangibles (at the end of 2022): £78.2bn.
Click here to read the SENS