US and New Categories' improvement as big positives

31/07/20 -"H1 combustible resilience and surprising improvement in the New Categories unit (vapour, THP, modern oral). We continue to be positive on the stock. "

Executive summary
Conflict of interest

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English

Published on

31/07/20

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EXECUTIVE SUMMARY

Updates

Pension Risks

Target & Opinion

Governance & Management

Business & Trends

Graphics : Momentum

Money Making

Graphics : MACD & Volumes

Debt

Graphics : Sensitivities

Valuation

Sector: Performance

DCF

Sector: Key data

NAV/SOTP

Sector: Ratios & Valorisation

Worth knowing

Sector: Peers

Financials

Sector: Analysis

CONFLICTS OF INTEREST

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Analyst ownership

Advising of corporate (strategy, marketing, debt, etc)

Research paid for by corporate

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Brokerage activity at AlphaValue

British American Tobacco