Projected Income Statement: British American Tobacco p.l.c.

Forecast Balance Sheet: British American Tobacco p.l.c.

balance-sheet-analysis-chart BRITISH-AMERICAN-TOBACCO-
Fiscal Period: Diciembre 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 42,717 39,451 36,393 39,281 34,640 32,538 31,106 29,919
Change - -7.65% -7.75% 7.94% -11.81% -6.07% -4.4% -3.82%
Announcement Date 27/02/20 17/02/21 11/02/22 09/02/23 08/02/24 - - -
1GBP in Million
Estimates

Cash Flow Forecast: British American Tobacco p.l.c.

Fiscal Period: Diciembre 2019 2020 2021 2022 2023 2024 2025 2026
CAPEX 1 664 511 527 523 460 633.9 635.8 736.5
Change - -23.04% 3.13% -0.76% -12.05% 37.8% 0.3% 15.85%
Free Cash Flow (FCF) 1 8,332 9,275 9,190 9,871 10,254 7,805 8,439 8,653
Change - 11.32% -0.92% 7.41% 3.88% -23.89% 8.12% 2.54%
Announcement Date 27/02/20 17/02/21 11/02/22 09/02/23 08/02/24 - - -
1GBP in Million
Estimates

Forecast Financial Ratios: British American Tobacco p.l.c.

Fiscal Period: Diciembre 2019 2020 2021 2022 2023 2024 2025 2026

Profitability

        
EBITDA Margin (%) 47.09% 51.03% 46.23% 47.76% 48.47% 49.67% 49.61% 49.65%
EBIT Margin (%) 43.09% 44.09% 43.41% 44.87% 45.69% 45.66% 45.56% 45.64%
EBT Margin (%) 30.63% 33.64% 35.68% 33.72% -62.53% 37.87% 39.08% 39.54%
Net margin (%) 22.09% 24.83% 26.48% 24.1% -52.66% 27.29% 27.46% 27.09%
FCF margin (%) 32.26% 35.98% 35.78% 35.69% 37.58% 29.87% 31.79% 31.8%
FCF / Net Income (%) 146.07% 144.92% 135.13% 148.08% -71.37% 109.46% 115.75% 117.42%

Profitability

        
ROA 5.16% 5.46% 5.49% 5.79% 6.17% 6.3% 6.58% 6.91%
ROE 11.47% 12.03% 11.8% 12.11% 13.14% 14.75% 15.11% 15.79%

Financial Health

        
Leverage (Debt/EBITDA) 3.51x 3x 3.06x 2.97x 2.62x 2.51x 2.36x 2.22x
Debt / Free cash flow 5.13x 4.25x 3.96x 3.98x 3.38x 4.17x 3.69x 3.46x

Capital Intensity

        
CAPEX / Current Assets (%) 2.57% 1.98% 2.05% 1.89% 1.69% 2.43% 2.4% 2.71%
CAPEX / EBITDA (%) 5.46% 3.88% 4.44% 3.96% 3.48% 4.88% 4.83% 5.45%
CAPEX / FCF (%) 7.97% 5.51% 5.73% 5.3% 4.49% 8.12% 7.53% 8.51%

Items per share

        
Cash flow per share 1 3.927 4.264 4.23 4.585 4.807 3.936 4.152 4.393
Change - 8.59% -0.79% 8.38% 4.84% -18.11% 5.47% 5.8%
Dividend per Share 1 2.03 2.156 2.156 2.309 2.355 2.375 2.461 2.569
Change - 6.21% 0% 7.1% 1.99% 0.86% 3.6% 4.39%
Book Value Per Share 1 27.98 27.42 28.6 32.66 23.58 24.3 24.45 24.56
Change - -2.01% 4.33% 14.19% -27.8% 3.03% 0.63% 0.46%
EPS 1 2.49 2.789 2.956 2.919 -6.466 3.126 3.298 3.413
Change - 12.01% 5.99% -1.25% -321.51% -148.35% 5.5% 3.49%
Nbr of stocks (in thousands) 2,286,331 2,286,035 2,294,686 2,229,591 2,230,487 2,205,211 2,205,211 2,205,211
Announcement Date 27/02/20 17/02/21 11/02/22 09/02/23 08/02/24 - - -
1GBP
Estimates
2024 *2025 *
P/E ratio 9.6x 9.1x
PBR 1.23x 1.23x
EV / Sales 3.78x 3.66x
Yield 7.92% 8.2%
More valuation ratios * Estimated data

EPS & Dividend

eps-dividend-chart BRITISH-AMERICAN-TOBACCO-

Year-on-year evolution of the PER

evolution-chart BRITISH-AMERICAN-TOBACCO-

Year-on-year evolution of the Yield

evolution-chart BRITISH-AMERICAN-TOBACCO-
Trading Rating
Investor Rating
ESG Refinitiv
B-
surperformance-ratings-light-chart BRITISH-AMERICAN-TOBACCO-More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
30.00GBP
Average target price
31.74GBP
Spread / Average Target
+5.82%
Consensus

Quarterly revenue - Rate of surprise

  1. Stock Market
  2. Equities
  3. BATS Stock
  4. Financials British American Tobacco p.l.c.
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