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

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

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 36,393 39,281 34,640 31,253 31,215 29,817 28,363 27,904
Change - 7.94% -11.81% -9.78% -0.12% -4.48% -4.88% -1.62%
Announcement Date 11/02/22 09/02/23 08/02/24 13/02/25 12/02/26 - - -
1GBP in Million
Estimates

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

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 527 523 460 486 551 719.3 734.3 734.7
Change - -0.76% -12.05% 5.65% 13.37% 30.55% 2.08% 0.05%
Free Cash Flow (FCF) 1 9,190 9,871 10,254 9,639 5,791 8,373 8,831 9,162
Change - 7.41% 3.88% -6% -39.92% 44.59% 5.47% 3.76%
Announcement Date 11/02/22 09/02/23 08/02/24 13/02/25 12/02/26 - - -
1GBP in Million
Estimates

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

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 46.23% 47.76% 48.47% 48.42% 47.79% 47.89% 48.32% 48.02%
EBIT Margin (%) 43.41% 44.87% 45.69% 45.97% 45.19% 44.85% 45.22% 45.56%
EBT Margin (%) 35.68% 33.72% -62.53% 13.68% 38.5% 38.55% 39.51% 40.99%
Net margin (%) 26.48% 24.1% -52.66% 11.86% 29.98% 29.7% 30.09% 29.33%
FCF margin (%) 35.78% 35.69% 37.58% 37.26% 22.61% 31.83% 32.43% 32.4%
FCF / Net Income (%) 135.13% 148.08% -71.37% 314.18% 75.43% 107.18% 107.77% 110.49%

Profitability

        
ROA 5.49% 5.79% 6.17% 6.79% 7.08% 7.22% 7.66% 8.25%
ROE 11.8% 12.11% 13.14% 15.78% 16.48% 16.37% 17.53% 19.14%

Financial Health

        
Leverage (Debt/EBITDA) 3.06x 2.97x 2.62x 2.5x 2.55x 2.37x 2.16x 2.06x
Debt / Free cash flow 3.96x 3.98x 3.38x 3.24x 5.39x 3.56x 3.21x 3.05x

Capital Intensity

        
CAPEX / Current Assets (%) 2.05% 1.89% 1.69% 1.88% 2.15% 2.73% 2.7% 2.6%
CAPEX / EBITDA (%) 4.44% 3.96% 3.48% 3.88% 4.5% 5.71% 5.58% 5.41%
CAPEX / FCF (%) 5.73% 5.3% 4.49% 5.04% 9.51% 8.59% 8.32% 8.02%

Items per share

        
Cash flow per share 1 4.23 4.585 4.807 4.551 2.85 3.62 3.888 4.263
Change - 8.38% 4.84% -5.33% -37.36% 27.02% 7.4% 9.63%
Dividend per Share 1 2.156 2.309 2.355 2.402 2.45 2.514 2.586 2.691
Change - 7.1% 2% 2% 2% 2.61% 2.86% 4.05%
Book Value Per Share 1 28.6 32.66 23.58 22.31 20.69 22.02 22.49 21.94
Change - 14.19% -27.8% -5.39% -7.27% 6.44% 2.13% -2.42%
EPS 1 2.956 2.919 -6.466 1.36 3.491 3.358 3.773 3.882
Change - -1.25% -321.51% 121.03% 156.69% -3.81% 12.36% 2.9%
Nbr of stocks (in thousands) 2,294,686 2,229,591 2,230,487 2,202,445 2,172,351 2,165,602 2,165,602 2,165,602
Announcement Date 11/02/22 09/02/23 08/02/24 13/02/25 12/02/26 - - -
1GBP
Estimates
2026 *2027 *
P/E ratio 12.5x 11.1x
PBR 1.91x 1.87x
EV / Sales 4.59x 4.38x
Yield 5.99% 6.16%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
AA
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
41.99GBP
Average target price
46.21GBP
Spread / Average Target
+10.05%

Quarterly revenue - Rate of surprise

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