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

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

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 39,451 36,393 39,281 34,640 31,253 30,561 29,242 27,668
Change - -7.75% 7.94% -11.81% -9.78% -2.21% -4.32% -5.38%
Announcement Date 17/02/21 11/02/22 09/02/23 08/02/24 13/02/25 - - -
1GBP in Million
Estimates

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

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
CAPEX 1 511 527 523 460 486 651.7 579.6 591.2
Change - 3.13% -0.76% -12.05% 5.65% 34.1% -11.07% 2%
Free Cash Flow (FCF) 1 9,275 9,190 9,871 10,254 9,639 7,155 8,569 9,002
Change - -0.92% 7.41% 3.88% -6% -25.77% 19.75% 5.06%
Announcement Date 17/02/21 11/02/22 09/02/23 08/02/24 13/02/25 - - -
1GBP in Million
Estimates

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

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027

Profitability

        
EBITDA Margin (%) 51.03% 46.23% 47.76% 48.47% 48.42% 47.27% 47.47% 47.59%
EBIT Margin (%) 44.09% 43.41% 44.87% 45.69% 45.97% 44.56% 44.95% 45.3%
EBT Margin (%) 33.64% 35.68% 33.72% -62.53% 13.68% 41.05% 39.57% 40.57%
Net margin (%) 24.83% 26.48% 24.1% -52.66% 11.86% 30.1% 28.62% 28.73%
FCF margin (%) 35.98% 35.78% 35.69% 37.58% 37.26% 27.94% 32.49% 33.21%
FCF / Net Income (%) 144.92% 135.13% 148.08% -71.37% 314.18% 92.8% 113.53% 115.6%

Profitability

        
ROA 5.46% 5.49% 5.79% 6.17% 6.79% 6.3% 6.71% 7.15%
ROE 12.03% 11.8% 12.11% 13.14% 15.78% 15.3% 16.42% 17.65%

Financial Health

        
Leverage (Debt/EBITDA) 3x 3.06x 2.97x 2.62x 2.5x 2.52x 2.34x 2.14x
Debt / Free cash flow 4.25x 3.96x 3.98x 3.38x 3.24x 4.27x 3.41x 3.07x

Capital Intensity

        
CAPEX / Current Assets (%) 1.98% 2.05% 1.89% 1.69% 1.88% 2.54% 2.2% 2.18%
CAPEX / EBITDA (%) 3.88% 4.44% 3.96% 3.48% 3.88% 5.38% 4.63% 4.58%
CAPEX / FCF (%) 5.51% 5.73% 5.3% 4.49% 5.04% 9.11% 6.76% 6.57%

Items per share

        
Cash flow per share 1 4.264 4.23 4.585 4.807 4.551 2.178 3.456 3.724
Change - -0.79% 8.38% 4.84% -5.33% -52.15% 58.68% 7.77%
Dividend per Share 1 2.156 2.156 2.309 2.355 2.402 2.452 2.502 2.586
Change - 0% 7.1% 1.99% 2.01% 2.06% 2.04% 3.37%
Book Value Per Share 1 27.42 28.6 32.66 23.58 22.31 22.21 22.32 22.66
Change - 4.33% 14.19% -27.8% -5.39% -0.44% 0.48% 1.5%
EPS 1 2.789 2.956 2.919 -6.466 1.36 3.442 3.489 3.696
Change - 5.99% -1.25% -321.51% 121.03% 153.06% 1.38% 5.94%
Nbr of stocks (in thousands) 2,286,035 2,294,686 2,229,591 2,230,487 2,203,490 2,176,061 2,176,061 2,176,061
Announcement Date 17/02/21 11/02/22 09/02/23 08/02/24 13/02/25 - - -
1GBP
Estimates
2025 *2026 *
P/E ratio 12.1x 11.9x
PBR 1.87x 1.86x
EV / Sales 4.73x 4.54x
Yield 5.9% 6.02%
More valuation ratios * Estimated data

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
A
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
41.59GBP
Average target price
42.92GBP
Spread / Average Target
+3.19%
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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