Financials British American Tobacco p.l.c.

Equities

BATS

GB0002875804

Tobacco

Market Closed - London S.E. 16:35:18 24/05/2024 BST 5-day change 1st Jan Change
2,390 GBX -1.40% Intraday chart for British American Tobacco p.l.c. -3.43% +4.12%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 73,883 61,906 62,725 73,164 51,201 52,985 - -
Enterprise Value (EV) 1 116,600 101,357 99,118 112,445 85,841 85,448 83,758 81,945
P/E ratio 13 x 9.71 x 9.25 x 11.2 x -3.55 x 7.5 x 6.98 x 6.58 x
Yield 6.28% 7.96% 7.89% 7.04% 10.3% 9.97% 10.4% 10.9%
Capitalization / Revenue 2.86 x 2.4 x 2.44 x 2.65 x 1.88 x 1.97 x 1.9 x 1.85 x
EV / Revenue 4.51 x 3.93 x 3.86 x 4.07 x 3.15 x 3.17 x 3.01 x 2.85 x
EV / EBITDA 9.59 x 7.71 x 8.35 x 8.51 x 6.49 x 6.64 x 6.32 x 6.09 x
EV / FCF 14 x 10.9 x 10.8 x 11.4 x 8.37 x 10.5 x 9.9 x 9.91 x
FCF Yield 7.15% 9.15% 9.27% 8.78% 11.9% 9.57% 10.1% 10.1%
Price to Book 1.16 x 0.99 x 0.96 x 1 x 0.97 x 0.99 x 0.98 x 0.96 x
Nbr of stocks (in thousands) 2,286,331 2,286,035 2,294,686 2,229,591 2,230,487 2,216,948 - -
Reference price 2 32.32 27.08 27.34 32.82 22.96 23.90 23.90 23.90
Announcement Date 27/02/20 17/02/21 11/02/22 09/02/23 08/02/24 - - -
1GBP in Million2GBP
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 25,827 25,776 25,684 27,655 27,283 26,960 27,864 28,707
EBITDA 1 12,161 13,154 11,874 13,208 13,223 12,871 13,246 13,457
EBIT 1 11,130 11,365 11,150 12,408 12,465 11,918 12,279 12,748
Operating Margin 43.09% 44.09% 43.41% 44.87% 45.69% 44.21% 44.07% 44.41%
Earnings before Tax (EBT) 1 7,912 8,672 9,163 9,324 -17,061 10,054 10,822 11,250
Net income 1 5,704 6,400 6,801 6,666 -14,367 7,210 7,597 7,896
Net margin 22.09% 24.83% 26.48% 24.1% -52.66% 26.74% 27.26% 27.51%
EPS 2 2.490 2.789 2.956 2.919 -6.466 3.186 3.425 3.630
Free Cash Flow 1 8,332 9,275 9,190 9,871 10,254 8,177 8,457 8,271
FCF margin 32.26% 35.98% 35.78% 35.69% 37.58% 30.33% 30.35% 28.81%
FCF Conversion (EBITDA) 68.51% 70.51% 77.4% 74.74% 77.55% 63.53% 63.85% 61.46%
FCF Conversion (Net income) 146.07% 144.92% 135.13% 148.08% - 113.41% 111.32% 104.75%
Dividend per Share 2 2.030 2.156 2.156 2.309 2.355 2.382 2.485 2.604
Announcement Date 27/02/20 17/02/21 11/02/22 09/02/23 08/02/24 - - -
1GBP in Million2GBP
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2 2025 S1 2025 S2
Net sales 1 13,688 12,271 13,505 12,175 13,509 12,869 14,786 13,441 13,842 12,880 14,190 13,032 14,400
EBITDA 1 6,606 5,730 7,424 5,557 6,317 5,988 7,220 6,500 6,723 6,025 7,112 - -
EBIT 1 5,921 5,368 5,997 5,235 5,915 5,490 6,918 6,020 6,445 5,638 6,729 - -
Operating Margin 43.26% 43.75% 44.41% 43% 43.79% 42.66% 46.79% 44.79% 46.56% 43.77% 47.42% - -
Earnings before Tax (EBT) 1 4,047 4,592 4,080 4,384 4,779 - 6,263 5,303 -22,364 5,001 6,042 - -
Net income 1 2,890 3,457 2,943 3,250 3,551 1,836 4,830 3,937 -18,326 3,813 4,635 - -
Net margin 21.11% 28.17% 21.79% 26.69% 26.29% 14.27% 32.67% 29.29% -132.39% 29.6% 32.66% - -
EPS 2 1.262 1.507 1.282 1.416 1.540 - 2.111 1.760 -8.226 1.614 1.884 1.591 1.769
Dividend per Share 2 1.015 1.034 1.122 1.065 1.091 1.084 1.226 1.122 1.233 1.168 1.172 1.193 1.185
Announcement Date 27/02/20 31/07/20 17/02/21 28/07/21 11/02/22 27/07/22 09/02/23 26/07/23 08/02/24 - - - -
1GBP in Million2GBP
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 42,717 39,451 36,393 39,281 34,640 32,463 30,773 28,960
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 3.513 x 2.999 x 3.065 x 2.974 x 2.62 x 2.522 x 2.323 x 2.152 x
Free Cash Flow 1 8,332 9,275 9,190 9,871 10,254 8,177 8,457 8,271
ROE (net income / shareholders' equity) 11.5% 12% 11.8% 12.1% 13.1% 15% 15.4% 16.1%
ROA (Net income/ Total Assets) 5.16% 5.46% 5.49% 5.79% 6.17% 6.34% 6.6% 6.78%
Assets 1 110,476 117,152 123,786 115,155 -232,751 113,700 115,079 116,486
Book Value Per Share 2 28.00 27.40 28.60 32.70 23.60 24.10 24.50 25.00
Cash Flow per Share 2 3.930 4.260 4.230 4.580 4.810 4.060 4.320 3.900
Capex 1 664 511 527 523 460 611 676 690
Capex / Sales 2.57% 1.98% 2.05% 1.89% 1.69% 2.27% 2.43% 2.4%
Announcement Date 27/02/20 17/02/21 11/02/22 09/02/23 08/02/24 - - -
1GBP in Million2GBP
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
14
Last Close Price
23.9 GBP
Average target price
31.05 GBP
Spread / Average Target
+29.93%
Consensus
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