Company Valuation: British American Tobacco p.l.c.

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 73,883 61,906 62,725 73,164 51,201 64,723 - -
Change - -16.21% 1.32% 16.64% -30.02% 26.41% - -
Enterprise Value (EV) 1 116,600 101,357 99,118 112,445 85,841 97,233 95,588 93,805
Change - -13.07% -2.21% 13.45% -23.66% 13.27% -1.69% -1.86%
P/E ratio 13x 9.71x 9.25x 11.2x -3.55x 9.12x 8.63x 7.89x
PBR 1.16x 0.99x 0.96x 1x 0.97x 1.2x 1.18x 1.16x
PEG - 0.8x 1.54x -8.95x 0x -0x 1.54x 0.84x
Capitalization / Revenue 2.86x 2.4x 2.44x 2.65x 1.88x 2.47x 2.42x 2.34x
EV / Revenue 4.51x 3.93x 3.86x 4.07x 3.15x 3.71x 3.57x 3.4x
EV / EBITDA 9.59x 7.71x 8.35x 8.51x 6.49x 7.49x 7.2x 6.84x
EV / EBIT 10.5x 8.92x 8.89x 9.06x 6.89x 8.28x 7.95x 7.48x
EV / FCF 14x 10.9x 10.8x 11.4x 8.37x 12.4x 11x 10.8x
FCF Yield 7.15% 9.15% 9.27% 8.78% 11.9% 8.04% 9.12% 9.26%
Dividend per Share 2 2.03 2.156 2.156 2.309 2.355 2.385 2.495 2.63
Rate of return 6.28% 7.96% 7.89% 7.04% 10.3% 8.14% 8.52% 8.98%
EPS 2 2.49 2.789 2.956 2.919 -6.466 3.213 3.393 3.712
Distribution rate 81.5% 77.3% 72.9% 79.1% -36.4% 74.2% 73.5% 70.8%
Net sales 1 25,827 25,776 25,684 27,655 27,283 26,219 26,791 27,623
EBITDA 1 12,161 13,154 11,874 13,208 13,223 12,984 13,276 13,713
EBIT 1 11,130 11,365 11,150 12,408 12,465 11,748 12,022 12,533
Net income 1 5,704 6,400 6,801 6,666 -14,367 7,203 7,425 7,881
Net Debt 1 42,717 39,451 36,393 39,281 34,640 32,510 30,865 29,083
Reference price 2 32.32 27.08 27.34 32.82 22.96 29.29 29.29 29.29
Nbr of stocks (in thousands) 2,286,331 2,286,035 2,294,686 2,229,591 2,230,487 2,209,713 - -
Announcement Date 27/02/20 17/02/21 11/02/22 09/02/23 08/02/24 - - -
1GBP in Million2GBP
Estimates

P/E ratio, Detailed evolution

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P/E ratio EV / Sales EV / EBITDA Yield (Y) Capi. ($)
9.12x3.71x7.49x+8.14%85.12B
20.4x6.37x15.4x+4.19%196B
8.97x2.87x6.53x+6.88%24.64B
28.97x2.74x15.15x+1.30%7.03B
31.84x - - +1.11%4.46B
12.84x - - +8.57%1.85B
14.72x - - - 700M
Average 18.12x 3.92x 11.14x +5.03% 45.63B
Weighted average by Cap. 16.80x 5.29x 12.54x +5.37%
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Year-on-year evolution of the PER

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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