Published On: May 6th, 2024Categories: Trade Ideas
In today’s investment case, we turn our attention to British American Tobacco (BATS), our second top pick inside the Tobacco industry. BATS is more exposed compared to PMI to a potential US FDA ban on menthol cigarettes through its Newport brand. However, its large international business and increasing exposure to New Category products should provide some buffers. Moreover, we like the renewed management focus on deleveraging and the incremental spread pickup compared to peers.
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