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British American Tobacco (BATSLN; Baa2 Pos, BBB+ S, BBB+ S) 1H Guidance Update

CONSUMER STAPLES

FY/CY24 guidance is unch, but sees 1H revenue & adj. profit down by LSD's on organic cc basis. FX headwind of 4% expected on that. Leverage targets (2-2.5x) unch and still guiding to be within it by end of this year.


It had already flagged 1H weakness on capex (mainly in US) & macro headwinds (again mainly in US). Currently US trading conditions; for combustibles it says "macro environment is showing some early signs of recovery, consumers remain stretched, with combustibles industry volume down c.9% YTD" & on non combustibles says growth of illicit single-use vapes still impacting it with positives outside that.


Reminder BAT has 44% exposure to US while Altria is US only & heavier combustibles (high 80%'s) exposed.


Release; https://www.londonstockexchange.com/news-article/B...

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