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CONSUMER STAPLES: British American Tobacco (BATSLN; Baa1/BBB+) CMD Day

CONSUMER STAPLES
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BAT with a presserahead of a CMD day tomorrow, reaffirming FY (same as CY) guidance for "LSD organic revenue and adj. EBIT growth".

  • Expects a ~5% headwind from FX on FY adj. EBIT (was 4%) and leaves us net still looking at a fall yoy.
  • Consensus is at -4%yoy, Moody's -5% on EBITDA (mentioned when it upgraded it in August).

We are more interested in how non-combustibles growth and US combustibles market share are trending. It generally does not give a 3Q trading update so we will be waiting till early Dec for pre-FY trading update.

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BAT with a presserahead of a CMD day tomorrow, reaffirming FY (same as CY) guidance for "LSD organic revenue and adj. EBIT growth".

  • Expects a ~5% headwind from FX on FY adj. EBIT (was 4%) and leaves us net still looking at a fall yoy.
  • Consensus is at -4%yoy, Moody's -5% on EBITDA (mentioned when it upgraded it in August).

We are more interested in how non-combustibles growth and US combustibles market share are trending. It generally does not give a 3Q trading update so we will be waiting till early Dec for pre-FY trading update.