British American Tobacco (BATS.L) analysis

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Health is the group's debt, not of a dividend already promised. Quality separates the cigarette margin from the smoke-free product. Growth follows price and volume, and they need not rise together. P/E is read against a year of price increases, not against that peak. Shareholder return is the dividend, checked against cash. Do not read it as income that appears on its own.

The P/E of a year of price increases is not the earnings if volume is lost. EV/EBITDA is read without treating the smoke-free product as if it had already replaced the cigarette. Do not use Philip Morris's multiple as if the two categories were the same book at both companies. A dash if BATS.L is missing.

Limits of this report

Not advice on British American Tobacco. Vaultflake does not state the dividend yield and does not describe the product. Read the filings. A past dividend is not a right. The table is a snapshot, not a target price.

Questions from this report