Higher tobacco excise taxes could be on the horizon , as governments around the world grapple with softening tax receipts . An increase in taxes would pressure sales volume . Although we think British American benefits from the breadth of its product portfolio , continued trading down by consumers
Reynolds American will continue to play second fiddle to Altria in the domestic cigarette industry.
British American's strong presence in emerging markets positions the firm for solid long-term growth.
Lorillard has demonstrated significant operating strength, but FDA regulation could slow its growth.
Philip Morris International's PM third-quarter results confirm our thesis that the firm will generate a solid underlying financial performance in the long term, but that its exposure to currency movements can affect its reported results in the short term. We expect the recent depreciation of the ...
Our thesis that Altria MO is the strongest domestic tobacco firm remains intact following the release of the firm's third-quarter results, and we are reiterating our fair value estimate. Consumption declined slightly ahead of our expectations, but there were signs that the market shares of the