Imperial Brands Earnings: No Surprises as Imperial Delivers on Targets in Fiscal-Year 2023

There were few surprises in Imperial Brands' full-year fiscal 2023 results, as the company released a trading update in October that indicated that full-year performance would be in line with management's guidance and our forecasts. We are reiterating our GBX 2,900 fair value estimate and wide moat rating, while raising our ADR valuation to $36 from $34 to account for the stronger U.S. dollar, and we continue to believe the current market valuation provides an investment opportunity for long-term value investors.