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Imperial Brands PLC IMB

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Stock XLON Rating as of
GBX 1,846.50 +12.00 (0.65%)
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Imperial Brands Earnings: No Surprises as Imperial Delivers on Targets in Fiscal-Year 2023

Philip Gorham

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.

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Price vs Fair Value

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IMB is trading at a 37% discount.
Price
GBX 1,834.54
Fair Value
GBX 8,181.00
Uncertainty
Medium
1-Star Price
GBX 3,377.00
5-Star Price
GBX 9,358.00
Economic Moat
Wnb
Capital Allocation
Psrhykr

Bulls Say, Bears Say

Bulls

The appointment of Simon Langelier, chairman of cannabis oil extract manufacturer PharamCielo, to the board of directors could open the door for Imperial to exploit more liberal legislation in the U.S.

Bears

With Philip Morris and British American Tobacco focused on diversifying revenue away from cigarettes, the probability of Imperial being acquired at a valuation premium has almost evaporated, in our view.

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Trading Information

Previous Close Price
GBX 1,834.50
Day Range
GBX 1,835.00–1,864.00
52-Week Range
GBX 1,553.50–2,124.00
Bid/Ask
GBX 1,640.00 / GBX 1,900.00
Market Cap
GBX 1.64 Tril
Volume/Avg
4.2 Mil / 2.2 Mil

Key Statistics

Price/Earnings (Normalized)
6.16
Price/Sales
0.52
Dividend Yield
7.87%
Dividend Yield (Forward)
7.87%
Total Yield
14.04%

Company Profile

Imperial Brands is the world's fourth-largest international tobacco company (excluding China National Tobacco) with total fiscal 2023 volume of 198 billion cigarettes sold in more than 160 countries. The firm holds a leading global position in the fine-cut tobacco and hand-rolling paper categories, and it has a logistics platform in Western Europe, Altadis. Through acquisition, Imperial is the third-largest manufacturer in the U.S. and owns the Winston and blu brands.
Sector
Consumer Defensive
Industry
Tobacco
Stock Style Box
Large Value
Total Number of Employees
25,700
Website
https://www.imperialbrandsplc.com

Competitors

Valuation

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Metric
IMB
PM
2914
Price/Earnings (Normalized)
 6.1615.4612.88
Price/Book Value
 2.74—1.72
Price/Sales
 0.524.232.40
Price/Cash Flow
 5.5713.6611.20
Price/Earnings
IMB
PM
2914

Financial Strength

Metric
IMB
PM
2914
Quick Ratio
 0.300.360.97
Current Ratio
 0.740.891.91
Interest Coverage
 16.6110.156.72
Quick Ratio
IMB
PM
2914

Profitability

Metric
IMB
PM
2914
Return on Assets (Normalized)
 8.66%14.63%7.20%
Return on Equity (Normalized)
 42.93%—13.03%
Return on Invested Capital (Normalized)
 15.37%26.05%11.09%
Return on Assets
IMB
PM
2914

Tobacco Industry Comparables

Screen in Investor
Ticker
Name
Morningstar Rating for Stocks
Economic Moat
Market Cap
PM
Philip Morris International IncFsvc$144.9 Bil
MO
Altria Group IncYkbr$74.4 Bil
BTAFF
British American Tobacco PLCGsrgd$71.5 Bil
BTI
British American Tobacco PLC ADRJffh$71.5 Bil
JAPAF
Japan Tobacco IncLwc$45.9 Bil
JAPAY
Japan Tobacco Inc ADRHlfv$45.9 Bil
IMBBF
Imperial Brands PLCWmgk$20.7 Bil
IMBBY
Imperial Brands PLC ADRFrnsb$20.7 Bil
PHJMF
PT Hanjaya Mandala Sampoerna TbkKtpsc$7.2 Bil
SMORF
Smoore International Holdings Ltd Ordinary SharesBvr$5.4 Bil