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Imperial Brands PLC IMB

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Morningstar’s Analysis

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Imperial Brands Reports in Line Fiscal 2021 Results; Shares Remain Undervalued

Analyst Note

| Philip Gorham, CFA, FRM |

Imperial Brands' preliminary financial results for fiscal 2021 were broadly in line with our forecasts, confirming our thesis that Imperial still possesses pricing power, and with a more focused approach to investment, will be able to continue to generate strong cash flow in the medium and long term. We are retaining our GBX 2,900 fair value estimate, and we see a lot of potential upside to Imperial.

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Company Profile

Business Description

Imperial Brands is the world's fourth-largest international tobacco company (excluding China National Tobacco) with total fiscal 2020 volume of 239 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. Recent acquisitions in the United States make Imperial the third-largest manufacturer in that market. Through its acquisition of Altadis, the firm has a logistics platform in Western Europe.

121 Winterstoke Road
Bristol, BS3 2LL, United Kingdom
T +44 1179636636
Sector Consumer Defensive
Industry Tobacco
Most Recent Earnings
Fiscal Year End Sep 30, 2021
Stock Type
Employees 30,300