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Posted by
Two Blokes Jun 15 -
Filed in
Stock
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British American Tobacco has re-rated materially from a sub 6X P/E to a current P/E of 10X. Returns based on management guidance look relatively unexciting, but there's more to the story. Turning the tide on illicit disposables in the U.S. and exciting prospects for Modern Oral could provide multi-year tailwinds for growth, boosting earnings above management guidance.
