British American Tobacco (BATS)

Sector:

Tobacco

Index:

FTSE 100

2,443.00p
   
  • Change Today:
      10.00p
  • 52 Week High: 2,738.50
  • 52 Week Low: 2,267.00
  • Currency: UK Pounds
  • Shares Issued: 2,226.44m
  • Volume: 33,380
  • Market Cap: £54,392m
  • RiskGrade: 122

Key Financials

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Annualisation Factor 1.0 1.0 n/a 1.0 1.0
Dividend Yield 10.3% 6.7% 7.9% 7.8% 6.5%
           
Continuing Operations          
PE Ratio - Adjusted 6.1 8.8 8.3 8.1 9.9
PE Ratio - Diluted n/a
n/a		 11.2
9.0		 9.2
8.8		 9.7
9.7		 13.0
10.5
PEG - Adjusted 6.1 0.7 n/a 4.1 1.1
PEG - Diluted n/a
n/a		 n/a
0.5		 1.5
0.7		 0.8
n/a		 n/a
3.5
Return on Capital Employed n/a
n/a		 88.96%
145.83%		 1.30%
1.34%		 125.79%
125.59%		 116.35%
112.97%
Operating Margin (57.73%)
(56.39%)		 38.05%
43.94%		 39.85%
41.27%		 40.41%
40.35%		 30.58%
35.70%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 6.1 8.8 819.6 8.1 9.9
PE Ratio - Diluted n/a
n/a		 11.2
9.0		 916.1
880.6		 9.7
9.7		 13.0
10.9
PEG - Adjusted 6.1 0.0 n/a 4.1 1.1
PEG - Diluted n/a
n/a		 0.0
0.0		 n/a
n/a		 0.8
n/a		 n/a
n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Net Gearing 68.93% 53.87% 56.33% 65.15% 67.04%

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Value Metrics 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Price/Book Value (1.2) (1.4) (1.3) (1.2) (1.4)
Price/Tangible Book Value (1.1) (1.3) (1.2) (1.2) (1.3)
Price/ Cash Flow 4.8 7.1 6.4 6.3 8.2
Price/Revenue 1.88 2.68 241.13 2.40 2.85
Price/R&D n/a n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) (1,912.43p) (2,365.47p) (2,108.61p) (2,291.69p) (2,391.72p)
Net Cash per Share n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Continuing Operations          
Revenue 27,283.00 27,655.00 259.25 25,776.00 25,877.00
EBITDA 12,863.00
13,228.00		 11,828.00
13,457.00		 114.16
117.87		 10,417.00
10,400.00		 7,913.60
9,237.60
Depreciation (28,614.00)
(28,614.00)		 (1,305.00)
(1,305.00)		 (10.86)
(10.86)		 n/a
n/a		 n/a
n/a
Net Interest (1,895.00)
(1,895.00)		 (1,641.00)
(1,641.00)		 (15.00)
(14.44)		 (1,745.00)
(1,745.00)		 (1.60)
(1.60)
Profit Before Tax (17,061.00)
(16,696.00)		 9,324.00
10,953.00		 92.49
96.87		 8,672.00
8,655.00		 7,912.00
9,236.00
           
Revenue per Share 1,224.00p 1,225.84p 11.34p 1,127.56p 1,132.97p
Pre-Tax Profit per Share (765.41p)
(749.03p)		 413.30p
485.50p		 4.04p
4.24p		 379.35p
378.61p		 346.41p
404.38p
Market Capitalisation £ (Millions) 56,391.66 80,622.10 67,151.64 61,904.88 79,382.46
Enterprise Value (EV) £ (Millions) 95,940.66 123,331.10 106,614.64 105,363.88 124,313.46
EBITDA/EV 13.41%
13.79%		 9.59%
10.91%		 0.11%
0.11%		 9.89%
9.87%		 6.37%
7.43%
Operating Margin (57.73%)
(56.39%)		 38.05%
43.94%		 39.85%
41.27%		 40.41%
40.35%		 30.58%
35.70%
Capital Employed £ (Millions) 9,825.00 8,636.00 8,288.00 8,281.00 8,177.00
Return on Capital Employed n/a
n/a		 88.96%
145.83%		 1.30%
1.34%		 125.79%
125.59%		 116.35%
112.97%
Invested Equity Capital £ (Millions) 63,604.00 92,545.00 82,270.00 79,374.00 81,340.00
           
Earnings per Share - Basic (646.60p)
(627.10p)		 293.30p
365.74p		 296.90p
311.98p		 280.00p
279.22p		 249.70p
307.71p
Earnings per Share - Diluted (646.60p)
(627.10p)		 291.90p
363.96p		 295.60p
310.62p		 278.90p
278.13p		 249.00p
306.77p
Earnings per Share - Adjusted 375.60p 373.20p 330.40p 333.00p 324.80p
Earnings per Share Growth - Basic n/a
n/a		 -1%
17%		 6%
12%		 12%
-9%		 -5%
3%
Earnings per Share Growth - Diluted n/a
n/a		 -1%
17%		 6%
12%		 12%
-9%		 -5%
3%
Earnings per Share Growth - Adjusted 1% 13% -1% 2% 9%
PE Ratio - Diluted n/a
n/a		 11.2
9.0		 9.2
8.8		 9.7
9.7		 13.0
10.5
PEG - Diluted n/a
n/a		 n/a
0.5		 1.5
0.7		 0.8
n/a		 n/a
3.5
Tax Rate 16.28% 27.90% 25.02% 24.31% 26.07%
Dividend Cover 1.59
(2.66)		 1.71
1.67		 1.53
1.45		 1.58
1.33		 1.54
1.46
Interest Cover (8.00)
(7.81)		 6.68
7.67		 7.17
7.71		 5.83
5.82		 4,939.83
5,766.29
           
Continuing & Discontinued Operations          
Earnings per Share - Basic (646.60p)
(627.10p)		 293.30p
365.74p		 3.00p
3.12p		 280.00p
279.22p		 249.70p
298.07p
Earnings per Share - Diluted (646.60p)
(627.10p)		 291.90p
363.96p		 2.98p
3.10p		 278.90p
278.13p		 249.00p
297.16p
Earnings per Share - Adjusted 375.60p 373.20p 3.33p 333.00p 324.80p
Earnings per Share Growth - Basic n/a
n/a		 9,687%
11,631%		 -99%
-99%		 12%
-6%		 -5%
0%
Earnings per Share Growth - Diluted n/a
n/a		 9,683%
11,625%		 -99%
-99%		 12%
-6%		 -5%
0%
Earnings per Share Growth - Adjusted 1% 11,090% -99% 2% 9%
PE Ratio - Diluted n/a
n/a		 11.2
9.0		 916.1
880.6		 9.7
9.7		 13.0
10.9
PEG - Diluted n/a
n/a		 0.0
0.0		 n/a
n/a		 0.8
n/a		 n/a
n/a
Dividend Cover 1.59
(2.66)		 1.71
1.67		 0.02
0.01		 1.58
1.33		 1.54
1.42
Return on Equity (ROE) (22.59%)
(21.98%)		 7.20%
8.92%		 0.08%
0.09%		 8.06%
8.04%		 7.01%
8.37%
Operating Cash Flow per Share 480.66p 460.73p 424.88p 428.08p 393.87p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share 49.53p 35.95p (0.076p) 48.38p (10.33p)
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share 235.52p 218.80p 215.60p 210.40p 210.40p
Dividend per Share Growth 7.64% 1.48% 2.47% n/a 3.65%
Dividend Yield 10.3% 6.7% 7.9% 7.8% 6.5%
Shareholders Funds 50,881.00 73,683.00 65,416.00 62,673.00 63,902.00
Net Borrowings £ (Millions) 35,071.00 39,693.00 36,849.00 40,829.00 42,840.00
Net Asset Value per Share (inc. Intangibles) (2,004.53p) (2,455.32p) (2,195.41p) (2,304.02p) (2,403.02p)

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Shareholders' Funds inc Intangibles 50,881.00 73,683.00 65,416.00 62,673.00 63,902.00
Net Borrowings £ (Millions) 35,071.00 39,693.00 36,849.00 40,829.00 42,840.00
Net Gearing 68.93% 53.87% 56.33% 65.15% 67.04%
Cash & Near Cash 4,659.00 3,446.00 2,809.00 3,139.00 2,526.00
Cash 9.16% 4.68% 4.29% 5.01% 3.95%
Gross Borrowings 39,730.00 43,139.00 39,658.00 43,968.00 45,366.00
Gross Gearing 78.08% 58.55% 60.62% 70.15% 70.99%
Borrowings Under 5 years 39,730.00 43,139.00 39,658.00 43,968.00 45,366.00
Under 5 years 78.08% 58.55% 60.62% 70.15% 70.99%
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - exc Intangibles 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Shareholders' Funds exc Intangibles (44,681.00) (55,392.00) (50,209.00) (52,670.00) (54,885.00)
Net Borrowings £ (Millions) 35,071.00 39,693.00 36,849.00 40,829.00 42,840.00
Net Gearing (78.49%) (71.66%) (73.39%) (77.52%) (78.05%)
Cash & Near Cash 4,659.00 3,446.00 2,809.00 3,139.00 2,526.00
Cash (10.43%) (6.22%) (5.59%) (5.96%) (4.60%)
Gross Borrowings 39,730.00 43,139.00 39,658.00 43,968.00 45,366.00
Gross Gearing 88.92% 77.88% 78.99% 83.48% 82.66%
Borrowings Under 5 years 39,730.00 43,139.00 39,658.00 43,968.00 45,366.00
Under 5 years (88.92%) (77.88%) (78.99%) (83.48%) (82.66%)
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Cover 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Quick Ratio 0.59 0.50 0.50 0.49 0.38
Current Ratio 0.90 0.82 0.85 0.88 0.71

Key

* GAAP

a. Includes discontinued activities

b. Based on operating cash flow before tax

c. Not disclosed under IFRS

d. Includes non-current assets

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

Note 3: Above ratios are on a 'per annum' basis, adjusted for corporate actions and based on the fundamentals of the primary listed security.

Note 4: Under IFRS, all figures are based on 'Continuing' operations unless otherwise stated.

Note 5: Normalised ratios are shown in blue text

Note 6: Forecast figures based on normalised accounts.

 

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