British American Tobacco p.l.c. (NYSE: BTI ) is arguably the “second-best” tobacco company in the world. Their brands are well known and have top market shares, but they are not Marlboro. Their journey into next generation products (heat-not-burn, vapes andStriving to compound knowledge. Long-time fan of Warren and Charlie. Always invert. "To finish first, you must first finish". Investing own and family funds for +20 years. Senior finance roles at public and private corporations for most of that time.Analy ...

Core Insights - The investment strategy focuses on acquiring strong businesses when they are undervalued, emphasizing the importance of quality and price in investment decisions [1] - The portfolio has evolved over time, transitioning from Canadian dividend payers to a diverse range of industries including technology, payments, and emerging markets [1] - The current emphasis is on large tech companies with extensive user bases and content libraries, highlighting the potential for cross-selling opportunities [1] Investment Philosophy - The valuation approach prioritizes EBIT plus R&D investments, reflecting a belief in the long-term potential of certain R&D initiatives [1] - The historical annual return from February 2019 to October 2024 was 11.4% CAGR, which is below the market's 15.18% CAGR, indicating a need for improved performance in the future [1] - The investment philosophy discourages traditional "Buy" and "Sell" recommendations, advocating for a focus on exceptional businesses at fair prices, with a preference for "Strong Buy" and "Strong Sell" classifications [1] Future Outlook - The belief is that expanded knowledge and principles learned will facilitate better performance and lower portfolio turnover in the future [1] - The strategy suggests that most profits will come from holding existing investments rather than frequent trading [1] - A "Hold" position may be initiated for high-quality businesses if their pricing is not favorable, indicating a flexible approach to investment management [1]

Group 1 - Sensor Unlimited is part of the investing group Envision Early Retirement, which focuses on generating high income and growth through dynamic asset allocation [2] - The group offers two model portfolios: one for short-term survival and withdrawal, and another for aggressive long-term growth [2] - Monthly updates on holdings, tax discussions, and ticker critiques are provided to members [2] Group 2 - Sensor Unlimited has a PhD in financial economics and has spent the last decade covering the mortgage market, commercial market, and banking industry [3] - The focus areas include asset allocation and ETFs related to the overall market, bonds, banking and financial sectors, and housing markets [3]

Core Insights - The article emphasizes the importance of conducting personal in-depth research and due diligence before making investment decisions, highlighting the inherent risks involved in trading [3]. Company and Industry Analysis - The analysis is intended solely for informational purposes and should not be interpreted as professional investment advice [3]. - There is a clear disclaimer regarding the lack of any stock, option, or derivative positions in the companies mentioned, indicating a neutral stance from the analyst [2]. - The article does not provide any specific recommendations or advice on investment suitability for individual investors [4].

Core Viewpoint - Jefferies has initiated coverage on several leading companies in the tobacco industry, providing a mix of ratings including three "Buy" ratings, one "Hold" rating, and one "Underperform" rating, highlighting the sector's stable growth potential and defensive asset characteristics [1][2] Company Summaries - Philip Morris International (PM.US) received a "Buy" rating, with expectations of high single-digit (HSD) growth in EBITDA driven by its leadership in heated tobacco and oral nicotine pouch segments, despite its stock price being above the industry average [1] - Altria (MO.US) was assigned an "Underperform" rating with a target price of $50, facing risks of high single-digit (HSD) sales decline in combustible tobacco and challenges from consumer price pressures, although its traditional oral nicotine market position partially offsets growth potential in modern oral products [1] - Imperial Brands (IMBBY.US) also received a "Buy" rating, noting improvements in combustible tobacco market share and successful execution of its smoke-free product strategy, particularly in the U.S. modern oral product sector [2] - Japan Tobacco (JAPAY.US) was given a "Hold" rating, with attractive strategic positioning in emerging markets and healthy core combustible tobacco business, supported by global flagship brand growth in developed markets [2] - British American Tobacco (BTI.US) is highlighted as a preferred choice in the tobacco sector, with Philip Morris International also achieving the highest quantitative score on the Seeking Alpha platform, indicating strong market recognition [2]

行业报告 | 行业研究周报 新兴产业 证券研究报告 英美烟草与日烟国际积极抢占日韩加热烟草市场;25 年 5 月电子烟出口额受中美贸易摩擦影响！ 本周关注：英美烟草与日烟国际积极抢占日韩加热烟草市场;25 年 5 月电子烟出口额受中美贸易摩 擦影响！ 英美烟草加热烟草新品 Glo Hilo 完成试销，定档 9 月日本全国上市 英美烟草推出的加热烟草新品 Glo Hilo，采用红外线石英加热技术，能在 5 秒内极速升温至 370 度。6 月该产品在宫城县试销告捷后，定档 9 月 1 日全面登陆日本市场，建议零售价为 3980 日元 （约 25 美元）。 在市场策略方面，6 月 9 日开启宫城县试销，9 月 1 日进行全国推广，并在东京举行战略发布会造 势。英美烟草首席执行官塔德乌・马罗科亲赴东京站台，强调日本作为无烟产品领先市场的重要 性，称要 "重振市场增长"，视日本为重要战略市场。 目前日本无烟产品销量已超传统卷烟。据英国研究公司欧睿国际预测，到 2024 年，IQOS 的销售 商菲利普莫里斯国际公司将占据日本加热烟草市场 69.8% 的最大份额，英美烟草公司将以 16.3% 的份额保持第二的位置。 日烟国 ...

Core Insights - The article discusses the investment positions held by analysts in BTI and MO, indicating a positive outlook on these stocks [1] Group 1 - Analysts have a beneficial long position in the shares of BTI and MO, suggesting confidence in their future performance [1] - The article expresses personal opinions of the author, emphasizing that it is not influenced by external compensation [1]

Investment Strategy - The company adopts a global approach to investment opportunities, focusing on undervalued companies that provide a significant margin of safety, leading to attractive dividend yields and returns [1] - The investment strategy is not limited to specific sectors or countries, but emphasizes companies that are well understood and assessed for future growth potential [1] Valuation Metrics - The company shows particular enthusiasm for companies with a solid earnings track record that are trading at less than 8 times free cash flow, which is a key metric for identifying potential investments [1]

Core Insights - British American Tobacco (NYSE: BTI) is the second-largest tobacco company by market capitalization, valued at $105 billion [1] Company Overview - The company is undergoing a transformation towards "reduced risk" products, which is a significant aspect of its business strategy [1] Investment Perspective - The article reflects a positive outlook on the company's potential, indicating a long-term beneficial position in BTI shares [2]

Company Overview - British American Tobacco (NYSE: BTI) is one of the largest tobacco companies globally, operating in over 180 countries [1] Business Diversification - The company is transitioning from a traditional combustible cigarette business to diversifying its revenue streams into next-generation products [1]