Marroco同时提及公司明年面临的其他压力，其中包括澳大利亚烟草监管政策趋严带来的冲击，以及对 新兴产品品类的持续投入，也将对利润增长形成一定压制。 公司首席执行官Tadeu Marroco指出，随着美国监管机构加大对非合规电子烟的整治力度，相关政策红 利初步显现。他预计，明年美国电子烟业务将不再拖累包括快速增长的口服尼古丁袋品牌Velo在内的新 型烟草整体业务组合。 但Marroco也坦言，美国电子烟市场约70%仍由未受监管产品构成，目前尚不清楚该市场何时能成为增 长引擎。"对于2026年的业绩预期，我们必须保持审慎态度，"他表示。 英美烟草(BTI.US)周二公布了最新业绩指引，预计其2026年业绩将处于中期目标的低端，原因是美国电 子烟市场的监管压力和激烈竞争，抵消了其业务组合中其他领域的强劲增长。 根据英美烟草的最新指引，2026年营收增速将落在3%-5%的中期目标区间下限，经调整后的营业利润增 速预计为4%-6%。 受此消息影响，英美烟草股价在盘前交易一度下跌约4%。不过，这家旗下拥有好彩、登喜路等知名香 烟品牌的烟草巨头同时表示，仍有望实现2025年业绩目标，并将股票回购计划规模从7月设定的11 ...

British American Tobacco is seeing early benefits from a US crackdown on illicit vaping products https://t.co/yPruKnvfey ...

Summary of British American Tobacco (NYSE:BTI) Conference Call - December 09, 2025 Company Overview - **Company**: British American Tobacco (BAT) - **Date**: December 09, 2025 - **Key Speakers**: Victoria Buxton (Group Head of Investor Relations), Tadeu Marocco (Chief Executive), Javed Iqbal (Interim Chief Financial Officer) Key Industry Insights - **Industry**: Global nicotine industry, particularly focusing on combustibles, modern oral products, and vapor categories - **Market Dynamics**: The industry is experiencing a transformation with adult smokers increasingly switching to new categories, particularly modern oral products and vapor Core Points and Arguments 1. **Revenue and Profit Growth**: BAT expects around 2% revenue and adjusted operating profit growth for the full year 2025, with positive momentum in the U.S. business driven by combustibles and VLO Plus performance [2][3] 2. **New Category Growth**: Anticipated acceleration in new category revenue growth to double digits in the second half of 2025, with mid-single-digit growth expected for the full year [2][3] 3. **Modern Oral Products**: Modern Oral is the fastest-growing category, with VLO gaining volume share up 590 basis points to 31.8% in key markets. The category is positioned as a lower-risk alternative to traditional cigarettes [4][5] 4. **FDA Support**: The FDA is recognized for its role in tobacco harm reduction, with a commitment to provide science-based information about nicotine products, which is expected to facilitate consumer transitions to reduced harm products [5][6] 5. **Velo Plus Performance**: Velo Plus has achieved significant growth, reaching a 21.9% volume share in October, up from 6.9% prior to its launch, and is driving triple-digit revenue growth in the U.S. [6][7] 6. **Heated Products**: The heated products segment is undergoing a transitional phase, with a new product, glo Halo, launched in Japan, aimed at capturing the premium segment [9][10] 7. **Vapor Category Recovery**: Vuse has regained volume and revenue growth in the U.S. after 18 months of decline, with a 50.4% value share, supported by increased federal enforcement against illicit products [11][12] 8. **Combustibles Performance**: The U.S. combustibles business is expected to deliver revenue and profit growth for the first time since 2022, with a decline in industry volume improving compared to previous years [15][16] 9. **Regulatory Challenges**: Significant regulatory headwinds in markets like Bangladesh and Australia are expected to impact overall revenue growth, with illicit trade accounting for over 85% of nicotine usage in these regions [16][17] 10. **Financial Discipline**: BAT maintains a strong cash generation profile, with operating cash conversion expected to exceed 95% in 2025 and a commitment to deleveraging [17][18] Additional Important Insights - **Market Exit Strategy**: BAT plans to exit underperforming markets like Mozambique and Cuba, which will impact organic growth figures [28][37] - **Investment in Innovation**: Continued investment in premium products and innovation is prioritized, with a focus on maintaining competitive advantages in the market [30][31] - **Future Guidance**: For 2026, BAT expects to achieve revenue growth at the lower end of its mid-term algorithm, with a focus on sustainable financial delivery and transformation [19][35] Conclusion - BAT is optimistic about its growth trajectory, particularly in the U.S. market, and is committed to delivering sustainable shareholder value through dividends and share buybacks while navigating regulatory challenges and market dynamics [18][47]

UK-based cigarette major British American Tobacco (BAT) on Thursday said it is looking to sell between 7 per cent and its entire 15.3 per cent stake in hospitality major ITC Hotels via an accelerated bookbuild process. The final number of shares sold will be determined to optimise the overall pricing outcome to BAT.“British American Tobacco p.l.c. announces that its wholly-owned subsidiaries, Tobacco Manufacturers (India), Myddleton Investment Company and Rothmans International Enterprises, intend to sell b ...

There is an apparent shift in how Wall Street views the stock market, as retail investors are increasingly doubting the AI rally. ...

Core Viewpoint - Investors in the Tobacco sector should consider Universal Corp. (UVV) and British American Tobacco (BTI), with UVV currently presenting a better value opportunity based on various financial metrics [1]. Group 1: Zacks Rank and Earnings Outlook - Universal Corp. has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while British American Tobacco has a Zacks Rank of 4 (Sell) [3]. - The Zacks Rank emphasizes stocks with favorable earnings estimate revisions, suggesting that UVV has an improving earnings outlook compared to BTI [3]. Group 2: Valuation Metrics - UVV has a forward P/E ratio of 10.92, which is lower than BTI's forward P/E of 12.28, indicating that UVV may be undervalued relative to BTI [5]. - The PEG ratio for UVV is 2.73, while BTI's PEG ratio is 2.76, showing that both companies have similar growth expectations factored into their valuations [5]. - UVV's P/B ratio is 0.86, significantly lower than BTI's P/B of 1.79, further supporting the argument that UVV is a more attractive value option [6]. Group 3: Value Grades - UVV has a Value grade of B, while BTI has a Value grade of C, indicating that UVV is perceived as a better value investment based on key financial metrics [6].

Core Viewpoint - ANZ Group CEO Nuno Matos emphasized the need for a cultural overhaul within the bank and accountability for past mistakes, as the institution faces ongoing scrutiny from Australian regulators [1] Group 1: Cultural Overhaul - The bank is under pressure to implement significant changes in its corporate culture to regain trust and improve its operations [1] - Nuno Matos highlighted the importance of accountability in addressing the bank's previous errors and failures [1] Group 2: Regulatory Pressure - ANZ Group is currently facing heightened scrutiny from Australian regulators, which is influencing its operational strategies and governance [1] - The ongoing regulatory challenges necessitate a proactive approach to compliance and risk management within the bank [1]

Core Viewpoint - Investors interested in undervalued tobacco stocks should consider Universal Corp. (UVV) over British American Tobacco (BTI) due to UVV's stronger performance in key valuation metrics and analyst outlook [1][3][7] Valuation Metrics - UVV has a forward P/E ratio of 11.58, while BTI's forward P/E is 12.12, indicating UVV may be more attractively priced [5] - The PEG ratio for UVV is 2.89, compared to BTI's 3.82, suggesting UVV offers better value relative to its expected earnings growth [5] - UVV's P/B ratio stands at 0.91, significantly lower than BTI's P/B of 1.77, further supporting UVV's undervaluation [6] Analyst Outlook - UVV currently holds a Zacks Rank of 1 (Strong Buy), reflecting an improving earnings estimate revision trend, while BTI has a Zacks Rank of 3 (Hold) [3][7] - The positive earnings outlook for UVV enhances its attractiveness as a value investment option [7]

Core Viewpoint - BT's share price experienced a modest increase following the release of mixed financial results, rising over 2.7% to reach 185p, marking its highest level in over a week [1] Financial Performance - The financial results published by BT were described as mixed, indicating variability in performance metrics [1] Market Reaction - The share price increase reflects positive market sentiment despite the mixed results, suggesting investor confidence in BT's future prospects [1]

Core Insights - British American Tobacco (BTI) has suspended its U.S. vape rollout due to regulatory pressure from the FDA [2][3] - The suspension highlights the challenges faced by major tobacco companies in a market increasingly affected by unregulated products [3][4] - The U.S. market for smoking alternatives is valued at $22 billion, indicating significant competition and profit erosion [3] Regulatory Challenges - The FDA has intensified efforts to regulate unlicensed products, prompting BTI to halt its pilot program for the Vuse One vape [2][3] - The decision to pause the pilot was made by Reynolds American, BTI's U.S. arm, which had previously planned to launch the product without FDA authorization [3][4] Market Context - The initiative to introduce the unlicensed vape was seen as a significant shift in BTI's engagement with FDA regulations, attracting attention from various stakeholders [4] - The competition from unregulated products, particularly those imported from China, poses a threat to established tobacco companies [3]