British American Tobacco: Heated Tobacco Stumbles, But Oral Nicotine Is Catching Fire

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]