Companies

BAT: Business Update

June 2024: Vuse Pro PMTA Submission RJ Reynolds Vapor Company (RJRVC), an operating company of BAT’s US subsidiary Reynolds American, completed the Pre-Market Tobacco Product

Read More »

Altria: Business Update

June 2024: PMTA submission for on! PLUS Altria announced the submission of Pre-market Tobacco Product Applications (PMTAs) to the US Food and Drug Administration (FDA)

Read More »

PMI: Business Update

June 2024: Revised FY24 Guidance At the DB Global Consumer Conference, PMI provided a revised FY24 forecast (for the currency only): – Diluted EPS in

Read More »

ITC: FY24 Results

Key Business Metrics: Q4 2024 Gross Revenue is up +2% driven by resilient performance in Cigarettes (+7.7%) and FMCG Others (+7.2%). Gross Revenue (ex-Agri Business)

Read More »

Imperial: H1 2024 Results

Top-line & Bottom-line results Adjusted: at constant currencies – Volume: -6.3% (to 89.9Bn sticks), reflecting the wider industry decline in the markets where Imperial Brands

Read More »

KT&G: Q1 2024 Results

Q1 2024 Results “Delivers gloomy results, promises earnings turnaround in the second half” Revenue: ₩1.29Tn (-7.4% year-on-year) => decline driven by the weakness in Health-Functional

Read More »

Scandinavian Tobacco

Background Scandinavian Tobacco Group (STG) is the world’s 11th largest publicly traded tobacco company by revenue. STG became a pure-play cigar & pipe tobacco manufacturer, following

Read More »

PMI: Q1 2024 Results

Key Business Metrics Adjusted net revenue: up +8.6% to $8.79Bn (vs. $8.47Bn expected; +11% ex-FX) Adjusted diluted EPS: up +8.7% to $1.50 (vs. $1.41 expected;

Read More »

KT&G: Business Update

March 2024: “Victory for Everyone” Despite the opposition from the top shareholder, the Industrial Bank of Korea (IBK), Singapore-based activist fund, Flashlight Capital Partners (FCP)

Read More »

PMI: FX Headwinds

CAGNY Conference: Feburary 2024 In an attempt to re-assure the market of its ability to deliver growth in reported basis (before endless FX adjustments), PMI

Read More »

Japan Tobacco: FY23 Results

Tobacco Segment: 87% weight in revenue, 97% weight in adj. operating profit in FY23 Top-line & Bottom-line Results – Tobacco Segment Only Excluding Pharmaceuticals and

Read More »

PMI: FY23 Results

Key Business Metrics: Q4 2023 Revenue: up +8.3% to $9Bn (vs. $9Bn expected) Adjusted diluted EPS: up +12.2% to $1.36 (vs. $1.45 expected) Total volume:

Read More »

BAT: FY23 Results

Top-line – Revenue: £27.28Bn (vs. £27.9Bn expected) – Reported Revenue: down -1.3%, largely due to the sale of Russian business as well as the impact

Read More »

KT&G: FY23 Results

Q4 2023 & FY23 Results Revenue: ₩1.45Tn in Q4 (+3.2% year-on-year), ₩5.87Tn in FY23 (+0.4%) EBITDA: ₩260.3Bn in Q4 (-0.6%), ₩1.41Tn in FY23 (-5.6%) EBITDA

Read More »

Altria: FY23 Results

Top-line & Bottom-line Results Q4 2023 Revenue: $5.02Bn (exp. $5.07Bn; -1.2% vs. Q4 2022) Q4 2023 EPS: $1.18 (exp. $1.17; unchanged vs. Q4 2022) FY23

Read More »

BAT – FY23 Results: Preview

Release date: Feburary 8, 2023 (before the opening bell) BAT already released an Interim Business Update (IBU) on December 6, 2023. Recall: Our “BAT: Interim Business Update”

Read More »

PMI – Q4 2023 Results: Preview

Release date: Feburary 8, 2023 (before the opening bell) Sell-side analyst expectations Revenue: $9.0Bn, EPS: $1.45 Latest FY23 Guidance PMI last updated its FY23 guidance at the

Read More »

ITC: Q3 2024 Results

Key Business Metrics Gross Revenue is up +2.1%. Gross Revenue (ex-Agri Business) is up +3.9%. Profit (before exceptional items & tax) is up +0.8%. Profit

Read More »

JUUL

December 2023: PMTA submission Juul Labs submits a Pre-market Tobacco Product Application (PMTA) to FDA for menthol-flavored pods (18 mg/mL nicotine concentration) to be used

Read More »

ITC: 2023 Investor Day

Transformation of the Business Portfolio ITC continues the pursuit of diversifying its business and reducing its reliance on tobacco: revenue and profit from non-tobacco businesses

Read More »

Imperial Brands: FY23 Results

Top-line & Bottom-line results Adjusted: at constant currencies, excluding Russia – Volume: -7.1% (-10.4%, including the Russia exit; weakness in US mass market cigars and

Read More »

KT&G: Q3 2023 Results

Q3 2023 Results Despite reporting its highest-ever quarterly revenue (₩1.69Tn; +4% year-on-year) in Q3 2023, KT&G’s operating profit increased only marginally (+0.4% to ₩406.7Bn) due

Read More »

Japan Tobacco: Q3 2023 Results

Top-line & Bottom-line Results Adjusted, at constant currencies; Tobacco only – excluding Pharmaceuticals & Processed Food Revenue: +4.7% driven by positive price/mix variance and volume

Read More »

Altria: Q3 2023 Results

Top-line & Bottom-line Results Revenue: $5.28Bn (exp. $5.43Bn; down -2.5% vs. Q3 2022) EPS: $1.28 (exp. $1.29; unchanged vs. Q3 2022) Narrows the FY23 guidance:

Read More »

PMI: Q3 2023 Results

Key Business Metrics Revenue: up +9.3% to $9.14Bn (vs. $9.2Bn expected). Surpassed the $9Bn threshold for the first-time Adjusted diluted EPS: up +20.3% to $1.67

Read More »

ITC: Q2 2024 Results

Key Business Metrics Gross revenue is up +3.4%. Gross revenue (excluding wheat & rice exports) is up +8.9%. Wheat & Rice exports: Geopolitical tensions &

Read More »

PMI – Q3 2023 Results: Preview

Release date: October 19, 2023 (before the opening bell) Sell-side analyst expectations Revenue: $9.2Bn EPS: $1.61 (up +16% on adjusted, ex-currency basis) PMI last updated its Q3

Read More »

The BAT – ITC Saga

ITC is the tobacco market leader in India, world’s most populous country, and is the fourth largest publicly-traded tobacco company in the world by market

Read More »

Lexaria Bioscience

October 2023: New patents granted Lexaria is granted two new patents in Canada, associated to: – delivering lipophilic (fat-based) active drugs and active molecules suspended

Read More »

Imperial: Trading Update

(October 5, 2023) Imperial Brands confirms that it is on track to deliver FY23 guidance and announces further £1.1Bn share buyback (~8% of share capital).

Read More »

PMI: Board Appointment

Philip Morris International (PMI) appointed Victoria Harker, an experienced US public-company CFO, to its Board of Directors (effective January 1, 2024). This appointment is important & meaningful. In

Read More »

PMI: Not All Roses

Sell-side analysts believe that Philip Morris International (PMI)’s healthy business fundamentals and encouraging growth outlook aren’t yet reflected in the share price. The average analyst

Read More »

Largest Tobacco Companies: Revenue

Methodology Publicly traded companies outside China. Fully or predominantly tobacco/nicotine business. Tobacco/nicotine distributors & retailers are excluded. Publicly traded affiliates of PMI and BAT (i.e.

Read More »

Largest Tobacco Companies: Market Cap

Methodology Publicly traded companies outside China. Fully or predominantly tobacco/nicotine business. Tobacco/nicotine distributors & retailers are excluded. Publicly traded affiliates of PMI and BAT (i.e.

Read More »

Altria: Q2 2023 Results

Top-line & Bottom-line Results Revenue: $5.44Bn (exp. $5.43Bn; up +1.2% vs. Q2 2022) EPS: $1.31 (exp. $1.30; up 4% vs. Q2 2022) Reaffirms the FY23

Read More »

BAT: H1 2023 Results

Top-line – Revenue: £13.44Bn (vs. £13.3Bn expected) – Revenue up +2.8% (New Categories up +27.9%) – Revenue from New Categories: 12.3% of total Bottom-line –

Read More »

PMI: Q2 2023 Results

Key Business Metrics Revenue: up +10.5% to $8.97Bn (expected $8.7Bn) Adjusted diluted EPS: up +16.9% to $1.60 (expected $1.48) Total volume: up +3.3% to 188.4Bn

Read More »

BAT: Trading Update

Key Highlights – On track to meet FY23 guidance – Disappointing US combustibles performance: but, the volume share has grown sequentially since the start of

Read More »

Imperial Brands: H1 2023 Results

Top-line & Bottom-line results Adjusted: at constant currencies, excluding Russia – Volume: -6.8% (including the Russia exit, -12.7%) – Robust combustible pricing: +9.3% (partially offset

Read More »

BAT: CEO Appointment

May 2023: New CEO The Board announces that – the current CEO is stepping down from the Board of Directors with immediate effect – the

Read More »

Japan Tobacco: Q1 2023 Results

Top-line & Bottom-line results Adjusted, at constant currencies; Tobacco only – excluding Pharmaceuticals & Processed Food Revenue +6.3% (positive pricing contributions) Operating profit +4.6% (lower

Read More »

Altria: Q1 2023 Results

Top-line & Bottom-line results Revenue: down -1.2% to $4.76Bn in Q1 2023 (expected $4.9Bn) Adjusted diluted EPS: up +5.4% to $1.18 in Q1 2023 (expected

Read More »

PMI: Q1 2023 Results

Bottom-line results & Volume progression Revenue: up +3.2% to $8.02Bn in Q1 2023 (expected $8.11Bn) Adjusted diluted EPS: down -4.4% to $1.38 in Q1 2023

Read More »

Ispire Technology: IPO

Ispire first downsized its proposed IPO by 50% to $21Mn (3Mn shares x $7/share) in late-March. It further reduced its offering by 0.3Mn shares and

Read More »

Altria: Investor Day

2023-2028: 5-year Guidance – Mid-single digit annual EPS growth (in line with the 5% EPS growth posted in 2022, but significantly lower than the 8.8%

Read More »

Vector Group: Q4 & FY22 Results

Great progress in transitioning Montego brand strategy from volume-based to income-based, resulting in profitability turnaround (recall: Montego is Vector’s largest brand since Q2 2022 and

Read More »

Japan Tobacco: FY22 Results

Top-line & Bottom-line results Adjusted, at constant currencies; Tobacco only – excluding Pharmaceuticals & Processed Food Core revenue: up +4.8% (RRP revenue: up +4.4%) Operating

Read More »

BAT: H2 & FY22 Results

Top-line & Bottom-line results Adjusted, at constant currencies Net revenue up +2.3% (New Category net revenue up +37%) Operating profit up +4.3%; operating margin +90

Read More »

Call Request:
Reports

We will reach out to you within 24 hours to discuss your request. Please note that we only respond to requests with a valid business e-mail address
Disclaimer: The content in our Market Pulse section is/shall not be construed as investment advice. It is for informative purposes only and does not take into account the individual needs, investment objectives and specific financial circumstances. Any action taken upon the information in our Market Pulse section is strictly at the reader’s own risk. We assume no responsibility or liability for the actions taken. Moreover, we also assume no responsibility or liability for any errors or omissions in our content – which is provided on an “as is” basis with no guarantees of completeness, accuracy, usefulness or timeliness even if we only depend on the infromation sources that are believed to be accurate.

Consultation
Session Request

We will reach out to you within 24 hours to discuss your request. Please note that we only respond to requests with a valid business e-mail address