BMT Stock Analysis: British American Tobacco | XETRA
Tobacco | XETRA, Germany | Market Cap: 104.242m EUR | 12M Return: 10.2% | GB0002875804 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 3.24M
Rev. Trend: 72.4%
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
British American Tobacco (BAT) is a global tobacco and nicotine products company headquartered in London, founded in 1902. The company operates across the United States, Europe, Latin America, Canada, Asia-Pacific, the Middle East, Central Asia, the Caucasus, and Africa, distributing its products through retail outlets.
BATs portfolio spans multiple product categories, including combustibles (cigarettes and tobacco sticks), vapour products (Vuse), heated tobacco products (glo), modern oral nicotine pouches (Velo), traditional oral products (snus and moist snuff), and fine cut/roll-your-own tobacco. It markets these under a wide range of global brands such as Dunhill, Kent, Lucky Strike, Pall Mall, Rothmans, Newport, Natural American Spirit, and Camel, alongside regional labels like Vogue, Viceroy, Kool, Peter Stuyvesant, Craven A, and State Express 555.
As a constituent of the Consumer Staples sector, BAT operates within a defensive, cash-generative industry historically characterized by high barriers to entry, regulated markets, and large global incumbents. The companys multi-category strategy, particularly its investment in reduced-risk products such as vapour, heated, and modern oral, reflects the broader industry-wide shift toward next-generation nicotine delivery as combustible cigarette volumes face long-term structural decline in many developed markets.
- Vuse and glo next-gen revenue mix expansion supports profit margins
- FDA menthol ban timing creates regulatory uncertainty for US combustibles
- Emerging market volume growth and FX swings drive reported revenue volatility
| Net Income: 6.43b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.05 > 0.02 and ΔFCF/TA -2.37 > 1.0 |
| NWC/Revenue: -9.16% < 20% (prev -8.29%; Δ -0.87% < -1%) |
| CFO/TA 0.06 > 3% & CFO 5.97b > Net Income 6.43b |
| Net Debt (33.1b) to EBITDA (12.4b): 2.67 < 3 |
| Current Ratio: 0.84 > 1.5 & < 3 |
| Outstanding Shares: last quarter (2.18b) vs 12m ago -2.51% < -2% |
| Gross Margin: 60.16% > 18% (prev 75.16%; Δ -15.00% > 0.5%) |
| Asset Turnover: 23.53% > 50% (prev 23.22%; Δ 0.31% > 0%) |
| Interest Coverage Ratio: 5.83 > 6 (EBIT TTM 9.67b / Interest Expense TTM 1.66b) |
| A: -0.02 (Total Current Assets 11.9b - Total Current Liabilities 14.3b) / Total Assets 108b |
| B: 0.21 (Retained Earnings 22.8b / Total Assets 108b) |
| C: 0.09 (EBIT TTM 9.67b / Avg Total Assets 109b) |
| D: 0.81 (Book Value of Equity 48.4b / Total Liabilities 59.8b) |
| Altman-Z'' = 1.99 = BBB |
| DSRI: 1.10 (Receivables 3.85b/3.48b, Revenue 25.7b/25.6b) |
| GMI: 1.25 (GM 75.16% / 60.16%) |
| AQI: 1.02 (AQ_t 0.85 / AQ_t-1 0.84) |
| SGI: 1.00 (Revenue 25.7b / 25.6b) |
| TATA: 0.00 (NI 6.43b - CFO 5.97b) / TA 108b) |
| Beneish M = -2.70 (Cap -4..+1) = A |
As of September 02, 2026, the stock is trading at EUR 48.84 with a total of 24,591 shares traded. Over the past week, the price has changed by +0.87%, over one month by -6.54%, over three months by -6.47% and over the past year by +10.15%.
Current recommended Stop Loss: 47.40 (which is 2.9% or 1.4 ATR below the current price).
British American Tobacco has no consensus analysts rating.
Market Cap GBP = 89.4b (104b EUR * 0.8575 EUR.GBP)
P/E Trailing = 14.2743
P/E Forward = 11.4811
P/S = 4.0441
P/B = 1.8512
P/EG = 1.4915
Revenue TTM = 25.7b GBP
EBIT TTM = 9.67b GBP
EBITDA TTM = 12.4b GBP
Long Term Debt = 31.3b GBP (from longTermDebt, last fiscal year)
Short Term Debt = 4.02b GBP (from shortTermDebt, last quarter)
Debt = 35.6b GBP (from shortLongTermDebtTotal, last quarter) + Leases 529.0m
Net Debt = 33.1b GBP (calculated: Debt 35.6b - CCE 2.53b)
Enterprise Value = 122b GBP (89.4b + Debt 35.6b - CCE 2.53b)
Interest Coverage Ratio = 5.83 (Ebit TTM 9.67b / Interest Expense TTM 1.66b)
EV/FCF = 22.73x (Enterprise Value 122b / FCF TTM 5.39b)
FCF Yield = 4.40% (FCF TTM 5.39b / Enterprise Value 122b)
FCF Margin = 20.94% (FCF TTM 5.39b / Revenue TTM 25.7b)
Net Margin = 24.99% (Net Income TTM 6.43b / Revenue TTM 25.7b)
Gross Margin = 60.16% ((Revenue TTM 25.7b - Cost of Revenue TTM 10.2b) / Revenue TTM)
Gross Margin QoQ = 59.07% (prev 61.14%)
Tobins Q-Ratio = 1.13 (Enterprise Value 122b / Total Assets 108b)
Interest Expense / Debt = 4.66% (Interest Expense 1.66b / Debt 35.6b)
Taxrate = 22.91% (1.91b / 8.32b)
NOPAT = 7.46b (EBIT 9.67b * (1 - 22.91%))
Current Ratio = 0.84 (Total Current Assets 11.9b / Total Current Liabilities 14.3b)
Debt / Equity = 0.74 (Debt 35.6b / totalStockholderEquity, last quarter 48.4b)
Debt / EBITDA = 2.67 (Net Debt 33.1b / EBITDA 12.4b)
Debt / FCF = 6.14 (Net Debt 33.1b / FCF TTM 5.39b)
Total Stockholder Equity = 48.2b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.88% (Net Income 6.43b / Total Assets 108b)
RoE = 13.33% (Net Income TTM 6.43b / Total Stockholder Equity 48.2b)
RoCE = 12.16% (EBIT 9.67b / Capital Employed (Equity 48.2b + L.T.Debt 31.3b))
RoIC = 7.70% (NOPAT 7.46b / Invested Capital 96.8b)
WACC = 4.27% (E(89.4b)/V(125b) * Re(4.54%) + D(35.6b)/V(125b) * Rd(4.66%) * (1-Tc(0.23)))
Discount Rate = 4.54% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -90.40 | Cagr: -1.22%
[DCF] Terminal Value 73.10% ; FCFF base≈6.47b ; Y1≈5.67b ; Y5≈4.58b
[DCF] Fair Price = 18.79 (EV 73.5b - Net Debt 33.1b = Equity 40.5b / Shares 2.15b; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
Revenue Correlation: 72.40 | Revenue CAGR: 7.55% | SUE: N/A | # QB: 0
EPS current Year (2026-12-31): EPS=0.00 | Chg30d=N/A | Revisions=N/A | GrowthEPS=+0.0% | GrowthRev=+2.4%
EPS next Year (2027-12-31): EPS=0.00 | Chg30d=N/A | Revisions=N/A | GrowthEPS=+0.0% | GrowthRev=+3.6%