BMT Stock Analysis: British American Tobacco | XETRA
Tobacco | XETRA, Germany | Market Cap: 113.801m EUR | 12M Return: 27.1% | GB0002875804 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 2.47M
Rev. Trend: 72.4%
Warnings
Tailwinds
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 p.l.c. (BMT), founded in 1902 and headquartered in London, is one of the worlds largest multinational tobacco companies, distributing products to retail outlets across the United States, Europe, Latin America, Canada, Asia-Pacific, the Middle East, Central Asia, the Caucasus, and Africa. Its portfolio spans combustibles (cigarettes and roll-your-own tobacco) under flagship brands such as Dunhill, Kent, Lucky Strike, Pall Mall, Rothmans, Newport, and Natural American Spirit, alongside a growing range of non-combustible nicotine products including vapour (Vuse), heated tobacco (glo), modern oral nicotine pouches (Velo), and traditional oral products like snus and moist snuff (Grizzly, Kodiak, Camel Snus). As a member of the global Big Tobacco peer group alongside Philip Morris International, Altria, Japan Tobacco International, and Imperial Brands, BAT has been diversifying its business model beyond traditional cigarettes into reduced-risk products to offset long-term declines in combustible volumes in mature markets, a strategic shift driven by tightening regulation, declining smoking rates in developed economies, and shifting consumer preferences toward smokeless nicotine delivery formats.
- Vuse and Velo next-generation products drive revenue mix shift
- US combustibles volume decline offsets pricing gains and pressures margins
- Emerging markets volume growth supports offsetting developed market declines
| 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 October 20, 2026, the stock is trading at EUR 52.64 with a total of 34,198 shares traded. Over the past week, the price has changed by +5.98%, over one month by +10.08%, over three months by -2.62% and over the past year by +27.07%.
Current recommended Stop Loss: 51.20 (which is 2.7% or 1.4 ATR below the current price).
British American Tobacco has no consensus analysts rating.
Market Cap GBP = 95.9b (114b EUR * 0.8423 EUR.GBP)
P/E Trailing = 15.8443
P/E Forward = 10.7875
P/S = 4.415
P/B = 1.8662
P/EG = 1.4004
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 = 129b GBP (95.9b + Debt 35.6b - CCE 2.53b)
Interest Coverage Ratio = 5.83 (Ebit TTM 9.67b / Interest Expense TTM 1.66b)
EV/FCF = 23.93x (Enterprise Value 129b / FCF TTM 5.39b)
FCF Yield = 4.18% (FCF TTM 5.39b / Enterprise Value 129b)
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 = 1.19 (Enterprise Value 129b / 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 = 4.04% (E(95.9b)/V(131b) * Re(4.21%) + D(35.6b)/V(131b) * Rd(4.66%) * (1-Tc(0.23)))
Discount Rate = 4.21% (= 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 = 18.82 (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=+2.1%
EPS next Year (2027-12-31): EPS=0.00 | Chg30d=N/A | Revisions=N/A | GrowthEPS=+0.0% | GrowthRev=+3.6%