Imperial Brands PLC IMB Kristoffer Inton - Strategist - Morningstar Inc.

Last Price
1,825.50

Day Change
-2.00|-0.11%

As of 26/04/2024
13:56:52 BST | GBX Minimum 15 Minutes Delay.

Bid/Offer	Day Range	Volume	90d Ave Vol	Mkt Cap
1,825.00 - 1,826.00	1,816.50 - 1,845.00	220,973	3,526,085	15.78Bil

Last Close	52 Week Range	P/E	Yield %	ISIN
1,827.50	1,553.50 - 2,016.00	7.29	8.03	GB0004544929

Imperial Brands Share Price

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Morningstar's Take IMB

Stefan Bomhard unveiled a five-year strategic plan in 2021 that will concentrate Imperial's investments geographically and on emerging categories that are likely to become the largest profit pools in the future. The plan essentially recognizes Imperial's place in most markets—it is a fast follower, rather than a leader. This makes Imperial a different investment proposition than its Big Tobacco peers, particularly Philip Morris International, which is investing in growth and moving away from the secular decline of the cigarette industry. Imperial, on the other hand, is likely to be the company more exposed to cigarettes, and although it should trade at a discount to its peer group, Imperial should remain a highly profitable and cash-generative business.

Fair Value Estimate

2,900.00 GBX

Uncertainty

Average

Economic Moat

Wide

There is no one analyst in which a Quantitative Fair Value Estimate is attributed to; however, Mr. Lee Davidson, Head of Quantitative Research for Morningstar, Inc., is responsible for overseeing the methodology that supports the quantitative fair value. As an employee of Morningstar, Inc., Mr. Davidson is guided by Morningstar, Inc.’s Code of Ethics and Personal Securities Trading Policy in carrying out his responsibilities. For information regarding Conflicts of Interests, click here.

Total Returns 25/04/2024

	Chg (%)

Imperial Brands PLC	1.27
FTSE 100 TR GBP	0.53

	Chg (%)

Imperial Brands PLC	5.42
FTSE 100 TR GBP	2.40

	Chg (%)

Imperial Brands PLC	-1.73
FTSE 100 TR GBP	8.76

	Chg (%)

Imperial Brands PLC	-0.76
FTSE 100 TR GBP	6.61

	Chg (%)

Imperial Brands PLC	14.89
FTSE 100 TR GBP	9.26

	Chg (%)

Imperial Brands PLC	1.49
FTSE 100 TR GBP	5.56

	Chg (%)

Imperial Brands PLC	2.82
FTSE 100 TR GBP	5.90

Financials
	2021	2022	2023
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Income Statement
Turnover	32,791.00	32,551.00	32,475.00
Operating Profit	3,124.00	3,354.00	3,455.00
Net Profit	2,907.00	1,665.00	2,456.00
Reported EPS	299.10	164.70	250.80
Balance Sheet
Current Assets	8,172.00	8,921.00	8,595.00
Non Current Assets	20,883.00	22,037.00	20,896.00
Total Assets	29,090.00	30,958.00	29,491.00
Current Liabilities	10,808.00	11,139.00	11,899.00
Total Liabilities	23,150.00	23,485.00	22,849.00
Total Equity	5,940.00	7,473.00	6,642.00
Cash Flow
Operating Cash Flow	2,987.00	3,867.00	3,719.00
Net Change in Cash	-330.00	515.00	-349.00

Regulatory News

Commentary

Date	Author	Headline
28/03/2024	James Gard	Top FTSE 100 UK Dividend Paying Stocks - ISA Season Special UPDATED for March 2024: Changing tax rules and shifting markets mean UK investors with stocks and shares ISAs can be glad of some much-needed momentum
07/09/2023	Michael Field, CFA	Equity Strategy Monthly: What's Going on With Consumers? Consumers' post-pandemic spending bonanza may be coming to an end. What does this mean for equities?
11/11/2021	Sunniva Kolostyak	Europe’s Most Undervalued Stocks Cars, tobacco, and a historically-troubled Italian defence company top the list of stocks currently trading at a discount in Europe

Director Dealings
Traded	Action	Notifier	Price	Amount	Value
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09/04/2024	D	Ms. Susan Michelle Clark	1,805.32	181	3,268.00
05/04/2024	D	Ms. Therese Esperdy	22.00	58	1,276.00
04/04/2024	D	Ms. Diane de Saint Victor	1,760.01	19	334.00
04/04/2024	D	Ms. Susan Michelle Clark	1,760.01	59	1,038.00

Company Profile

Imperial Brands is the world's fourth-largest international tobacco company (excluding China National Tobacco) with total fiscal 2023 volume of 198 billion cigarettes sold in more than 160 countries. The firm holds a leading global position in the fine-cut tobacco and hand-rolling paper categories, and it has a logistics platform in Western Europe, Altadis. Through acquisition, Imperial is the third-largest manufacturer in the US and owns the Winston and blu brands.

Sector

Consumer Defensive

Industry

Tobacco

Stock Style

Large-Value

Fiscal Year Ends

September

Employees

25,700

Next Event 15/05/2024

Half-Yearly Results

Ratios
	Comp

PER (E)	6.80
Div Yld (E)	8.61
PEG (E)	14.59
ROCE	24.53
Op Mrgn	10.60
EPS Grwth	0.21

Dividends
	Previous	Latest
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Record Date	24/11/23	16/02/24
Ex-Div	23/11/23	15/02/24
Paid	29/12/23	28/03/24
Amnt	51.82	51.82

Directors
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Non-Executive Director	Ms. Diane de Saint Victor
Non-Executive Director	Mr. Andrew D. Gilchrist
Non-Executive Director, Senior Independent Director	Ms. Susan Michelle Clark
Non-Executive Director	Mr. Jonathan Adam Stanton
Non-Executive Director	Mr. Robert Kunze-Concewitz
Non-Executive Director	Ms. Frances Ngozichukwuka Oluwatoyn Edozien
Non-Executive Director, Chairman	Ms. Therese Esperdy
Executive Director, Chief Executive Officer	Mr. Stefan Andreas Bomhard
Non-Executive Director	Mr. Alan Johnson
Executive Director, Chief Financial Officer	Mr. Lukas Paravicini

Kristoffer Inton - Strategist - Morningstar Inc.

The conduct of Morningstar's analysts is governed by Morningstar's Code of Ethics, Securities Trading and Disclosure Policy, and Investment Research Integrity Policy. For information regarding conflicts of interest, please click here.

Fair Value is derived from a detailed projection of a company’s future cash flows. Analysts create custom industry and company assumptions to feed income statement, balance sheet, and capital investment assumptions into a proprietary discounted cash flow modeling template. Scenario analysis, in-depth competitive advantage analysis, and a variety of other analytical tools are used to augment the discounted cash flow process. Combining analysts’ financial forecasts with the firm’s economic moat helps us assess how long returns on invested capital are likely to exceed the firm’s cost of capital. Because we are modeling free cash flow to the firm—representing cash available to provide a return to all capital providers—we discount future cash flows using the weighted average of the costs of equity, debt, and preferred stock (and any other funding sources), using expected future proportionate long-term, market-value weights. If our base-case assumptions are true the market price will converge on our fair value estimate over time, generally within three years. Investments in securities are subject to market and other risks. Past performance of a security may or may not be sustained in future and is no indication of future performance. For detail information about the Qualitative Fair Value, please click here.