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Smoked Out: Camel Parent British American Tobacco’s Stock Sinks To 12-Year Low

December 7, 2023
in Business
Smoked Out: Camel Parent British American Tobacco’s Stock Sinks To 12-Year Low
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Topline

Shares of British American Tobacco sank Wednesday to their lowest level in more than a decade after the Newport and Camel cigarette maker said it’s significantly writing down the value of its U.S. business, as British American Tobacco and its publicly-traded peers continue to significantly underperform the broader market amid a decline in popularity for traditional cigarettes.

British American Tobacco’s stock hit a 12-year low Wednesday.

Getty Images

Key Facts

London-listed shares of British American Tobacco tanked 8% to $29, or £22.92, closing at their lowest share price in pounds since January 11, according to FactSet data.

Wednesday’s slip, which widened British American Tobacco stock’s year-to-date loss to 28%, came after British American Tobacco announced it is taking a $31.5 billion impairment charge primarily on its U.S. cigarette business, citing an increase in popularity for vaping and macroeconomic headwinds.

Though the writedown is little more than a basic accounting update, and does not materially impact British American Tobacco’s future cash generation, it’s a “big number exemplifying the perils of this industry and sending some less than confident signals about the outlook for cigarettes,” according to RBC Capital Markets analysts.

Big Number

-2%. That’s how much British American Tobacco stock has returned over the last decade including dividends, far underperforming the S&P 500’s 205% return.

Surprising Fact

Philip Morris International and Altria Group, the only U.S.-based tobacco companies with a larger market capitalization than British American Tobacco, have also endured market struggles. Philip Morris’ year-to-date and 10-year returns are -5% and 77%, respectively, while Altria’s are -2% and 101%.

Key Background

The poor returns for tobacco stocks come as the industry grapples with a rise in the popularity of non-combustible nicotine products and increased U.S. regulatory scrutiny tied to the severely adverse health effects associated with smoking. British American Tobacco’s Newport and Camel cigarettes captured a combined 22% market share in the U.S. as of 2017, according to government data, trailing only Altria’s Marlboro brand in popularity. British American Tobacco purchased Reynolds American in 2017 for $49 billion, and its Wednesday markdown announcement presumably nods to the poor return on the acquisition.

Further Reading

WSJBig Tobacco Can No Longer Name Its Price

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Forbes – https://www.forbes.com/sites/dereksaul/2023/12/06/smoked-out-camel-parent-british-american-tobaccos-stock-sinks-to-12-year-low/

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