MARC HASENFUSS: Interpreting BAT’s smoke signals
The tobacco giant will need to balance volume declines with pricing power in its core cigarette market — and keep growing its new category brands
12 June 2025 - 05:00
For a business where growth prospects are at best smouldering, British American Tobacco (BAT) is suddenly giving its shareholders the kind of kick old smokers would associate with lighting up the first Texan plain of the day.
On the London Stock Exchange, the share price is up more than 20% since the start of the year — a blazing gain that one might associate more with a promising fintech start-up than a business trying to fend off a slow death spiral in its core business...
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