MARC HASENFUSS: British American Tobacco smokin’ again
Just when you thought it had run out of puff, BAT is back and rolling in cash, writes Marc Hasenfuss
17 February 2022 - 05:00
If I was to draw one thing from British American Tobacco’s (BAT’s) full-year results to end-December 2021, it would be the smouldering statement that the group expects to generate about £40bn of cumulative free cash flow over the next five years.
This would represent more than half of BAT’s market capitalisation and seems to be a most realistic forecast, with £10bn of net cash generated from operating activities in 2021. Put that in your pipe and smoke it!..
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