Projected Income Statement: British American Tobacco p.l.c.

Forecast Balance Sheet: British American Tobacco p.l.c.

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 39,451 36,393 39,281 34,640 31,253 30,553 29,232 27,663
Change - -7.75% 7.94% -11.81% -9.78% -2.24% -4.32% -5.37%
Announcement Date 2/17/21 2/11/22 2/9/23 2/8/24 2/13/25 - - -
1GBP in Million
Estimates

Cash Flow Forecast: British American Tobacco p.l.c.

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
CAPEX 1 511 527 523 460 486 651.3 578.3 590
Change - 3.13% -0.76% -12.05% 5.65% 34.02% -11.21% 2.01%
Free Cash Flow (FCF) 1 9,275 9,190 9,871 10,254 9,639 7,159 8,596 9,029
Change - -0.92% 7.41% 3.88% -6% -25.73% 20.08% 5.04%
Announcement Date 2/17/21 2/11/22 2/9/23 2/8/24 2/13/25 - - -
1GBP in Million
Estimates

Forecast Financial Ratios: British American Tobacco p.l.c.

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027

Profitability

        
EBITDA Margin (%) 51.03% 46.23% 47.76% 48.47% 48.42% 48% 48.19% 48.51%
EBIT Margin (%) 44.09% 43.41% 44.87% 45.69% 45.97% 44.56% 44.94% 45.31%
EBT Margin (%) 33.64% 35.68% 33.72% -62.53% 13.68% 41.05% 39.57% 40.53%
Net margin (%) 24.83% 26.48% 24.1% -52.66% 11.86% 30.09% 28.47% 28.62%
FCF margin (%) 35.98% 35.78% 35.69% 37.58% 37.26% 27.95% 32.59% 33.27%
FCF / Net Income (%) 144.92% 135.13% 148.08% -71.37% 314.18% 92.86% 114.48% 116.26%

Profitability

        
ROA 5.46% 5.49% 5.79% 6.17% 6.79% 6.31% 6.73% 7.17%
ROE 12.03% 11.8% 12.11% 13.14% 15.78% 15.3% 16.45% 17.68%

Financial Health

        
Leverage (Debt/EBITDA) 3x 3.06x 2.97x 2.62x 2.5x 2.48x 2.3x 2.1x
Debt / Free cash flow 4.25x 3.96x 3.98x 3.38x 3.24x 4.27x 3.4x 3.06x

Capital Intensity

        
CAPEX / Current Assets (%) 1.98% 2.05% 1.89% 1.69% 1.88% 2.54% 2.19% 2.17%
CAPEX / EBITDA (%) 3.88% 4.44% 3.96% 3.48% 3.88% 5.3% 4.55% 4.48%
CAPEX / FCF (%) 5.51% 5.73% 5.3% 4.49% 5.04% 9.1% 6.73% 6.53%

Items per share

        
Cash flow per share 1 4.264 4.23 4.585 4.807 4.551 2.178 3.456 3.724
Change - -0.79% 8.38% 4.84% -5.33% -52.15% 58.68% 7.77%
Dividend per Share 1 2.156 2.156 2.309 2.355 2.402 2.452 2.504 2.588
Change - 0% 7.1% 2% 2% 2.06% 2.11% 3.38%
Book Value Per Share 1 27.42 28.6 32.66 23.58 22.31 22.22 22.33 22.65
Change - 4.33% 14.19% -27.8% -5.39% -0.4% 0.47% 1.45%
EPS 1 2.789 2.956 2.919 -6.466 1.36 3.439 3.467 3.684
Change - 5.99% -1.25% -321.51% 121.03% 152.87% 0.81% 6.27%
Nbr of stocks (in thousands) 2,286,035 2,294,686 2,229,591 2,230,487 2,203,490 2,174,501 2,174,501 2,174,501
Announcement Date 2/17/21 2/11/22 2/9/23 2/8/24 2/13/25 - - -
1GBP
Estimates
2025 *2026 *
P/E ratio 12.5x 12.4x
PBR 1.93x 1.92x
EV / Sales 4.83x 4.64x
Yield 5.72% 5.85%
More valuation ratios * Estimated data

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
A
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
42.83GBP
Average target price
44.38GBP
Spread / Average Target
+3.61%
Consensus

Quarterly revenue - Rate of surprise

  1. Stock Market
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  4. Financials British American Tobacco p.l.c.