Imperial Brands (IMB) is “pleased to report the business continues to perform well… on track to deliver our full-year results in line with expectations”. That suggests upside potential from around a 1500p share price.
It details “net revenue is expected to grow by around 1 per cent on an organic, constant currency basis… adjusted organic operating profit growth is expected to be in line with our guidance of low to mid-single digit constant currency growth”. Prior year adjusted operating profit was £3.5 billion on net revenue of £8 billion, with we previously noting net debt of £10.3 billion and the current market cap is just over £14 billion.
It notes combustibles business focus on top five priority markets is beginning to arrest long-term share declines and 'Next Generation Products' focus on the categories and markets with the best potential for sustainable growth. It helps dividend hopes – the half-year saw a 1% increase to 42.12p per share, with a prior full-year 96.01p.
With the above therefore suggesting a still modest earnings multiple and more than 9% dividend yield, we continue to consider a return towards a 2000p share price realistic. The results for its year ended 30th September 2021 are scheduled to be announced on 16th November, and ahead of them the stance is still Buy.
This article first appeared on the N50 website which Tom Winnifrith runs with Steve Moore & Lucian Miers. To access the website ahead of the next share tip from Tom & Steve and a new shorting piece this week click HERE
Filed under: Imperial Brands, ASOS, [email protected] Capital, Bidstack, CyanConnode, N50 website
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