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British American Tobacco (GB:BATS)
LSE:BATS
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British American Tobacco (BATS) AI Stock Analysis

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GB:BATS

British American Tobacco

(LSE:BATS)

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Outperform 71 (OpenAI - 4o)
Rating:71Outperform
Price Target:
4,733.00p
â–²(10.51% Upside)
British American Tobacco's overall score is driven by strong technical indicators and positive corporate events, including share buybacks and executive share acquisitions. While financial performance shows robust cash flow, concerns about earnings volatility and a high P/E ratio slightly temper the outlook. The company's strategic initiatives in innovation and digital transformation are promising, but challenges in specific markets require attention.
Positive Factors
Cash Flow Generation
Strong cash flow generation supports operational sustainability and potential shareholder returns, enhancing long-term financial health.
Innovation in New Categories
Innovation in new product categories like modern oral products positions the company for future growth and market adaptation.
Deleveraging Strategy
A strategic focus on deleveraging enhances financial flexibility and reduces risk, supporting long-term stability and investment capacity.
Negative Factors
Regulatory Challenges
Regulatory pressures in key markets like the U.S. can hinder product launches and impact revenue from emerging product lines.
Vapour Market Decline
Declining vapour market revenues due to illicit trade and regulatory issues pose a risk to growth in this segment.
Revenue Growth Volatility
Inconsistent revenue growth and income volatility can undermine investor confidence and affect long-term financial planning.

British American Tobacco (BATS) vs. iShares MSCI United Kingdom ETF (EWC)

British American Tobacco Business Overview & Revenue Model

Company DescriptionBritish American Tobacco p.l.c. provides tobacco and nicotine products to consumers worldwide. It offers vapour, tobacco heating, and modern oral nicotine products; combustible products; and traditional oral products, such as snus and moist snuff. The company offers its products under the Kent, Dunhill, Lucky Strike, Pall Mall, Rothmans, Camel, Newport, Natural American Spirit, being Vapour, THP, and Modern Oral brands. It distributes its products to retail outlets. British American Tobacco p.l.c. was incorporated in 1902 and is headquartered in London, the United Kingdom.
How the Company Makes MoneyBritish American Tobacco generates revenue primarily through the sale of its tobacco products, which includes traditional cigarettes and emerging reduced-risk products. The company’s revenue model is centered around its extensive global distribution network, enabling it to reach consumers in over 180 markets. Key revenue streams include sales from its flagship cigarette brands, as well as growing contributions from its next-generation products, which cater to changing consumer preferences towards less harmful alternatives. Additionally, BATS benefits from significant partnerships with local distributors and retailers, which enhance its market presence. The company's strong brand portfolio and strategic focus on innovation in product development also contribute to its earnings, alongside cost management initiatives aimed at improving operational efficiencies.

British American Tobacco Earnings Call Summary

Earnings Call Date:Jul 31, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Feb 12, 2026
Earnings Call Sentiment Neutral
The earnings call presented a balanced picture with strong growth in smokeless and modern oral segments, particularly in the U.S., alongside challenges in the vapour market due to regulatory issues and illicit trade. The company's strategic focus on innovation and digital transformation is expected to drive future growth, although current challenges in APMEA and vapour markets temper the overall positive outlook.
Q2-2025 Updates
Positive Updates
Smokeless Revenue Growth
Smokeless products now account for 18.2% of group revenue, up 70 basis points from last year, and the company added 1.4 million smokeless consumers, reaching 30.5 million.
U.S. Market Recovery
The U.S. market saw a return to revenue and profit growth for the first time since 2022, driven by combustibles and modern oral products.
Modern Oral Success
Modern Oral product revenue grew by over 40%, with a significant market share in AME and rapid volume and revenue growth over four years.
Strong Cash Flow and Shareholder Returns
The company increased its 2025 share buyback by GBP 200 million to GBP 1.1 billion, alongside progressive dividends.
Innovation in New Categories
Launch of Velo Plus in the U.S. driving 380% growth in Modern Oral revenue, and the introduction of new products like glo Hilo and Vuse Ultra.
Digital Transformation
BAT is leading in cloud adoption and launched a GenAI lab in Dubai, aiming for significant cost savings and operational efficiencies.
Negative Updates
Vapour Market Challenges
Vapour revenue declined by 13% due to illicit trade in the U.S. and Canada, with significant impacts from unregulated markets like Quebec.
Regulatory and Fiscal Headwinds
Challenges in Bangladesh and Australia impacted revenues, with total revenue down 4.8% in APMEA primarily due to these factors.
Illicit Trade in U.S. and Canada
Ongoing issues with illicit single-use vapour products affecting revenue and market dynamics, especially in Canada with flavor bans lacking enforcement.
Company Guidance
In the 2025 interim results call, the company provided detailed guidance and updates on its financial performance and strategic priorities. The company reported a 1.8% increase in group revenue, with growth driven by new categories and robust performance in the U.S. market, particularly in combustibles and modern oral products. The contribution margin for new categories improved by 280 basis points to 10.6%, and smokeless products accounted for 18.2% of group revenue, an increase of 70 basis points from the previous year. Despite challenges in certain regions, the company maintained its adjusted profit from operations (APFO) guidance of 1.5% to 2.5% and expects full-year revenue to reach the upper end of its 1% to 2% growth target. The company also highlighted its commitment to enhancing financial flexibility, with a share buyback program increased to GBP 1.1 billion and ongoing efforts to manage costs, including a new Fit2Win program aimed at achieving GBP 500 million in annualized savings by 2028. Additionally, the company is planning further investments in innovation and digital transformation to support long-term growth and profitability.

British American Tobacco Financial Statement Overview

Summary
British American Tobacco demonstrates strong gross profitability and cash flow generation. However, the volatility in net income and EBIT due to 2023's negative figures raises concerns about earnings stability. The balance sheet shows improved equity strength and zero debt in 2024, which could indicate strategic deleveraging. Nevertheless, the company's financial performance is bolstered by its cash flow robustness, crucial for sustaining operations and shareholder value.
Income Statement
65
Positive
The company's gross profit margin remains robust at approximately 82.8% for 2024, indicating strong profitability inherent to the tobacco industry. However, there is a significant volatility in net income, with a sharp decline in revenue growth and a negative EBIT margin in 2023 due to extraordinary expenses or impairments. The company returned to profitability in 2024, but the inconsistency poses a concern.
Balance Sheet
58
Neutral
The equity ratio improved to 41.8% in 2024, reflecting a more solid equity base compared to previous years. However, the absence of debt in 2024 is notable, suggesting significant restructuring or paydown. The return on equity is strong at 6.2%, though below its historical performance, indicating room for improvement in generating returns for shareholders.
Cash Flow
72
Positive
Operating cash flow remains strong, with a free cash flow to net income ratio of 3.1 in 2024, indicating efficient cash generation relative to net income. While free cash flow growth has seen fluctuations, the company maintains positive free cash flow, which supports operations and potential shareholder returns.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue25.60B25.87B27.28B27.66B25.68B25.78B
Gross Profit16.58B21.43B22.39B22.85B21.09B21.33B
EBITDA4.85B7.74B8.83B12.29B11.67B11.70B
Net Income3.04B3.07B-14.37B6.67B6.80B6.40B
Balance Sheet
Total Assets110.23B118.90B118.72B153.55B137.37B137.69B
Cash, Cash Equivalents and Short-Term Investments4.89B5.81B5.26B4.03B3.27B3.38B
Total Debt35.21B36.95B39.73B43.14B39.66B43.97B
Total Liabilities63.05B68.90B65.78B77.84B69.96B74.73B
Stockholders Equity46.87B49.64B52.57B75.37B67.10B62.67B
Cash Flow
Free Cash Flow7.29B9.52B10.25B9.87B9.19B9.28B
Operating Cash Flow7.76B10.13B10.71B10.39B9.72B9.79B
Investing Cash Flow766.00M1.38B-296.00M-705.00M-1.14B-783.00M
Financing Cash Flow-9.70B-10.63B-9.31B-8.88B-8.75B-7.90B

British American Tobacco Technical Analysis

Technical Analysis Sentiment
Positive
Last Price4283.00
Price Trends
50DMA
4035.44
Positive
100DMA
4037.75
Positive
200DMA
3616.81
Positive
Market Momentum
MACD
89.01
Positive
RSI
56.58
Neutral
STOCH
60.80
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:BATS, the sentiment is Positive. The current price of 4283 is above the 20-day moving average (MA) of 4256.75, above the 50-day MA of 4035.44, and above the 200-day MA of 3616.81, indicating a bullish trend. The MACD of 89.01 indicates Positive momentum. The RSI at 56.58 is Neutral, neither overbought nor oversold. The STOCH value of 60.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:BATS.

British American Tobacco Risk Analysis

British American Tobacco disclosed 41 risk factors in its most recent earnings report. British American Tobacco reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks

British American Tobacco Peers Comparison

Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
76
Outperform
£24.71B10.2140.35%5.37%2.69%-15.60%
71
Outperform
£90.16B29.796.03%5.58%-2.24%―
62
Neutral
$20.33B14.63-3.31%3.23%1.93%-12.26%
* Consumer Defensive Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GB:BATS
British American Tobacco
4,283.00
1,507.58
54.32%
GB:IMB
Imperial Brands
3,250.00
828.76
34.23%

British American Tobacco Corporate Events

Stock Buyback
British American Tobacco Executes Share Buyback
Neutral
Dec 5, 2025

British American Tobacco announced the repurchase of 110,000 of its ordinary shares from Goldman Sachs International as part of its ongoing buyback program. The purchased shares will be canceled, reducing the total number of shares in circulation, which may impact shareholder voting rights and interest notifications under regulatory guidelines.

Private Placements and FinancingBusiness Operations and Strategy
British American Tobacco Completes Block Trade of ITC Hotels Shares
Neutral
Dec 5, 2025

British American Tobacco has completed the block trade of 187.5 million shares in ITC Hotels, representing 9% of the hotel’s share capital, through an accelerated bookbuild process. The transaction generated net proceeds of INR 38.2 billion, which will be used to achieve BAT’s target leverage ratio by the end of 2026. Following this transaction, BAT retains a 6.3% stake in ITC Hotels, indicating a strategic move to optimize its financial position while maintaining a presence in the hospitality sector.

Business Operations and Strategy
British American Tobacco Executives Acquire Shares Under Incentive Plan
Positive
Dec 4, 2025

British American Tobacco has announced that several of its executive directors and managerial staff have purchased ordinary shares in the company as part of the Partnership Share Scheme, a HMRC approved Share Incentive Plan. This move reflects the confidence of the company’s leadership in its future prospects and aligns their interests with those of the shareholders, potentially strengthening stakeholder trust and market positioning.

M&A TransactionsBusiness Operations and Strategy
BAT Plans Strategic Sale of ITC Hotels Shares
Neutral
Dec 4, 2025

British American Tobacco has announced plans to sell between 7% and 15.3% of its shares in ITC Hotels through an accelerated bookbuild process. The proceeds from this sale will help BAT progress towards its target leverage corridor by the end of 2026. This move is part of BAT’s strategy to optimize its financial position, as the direct stake in ITC Hotels is not considered strategic for the company.

Stock Buyback
British American Tobacco Executes Share Buyback
Positive
Dec 4, 2025

British American Tobacco has repurchased 110,000 of its ordinary shares from Goldman Sachs International as part of its ongoing buyback program. This transaction, authorized by shareholders, aims to reduce the number of shares in circulation, potentially increasing the value of remaining shares and demonstrating confidence in the company’s financial health.

Stock BuybackBusiness Operations and Strategy
British American Tobacco Executes Share Buyback to Boost Shareholder Value
Positive
Dec 3, 2025

British American Tobacco p.l.c. has announced the repurchase of 115,000 of its ordinary shares as part of its ongoing buyback programme. This transaction, executed through Goldman Sachs International, is part of the company’s strategy to manage its capital structure and enhance shareholder value. The repurchased shares will be canceled, reducing the total number of shares in issue and potentially impacting shareholder voting rights.

Stock BuybackBusiness Operations and Strategy
British American Tobacco Executes Share Buyback
Neutral
Dec 2, 2025

British American Tobacco p.l.c. announced the purchase of 115,000 of its ordinary shares from Goldman Sachs International as part of its ongoing buyback program. This transaction, conducted under the authority granted by shareholders, reflects the company’s strategy to manage its capital structure and potentially enhance shareholder value. The purchased shares are intended to be canceled, reducing the total number of shares in circulation and potentially impacting the company’s market dynamics and shareholder interests.

Regulatory Filings and Compliance
British American Tobacco Updates Share Capital and Voting Rights
Neutral
Dec 1, 2025

British American Tobacco has announced its issued share capital as of November 28, 2025, consisting of 2,181,845,074 ordinary shares with voting rights. The company also holds 132,988,352 shares in treasury. This information is crucial for shareholders to determine their voting rights interest in accordance with the FCA’s Disclosure Guidance and Transparency Rules.

Stock Buyback
British American Tobacco Executes Share Buyback
Positive
Nov 28, 2025

British American Tobacco p.l.c. announced the repurchase of 110,000 of its ordinary shares from Goldman Sachs International as part of its ongoing buyback program. This transaction, authorized by shareholders, aims to reduce the number of shares in circulation, potentially increasing the value of remaining shares and reflecting the company’s commitment to returning value to shareholders.

Stock Buyback
British American Tobacco Executes Share Buyback
Neutral
Nov 27, 2025

British American Tobacco has executed a buyback of 110,000 of its ordinary shares at prices ranging from 4,303.00p to 4,343.00p as part of its ongoing share repurchase program. This move, which involves the cancellation of the purchased shares, is expected to impact the company’s share capital structure and could influence shareholder value and market perception.

Stock Buyback
British American Tobacco Executes Share Buyback
Positive
Nov 26, 2025

British American Tobacco has executed a buyback of 130,000 of its ordinary shares from Goldman Sachs International as part of its ongoing share repurchase program. This transaction, authorized by shareholders, aims to enhance shareholder value by reducing the number of shares in circulation, thereby potentially increasing the value of remaining shares and improving earnings per share.

Stock BuybackBusiness Operations and Strategy
British American Tobacco Enhances Shareholder Value with Share Buyback
Positive
Nov 25, 2025

British American Tobacco has announced the repurchase of 130,000 of its ordinary shares as part of its ongoing buyback program. This transaction, conducted with Goldman Sachs International, reflects the company’s commitment to enhancing shareholder value. The repurchased shares will be canceled, reducing the total number of shares in circulation and potentially increasing the value of remaining shares. This move aligns with the company’s strategic financial management and may impact shareholders’ interests under the FCA’s rules.

Stock Buyback
British American Tobacco Executes Share Buyback
Neutral
Nov 21, 2025

British American Tobacco has executed a share buyback, purchasing 129,180 of its ordinary shares from Goldman Sachs International as part of its ongoing buyback program. The company plans to cancel these shares, which will adjust the number of shares in issue and could impact shareholder interests and voting rights.

Private Placements and FinancingBusiness Operations and Strategy
British American Tobacco Announces Executive Share Acquisition
Neutral
Nov 20, 2025

British American Tobacco has announced a transaction involving its Chief Executive, Tadeu Marroco, and Luciana Franco Do Amaral, who is closely associated with him. The transaction involved the acquisition of ordinary shares through the reinvestment of dividend income, with a total value of £7,177.81, conducted on the London Stock Exchange. This move reflects the company’s ongoing financial activities and may impact its market positioning and stakeholder interests.

Stock Buyback
British American Tobacco Executes Share Buyback
Positive
Nov 20, 2025

British American Tobacco has executed a share buyback transaction, purchasing 131,000 of its ordinary shares from Goldman Sachs International as part of its ongoing buyback program. This move, authorized by shareholders, is aimed at reducing the number of shares in circulation, potentially increasing the value of remaining shares and consolidating the company’s market position.

Stock Buyback
British American Tobacco Executes Share Buyback
Neutral
Nov 19, 2025

British American Tobacco has executed a buyback of 115,000 of its ordinary shares from Goldman Sachs International, as part of its ongoing share repurchase program. This transaction, authorized by shareholders, aims to reduce the number of shares in circulation, potentially increasing the value of remaining shares and impacting shareholder interests under the FCA’s rules.

Business Operations and Strategy
British American Tobacco Announces Share Acquisition by Non-Executive Director
Neutral
Nov 18, 2025

British American Tobacco has announced a transaction involving the acquisition of shares by Serpil Timuray, a Non-Executive Director, and Abdurrahman Murat Timuray. This transaction, conducted through the reinvestment of dividend income, involved the purchase of 47 ordinary shares at a price of £42.222415 each, totaling £1,995.19. The transaction took place on November 7, 2025, at the London Stock Exchange. This move reflects the company’s ongoing engagement with its stakeholders and highlights the strategic financial decisions made by its leadership.

Stock BuybackBusiness Operations and Strategy
British American Tobacco Executes Share Buyback to Enhance Shareholder Value
Positive
Nov 18, 2025

British American Tobacco p.l.c. announced the repurchase of 138,000 of its ordinary shares from Goldman Sachs International as part of its ongoing buyback program. This transaction, authorized by shareholders, is aimed at reducing the number of shares in circulation, potentially increasing the value of remaining shares and enhancing shareholder returns. Following the cancellation of these shares, the company will have 2,182,709,115 ordinary shares in issue, excluding treasury shares, which carry voting rights. This move is part of the company’s strategy to optimize its capital structure and improve its market positioning.

Stock BuybackBusiness Operations and Strategy
British American Tobacco Executes Share Buyback
Positive
Nov 17, 2025

British American Tobacco has announced the purchase of 115,000 of its own shares as part of a buyback program, with the intention to cancel these shares. This move, executed through Goldman Sachs International, is part of the company’s strategy to manage its capital structure and enhance shareholder value, potentially impacting its market positioning and stakeholder interests.

Executive/Board ChangesBusiness Operations and Strategy
British American Tobacco Announces Managerial Stock Unit Transaction
Neutral
Nov 13, 2025

British American Tobacco has announced a transaction involving its Non-Executive Director, Holly Keller Koeppel, who received additional Deferred Stock Units (DSUs) linked to the company’s American Depositary Shares (ADSs). This transaction, which was credited by reference to the value of dividends declared on the ADSs, reflects the company’s ongoing financial strategies and compensation plans, potentially impacting its managerial operations and stakeholder interests.

Stock Buyback
British American Tobacco Executes Share Buyback
Neutral
Nov 13, 2025

British American Tobacco announced the repurchase of 110,000 of its ordinary shares from Goldman Sachs International as part of its ongoing buyback program. The shares, purchased at a volume-weighted average price of 4,257.74 pence, will be canceled, reducing the total number of shares in issue and potentially impacting shareholder interests under the FCA’s Disclosure Guidance and Transparency Rules.

Stock Buyback
British American Tobacco Executes Share Buyback
Neutral
Nov 12, 2025

British American Tobacco has executed a share buyback transaction, purchasing 110,000 of its ordinary shares from Goldman Sachs International as part of its ongoing buyback program. This move, authorized by shareholders, aims to cancel the purchased shares, thereby reducing the total number of shares in circulation, which may influence shareholder interests and voting rights.

DividendsBusiness Operations and Strategy
British American Tobacco Executives Acquire Shares Through Dividend Reinvestment
Positive
Nov 11, 2025

British American Tobacco has announced that several of its executives, including the Chief Executive and Chief Operating Officer, have acquired ordinary shares in the company through the reinvestment of dividend income under the British American Tobacco Share Incentive Plan. This move reflects the company’s ongoing commitment to aligning the interests of its management with those of its shareholders, potentially strengthening stakeholder confidence and reinforcing its market position.

DividendsBusiness Operations and Strategy
British American Tobacco Executives Acquire Shares Through Dividend Reinvestment
Neutral
Nov 11, 2025

British American Tobacco announced that several of its executives, including the Regional Director for Asia-Pacific, Middle East and Africa, and the Chief Marketing Officer, have acquired ordinary shares through the reinvestment of dividend income. These transactions, conducted on the London Stock Exchange, reflect a strategic move by the company to align its leadership’s interests with shareholder value, potentially impacting its market positioning and stakeholder confidence.

Executive/Board ChangesDividends
British American Tobacco CEO Acquires Dividend Shares
Neutral
Nov 11, 2025

British American Tobacco has announced a transaction involving the acquisition of quarterly dividend equivalent shares by its Chief Executive, Tadeu Marroco, under the company’s Deferred Share Bonus Scheme. This transaction, conducted outside a trading venue, reflects the company’s ongoing commitment to rewarding its leadership and could have implications for shareholder value and executive compensation strategies.

Stock BuybackBusiness Operations and Strategy
British American Tobacco Advances Share Buyback Strategy
Positive
Nov 11, 2025

British American Tobacco p.l.c. announced the purchase of 110,000 of its ordinary shares from Goldman Sachs International as part of its ongoing share buyback program. This transaction, authorized by shareholders, reflects the company’s strategy to optimize its capital structure by reducing the number of shares in circulation, potentially enhancing shareholder value and maintaining strong market positioning.

Stock BuybackBusiness Operations and Strategy
British American Tobacco Executes Share Buyback
Positive
Nov 10, 2025

British American Tobacco announced the repurchase of 110,000 of its ordinary shares from Goldman Sachs International as part of its ongoing buyback program. The purchased shares will be canceled, reducing the total number of shares in circulation, which may influence shareholder interests and voting rights. This move is part of the company’s strategy to manage its capital structure and potentially enhance shareholder value.

Stock BuybackBusiness Operations and Strategy
British American Tobacco Executes Share Buyback to Enhance Value
Positive
Nov 7, 2025

British American Tobacco announced the repurchase of 110,000 ordinary shares as part of its ongoing buyback program, with plans to cancel these shares. This move is in line with the company’s strategy to manage its capital structure and could potentially enhance shareholder value by reducing the number of shares in circulation, thereby increasing earnings per share.

Business Operations and Strategy
British American Tobacco Executives Acquire Shares to Boost Stakeholder Confidence
Positive
Nov 6, 2025

British American Tobacco has announced that several of its executive directors and managerial staff have purchased ordinary shares in the company through the Partnership Share Scheme, a HMRC approved Share Incentive Plan. This move, involving key figures such as the Chief Executive and Chief Marketing Officer, reflects a commitment to align their interests with those of shareholders, potentially strengthening stakeholder confidence and enhancing the company’s market positioning.

Stock Buyback
British American Tobacco Executes Share Buyback
Positive
Nov 6, 2025

British American Tobacco has executed a transaction to repurchase 110,000 of its ordinary shares from Goldman Sachs International as part of its ongoing buyback program. This move, authorized by shareholders, is aimed at reducing the number of shares in circulation, potentially increasing the value of remaining shares and enhancing shareholder value. The company plans to cancel the repurchased shares, which will affect the total number of shares in issue and may have implications for shareholder notifications under regulatory rules.

Stock BuybackBusiness Operations and Strategy
British American Tobacco Executes Share Buyback
Positive
Nov 5, 2025

British American Tobacco PLC announced the purchase of 165,000 of its ordinary shares from Goldman Sachs International as part of its ongoing buyback program. The company plans to cancel these shares, which will reduce the total number of shares in issue and potentially impact shareholder interests and voting rights. This move is part of the company’s strategic financial management to enhance shareholder value.

Stock Buyback
British American Tobacco Executes Share Buyback
Positive
Nov 4, 2025

British American Tobacco has announced the purchase of 145,000 of its own shares as part of a buyback program, with plans to cancel these shares. This transaction, executed through Goldman Sachs International, reflects the company’s ongoing efforts to manage its share capital and potentially enhance shareholder value, impacting the company’s share structure and market positioning.

Regulatory Filings and Compliance
British American Tobacco Updates Share Capital and Voting Rights Information
Neutral
Nov 3, 2025

British American Tobacco has announced its issued share capital as of October 31, 2025, consisting of over 2.18 billion ordinary shares with voting rights. The company also holds approximately 133 million shares in treasury. This information is crucial for shareholders to determine their voting rights interests in compliance with the FCA’s Disclosure Guidance and Transparency Rules.

Delistings and Listing ChangesBusiness Operations and Strategy
British American Tobacco to Redeem €1 Billion Securities
Neutral
Oct 31, 2025

British American Tobacco has announced the exercise of its option to redeem €1,000,000,000 worth of perpetual subordinated fixed-to-reset rate non-call 5.25-year securities following a substantial repurchase event. The redemption, set for November 10, 2025, will involve the cancellation of the listing of these securities, impacting the company’s financial structure and potentially influencing its market positioning.

Stock BuybackBusiness Operations and Strategy
British American Tobacco Executes Share Buyback to Enhance Shareholder Value
Positive
Oct 31, 2025

British American Tobacco has executed a share buyback transaction, purchasing 172,853 of its ordinary shares from Goldman Sachs International as part of its ongoing buyback program. This move, authorized by shareholders, is aimed at reducing the number of shares in circulation, potentially increasing the value of remaining shares and enhancing shareholder value. Following this transaction, BAT will cancel the purchased shares, resulting in a total of 2,184,030,914 ordinary shares in issue, excluding treasury shares. This strategic financial maneuver may impact the company’s market positioning and shareholder interests.

Stock Buyback
British American Tobacco Advances Share Buyback Program
Positive
Oct 30, 2025

British American Tobacco announced the purchase of 173,000 of its ordinary shares from Goldman Sachs International as part of its ongoing buyback program. This move, authorized by shareholders, aims to reduce the number of shares in circulation, potentially increasing the value of remaining shares and strengthening the company’s market position.

Private Placements and FinancingBusiness Operations and Strategy
British American Tobacco Completes Significant Securities Tender Offer
Neutral
Oct 29, 2025

British American Tobacco announced the final results of its tender offer for its €1 billion Perpetual Subordinated Fixed-to-Reset Rate Non-Call 5.25 Year Securities. The company accepted €806.8 million worth of securities, surpassing the 75% threshold required for a Substantial Repurchase Event Redemption Option. This move is expected to impact the company’s financial strategy and market positioning, as it plans to exercise the redemption option for the remaining securities post-settlement.

Stock BuybackBusiness Operations and Strategy
British American Tobacco Executes Share Buyback to Enhance Shareholder Value
Positive
Oct 29, 2025

British American Tobacco announced the repurchase of 174,000 ordinary shares as part of its ongoing buyback program, which was authorized by shareholders in April 2025. The company plans to cancel these shares, reducing the number of shares in circulation and potentially increasing the value for remaining shareholders. This move is part of a strategic effort to optimize capital structure and enhance shareholder returns.

Private Placements and FinancingBusiness Operations and Strategy
British American Tobacco Issues €1.2 Billion Hybrid Securities
Positive
Oct 28, 2025

British American Tobacco has announced the publication of a prospectus for the issuance of hybrid capital securities, totaling €1.2 billion, which will be listed on the London Stock Exchange. The proceeds will be used for general corporate purposes, including repurchasing existing securities and repaying debt, potentially strengthening the company’s financial position and market standing.

Stock BuybackBusiness Operations and Strategy
British American Tobacco Executes Share Buyback
Positive
Oct 28, 2025

British American Tobacco p.l.c. announced the repurchase of 174,000 ordinary shares as part of its ongoing buyback program, with the intention to cancel these shares. This transaction, conducted through Goldman Sachs International, reflects the company’s strategy to manage its capital structure and potentially enhance shareholder value by reducing the number of shares in circulation.

Stock Buyback
British American Tobacco Executes Share Buyback
Neutral
Oct 27, 2025

British American Tobacco PLC announced the purchase of 177,000 of its own ordinary shares as part of its ongoing buyback program. The shares were acquired from Goldman Sachs International at a volume-weighted average price of 3,867.41 pence per share. Following this transaction, the company plans to cancel the purchased shares, which will affect the total number of shares in issue and those held in treasury. This move is expected to impact the company’s share structure and could influence shareholder decisions regarding their interests in the company.

Stock Buyback
British American Tobacco Executes Share Buyback
Neutral
Oct 24, 2025

British American Tobacco p.l.c. announced the purchase of 178,453 of its ordinary shares from Goldman Sachs International as part of its ongoing buyback program. The company intends to cancel these shares, which will impact the total number of shares in issue and those held in treasury, potentially affecting shareholder interests and voting rights.

Stock Buyback
British American Tobacco Advances Share Buyback Program
Positive
Oct 23, 2025

British American Tobacco announced the purchase of 179,932 of its ordinary shares from Goldman Sachs International as part of its ongoing share buyback program. This move, authorized by shareholders, is intended to enhance shareholder value by reducing the number of shares in circulation, which may positively impact the company’s stock price and market perception.

Stock Buyback
British American Tobacco Executes Share Buyback
Neutral
Oct 22, 2025

British American Tobacco has executed a share buyback transaction, purchasing 179,000 of its ordinary shares from Goldman Sachs International as part of its ongoing buyback program. The company plans to cancel these shares, which will adjust the total number of shares in issue and those held in treasury, potentially impacting shareholder interests and market perception.

Private Placements and FinancingBusiness Operations and Strategy
British American Tobacco Launches €1 Billion Tender Offer for Securities
Neutral
Oct 21, 2025

British American Tobacco has announced a tender offer for its €1 billion Perpetual Subordinated Fixed-to-Reset Rate Non-Call 5.25 Year Securities. This move is part of the company’s strategy to manage its hybrid capital portfolio proactively. The offer allows security holders to sell their securities ahead of the upcoming redemption date, with the potential for priority allocation in new securities issuance. This initiative reflects the company’s intention to optimize its financial structure and could impact stakeholders by providing liquidity and investment opportunities.

Stock BuybackBusiness Operations and Strategy
British American Tobacco Executes Share Buyback
Positive
Oct 21, 2025

British American Tobacco announced the repurchase of 136,000 of its ordinary shares from Goldman Sachs International as part of its ongoing buyback program. The shares were purchased at prices ranging from 3,798.00p to 3,835.00p and will be cancelled, reducing the total number of shares in issue. This move is part of the company’s strategy to manage its capital structure and return value to shareholders, potentially impacting its share price and market perception.

Stock Buyback
British American Tobacco Executes Share Buyback to Enhance Value
Positive
Oct 20, 2025

British American Tobacco has executed a share buyback program, purchasing 175,000 of its ordinary shares from Goldman Sachs International. This move, authorized by shareholders, aims to reduce the number of shares in circulation, potentially increasing the value for remaining shareholders and strengthening the company’s financial position.

Stock Buyback
British American Tobacco Executes Share Buyback to Enhance Shareholder Value
Positive
Oct 17, 2025

British American Tobacco p.l.c. has executed a share buyback transaction, purchasing 165,000 of its ordinary shares from Goldman Sachs International. This move, part of a previously announced buyback program, aims to cancel the acquired shares, thereby reducing the total number of shares in circulation and potentially increasing shareholder value. Following this transaction, the company will have 2,185,746,237 ordinary shares in issue, excluding treasury shares, which may impact shareholder notifications under regulatory guidelines.

Stock Buyback
British American Tobacco Executes Share Buyback
Neutral
Oct 16, 2025

British American Tobacco announced the repurchase of 183,458 of its ordinary shares from Banco Santander as part of its ongoing buyback program. The repurchased shares will be canceled, reducing the total number of shares in circulation, which may impact shareholder interests and the company’s market positioning.

Stock Buyback
British American Tobacco Executes Share Buyback
Neutral
Oct 15, 2025

British American Tobacco announced the repurchase of 184,091 of its ordinary shares from Banco Santander as part of its ongoing buyback program. This transaction, authorized by shareholders, aims to reduce the number of shares in circulation, potentially increasing the value of remaining shares and impacting shareholder interests. Following this purchase, the company will have 2,186,093,719 ordinary shares in issue, excluding treasury shares, which may influence shareholder notifications under regulatory guidelines.

Stock BuybackBusiness Operations and Strategy
British American Tobacco Executes Share Buyback
Positive
Oct 14, 2025

British American Tobacco p.l.c. announced the repurchase of 183,105 of its ordinary shares as part of its ongoing buyback program. This move, executed through Banco Santander, S.A., is intended to cancel the purchased shares, thereby reducing the total number of shares in circulation. The transaction reflects the company’s strategy to enhance shareholder value and manage its capital structure effectively.

Executive/Board ChangesBusiness Operations and Strategy
British American Tobacco Appoints New Non-Executive Director
Positive
Oct 14, 2025

British American Tobacco has announced the appointment of Matthew Wright as an independent Non-Executive Director, effective from November 1, 2025. Wright’s extensive experience in advising global organizations on talent management and transformation is expected to support BAT’s ongoing cultural transformation and growth initiatives, particularly as the company pursues its ambition to create a Smokeless World.

Stock Buyback
British American Tobacco Executes Share Buyback to Enhance Shareholder Value
Positive
Oct 10, 2025

British American Tobacco p.l.c. has executed a share buyback transaction, purchasing 182,594 of its ordinary shares from Banco Santander, S.A. as part of its ongoing buyback program. This move, approved by shareholders, aims to enhance shareholder value by reducing the number of shares in circulation. Following the cancellation of these shares, the company will have 2,186,460,572 ordinary shares in issue, excluding treasury shares, which may impact shareholder notifications under regulatory guidelines.

Stock BuybackBusiness Operations and Strategy
British American Tobacco Executes Share Buyback
Positive
Oct 9, 2025

British American Tobacco p.l.c. has executed a share buyback program, purchasing 182,132 of its ordinary shares from Banco Santander, S.A. The company plans to cancel these shares, reducing the total number of shares in circulation, which may influence shareholder interests and voting rights. This move is part of a broader strategy to manage its capital structure and potentially enhance shareholder value.

Stock Buyback
British American Tobacco Launches Share Buyback Program
Neutral
Oct 9, 2025

British American Tobacco has announced a share buyback program, commencing on 16 October 2025 and concluding on 23 December 2025, in collaboration with Goldman Sachs International. The initiative aims to reduce the company’s share capital by repurchasing and canceling up to 220,451,469 shares, as authorized by shareholders at the 2025 AGM, adhering to specific regulatory frameworks and pricing conditions.

Stock Buyback
British American Tobacco Executes Share Buyback to Enhance Shareholder Value
Positive
Oct 8, 2025

British American Tobacco announced the purchase of 182,086 of its ordinary shares from Banco Santander as part of its ongoing share buyback program. This transaction, which was conducted under the authority granted by shareholders, aims to cancel the purchased shares, thereby reducing the number of shares in circulation and potentially increasing shareholder value. Following this buyback, the company will have 2,186,823,998 ordinary shares in issue, excluding treasury shares, which may impact shareholder notifications under regulatory guidelines.

Stock BuybackBusiness Operations and Strategy
British American Tobacco Advances Share Buyback Program
Neutral
Oct 7, 2025

British American Tobacco has announced the purchase of 184,025 of its ordinary shares from Banco Santander as part of its ongoing buyback program. This move, authorized by shareholders, is part of the company’s strategy to manage its capital structure and enhance shareholder value. The purchased shares will be canceled, reducing the total number of shares in circulation, which could impact shareholder voting rights and interest notifications under regulatory guidelines.

Stock BuybackRegulatory Filings and Compliance
British American Tobacco Executes Share Buyback
Neutral
Oct 6, 2025

British American Tobacco has executed a share buyback transaction, purchasing 182,423 of its ordinary shares from Banco Santander as part of its ongoing buyback program. The company intends to cancel these shares, which will adjust its total number of shares in issue and those held in treasury. This move is likely to impact shareholder interests and aligns with regulatory transparency requirements.

Stock BuybackBusiness Operations and Strategy
British American Tobacco Executes Share Buyback
Positive
Oct 3, 2025

British American Tobacco p.l.c. announced the purchase and cancellation of 182,160 of its ordinary shares as part of its ongoing share buyback program. This transaction, conducted with Banco Santander, S.A., is part of the company’s strategy to optimize its capital structure and deliver value to shareholders. Following this buyback, the company has 2,187,372,221 ordinary shares in issue, excluding treasury shares, which carry voting rights. This move is expected to impact the company’s share capital and may influence shareholder notifications under regulatory guidelines.

Business Operations and Strategy
British American Tobacco Executives Purchase Shares Under Incentive Plan
Neutral
Oct 2, 2025

British American Tobacco has announced that several of its executives, including the Chief Executive and Chief Marketing Officer, have purchased ordinary shares in the company through the Partnership Share Scheme, a HMRC approved Share Incentive Plan. This move reflects a commitment to align the interests of the company’s leadership with those of its shareholders, potentially impacting the company’s market perception and stakeholder confidence.

Stock Buyback
British American Tobacco Executes Share Buyback to Enhance Shareholder Value
Positive
Oct 2, 2025

British American Tobacco announced the purchase of 126,705 of its ordinary shares from Banco Santander as part of its ongoing buyback program. This move, authorized by shareholders, aims to cancel the purchased shares, thereby reducing the total number of shares in circulation and potentially increasing shareholder value. Following this transaction, the company will have 2,187,554,381 ordinary shares in issue, excluding treasury shares, which could impact shareholders’ interests and voting rights.

Regulatory Filings and Compliance
British American Tobacco Updates Share Capital and Voting Rights
Neutral
Oct 1, 2025

British American Tobacco has announced its issued share capital as of 30 September 2025, which consists of over 2.18 billion ordinary shares with voting rights. This information is crucial for shareholders to determine their voting rights interest under the FCA’s Disclosure Guidance and Transparency Rules.

Stock BuybackBusiness Operations and Strategy
British American Tobacco Executes Share Buyback to Enhance Shareholder Value
Positive
Oct 1, 2025

British American Tobacco announced the purchase of 126,462 of its ordinary shares from Banco Santander as part of its ongoing buyback program. This transaction, authorized by shareholders, aims to cancel the acquired shares, reducing the total number of shares in circulation and potentially enhancing shareholder value. The buyback reflects the company’s strategic financial management and could impact stakeholders by altering shareholding percentages.

Stock BuybackBusiness Operations and Strategy
British American Tobacco Executes Share Buyback
Positive
Sep 30, 2025

British American Tobacco p.l.c. announced the purchase of 126,658 of its ordinary shares from Banco Santander, S.A. as part of its ongoing buyback program. This transaction, authorized by shareholders and aimed at reducing the number of shares in circulation, reflects the company’s strategy to enhance shareholder value and optimize its capital structure.

Stock Buyback
British American Tobacco Advances Share Buyback Program
Positive
Sep 29, 2025

British American Tobacco announced the repurchase of 126,296 of its ordinary shares as part of its ongoing buyback program. This transaction, carried out with Banco Santander, is aimed at reducing the number of shares in circulation, potentially increasing the value of remaining shares and enhancing shareholder value. Following the cancellation of these shares, the company will have 2,187,933,243 ordinary shares in issue, excluding treasury shares, which may influence shareholder notifications under regulatory guidelines.

Stock Buyback
British American Tobacco Executes Share Buyback to Optimize Capital Structure
Positive
Sep 26, 2025

British American Tobacco has executed a share buyback transaction, purchasing 126,177 of its ordinary shares from Banco Santander as part of its ongoing buyback program. This move is intended to reduce the number of shares in circulation, potentially increasing shareholder value and adjusting the company’s capital structure. Following the cancellation of these shares, the company will have 2,188,059,415 ordinary shares in issue, excluding treasury shares, which may impact shareholder notifications under regulatory guidelines.

Stock Buyback
British American Tobacco Executes Share Buyback
Neutral
Sep 25, 2025

British American Tobacco has executed a share buyback transaction, purchasing 127,591 of its ordinary shares from Banco Santander as part of its ongoing buyback program. This move, authorized by shareholders, aims to cancel the acquired shares, potentially impacting the company’s share value and voting rights structure, with implications for stakeholders in terms of shareholding notifications under regulatory guidelines.

Stock BuybackBusiness Operations and Strategy
British American Tobacco Executes Share Buyback
Neutral
Sep 24, 2025

British American Tobacco p.l.c. announced the repurchase of 126,498 ordinary shares as part of its ongoing buyback program. The shares were acquired from Banco Santander, S.A. and will be canceled, reducing the total number of shares in issue. This move is part of the company’s strategy to manage its capital structure and potentially enhance shareholder value. The transaction may impact shareholder voting rights and requires stakeholders to assess their holdings under regulatory guidelines.

Stock BuybackBusiness Operations and Strategy
British American Tobacco Executes Share Buyback to Enhance Shareholder Value
Positive
Sep 23, 2025

British American Tobacco has repurchased 124,038 of its ordinary shares from Banco Santander as part of its ongoing buyback program. This move, which follows shareholder approval, aims to cancel the purchased shares, thereby reducing the total number of shares in circulation and potentially increasing the value of remaining shares. This strategic financial maneuver could strengthen the company’s market position and provide value to shareholders.

Stock BuybackBusiness Operations and Strategy
British American Tobacco Executes Share Buyback
Neutral
Sep 22, 2025

British American Tobacco has announced a transaction involving the buyback of 122,059 of its ordinary shares from Banco Santander as part of a previously announced buyback program. This move is part of the company’s strategy to manage its capital structure and return value to shareholders. The purchased shares will be canceled, reducing the total number of shares in circulation, which could impact shareholder value and voting rights.

Dividends
British American Tobacco Finalizes November 2025 Dividend Details
Neutral
Sep 22, 2025

British American Tobacco announced the finalization details for its November 2025 dividend payment, part of the interim dividend declared earlier in February 2025. Shareholders on the South Africa branch register will receive their dividends in rand, with the exchange rate set at £:R=23.5111. The dividend, regarded as a ‘foreign dividend’ for South Africa Dividends Tax purposes, will be subject to a 20% tax unless exemptions apply. The announcement maintains the previously declared dividend schedule and provides clarity on the tax implications for South African shareholders.

Private Placements and FinancingBusiness Operations and Strategy
British American Tobacco Prices $750 Million Notes Offering
Neutral
Sep 19, 2025

British American Tobacco announced the pricing of a $750 million notes offering by its subsidiary, B.A.T Capital Corporation. The notes, due in 2033, will be used for general corporate purposes, including potential debt repayment. The issuance is expected to close on September 22, 2025, with several financial institutions acting as joint book-running managers. This move is part of BAT’s broader financial strategy and reflects its ongoing efforts to manage its capital structure effectively.

Stock Buyback
British American Tobacco Executes Share Buyback
Neutral
Sep 19, 2025

British American Tobacco p.l.c. has executed a buyback of 121,708 ordinary shares as part of its ongoing share repurchase program. This transaction, conducted with Banco Santander, S.A., is in line with the authority granted by shareholders and aims to cancel the purchased shares, potentially impacting the company’s share capital structure and shareholder interests.

Stock Buyback
British American Tobacco Executes Share Buyback to Enhance Shareholder Value
Neutral
Sep 18, 2025

British American Tobacco has executed a share buyback transaction, purchasing 121,559 of its ordinary shares from Banco Santander as part of its ongoing buyback program. This move is intended to cancel the purchased shares, which will reduce the total number of shares in circulation, potentially impacting shareholder value and market perception.

Stock BuybackBusiness Operations and Strategy
British American Tobacco Executes Share Buyback
Positive
Sep 17, 2025

British American Tobacco p.l.c. announced the repurchase of 122,000 of its ordinary shares as part of its ongoing buyback program. This transaction, executed through Banco Santander, S.A., reflects the company’s strategic move to manage its share capital and potentially enhance shareholder value. Following the cancellation of these shares, the company will have 2,188,927,859 ordinary shares in issue, which may influence shareholder notifications under regulatory guidelines.

Stock Buyback
British American Tobacco Announces Share Buyback and Cancellation
Neutral
Sep 16, 2025

British American Tobacco p.l.c. announced the repurchase of 120,384 of its ordinary shares from Banco Santander, S.A. as part of its ongoing buyback program. The purchased shares will be canceled, reducing the total number of shares in circulation, which may impact shareholder voting rights and interest notifications under regulatory guidelines.

Stock BuybackBusiness Operations and Strategy
British American Tobacco Executes Share Buyback
Neutral
Sep 12, 2025

British American Tobacco has repurchased 119,599 of its ordinary shares from Banco Santander as part of its ongoing buyback program. The company plans to cancel these shares, which will result in a total of 2,189,168,191 ordinary shares in issue, excluding treasury shares. This move is part of the company’s strategy to manage its capital structure and could impact shareholder interests, as it may influence voting rights and share value.

Stock BuybackBusiness Operations and Strategy
British American Tobacco Executes Share Buyback
Positive
Sep 12, 2025

British American Tobacco announced the repurchase of 119,599 of its ordinary shares from Banco Santander as part of its buyback program. This transaction, conducted under the authority granted by shareholders, is part of the company’s strategy to manage its capital structure and enhance shareholder value. The purchased shares will be canceled, reducing the total number of shares in circulation and potentially impacting shareholder interests and market perception.

Executive/Board ChangesBusiness Operations and Strategy
BAT Announces Management Board Changes
Neutral
Sep 11, 2025

British American Tobacco (BAT) has announced changes to its Management Board, with Jerome Abelman stepping down as General Counsel after 23 years with the company. Paul McCrory will succeed him, bringing nearly two decades of experience within BAT. These changes reflect BAT’s commitment to maintaining strong legal leadership aligned with its strategic priorities. The company continues to focus on its goal of achieving sustainable growth and enhancing its regulatory affairs and communications agenda.

Stock BuybackBusiness Operations and Strategy
British American Tobacco Executes Share Buyback to Enhance Shareholder Value
Positive
Sep 11, 2025

British American Tobacco has announced the repurchase of 119,925 of its ordinary shares from Banco Santander as part of its ongoing buyback program. This transaction, conducted under the authority granted by shareholders, is part of the company’s strategy to enhance shareholder value. Following this purchase, the company plans to cancel the shares, thereby reducing the number of shares in circulation and potentially increasing the value of remaining shares. This move is expected to impact the company’s market positioning by demonstrating financial strength and commitment to returning value to shareholders.

Stock BuybackBusiness Operations and Strategy
British American Tobacco Executes Share Buyback
Positive
Sep 10, 2025

British American Tobacco announced the repurchase of 120,208 of its ordinary shares from Banco Santander as part of its ongoing buyback program. The company plans to cancel these shares, reducing the total number of shares in circulation. This move is part of a broader strategy to enhance shareholder value and manage the company’s capital structure effectively.

Stock Buyback
British American Tobacco Executes Share Buyback
Neutral
Sep 9, 2025

British American Tobacco has announced the repurchase of 120,403 of its ordinary shares from Banco Santander as part of its ongoing buyback program. This move is in line with the authority granted by shareholders and aims to cancel the purchased shares, thereby reducing the number of shares in circulation. The transaction could potentially impact shareholder value and market dynamics by altering the company’s share structure and voting rights.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Dec 07, 2025