British American Tobacco Plc (BATS:LN)

Home , British American Tobacco, London Stock Exchange

Consumer Staples/Tobacco Price: 2,670.50 GBX Report Date: September 23, 2021 Business Description and Key Statistics

British American Tobacco is a holding company. Through its Current YTY % Chg subsidiaries, Co. is a multi-category consumer goods company that provides tobacco and nicotine products to consumers around the Revenue LFY (M) 25,776 -0.4 world. Co.'s non-combustible portfolio includes: Vuse and Vype, EPS Diluted LFY 2.79 12.0 glo™, Velo, and Grizzly and Camel Snus. Co.'s combustible portfolio includes: Newport, Natural American Spirit, Camel, Pall Market Value (M) 61,106 Mall, Lucky Strike, Kent, Dunhill Tobacco, and Rothmans. Co. also has a portfolio of international and local brands. These combustible Shares Outstanding LFY (000) 2,288,191 brands include Vogue, Viceroy, 555, Benson and Hedges, Peter Book Value Per Share 27.39 Stuyvesant, Double Happiness, Kool, and Craven A, while oral brands include Granit, Mocca, and Kodiak. EBITDA Margin % 44.30 Net Margin % 24.8 Website: www.bat.com Long-Term Debt / Capital % 36.5 ICB Industry: Consumer Staples Dividends and Yield TTM 2.16 - 7.93% ICB Subsector: Tobacco Payout Ratio TTM % 75.4 Address: Globe House;4 Temple Place London 60-Day Average Volume (000) 2,914 GBR 52-Week High & Low 2,924.00 - 2,448.00 Employees: 89,182 Price / 52-Week High & Low 0.91 - 1.09

Price, Moving Averages & Volume

3,017.2 3,017.2 British American Tobacco Plc is currently trading at 2,670.50 which is 1.1% below its 50 day 2,942.7 2,942.7 moving average price of 2,701.17 and 2.6% below its 2,868.1 2,868.1 200 day moving average price of 2,740.94.

2,793.6 2,793.6 BATS:LN is currently 8.7% below its 52-week high price of 2,924.00 and is 9.1% above its 2,719.1 2,719.1 52-week low price of 2,448.00. Over the past 52- 2,644.5 2,644.5 weeks, BATS:LN is down 4.7% while on a calendar year-to- date basis it is down 1.4%. 2,570.0 2,570.0 The Relative Strength Index (RSI) indicator for BATS:LN is 2,495.4 2,495.4 currently 46.5. An RSI value of 70 and above is considered 2,420.9 2,420.9 overbought and 30 and below 10/20 11/20 12/20 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21 oversold. Volume (000) 13,225 13,225

10,029 10,029

6,832 6,832

Mean (4021.66) 3,636 3,636

439 439 10/20 11/20 12/20 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21

Price Price (50-Day Simple Moving Average) Price (200-Day Simple Moving Average)

Consumer Staples/Tobacco Price: 2,670.50 GBX Report Date: September 23, 2021 Price Performance, Technical Indicators & Risk Metrics

Difference Price Performance % Change vs FTSE 350 Technical Indicators 1-Day % -0.84 -2.15 50-Day Average Price 2701.17 1-Week % 0.26 -0.77 Price / 50-Day Average 0.99 4-Week % -1.17 -0.58 200-Day Average Price 2740.94 52-Week % -4.69 -28.06 Price / 200-Day Average 0.97 RSI - Relative Strength Index 46.50 Quarter-to-Date % -4.62 -6.24

Year-to-Date % -1.38 -12.13 Risk Metrics Last Month % 1.81 -0.11 Price Volatility 29.68 Last Quarter % 0.94 -3.73 Sharpe Ratio -0.11 Last Calendar Year % -16.20 -3.21 Sortino Ratio -0.18

5-Year Price Performance vs. FTSE 350

British American Tobacco Plc Current: 0.54 CAGR: -11.6% Over the past five years, FTSE 350 Index Current: 1.19 CAGR: 3.5% British American Tobacco Plc's stock price is down 45.8% 1.3 1.3 which is 64.8% below the FTSE 350 Index performance of 19.0% over the same 1.2 1.2 period. British American ^NMX:LN Tobacco Plc's cumulative 1.2 1.2 annualized growth rate (CAGR) over the five year period has been -11.6% while 1.1 1.1 that of the FTSE 350 Index has been 3.5%.

1.0 1.0 Over the past year, British American Tobacco Plc's stock 0.9 0.9 price performance of -4.7% has underperformed that of the FTSE 350 Index by 0.9 0.9 28.1%. On a year-to-date basis, British American 0.8 0.8 Tobacco Plc's stock price performance of -1.4% has underperformed the FTSE 0.7 0.7 350 Index by 12.1%.

Over the past week, British 0.7 0.7 American Tobacco Plc's stock price performance of 0.3% has 0.6 0.6 underperformed that of the FTSE 350 Index by 0.8%. BATS:LN 0.5 0.5

0.4 0.4 2016 2017 2018 2019 2020 2021 2022

Consumer Staples/Tobacco Price: 2,670.50 GBX Report Date: September 23, 2021 Growth and Profitability Metrics

5-Year 10-Year Historical Growth 3-Year 5-Year 10-Year Profitability Current Average Average Revenues % 8.3 14.5 5.6 Gross Margin % 84.0 79.5 78.6 Revenues Per Share % 1.9 9.9 4.2 EBITDA Margin % 44.3 39.7 38.6 EBITDA % 15.6 18.0 8.1 Pre-Tax Margin % 31.9 29.3 30.5 EPS Diluted % -46.6 3.9 6.8 Net Margin % 24.8 58.5 41.2 Free Cash Flow % 19.3 12.3 7.3 Return on Equity % 9.6 45.7 53.0 Cash from Operations % 22.3 15.7 8.1 Return on Capital % 5.9 27.2 24.2 Book Value % 1.1 62.5 19.7 Return on Assets % 4.4 18.1 15.7

Revenue (M) British American Tobacco Plc's cumulative annualized revenue Current: 25776.00 Median: 24492.00 High: 25877.00 Low: 14751.00 CAGR: 15.0% growth rate over the charted 28,102.2 28,102.2 25,877.0 25,776.0 period is 15.0%. This 24,492.0 compares to cumulatative 23,466.4 23,466.4 annualized growth of 8.3% 20,292.0 over the past 3 years. 18,830.5 18,830.5 14,751.0 14,194.7 14,194.7 2016 2017 2018 2019 2020 2021 British American Tobacco Plc's EPS Diluted cumulative annualized EPS Current: 2.79 Median: 2.63 High: 18.30 Low: 2.49 CAGR: 2.9% growth rate over the charted 21.46 21.46 period is 2.9%. This compares 18.30 to cumulatative annualized 14.87 14.87 growth of -46.6% over the past 3 years. 8.29 8.29 2.49 2.63 2.49 2.79 1.70 1.70 2016 2017 2018 2019 2020 2021

Net Profit Margin % British American Tobacco Plc's net profit margin of 24.8% is Current: 24.80 Median: 28.14 High: 172.09 Low: 22.05 CAGR: -5.6% 33.7% below the period's 179.6 179.6 mean net margin of 58.5%. During the charted period, the 124.6 124.6 observed net profit margin high and low were 172.1% and 69.6 Mean (58.48) 69.6 22.1% respectively.

14.5 14.5 2016 2017 2018 2019 2020 2021 British American Tobacco Plc's Return on Equity % return on equity of 9.6% is Current: 9.60 Median: 17.00 High: 100.00 Low: 8.80 CAGR: -40.9% 36.1% below the period's 104.6 104.6 mean return on equity of 45.7%. During the charted 71.1 71.1 period, the observed ROE high and low were 100.0% and Mean (45.67) 8.8% respectively. 37.7 37.7

4.2 4.2 2016 2017 2018 2019 2020 2021

Consumer Staples/Tobacco Price: 2,670.50 GBX Report Date: September 23, 2021 Valuation Metrics

5-Year 10-Year 5-Year 10-Year Current Median Median Current Median Median

Price / EPS TTM 9.6 9.9 16.2 Earnings Yield % 10.28 10.01 6.04

Price / Sales 2.4 2.7 4.2 Free Cash Flow Yield % 15.15 12.38 6.02

Price / Operating Cash Flow 7.8 8.1 14.4 Dividend Yield % 7.93 6.05 4.12

Price / Book Value 1.0 1.1 9.1 Enterprise Value / EBITDA 9.0 11.2 13.5

Price / EPS TTM British American Tobacco Plc is trading at 9.58 times its EPS Current: 9.58 Median: 9.93 High: 21.27 Low: 2.14 CAGR: -14.2% generated during the latest 22.2 22.2 fiscal year. This multiple is below the historically observed 15.2 15.2 median of 9.93, while high and low observations have been Median (9.93) 21.27 and 2.14. 8.2 8.2

1.2 1.2 2016 2017 2018 2019 2020 2021 Price / Sales British American Tobacco Plc is trading at a Price to Sales Current: 2.37 Median: 2.74 High: 6.70 Low: 2.06 CAGR: -18.6% ratio of 2.37 based on sales 6.93 6.93 generated during the latest fiscal year. This ratio is below 5.23 5.23 the historically observed median ratio of 2.74, while high and low observations 3.53 3.53 have been 6.70 and 2.06. Median (2.74)

1.83 1.83 2016 2017 2018 2019 2020 2021 British American Tobacco Plc Price / Book Value is trading at a Price to Book Current: 0.97 Median: 1.09 High: 16.35 Low: 0.81 CAGR: -43.3% ratio of 0.97 based on book 17.1 17.1 value at the latest fiscal year end. This ratio is below the historically observed median 11.4 11.4 of 1.09, while high and low observations have been 16.35 5.7 5.7 and 0.81.

Median (1.09) 0.0 0.0 2016 2017 2018 2019 2020 2021 British American Tobacco Plc Free Cash Flow Yield % has a Free Cash Flow Yield of Current: 15.15 Median: 12.38 High: 18.88 Low: 3.99 CAGR: 27.6% 15.15% based on free cash 19.6 19.6 flow generated during the latest fiscal year. This value is above the historically observed 14.2 14.2 Median (12.38) median yield of 12.38%, while high and low observations 8.7 8.7 have been 18.88 and 3.99.

3.2 3.2 2016 2017 2018 2019 2020 2021

Consumer Staples/Tobacco Price: 2,670.50 GBX Report Date: September 23, 2021 Dividends Data

Dividends Per Share TTM 2.16 Payout Ratio TTM % 75.44% Dividend Yield TTM % 7.93%

Rate Ex Date Record Date Payment Date Currency Note 0.539 23-12-2021 24-12-2021 09-02-2022 GBP 4TH QUARTERLY GROSS 0.539 30-09-2021 01-10-2021 11-11-2021 GBP 3RD QUARTERLY GROSS 0.539 08-07-2021 09-07-2021 19-08-2021 GBP 2ND QUARTERLY GROSS 0.539 25-03-2021 26-03-2021 12-05-2021 GBP 1ST QUARTERLY GROSS 0.526 17-12-2020 18-12-2020 03-02-2021 GBP 4TH QUARTERLY GROSS 0.526 01-10-2020 02-10-2020 12-11-2020 GBP 3RD QUARTERLY GROSS 0.526 09-07-2020 10-07-2020 19-08-2020 GBP 2ND QUARTERLY GROSS 0.526 26-03-2020 27-03-2020 13-05-2020 GBP 1ST QUARTERLY GROSS 0.508 24-12-2019 27-12-2019 06-02-2020 GBP 4TH QUARTERLY GROSS 0.508 03-10-2019 04-10-2019 14-11-2019 GBP 3RD QUARTERLY GROSS 0.508 27-06-2019 28-06-2019 08-08-2019 GBP 2ND QUARTERLY GROSS 0.508 21-03-2019 22-03-2019 08-05-2019 GBP 1ST QUARTERLY GROSS

Dividend Growth and Yield

Dividends Per Share TTM British American Tobacco Plc's trailing 12-month dividend per Current: 2.12 Median: 1.99 High: 2.18 Low: 1.41 CAGR: 5.5% share is 2.12 and its dividend 2.22 2.22 has grown at a cumulative annualized rate of 5.5% over 2.08 2.08 the charted period. This compares to dividend growth 1.94 1.94 of 2.50% over the past year and cumulative annualized growth of 3.40% over the past 1.80 1.80 3 years.

1.65 1.65

1.51 1.51

1.37 1.37 2016 2017 2018 2019 2020 2021

Dividend Yield TTM % British American Tobacco Plc's current dividend yield is 7.93% Current: 7.93 Median: 6.05 High: 8.44 Low: 2.94 CAGR: 20.6% based on trailing 12 month 8.71 8.71 dividends. The current yield is above the historically observed 7.71 7.71 median of 6.05% and, over the charted time period, the 6.70 6.70 observed high yield has been 8.44% and the observed low yield has been 2.94%. 5.69 5.69

4.68 4.68

3.67 3.67

2.67 2.67 2016 2017 2018 2019 2020 2021

Consumer Staples/Tobacco Price: 2,670.50 GBX Report Date: September 23, 2021 ICB Subsector Peer Comparisons

Price Change Year to Date % Price Change Last Calendar Year % -1.7 -1.1 -0.4 0.2 0.9 -18.1 -13.5 -9.0 -4.5 0.1

Imperial Brands PLC 0.8 British American Tobacco Plc -16.2

Peer Group Average -0.3 Peer Group Average -17.0

British American Tobacco Plc -1.4 Imperial Brands PLC -17.8

-1.7 -1.1 -0.4 0.2 0.9 -18.1 -13.5 -9.0 -4.5 0.1

Price / EPS TTM Price / Book Value 0.0 2.5 4.9 7.4 9.8 0.0 0.8 1.6 2.3 3.1

Imperial Brands PLC 9.8 Imperial Brands PLC 3.0

Peer Group Average 9.7 Peer Group Average 2.0

British American Tobacco Plc 9.6 British American Tobacco Plc 1.0

0.0 2.5 4.9 7.4 9.8 0.0 0.8 1.6 2.3 3.1

EPS 5-Year Growth Rate % Revenue 5-Year Growth Rate % -3.1 -1.3 0.5 2.4 4.2 0.0 3.7 7.5 11.2 15.0

British American Tobacco Plc 3.9 British American Tobacco Plc 14.5

Peer Group Average 0.8 Peer Group Average 9.9

Imperial Brands PLC -2.2 Imperial Brands PLC 5.2

-3.1 -1.3 0.5 2.4 4.2 0.0 3.7 7.5 11.2 15.0

Consumer Staples/Tobacco Price: 2,670.50 GBX Report Date: September 23, 2021 Abbreviations: CAGR - Cumulative annual growth rate. EBIT - Earnings before interest and taxes. EBITDA - Earnings before interest, taxes, depreciation & amortization. LFY - Last fiscal year M - Million LON - London Stock Exchange

Definitions: Market Value - Weekly Price times latest Shares Outstanding times any applicable ADR factor. Revenue - Sum of the last four quarters of Revenues. Revenue Per Share - Sum of the last four quarters of Total Revenue divided by Weighted Average Shares Outstanding. Operating EPS LFY - EPS excluding non-recurring, non-operating items, fiscal year aligned TTM value. 60-Day Average Volume (000) - The average of the last 60 daily volume values in thousands of shares. Price 52-Week High - The high closing price from the last 52 weeks of daily closing prices. Price 52-Week Low - The low closing price from the last 52 weeks of daily closing prices. Price / 52-Week High - Latest price divided by the high price from the past 52 weeks of daily closing prices. Price / 52-Week Low - Latest price divided by the low price from the past 52 weeks of daily closing prices. 50-Day Average Price - Mean of last 50 daily closing prices. 200-Day Average Price - Mean of last 200 daily closing prices. Price / 50-Day Average Price - Latest closing price divided by mean of last 50 daily closing prices, as a percentage. Price / 200-Day Average Price - Latest closing price divided by mean of last 200 daily closing prices, as a percentage. Relative Strength Index - Relative Strength Index or RSI measures the magnitude of gains over a given time period against the magnitude of losses over that period. The equation is RSI = 100 - 100 / (1 + RS) where RS = (total gains / n) / (total losses / n) and n = number of RSI periods. In this item, 14 days is used and one year of daily prices are considered. A value of 30 or below may imply oversold and 70 or above may imply overbought. Price Volatility - The standard deviation of the last 20 days of daily closing prices. Sharpe Ratio - The 5 year average of the excess monthly return over the risk - free rate(1 - month T - bill) over the 5 year standard deviation of the same series. Sortino Ratio - The same calculation as the Sharpe Ratio but with positive excess returns set to zero for the standard deviation denominator, so only negative volatility weighs in. Dividends Per Share TTM - Sum of the last four quarters of Dividends Per Share. Payout Ratio - Dividends Per Share TTM divided by Operating EPS TTM. Dividend Yield TTM % - Sum of the last four quarter of Dividends Per Share divided by Weekly Price. EBITDA - Sum of the last four quarters of EBITDA (Operating Income + Depreciation & Amortization). Free Cash Flow - Sum of the last four quarters Net Cash from Operations minus Capital Expenditures (Purchase of Property, Plant & Equipment), from the Cash Flow Statement. Book Value Per Share - Total Common Equity last quarter divided by Shares Outstanding last quarter. Gross Margin % - Sum of the last four quarters Gross Profit divided by the sum of the last four quarters Revenues. EBITDA Margin % - Sum of the last four quarters EBITDA divided by the sum of the last four quarters Revenues. Pre-Tax Margin % - Sum of the last four quarters of Earnings Before Taxes divided by sum of the last four quarters Revenues. Net Profit Margin % - Sum of the last four quarters of Operating EPS divided by sum of the last four quarters Revenues Per Share. Return on Equity % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Book Value. Return on Capital % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Total Capital Per Share. Return on Assets % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Total Assets Per Share. Price / EPS TTM - Weekly Price divided by the sum of the last four quarters of Operating EPS (capped at 99.9). Price / Sales - Weekly Price divided by Revenues Per Share TTM. Price / Book Value - Weekly Price divided by Book Value Per Share last quarter. Book Value Per Share is Total Common Equity last quarter divided by Shares Outstanding last quarter (capped at 49.9). Free Cash Flow Yield % - Free Cash Flow Per Share TTM divided by Weekly Price. Enterprise Value - Market Value plus Total Debt last year plus Preferred Equity last year minus Cash & Cash Equivalents last year. Enterprise Value / Sales - Enterprise Value divided by the sum of the last four quarters of Revenue. Enterprise Value / EBITDA - Enterprise Value divided by EBITDA TTM. Enterprise Value / EBIT - Enterprise Value divided by trailing four quarters of Operating Income. Enterprise Value / Free Cash Flow- Enterprise Value divided by the sum of the last four quarters of Free Cash Flow. Russell 1000 Index - The largest 1,000 stocks by market cap, the index comprehensively covers the US large cap universe. EPS 5-Year Growth Rate % is capped at 999.9%. Revenue 5-Year Growth Rate % is capped at 999.9%.

Consumer Staples/Tobacco Price: 2,670.50 GBX Report Date: September 23, 2021

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