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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Imperial Brands Plc | IMB | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -28.50 | -1.43% | 1,965.50 | 16:35:04 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1,999.50 | 1,960.00 | 1,999.50 | 1,965.50 | 1,994.00 |
| Industry Sector |
|---|
| TOBACCO |
| Top Posts |
|---|
Posted at 17/5/2024 13:20 by marktime1231 You have to decide if the direction of travel will continue with IMB nosing ahead, or BAT will catch up and close the gap. Backing both is an easy hedge since each stock is rewarding, and valid if you think BAT will pull something extra out of the bag or there is some special risk which would trip IMB up.Happy to stay with all my bet on IMB. The compound effect of all the buybacks should mean we will soon get the meaningful progress for investors which Bomhard has been promising. Hopeful for Logista. What I can't conclude on is which camp would be best to be overweight in if there is a BAT-IMB merger. In theory on neutral terms, unless there is disparity in book value to which Huckers is pointing. |
Posted at 17/5/2024 09:27 by louis brandeis Imperial Brands is the more attractive stock ATM. With dividends and buy backs you are getting mid-teen cash flow returns on your investment. BATS doesn't have much room for buybacks that are meaningful after the dividend. Hence why they are selling some stakes in their subsidiaries to appease investors. BATS also has a greater US/Canadian exposure which, in my opinion, harbours much greater political and litigation risk than most of the planet. It also has some large cases against it that haven't yet concluded. Imperial Brands products are value brands rather than premium and this helps in economies that are struggling. I therefore hold both with a greater weighting to IMB. |
Posted at 02/5/2024 12:52 by huckers Here is the link to the Fitch Rating Action Commentary:www.fitchratings.com This is the piece about their debt structure: "Adequate Liquidity: At FYE23, IMB had GBP1.2 billion of unrestricted cash (as defined by Fitch) and undrawn committed revolving facilities of EUR3.1 billion available until September 2026, EUR184 million until March 2026 and EUR184 million until September 2025. This leads to an overall adequate liquidity cushion to meet short-term debt of GBP1.5 billion due in FY24. Additionally, the company has access to GBP550 million of bilateral committed credit facilities maturing in September 2024. Most debt is composed of bonds issued by its wholly-owned Imperial Brands Finance PLC and guaranteed by IMB and by its UK operating subsidiary, Imperial Tobacco Ltd." They haven't updated their debt summary on their investor site and I am still trying to find what they did with regards to the £600m @ 8.125% bond that matured in March. |
Posted at 10/4/2024 12:54 by louis brandeis Woodford made some mistakes that cost him. One of his mistakes was to assume retail investors understood what 'patient capital' means. Obviously the council involved didn't understand this word 'patient' and neither understood the mechanisms of an investment trust. Councils shouldn't be investing in such things. Lots of things were wrong around Woodford. All very depressing. Don't even mention Hargreaves Lansdown |
Posted at 10/4/2024 12:47 by louis brandeis fenners1. I don't understand why you think it is different for Buffett. He is an ordinary shareholder the same as all the other Berkshire holders: It is a publicly listed company. He owns 16% and is the chairman. It isn't a private company. As far as airlines go the issues of his failure investing in airlines isn't to do with the buybacks it is more to do with airlines fundamentally being bad investments due to their ability to suck up capital for new aircraft (purchase or lease) whilst having zero competitive advantage and having to price like commodities. 2. OK, so make it obvious that the coupon rate is pretax. What is obvious is that sustained buybacks executed correctly overtime work for shareholder value. Spot decisions would include many variables some of which we are not privy to. So it is difficult for us to say whether paying down that debt was the obvious answer. If it was I'm sure it would have been done. You have to have some faith in the CEO and CFO, if you don't then sell your share. 3. If you payback the debt the problem seemingly disappears only until you might need to increase debt financing again. Don't forget credit investors have a market too. 4. Intrinsic value has EVERYTHING to do with buybacks. If shareholders are willing to sell to the business something that is worth £1 for 50p the business should buyback as many it can afford to. In this scenario you are increasing shareholder value for those shareholders that remain. The opposite to this is if you are executing buybacks at a share price of £1 when they are only really worth 50p: in this scenario you are destroying shareholder value. 5. I think you raise a good point which is what I refer to in that the business has to be a good one and on a sound financial basis to begin with in order for buybacks to work and also to be taken seriously by investors that know what they are doing. I think you do have an argument to pay some more debt down but there is an opportunity cost with buybacks and future interest rates are (were?) expected to fall. |
Posted at 10/4/2024 12:37 by fenners66 As for just how much liquidity matters more to institutions look at Woodford.He made an absolute fortune for himself playing with other peoples money. It really did not matter if their investments went up or down he got a % . Could there be a more damning indictment of that then the suspension of his fund so no one can withdraw and he was still taking a % out ?! There he is making a fortune - until it all falls apart after an institution wants to pull its cash out and there is no liquidity. All the other fund managers who had not learned by then suddenly woke up - liquidity is key and stuff the arguments of the investors |
Posted at 10/4/2024 10:21 by philanderer Imperial Brands still a value stock, says HargreavesTobacco giant Imperial Brands (IMB) is growing, making progress on next-generation products and there is no imminent threat to its dividend, says Hargreaves Lansdown. The Citywire Elite Companies AAA-rated stock kept half and full-year guidance intact, with low- and mid-single-digit growth in underlying operating profit expected. The shares softened 0.9% to £17.17 on Tuesday, increasing losses to 9.4% over the last 12 months. Analyst Derren Nathan said the group is ‘eking out further growth, by imposing further price increases on smokers’, showing it is ‘getting the balance right against the backdrop of a declining market, but there are still volume pressures in certain markets’. ‘Looking to the future, the group is starting to make progress with its next-generation products, such as vapes and heated tobacco,’ Nathan said. ‘Overall, however, this statement should provide some reassurance to investors who may be considering Imperial’s value credentials.’ Nathan said there is ‘no imminent threat to the high single-digit dividend yield, and the continued strength in cash generation could pave the way for further share buybacks once the remaining £500m of the current program is completed’. citywire.com |
Posted at 01/3/2024 19:51 by boomdaboom @marktime1231 BATS net debt is 2.7x vs 1.9x for IMB....doesn't seem like a huge difference to me. BATS have stated their target range to be between 2-3x and should commence buybacks very soon. The reason IMB has a lower level of net debt is because they slashed the dividend a few years back, BATS has never cut the dividend, and now yields over 10% which is very well covered. In addition, BATS have announced their intention to sell part of their ITC stake soon, which will further reduce net debt.@huckers coincidentally I also bought a large BATS holding a few years back for around 2,500p and sold around the same time as you for around 3,500p. In light of recent weakness I have recently re-purchased my position at around 2350p and will add more if it continues to fall in the absence of any negative developments. Both BATS and IMB seem to have taken a hit since the rumours of a new tax on vaping in the budget, which if this is the reason, seems quite absurd as this will have a negligible impact on the earnings of either company. A lot of UK investors seem to think the UK is the centre of the universe when in reality the UK represents a relatively small proportion of total revenues. IMB and BATS are strong buys in my opinion although I would expect BATS to outperform in the long run due to its stronger position in reduced risk products and greater geographical diversification. |
Posted at 27/2/2024 12:50 by philanderer Big tobacco firms Imperial and BAT fall on vape tax planShares in tobacco giants British American Tobacco PLC (LSE:BATS) and Imperial Brands PLC (LSE:IMB) fell on news that vaping and cigarettes could be hit with new taxes in the UK. Prime minister Rishi Sunak and chancellor Jeremy Hunt are mulling introducing a new tax on vapes at next Wednesday's Budget, according to media reports. Currently vaping products are subject to VAT but not the same levy as is applied to cigarettes. Tobacco duty could also increase at the Budget, to ensure that vaping remains cheaper, reported the Times, which first broke the story. Last month, plans were announced for UK-wide restrictions on disposable vapes, to tackle the rise in youth vaping. Imperial Brands, which owns the Blu vape brand and tobacco brands including Golden Virginia and Richmond, shares fell 4.3% while BAT, which owns Vuse vaping brand and Rothmans and Lucky Strikes, was down only 0.6%. "Although the industry is jostling for position in the vaping market, given the volumes declines in tobacco, these products are still a relatively small part of the picture," said market analyst Susannah Streeter at HL. "Investors had also been expecting greater regulation in the sector, so a potential increase in tax isn’t a wild surprise and given they are global companies a change in UK fiscal policy won't move the dial too much." proactiveinvestors.c |
Posted at 22/11/2023 16:31 by jrphoenixw2 Telegraph/Questor yesterday...'Update: Imperial Brands Shares in Imperial Brands are busy doing nothing in many ways – they trade no higher than they did 14 years ago – but the company keeps churning out the dividends and hence could well remain a staple for income investors. The fat dividend yield of about 8pc and lowly valuation – the forecast price-to-earnings ratio is around seven – suggest that the market remains concerned about the long-term future of smoking as regulatory pressure and health campaigns continue to weigh on volumes. Nevertheless, the latest full-year results, released last week, show that the FTSE 100 company remains highly profitable and cash generative as efficiency drives and pricing power continue to offset the relentless decline in the number of cigarettes sold. That pricing power comes from the company’s array of key brands, which include JPS, Davidoff and Gauloises. Pricing power is always valuable but is all the more so when inflation is high and businesses face pressure from rising costs, because it helps to protect lofty profit margins, which in turn support the cash flow that ultimately funds dividends. The dividend cut of 2020 is now fading from memory as Imperial increases its dividends for the third time in a row and confirms plans, first mentioned alongside October’s trading update, for a new £1.1bn buyback – an increase on the £1bn bought back in the financial year to September. Add the two together and, based on analysts’ forecasts of a further small increase in the dividend for the year to September 2024, Imperial is on course to return the equivalent of nearly 15pc of its market value to shareholders in cash. As it enters the fourth year of chief executive Stefan Bomhard’s five-year turnaround plan, Imperial is nevertheless having to work hard. Its medium-term plan is to grow sales and operating profits at a mid-single-digit percentage rate, although in the 2024 financial year Bomhard expects low-single-digit sales growth and a mid-single-digit profit increase, with the bulk of the earnings improvement expected to take place in the second half of the year. That sort of forecast tends to make investors nervous, as it suggests that more than a few things need to go right towards the end of the year for forecasts to be met. But again, the shares already trade on a lowly valuation and offer a plump yield to reflect this risk. Imperial will have income attractions for many investors. Hold. Questor says: hold Ticker: IMB Share price at close: £18.48 |
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