Share Name Share Symbol Market Type Share ISIN Share Description
Imperial Brands Plc LSE:IMB London Ordinary Share GB0004544929 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  -3.50 -0.23% 1,544.00 676,682 16:35:12
Bid Price Offer Price High Price Low Price Open Price
1,545.50 1,546.50 1,553.50 1,535.00 1,547.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Tobacco 32,562.00 2,166.00 158.30 9.8 14,772
Last Trade Time Trade Type Trade Size Trade Price Currency
18:26:41 O 13,719 1,545.312 GBX

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21/9/202114:46Imperial Brands PLC (formerly Imperial Tobacco)6,791
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Imperial Brands Daily Update: Imperial Brands Plc is listed in the Tobacco sector of the London Stock Exchange with ticker IMB. The last closing price for Imperial Brands was 1,547.50p.
Imperial Brands Plc has a 4 week average price of 1,514p and a 12 week average price of 1,512p.
The 1 year high share price is 1,686p while the 1 year low share price is currently 1,203p.
There are currently 956,736,947 shares in issue and the average daily traded volume is 1,706,320 shares. The market capitalisation of Imperial Brands Plc is £14,772,018,461.68.
medieval blacksmith: fenners As you have written buy-backs have to meet certain conditions to be excellent ways of building wealth. The key is to determine the criteria that is needed and be able to determine whether a company is meeting this criteria or not. Sadly, as I have witnessed many times on ADVFN, investors look to a pull up in share price when buy backs are being executed - in other words a tool to increase buying demand. This is never the case and as an investor we should hope that the share price falls under such executions because it means remaining investors are getting more for their £. A wise execution would be buying under intrinsic value but not materially lower from current share price for it would attract hostile opportunity. You will never get an intrinsic value figure from the directors as that would be like showing your hand of the cards.
marktime1231: So there are interesting arguments, on both sides. What will happen? I think Bomhard will continue with debt reduction to embed the progress he has already made, as you say IMB need to get on the right side of things in case there is an inflationary cycle to push up the cost of borrowing. But I see the point that if interest rates remain historically low then using cash to reduce debt is not as effective as buybacks, especially since the share price is so cheap. If he keeps reducing debt too far there might be a bid. If he doesn't start a buyback the institutions and activists will increase the pressure. Buybacks have had a bad press because people expect them to provide a capital return by raising the share price, but they don't always work that way and can seem to be a spectacular waste of money. What always does work is that buybacks permanently concentrate the dividend over fewer shares, the dividends will thereafter always be relatively (if not absolutely) higher and better covered than if there had been no buybacks. If the business performs better than plan he will be able to start buybacks sooner and bigger, because debt will seem less of a problem. And the share price will rise because the business will look like it has an improving future. That's my guess. I don't mind too much either way, but my bet is on Bomhard being pressed into buybacks if his business plan works to deliver a bit better finacial performance.
marktime1231: Why exit when it gets to £18? Went back to looking at H1s and the presentation and Q&A session from 18 May; trying to get past the confident FY forecast of "in line" to what we can expect with the final results due on 16 Nov. We might get a trading announcement in early October to reaffirm "in line" or "slightly ahead". A modestly progressive dividend thanks to delivering or slightly beating profit expectation, not sure quite what the numbers to expect are, but my guess is for two final quarterly dividends of 48.5-49p. The early focus for Bomhard has been his new strategy around the biggest 5 traditional markets, to deleverage the balance sheet where H1 got a big boost from exchange rate movement, to enhance the new "stable" credit rating, and to onboard the new CFO. The Q&As reveal that what institutional brokers want to hear is not a significant restoration of dividend (which we might want), they want to hear that debt has now been reduced sufficiently to impress the credit rating agencies so that IMB can move its focus on, and they all want to know when the next step can begin ... when can we start share buybacks. I'm guessing hitting or just beating financial targets will mean dividend cover of 1.7-1.8. So next year some of the "surplus" not destined for further debt reduction might go on share buybacks. Bomhard did not commit himself to the analyst pressure on this topic, but skillfully indicated it was a possibility with the door still open on balancing future priority between debt reduction and buyback. We should otherwise expect nothing better than low %age growth / dividend increase, something you may argue which is holding back the share price Except that we know, from the example being set by oil majors, that a significant buyback can increase the dividend-per-share pro rata meaningfully. Once debt is acceptably low there is not much return from that use of cash unless it sparks bid interest. So yes, switch to buybacks while continuing chip away at debt? Provided of course that there is sufficient good news in the revenue outlook, not from volumes or market share necssarily but from positive pricing and a better contribution to performance from NGP. Well I am not sure I am convinced either way. Debt was terrifying, way too high, and I was delighted by the plan to reduce it and keep reducing it. Now debt is high but not quite so frightening, and the business outlook appears to the credit rating agencies to be sufficiently stable. Should we plough on with debt reduction or spend some of cash on buybacks? A hybrid approach might be the only way to a better dividend progression, but does that feel like dithering? Or is the real prize when debt gets so low while outlook remains stable that the share price starts to reflect what value a bidder might put on the shares? Those who want an exit share price will want debt reduction. Those who want an indexing income for ever will want a buyback.
marktime1231: Sure there is a case for even more, so why is the share price im keller despite great value, lots of reasons why there is such a deep and entrenched discount ... if the price hits £23.50 tomorrow most holders would be pretty happy. Jam today, think of how you could exploit opportunities with your profits from IMB. Find a stock at a price set to yield over 7% within the next couple of years and consequently set to improve the share price by 30%+. EAT, SNWS, ... anyone? Not that I am saying IMB is likely to get that bid tomorrow, but even a faint rumour of a possibility might see the share price start to improve again, without affecting your income. I don't see what else is going to move the share price
wunderbar: What a difference a year makes…or perhaps not! Those of you who are clued up on IMB will know Stefan Bomhard has now completed one year service at IMB having been appointed to the Board as CEO on 1 July 2020. So here we are one year on and the fact of the matter is neither Bomhard’s arrival or turnaround plan have had any meaningful impact on the share price whatsoever. I’ll let the stats do the talking. On 30 June 2020 IMB closed at 1539p. Exactly one year later the closing price is 1557p which means in the past 12 months the share price has gained just 18p (+1.15%). YTD 2021: +6.5p (+0.42%). On the plus side the YTD performance (so far) is a marked improvement on recent years noting between 2016 & 2020 the share price declined on average by 15% each year. In fact the last time IMB had a positive year was 2015 when it gained 21% (y/e c.3600p). Since then it’s been all downhill. 2016 (-1%), 2017 (-11%), 2018 (-25%), 2019 (-21%), 2020 (-18%). Given the negligible increase of past 12 months I would best describe IMB’s share price movement as going sideways rather than being progressive, not really breaking any ground, certainly not showing any real signs of a recovery at this moment in time. For me, the first tangible sign of a recovery starts with a sustained move above 1700p, but in terms of real recovery that would be a breakout of 2000p. Hopefully we’ll start seeing some upward momentum in the second year of Bomhard’s reign. In the meantime Mr Market is still being ruthlessly stubborn, still not prepared to re-rate the stock.
marktime1231: Well done Gary you had the patience to challenge the conviction and it didn't hold up very long. Not only is there no buyback plan at IMB, they are more often than not an inefficient way of using surplus cash and they frequently do not improve the share price when there are fundamental headwinds (like debt and rising interest rates). Some people see them as a cycnical way for the board to artificially prop up the share price when they have an incentive plan based on the sp, others see them as a cynical way of cancelling the issue of executive share awards while calling them "shareholder returns". Some see them as an efficient way of enhancing value for residual shareholders, but they are not always right. At the right time in the right circumstances they may become a useful option for IMB, but hopefully not before the other things. Equally, and thanks spud for the that report, I personally don't want IMB to waste too much more money trying to get some growth out of NGPs. Sorry MB but we will just have to bear our "loss". Please come back, after a very long time, and tell us you were right. In the interim maybe consider the observations which have been made about your approach. Can that please be the end of the childish squabbling it has rather distracted from the real agenda of discussing what is really going on with IMB.
philanderer: Nicotine risks in price of BAT and Imperial Brands suggests Credit Suisse The US generates c50% of BAT’s profits and c30% of IMB’s Risks of a reduced level of nicotine in cigarettes in the US are already discounted in share prices of British American Tobacco PLC (LON:BATS) and Imperial Brands PLC (LON:IMB), Credit Suisse suggested today. Share prices of the two tobacco giants tumbled on the report in the Wall Street Journal, as the US market is a big earner for both companies. “The US generates c50% of BAT’s profits and c30% of IMB’s. On paper, a nicotine ‘ban’ could have a harmful impact on both companies’ P&Ls,” said the broker in a note. But Credit Suisse added that US regulator the FDA tried something similar in 2017 and since then the value of both companies has halved. “Our working assumption is that as the FDA (Biden has yet to appoint a permanent head) is required to consider a number of issues including the risk of boosting demand for illicit cigarettes, it would take years to clear all of the regulatory hurdles and legal challenges. “Although we understand the negative reaction of tobacco share prices to this headline (particularly following a period in which they have outperformed the staples sector) and do not dismiss the associated risks, we regard the valuations as anomalously low. “BAT and IMB trade at FY21E PE of 8.2x and 6.0x, respectively” proactiveinvestors.co.uk
lthtrust: Can anyone explain to me why IMB share price is declining ? It declared a £3.5 billion profit, down slightly but we are in a pandemic. Has a dividend yield approaching 10%. IMB were optimistic that 2021 results would be better that 2020 and yet the share price is weak.
wunderbar: IMB, a defensive stock!? That’s what I thought when I first bought in back-end 2017 @ c.£30. Now I know different. Here’s a summary of IMB’s share price performance for past five years: 2016 (-1%), 2017 (-11%), 2018 (-25%), 2019 (-21%), 2020 (-18%). During this time the market cap has halved! Does that sound like a defensive stock? I’ve lost count the number of times over the years I’ve read posters harping on about the high dividend yield, all the while ignoring the fact IMB has been destroying shareholders capital in recent years. Others commented it shouldn’t fall below £25, it did. Surely won’t fall below £20, it did. No way will it drop below £15, it did. Sadly, under previous management, IMB was repeatedly punished for constantly missing a multitude of growth targets, as well as continually reeling off a long line of one off costs, rising NGP development costs etc. Saying that though, of equal importance to note is during this time the tobacco sector has faced a wrath of negativity and fallen massively out of favour on ethical grounds. During these times of ultra low/non existent interest rates I wonder how long it’ll be before we start seeing major funds return to the likes of IMB and BATS for their generous dividends. At the end of the day money talks and the purpose of these funds is to make money. I do think IMB is significantly undervalued at £14.30 (I’m contemplating buying more at this level). In the past it has comfortably traded on a p/e ratio of 10 plus, now it’s barely 6. As for the new CEO’s grand master plan revealed last week, well it seems to have gone down like a lead balloon, noting the share price has subsequently fallen 12%, the market’s reaction has almost been akin to a profit warning! My average price is a woeful £25, I can only hope come the end of Stefan Bomhard’s five year plan the share price has made a full recovery to this level. Whilst the dividends are welcome, they are scant consolation for the significant capital erosion to date.
irenekent: This is still in the bumping along the bottom stage where change can be relatively low. However just as in the seasons, by the time we get to March the days are rapidly getting longer. Hopefully the IMB share price will have started to motor upwards too. As others have said, now is the time to re-invest dividends. The pattern of tobacco stocks is far more predictable as far as earnings are concerned; its just the value attributed to those stocks that is so variable. A lot has to do with sentiment, fashion and political agendas - all of which are outside of market control. For the moment we should enjoy the chance to buy cheap and look forward to the time when we can sell dear.
Imperial Brands share price data is direct from the London Stock Exchange
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