BTI - British American Tobacco Q4 Earnings Preview: The Dart Empire Strikes Back

2024-01-29 11:15:13 ET

Summary

• British American Tobacco will report its fourth quarter and full-year 2023 earnings on February 8, 2024.
• In this update, I explain what to expect from British American Tobacco's results and whether investors should brace themselves for the next leg lower after the £25 billion write-down in December.
• I give a brief update on the company's segments and share what I will be watching for in British American's upcoming earnings report.
• I discuss "vulture investor" Kenneth Dart's position in BTI stock – which recently surpassed 10% of the outstanding shares under both U.S. tickers – and explain why I still doubt a takeover motive.

Introduction

British American Tobacco p.l.c. ( BTI , BTAFF ), will announce its fourth quarter and full-year 2023 results on Thursday, February 8. As usual, the company already gave a pre-close trading update in early December, where it announced a £25 billion impairment charge related to its U.S. cigarettes business....

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