British American Tobacco: Repricing A Legacy Business

2026-02-11 09:40:22 ET

Introduction

For whatever reason, I’ve never covered British American Tobacco ( BTI ) despite being long the stock since 2021. In fact, I used to hold both Altria ( MO ) and BTI but decided to rid myself of the first because I found the prospects for BTI more interesting from a total return’s perspective. Having said that, however, this stock has appreciated a lot since it bottomed during the late spring of 2024, having reached a share price not seen since 2018. Most investors are probably asking themselves whether this is a stock worth holding onto, so let’s have a closer look....

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