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Don't have an account? Click here to register.Cigarette plain packaging to cost Big Tobacco USD5bn a year, says Goldman Sachs
Thu, 10th Dec 2015 11:15
(ShareCast News) - Goldman Sachs warned Big Tobacco it sees a $5bn annual profit hit from the impact of plain packaging on cigarettes, which the UK will impose next March and other countries following Australia's lead in the next few years. As a result of the long-term impact, Goldman downgraded British American Tobacco (BAT) to 'sell' and removed fellow FTSE 100 cigarette giant Imperial Tobacco from its 'conviction buy' list, but maintained its 'buy' recommendation."Tobacco multinationals have enjoyed above-inflation pricing owing to the favourable tax and regulatory backdrop and its restrictive effect on competition," the investment bank said in a note."However, three years since its introduction, plain packaging regulation, combined with tax increases in Australia, appears to have driven considerable disruption to the industry profit pool."Imperial's profits have a considerable has a 15% EBIT exposure to the UK market and Goldman estimates a 15% downside risk to the company's UK profit post plain packaging adoption, with "more downside than upside risk" in the UK as the company has a leading position in cigarettes.But the investment bank still noted that it had performed impressively in Australia since plain packaging was introduced in 2012 and is expected to be a potential beneficiary of plain packaging outside the UK.On the other hand BAT is forecast by the bank's analysts to be the most exposed of the Big Tobacco groups to the next wave of potential plain packaging adoption beyond the UK and Ireland.Goldman estimates the company's exposure to key markets such as France, Canada and others currently considering plain packaging to be circa 21%, resulting in an estimated 5% downside to group profits in a scenario of these markets adopting the regulation.Furthermore, group earnings have not grown materially since 2012 and analysts predict forex to continue to hold back growth in 2016.Imperial's target price of 3,800% offers around 8% upside, while BAT target of 3,350p a downside of roughly 12%.
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4 Jan 2016 14:54
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23 Dec 2015 13:00
UPDATE 2-Big Tobacco faces blow as top court adviser backs EU law
* Advocate General says EU tobacco law is valid, proportionate * Opinions are non-binding but often influence rulings * Tobacco firms remain hopeful that court view will diverge (Adds comments; changes headline) By Michele Sinner and Martinne Geller LUXEMBOURG/LONDON, De
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UPDATE 1-Imperial Tobacco plans to change name to Imperial Brands
(Adds details) LONDON, Dec 15 (Reuters) - Imperial Tobacco Group plans to drop "tobacco" from its name and call itself Imperial Brands, which is more in keeping with its business now, it said on Tuesday. Big tobacco companies have diversified into cigarette alternatives as the world
Read more15 Dec 2015 14:37
Imperial Tobacco to change name to Imperial Brands
LONDON, Dec 15 (Reuters) - Imperial Tobacco Group said on Tuesday it plans to change its corporate name to Imperial Brands, subject to approval by its shareholders at its annual general meeting in February. The new name "better reflects the dynamic, brand-focused business that we are now",
Read more15 Dec 2015 11:25
Imperial Tobacco may become a take-over target, Citi says
(ShareCast News) - There was a "material chance" that Imperial Tobacco would become a buy-out target, more so given its relatively low exposure to risks from emerging markets, Citi said. It also enjoyed rapidly growing dividends and its shares were trading on a low price-to-earings multiple, analyst
Read more11 Dec 2015 16:22
UPDATE 1-Dutch ban vaping for under 18s, say more harmful than thought
(Adds quote, details) THE HAGUE, Dec 11 (Reuters) - Electronic cigarettes and water pipes will be banned in the Netherlands for children under 18 from next year, the government said, after finding that the devices were more damaging to health than expected. E-cigarettes, which electri
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UPDATE 2-Big Tobacco takes UK government to court over plain packaging
(Adds Imperial Tobacco barrister, EU legal challenge) By Martinne Geller LONDON, Dec 10 (Reuters) - Big Tobacco took the British government to court on Thursday, arguing that the UK's "plain packaging" law, which will take effect next May, unlawfully takes away its intellectual proper
Read more10 Dec 2015 12:12
Big Tobacco takes UK government to court over plain packaging
By Martinne Geller LONDON, Dec 10 (Reuters) - Big Tobacco took the British government to court on Thursday, arguing that the UK's "plain packaging" law which will take effect next May, unlawfully takes away its intellectual property. Companies including Philip Morris International, Br
Read more9 Dec 2015 10:55
Big Tobacco to take on plain packaging in court
(ShareCast News) - A battle of two Goliaths is due to take place this week, as Big Tobacco takes on Westminster and its proposed plain packaging law. The regulation, which would come into force in May 2016, would see the ubiquitous shelves of colourful cigarette brands replaced with graphic pictoria
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