I think people are also missing BATS share of ITC Ltd. At the last full year they reported 29.19% ownership, of which ITC has a market cap of £53.4bn and ITC is growing. Obviously this could not all be liquidated at once, but as it is classed as an associate in the accounts, it cannot be marked to market under IFRS.
From what I can see, the value 2022 full year accounts was £1.865bn versus BATs share of MCAP of £15.6bn (29.19%*53.4bn) which is a massive undervaluation.
FAR website says NBs shareholding at 22nd September 2022 was 53,072,133, so the math works out. Would doubt they would get the amount purchased and the final shareholding both incorrect. That’s transaction is a huge vote of confidence.
I think any rise will be determined by the resumption of the dividend. If they fail to declare one, the share price will drop and I’ll pick up a few bargains at those prices.
My guess is lack of short term news combined with the war in Ukraine. This is a 1.5 year hood atleast until the BFS comes out Q3 next year. We all know the potential here, just have to switch off for a while for a 5-10 bagger.