JamesBrey British American Tobacco (NYSE:BTI) carries a lot of appeal for many income-focused investors due to its defensive business model, sky-high dividend yield that's well covered by earnings, and what appears to be an attractive valuation. However, I remain on the sidelines with this stock because I believe it faces serious long-term headwinds that could keep it from delivering attractive returns and eventually may even threaten its dividend. The Bull Case For BTI Stock First of all, there's certainly ...

分组1 - 投资新年奖金或节日礼金，考虑将其投资以享受未来收益[1] 分组2 - 可以考虑投资三支潜力股票，包括Enbridge、CrowdStrike和British American Tobacco[2] 分组3 - Enbridge是一家能提供丰厚股息的股票，拥有稳定的收入来源和连续26年增加股息的记录[3] 分组4 - CrowdStrike是一家具有高增长潜力的公司，利用人工智能和云技术提供实时安全保护，预计其市场机会将在未来几年内增长至2250亿美元[4] 分组5 - British American Tobacco是一家具有巨大潜力的低估值股票，拥有超过9%的股息收益率和仅需最低价格增长即可产生两位数年度投资回报率的潜力[5]

业绩总结 - BAT 2023年全年EPS指引得到重申，预计将受益于跨类别和市场的广泛表现[5] - 预计2024年，BAT的营收和调整运营利润将保持低个位数增长[8] - BAT预计2023年将实现近100%的营运现金流转化率[18] 用户数据 - Velo在现代口腔领域继续实现强劲的增长，市场份额达到8.5%[14] - BAT全球燃烧品市场份额持平，价值份额下降40个基点[16] - 在美国，BAT的商业计划正在带来市场份额恢复的初步迹象[16] 未来展望 - BAT预计将在新类别中实现盈利，Vuse在蒸汽领域继续保持强劲增长[11] - 2024年预期从新类别中获得盈利[27] - 预计2025年实现50亿英镑的收入目标[29] 新产品和新技术研发 - 公司已在10个国家推出非烟草加热烟草消费品[61] - 公司已出售俄罗斯业务，预计将在12月收到全部收益[64] 市场扩张和并购 - 在美国，BAT的商业计划正在带来市场份额恢复的初步迹象[16] - 公司将评估在杠杆率中间范围内进一步现金回报机会[80]

BAT Annual Report and Form 20-F 2022 Strategic Report Governance Report Financial Statements Other Information Financial Statements Exhibit 99.2 Report of Independent Registered Public Accounting Firm>> To the Shareholders and Board of Directors of British American Tobacco p.l.c. Opinion on the Consolidated Financial Statements We have audited the accompanying Group Balance Sheet of British American Tobacco p.l.c. and subsidiaries (the “Group”) as of December 31, 2022 and 2021, the related Group Income Stat ...

高管股份释放 - British American Tobacco p.l.c.独立受托人发布了2020年延期股份奖励计划下授予的普通股数量[2] - Jack Bowles是British American Tobacco p.l.c.的首席执行官，释放了53618股股份[3] - Tadeu Marroco是British American Tobacco p.l.c.的财务和转型总监，释放了24388股股份[6] - Kingsley Wheaton是British American Tobacco p.l.c.的首席增长官，释放了18198股股份[8] - Luciano Comin是British American Tobacco p.l.c.的美洲和撒哈拉以南非洲区域总监，释放了13032股股份[10] - Guy Meldrum是Reynolds American Inc.的总裁兼首席执行官，释放了13032股股份[12] - Paul Lageweg是British American Tobacco p.l.c.的新类别总监，释放了12101股股份[14] - Hae In Kim是British American Tobacco p.l.c.的人才、文化和包容性总监，释放了12411股股份[16] - Jerome Abelman是British American Tobacco p.l.c.的法律和外部事务总监兼总法律顾问，释放了12411股股份[18] 高管股票交易 - 2023年3月31日，公司高管Michael Dijanosic和Zafar Khan分别进行了股票交易[20][22] - 2023年3月31日，公司高管Javed Iqbal和Johan Vandermeulen分别进行了股票交易[24][26] - 2023年3月31日，公司高管James Murphy和Claire Dhokia分别进行了股票交易[28][30]

SECURITIES AND EXCHANGE COMMISSION SECURITIES AND EXCHANGE COMMISSION D.C.2059 FORM 20-F REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 ® ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Fee the fiscal year ended December 31, 2022 D TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ()& D SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of ...

Exhibit 1 BRITISH AMERICAN TOBACCO p.l.c. (the "Company") Annual Report for the Year Ended 31 December 2022 In compliance with Listing Rule 9.6.1 and Disclosure Guidance and Transparency Rule ("DTR") 4.1, the Company announces that the following documents have been published on its website: www.bat.com/annualreport: ● Annual Report and Form 20-F 2022 (the "Annual Report 2022"); and ● Combined Performance and ESG Summary 2022. These documents have been submitted to the National Storage Mechanism and will sho ...

收入情况 - 公司2022年收入增长2.3%[27] - 新类别收入以每年33%的复合增长率增长，预计2025年达到50亿英镑的收入目标[8] - 非燃烧产品收入占集团收入的比例从2018年的7%增长到今天的15%，2022年增长超过2个百分点[9] 利润情况 - 利润增长3.5%，运营利润率提高330个基点至53.7%[50] - THP产品的利润率高于可燃烧产品[145] 业绩展望 - 预计2023年有机收入增长率将在3%至5%之间[175] - 预计2023年公司业绩将在下半年有所改善，受益于多类别战略和强大品牌组合[51] - 预计在未来三年内将实现至少10亿英镑的额外节省，以抵消通货膨胀压力，资助新类别投资并提高新类别的盈利能力[84] 市场现状及展望 - 全球蒸汽类别增长加速，现代一次性产品扩大了该类别[32] - 美国市场烟草产品销售表现良好，价值份额增长10个基点，支持消费者的商业计划[49] - 美国市场的宏观环境正在改善，公司在新类别方面表现出色，成为美国的领导者[93]