British American Tobacco p.l.c.

Building your investment thesis

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Analysis in progress

Pulling historical financials

Annual and quarterly income statements, balance sheet

Reading SEC filings

Analysing management commentary

Gathering news and analyst views

Forming the core argument

Breaking down the core business

Analysing financial performance

Stress-testing the moat

Sizing up the leadership team

Mapping the road ahead

Crunching the multiples

Weighing up the evidence

Building the quality scorecard