$BTI+0.5% released results today. 👇
The main positives are the rapid reduction in debt (adj. net debt / adj. EBITDA 2.6x). This is especially important as management has long targeted debt reduction to initiate buybacks. At the current price, these could have a significant impact on the exchange rate. Another important milestone is the break-even in the NGP (next generation products) segment, 2 years ahead of the originally planned date! Last but not least is the effort to monetize the stake in ITC, which is very substantial.
The negative news is, for example, the lower volume of cigarettes sold in the US. So an accelerated downward trend.