Tus tsim luam yeeb British (ticker: IMB.UK) ua lag luam nyob ib ncig ntawm 6.8 npaug ntawm qhov nyiaj tau los ntawm 2022, qis dua qhov nruab nrab ntawm 11.4 npaug. Muaj ob peb lub laj thawj uas cov lag luam pheej yig heev, suav nrog kev tswj hwm kev txhawj xeeb, kev muag luam yeeb poob, thiab cov teeb meem cuam tshuam los ntawm cov neeg lag luam luam yeeb hauv kev sib ntsib ib puag ncig, kev sib raug zoo, thiab kev tswj hwm kev lag luam, lossis ESG, cov qauv kev nqis peev.
Tab sis cov tub ua lag luam yuav tsis quav ntsej qhov zoo thiab tso cai rau ib muaj peev xwm yuav lub sijhawm mus nce pa luam yeeb.
Rau qhov pib, cov khoom lag luam luam yeeb tuaj yeem yog qhov zoo tiv thaiv kev nce nqi, vim tias tus nqi siab dua feem ntau tsis ua mob rau kev thov. Tsis tas li ntawd, ntau cov xov xwm tsis zoo raug nqi nyob rau hauv, yog li kev ntsuas.
Qhov ntawd yog qhov uas Imperial Brands tuaj txog. Cov Tshuag tau poob 15% hauv thawj 10 hnub ntawm Russia qhov ntxeem tau ntawm Ukraine, tau tsoo ob xyoos siab ua ntej lub Ob Hlis. Russia yog lub thib plaub loj tshaj plaws luam yeeb lag luam nyob rau hauv lub ntiaj teb no los ntawm ntim, yog li cov tshuaj tiv thaiv yog to taub.
Tab sis nws tau ua tiav, thiab txij li tus tswv ntawm cov npe suav nrog Davidoff thiab Winston tshaj tawm tag nrho tawm ntawm Russia, cov khoom lag luam tau rov qab los - txawm tias nws tseem yog 10% tawm ntawm nws qhov siab tsis ntev los no. Lub tuam txhab tau hais tias Russia thiab Ukraine tsuas yog 0.5% ntawm kev hloov kho cov nyiaj tau los hauv 2021. Nrog rau Russia qhov kev pheej hmoo txo qis rau tam sim no, nws yog lub xyoo loj rau lub tuam txhab. Hauv xyoo 2022, nws yuav ua tiav thawj theem ntawm CEO Stefan Bomhard txoj kev npaj ua lag luam tsib xyoos - nqis peev hauv cov lag luam tseem ceeb thiab cov khoom lag luam tiam tom ntej, lossis NGPs.
Cov tuam txhab luam yeeb tau thawb mus rau lwm txoj kev luam yeeb, suav nrog cov luam yeeb thiab e-luam yeeb. Thaum Lub Kaum Ib Hlis, thaum lub tuam txhab cov nyiaj tau los puv xyoo raug tso tawm, Bomhard tau hais tias qhov kev tsom mus rau "kev nrawm ntawm cov nyiaj rov qab thiab kev loj hlob ntawm cov tswv lag luam muaj nqis." Lub tuam txhab tau tshaj tawm cov nyiaj tau los ntawm ib feem ntawm 246.5 pence ($ 3.24) hauv 2021, thiab cov kws tshuaj ntsuam xyuas cov khoom kwv yees nws tuaj yeem ncav cuag 283.9 pence los ntawm 2024, raws li FactSet cov ntaub ntawv.
Lub tuam txhab kev lag luam hloov tshiab rau lub Plaub Hlis 6, thiab thawj ib nrab cov txiaj ntsig tau tsim tawm rau lub Tsib Hlis, tuaj yeem yog lub sijhawm nyob ze rau cov khoom lag luam txhawb nqa.
JP Morgan
Cov kws tshuaj ntsuam tau hais tias lawv cia siab tias yuav muaj qhov hloov tshiab zoo, tshwj xeeb tshaj yog tom qab lub tuam txhab tau hais rau lub Peb Hlis 25 tias nws tau nce traction hauv Asmeskas kev lag luam.
Ib daim ntawv tshaj tawm tuaj yeem yuav rov qab los kuj yog nyob rau lub qab ntug. Lub tuam txhab muaj lub hom phiaj siv nyiaj mus rau qhov qis kawg ntawm ob-rau-2.5 npaug ntawm cov nuj nqis rau cov nyiaj tau los ua ntej paj paj, se, depreciation, thiab amortization, los yog Ebitda, ntau yam, ua ntej pib muaj peev xwm sharebacks. Thaum kawg ntawm lub Cuaj Hlis 2021, nws sawv ntawm 2.2 npaug.
"Thaum nws tseem ntxov nyob rau hauv nws txoj haujlwm ua CEO, peb ntseeg tias Bomhard cov khoom lag luam thawj xyoo ntawm tus thawj coj yuav tsum ua kom cov tub ua lag luam muaj txiaj ntsig, nrog rau kev nqis peev ntau ntxiv nyob rau hauv lub xyoo raws li kev ntseeg siab ua ntej ntawm qhov yuav tshaj tawm yuav rov qab rau lub Kaum Ib Hlis," said JP Morgan kws tshuaj ntsuam.
Cov kws tshuaj ntsuam tau kwv yees qhov nyiaj tau los ntawm ob tus lej-ib-qib sib koom ua ke txhua xyoo kev loj hlob nyob rau hauv lub sijhawm nruab nrab, piv rau ib nrab-rau tus lej siab rau nws cov phooj ywg. Cov kws tshuaj ntsuam hais txog ntau lub hom phiaj NGP kev nqis peev, kev nthuav dav luam yeeb, thiab kev txhawb nqa los ntawm kev yuav khoom.
JP Morgan muaj lub hom phiaj tus nqi ntawm 21 phaus sterling ($ 27.62) ntawm cov Tshuag, implying 29% upside rau hnub Tuesday tus nqi.
"Raws li kev haus luam yeeb, peb muaj qhov tsis txaus ntseeg ntawm qhov kev xav tias kev sib koom yuav rov qab yuav yog qhov zoo rau cov tswv lag luam," said RBC Capital Markets tus kws tshuaj ntsuam James Edwardes Jones, ntxiv tias nws yog "qhov tseem ceeb rau kev qhib" Imperial Brands 'undervaluation. Nws muaj qhov yuav khoom ntsuas thiab £ 20 tus nqi phiaj.
Imperial Brands cov khoom lag luam yog nyob rau ntawm qhov tsis txaus ntseeg. Tab sis tej zaum cov pa luam yeeb yuav ua kom meej.