British American Tobacco reaffirmed its 2026 outlook, telling investors it expects full year revenue growth at the lower end of its 3% to 5% guidance range. The update came alongside fresh detail on its Horizon 2030 plan, which leans on smokeless nicotine products, ongoing cash generation from traditional cigarettes, and a strong focus on productivity improvements. The share price is down 13.78% over the past 90 days and 6.10% over the last week, yet the 5-year total shareholder return of 128.24% and 3-year total shareholder return of 98.60% indicate that long-term holders have still seen very strong gains. The stock now trades at a P/E of 13.5x, above the global tobacco group at 10.9x but below peers at 17.5x and well under a fair ratio of 24.9x, while the most followed narrative sees fair value at £51.50 against the last close of £39.84.
British American Tobacco PLCReaffirmed 2026 revenue growth at the low end of its 3%-5% guidance range, signaling softer top-line momentum.
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