BAT investors call on tobacco group’s new chief to restart share buybacks

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Rae Maile, an analyst at Panmure Gordon, said BAT’s management had “never fully explained” why they did not press ahead with another round of buybacks from February this year.

“The tobacco model isn’t broken, it is still generating oodles of cash,” said Maile. “You’re invested in the industry because of its ability to generate cash and for the companies to return that cash to you. The cash generation has not gone away and therefore it would be a sensible expectation that the company would return to share repurchases soon.”

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Author: Oliver Barnes, Correspondent, The Financial Times

Rae Maile

Managing Director, Research Analyst, Financials & Tobacco

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