Imperial Brands: Tobacco Firm with Pricing Power at 6+% Dividend Yield

Edward Blain of Orbis Investments presented his in-depth investment thesis on Imperial Brands (UK: IMB) at European Investing Summit 2018.

Thesis Summary:

Imperial Brands recently traded at 10x earnings, as compared to the company’s long-term average of 12x. The stock pays a dividend yield of 6+%. While this reflects a pessimistic view of Imperial’s prospects, Ed is confident the company can raise prices sufficiently to drive continued earnings growth even as smoking rates continue to decline.

The tobacco sector has a long history of overcoming competitive threats (ever-increasing regulatory scrutiny, declining smoking rates, disruptive new technologies) and delivering superior returns for patient investors.

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About the instructor:

Edward Blain, Master of Arts (Honours) in History (University of Cambridge), Chartered Financial Analyst. Edward joined Orbis in 2010. Based in London, he is a member of the Europe investment team and is one of the stockpickers who directs client capital in the Orbis Global Equity Strategy. He previously worked as a political adviser to senior members of the Conservative Party.