Edward Blain of Orbis Investments presented his in-depth investment thesis on Imperial Brands (UK: IMB) at European Investing Summit 2018.
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.
The full session is available exclusively to members of MOI Global.
Members, log in below to access the full session.
Not a member?
Thank you for your interest. Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:
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.