BAT

BAT continues to extend its footprint in the tobacco sector from its London headquarters. The company's resilience, supported by 46k employees and an annual revenue near $34B, makes it a structural reference for investors and partners across Europe.

Long-term partnerships with sovereign and institutional investors give the company unusual visibility on multi-year demand.

“BAT is, in its category, exactly the kind of compounding regional champion the next decade of capital allocation will reward.”

Few catalysts on the horizon look bearish; the central scenario is a continued, controlled compounding story.