I think we may be over-analysing this stuff.
The sp is, broadly speaking, a function of the earnings of the company (EPS).
So while you can "manipulate" or whatever, in the longer term (not tooooo much longer for BAT) the sp is dependent on the earnings. So really it is the earnings that we should be focussing on. As an "early mover" I suspect BAT will be well-placed!!
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I think we may be over-analysing this stuff. The sp is, broadly...
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