Imperial Brands PLC
Imperial Brands PLC, together with its subsidiaries, manufactures, imports, markets, and sells tobacco and tobacco-related products in Europe, the Americas, Africa, the Asia, Australasia, and internationally. It offers a range of cigarettes, tobacco accessories, vapour, heated tobacco, and oral nic…
Imperial Brands PLC, together with its subsidiaries, manufactures, imports, markets, and sells tobacco and tobacco-related products in Europe, the Americas, Africa, the Asia, Australasia, and internationally. It offers a range of cigarettes, tobacco accessories, vapour, heated tobacco, and oral nicotine. The company sells its products under various brands, including JPS, Davidoff, Gauloises, West, Winston, Kool, Lambert & Butler, P&S, Fortuna, Nobel, News, Backwoods, Champion, Golden Virginia, FINE, Rizla, Blu, Pulze, Skruf, and Zone. In addition, it engages in the distribution of tobacco and NGP products for tobacco and NGP product manufacturers; and various non-tobacco and NGP products and services. Further, the company is involved in the management of a golf course; distribution of pharmaceuticals, POS software, and published materials and other products; printing and publishing activities; and provision of long haul transportation, industrial parcel and express delivery, pharmaceutical products logistics, advertising, payment, freight forwarding, and support management services, as well as owns the trademarks; and retails its products. Additionally, it engages in edition and distribution of books and non-periodical publication. Furthermore, the company is involved in research and development of e-vapour products. The company was formerly known as Imperial Tobacco Group PLC and changed its name to Imperial Brands PLC in February 2016. Imperial Brands PLC was founded in 1636 and is based in Bristol, the United Kingdom.Priced within the modelled range
Other models: GBP 35.32–51.23 (median 41.53). The recommended value is in line with them.
Why: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
Details and the full model are below.
Market price within modeled range
Uses reported dividends of GBP 1.8758 per share from Fiscal year 2025, with 2% perpetual growth (base growth capped at the terminal rate) and 9.2% discount rates. The range varies growth and discount assumptions by 1 percentage point; it is illustrative, not a statistical confidence interval or investment advice.
Assumptions: growth 2%, discount rate 9.20%, terminal growth 2.40% (sector defaults). See a worked example.
Blended growth assumption: 2.0% (sector default 5.3%, own revenue history -0.5%, analyst revenue consensus 1.5%).
5-year outlook: relative outlook of about 9.9% a year (Medium confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of 1.5% a year; the growth assumption used is 2.0%.
Adjust assumptions
Why this model: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
Compare models- Recommended: Dividend discount model — GBP 26.57 (-10.5%)
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EPS-based Gordon proxy
— GBP 35.32 (+19.0%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— GBP 40.64 (+36.9%)
Not used: Not chosen: Dividend discount model ranks ahead of it for this company.
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FCFF (steady state)
— GBP 41.53 (+39.9%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
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EV/EBITDA (12x)
— GBP 51.23 (+72.6%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— GBP 40.68 (+37.1%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
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EV/Sales (Rule of 40)
— GBP 107.74 (+263.0%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear GBP 20.59 | -44.1% |
| Base GBP 26.57 | -11.7% |
| Bull GBP 37.16 | 20.1% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At GBP 29.68 the market implies perpetual dividend growth of about this rate (discount rate 9.2%).
Compare: the market implies 2.7% a year, this model assumes 2.0%. The market expects more than this model does, which is why it reads as overvalued.
How the Dividend discount model value changes with growth (rows) and discount rate (columns). Green cells are above the current price. Dividend growth cannot exceed the long-run rate, so duplicate capped scenarios are omitted.
| Growth \ Discount | 7.2% | 8.2% | 9.2% | 10.2% | 11.2% |
|---|---|---|---|---|---|
| -2.0% | 19.98 | 18.02 | 16.41 | 15.07 | 13.93 |
| 0.0% | 26.05 | 22.88 | 20.39 | 18.39 | 16.75 |
| 2.0% | 36.79 | 30.86 | 26.57 | 23.33 | 20.80 |
| 2.4% | 40.02 | 33.12 | 28.25 | 24.63 | 21.83 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 64 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue -0.5% a year | 4 / 20 |
| Balance sheet | net debt 2.0x EBITDA | 10 / 20 |
| Margins | EBITDA margin 13% | 10 / 20 |
Peers in Consumer Staples
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| IMB.L (this company) | GBP 29.68 | -11.7% | 11.9 | 5.1 | 6.3% | 64 |
| ORK.OL Orkla ASA | NOK 103.30 | 31.4% | 14.7 | 2.4 | 9.7% | 82 |
| WN.TO George Weston Limited | CAD 109.72 | 26.2% | 39.8 | 9.1 | 1.2% | 72 |
| KHC Kraft Heinz | USD 25.32 | 25.2% | – | 0.8 | 6.3% | 36 |
| CA.PA Carrefour SA | EUR 13.59 | 24.1% | 29.1 | 0.8 | 8.7% | 72 |
| ABF.L Associated British Foods plc | GBP 19.83 | 19.1% | 15.0 | 1.2 | 3.2% | 82 |
| ADM Archer Daniels Midland | USD 70.47 | 16.8% | 13.7 | 1.4 | 3.0% | 64 |
| AXFO.ST Axfood AB | SEK 281.90 | 8.5% | 24.8 | 8.1 | 3.1% | 70 |
| GIS General Mills | USD 36.46 | 3.4% | – | 2.6 | 6.7% | 52 |
| Peer median | 19.9 | 1.9 | ||||
Dividends
Paid in the last 12 months: GBP 0.02 per share · yield 0.07% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 0.017 |
| 2025 | 0.017 |
| 2024 | 0.015 |
| 2023 | 0.014 |
| 2022 | 0.014 |
| 2021 | 0.014 |
Annual financial statement
Saved annual report · Fiscal year 2025 · EODHD annual statements · period ended 30 Sep 2025
| Revenue | GBP 32,171,000,000 |
|---|---|
| EBITDA | GBP 4,259,000,000 |
| EBIT | GBP 3,584,000,000 |
| Net income | GBP 2,071,000,000 |
| Free cash flow | GBP 2,859,000,000 |
| Capital expenditures | GBP 384,000,000 |
| Debt | GBP 9,996,000,000 |
| Cash | GBP 1,439,000,000 |
| Working capital | GBP -3,042,000,000 |
| Shares outstanding | 830,600,000 |
| Reported dividends per share | GBP 1.8758 |