BTI

British American Tobacco p.l.c. is one of the world's largest multinational tobacco companies, manufacturing and selling cigarettes, cigars, heated tobacco products, and vapor products globally. The company owns iconic brands including Dunhill, Kent, Lucky Strike, Pall Mall, Rothmans, Newport, Camel, and Natural American Spirit, along with Vuse vapor products and Glo heated tobacco products. BAT operates in approximately 180 countries, producing and distributing tobacco and nicotine products to adult consumers worldwide. Founded in 1902 and headquartered in London, England, BAT acquired Reynolds American Inc. in 2017, significantly expanding its U.S. presence. The company generates massive cash flows from traditional cigarettes while investing in potentially reduced-risk products including vapor and heated tobacco to address declining smoking rates and regulatory pressures. BAT faces existential challenges from declining cigarette consumption in developed markets, litigation risks, increasing regulation, and uncertain consumer adoption of alternative products. The company maintains strong market positions, pricing power, and dividend payments attractive to income investors. BAT continues to invest in next-generation products while managing its combustible tobacco business.