Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.28, read 2026-10-27
Ethical does not pass the values gate
Price61.07 USD
Fair value75.00
Ethical score10.0/100
RatingAVOID
Our investment reviews on this name
2026-10-25Read Markup58.00+5.3% to today ✓Accumulation gives way to Markup first Markup read since October
2026-10-18Read Accumulation58.00+5.3% to today ✓Markup gives way to Accumulation
2026-10-11Read Markup55.63+9.8% to today ✓Markdown gives way to Markup first Markup read since July
2026-10-02Read Markdown55.63+9.8% to today Distribution gives way to Markdown with volume flow in agreement
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
British American Tobacco p.l.c. holds its Markup at $61.07. Consolidating, no directional conviction, held for 1 days.
As held on the ledger · 2026-10-29
Phase
Markup
Quantitative state
Consolidating, no directional conviction, held for 1 days
Price at the screen
$61.07
Valuation
15.66 trailing · 11.70 forward price to earnings
Values screen
FAIL· score 10.0
Beta
0.10
The Workings
Five Screens, Shown in Full
Does not pass. Business activity
Test
Figure
Limit
What it means
Status
Business activity
Excluded
Core business clean
Prohibited sector: tobacco
Fail
Debt load
0.00%
Below 33%
Interest-bearing debt is just 0.0% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
0.00%
Below 49%
Money owed to the company is 0.0% of assets, under the 49% limit.
Pass
Revenue purity
0.84%
Below 5%
Only 0.8% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
British American Tobacco p.l.c. does not clear the screen at the business-activity stage. It operates in tobacco, so the financial ratios are not the deciding factor here.
Read as at 2026-10-28. It updates when the underlying figures move, and past reads are kept below.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads AVOID: it trades at roughly a 23% discount to our $75.00 fair value, moderate competitive moat, 1.40% revenue growth.
Fair value range in USD, drawn from the 2026-10-29 screen. The gold marker is the market price at the same screen. A 22.8% margin of safety to the base estimate.
Third-party analyst targets: 6 covering, consensus Strong Buy. The average target sits +17% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-29 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Tobacco Roots, Ethical Woes
In the garden of investment options, British American Tobacco p.l.c. stands as a plant best left unpicked. Growing tobacco and nicotine products worldwide, the company's business activity is the root of its ethical failure, which is a deal-breaker for us.
Despite its attractive numbers, with a forward P/E of 10.9x suggesting value and a 1% revenue growth, the ethical screen has judged this stock a firm AVOID. We value ethical practices as highly as financial returns, and British American Tobacco p.l.c. falls short in this critical area.
Risks are real and go beyond ethical considerations. The company operates in a heavily regulated market with MODERATE moat protection, and though it boasts a 25% profit margin and a 13% ROE, the ethical failings overshadow these positives. The market consensus, represented by six analysts with a median target price of $72, may see potential, but for us, the ethical red flag is too glaring to ignore. Analysis, not advice.
The risks · The things to watch: its business and earnings are exposed to United Kingdom and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
BTI trades on the NYSE (the company is based in United Kingdom). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-25Markup · changed$58.00+0.0%Entry 9
The framework has shifted from accumulation to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading bullish. Over the past year the shares are up 36%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (6 analysts) rates it strong buy, with a mean price target of $70.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 4.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 16% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 36%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (6 analysts) rates it none, with a mean price target of $70.
2026-10-11Markup · changed$55.63+0.0%Entry 7
The framework has shifted from markdown to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 16% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 36%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (6 analysts) rates it strong buy, with a mean price target of $70.
2026-10-02Markdown · changed$55.63-1.9%Entry 6
The framework has shifted from distribution to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 1.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 16% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 36%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (6 analysts) rates it strong buy, with a mean price target of $70.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 9.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 16% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 36%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (5 analysts) rates it buy, with a mean price target of $67.
2026-07-23Markup$62.84+5.2%Entry 4
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 5.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 16% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 36%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (5 analysts) rates it buy, with a mean price target of $67.
2026-07-18Markup$59.72+0.0%Entry 3
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 16% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 36%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (5 analysts) rates it buy, with a mean price target of $67.
2026-07-03Markup$59.72+0.0%Entry 2
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Markup$59.72Entry 1
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
