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Given the global scale of operations, strong customer loyalty to brander products, high barriers to entry, and strong generation of excess cashflows and excess returns on investment, I believe that BTI has a wide moat (though most other competitors such as Altria, PMI also spot a wide moat as well) Companies like British American Tobacco can benefit from growth in emerging markets, where smoking is more widespread and declines in smokers are much slower

He wants his children to have the experience of looking out the window and seeing some of their beef cattle walking by, or riding with him in the combine when theyre picking corn

[4] Thakur DV, Kaur DM, Jassal DS

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British American Tobacco (BAT) has promoted sales of its cigarettes in some of the most fragile, war-torn and unstable countries of Africa and the Middle East, documents seen by the Guardian show