Discounted Cash Flow

British American Tobacco P.l.c. ADR

BTI · Based on 10 years of SEC filings

DCF estimate unavailable — loss_in_2023

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $14.1b $4.6b $4.0b 32.9% $250.20
2017 $19.6b (38.5%) $37.5b (706.5%) $4.6b (13.2%) 191.6% (482.5%) $1833.90 (633.0%)
2018 $24.5b (25.2%) $6.0b (-83.9%) $9.5b (109.3%) 24.6% (-87.1%) $2.64 (-99.9%)
2019 $25.9b (5.7%) $5.7b (-5.4%) $8.3b (-12.6%) 22.0% (-10.5%) $2.50 (-5.4%)
2020 $25.8b (-0.4%) $6.4b (12.2%) $9.8b (17.2%) 24.8% (12.6%) $2.80 (12.1%)
2021 $25.7b (-0.4%) $6.8b (6.3%) $9.6b (-1.4%) 26.5% (6.6%) $2.97 (6.0%)
2022 $27.7b (7.7%) $6.7b (-2.0%) $9.7b (1.1%) 24.1% (-9.0%) $2.93 (-1.2%)
2023 $27.3b (-1.3%) $-14.4b (-315.5%) $10.1b (3.9%) -52.7% (-318.5%) $-6.47 (-320.5%)
2024 $25.9b (-5.2%) $3.1b (121.4%) $9.5b (-5.9%) 11.9% (122.5%) $1.37 (121.1%)
2025 $25.6b (-1.0%) $7.8b (153.1%) $5.6b (-40.8%) 30.3% (155.6%) $3.51 (156.8%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model

loss_in_2023

Once the company meets all DCF eligibility criteria (sufficient history, profitability, growth trends), an estimate will become available automatically. No action is needed.