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# British American Tobacco: Consensus Bulls May Be Wrong Again (Archive)
- URL: https://www.huntingalphas.com/british-american-tobacco-consensus-bulls-may-be-wrong-again-archive/
- Published: 2023-08-08T14:00:00.000Z
- Updated: 2026-02-27T05:34:00.000Z
- Description: British American Tobacco remains a contrarian value trap despite non-combustible growth optimism.
- Author: Vish (Hunting Alphas)
- Tags: 5-Minute Pitches, #noindex, Archive, #sa-origin, BATS, Consumer Staples

*This 5-Minute Pitch was originally published on Seeking Alpha before the launch of the Hunting Alphas website. It is shared here to showcase my previous work and track record. New 5-Minute Pitches published on this site will not be disseminated anywhere else.*

## Elevator Pitch

- The market has proved my earlier 'Strong Sell' rating correct. I maintain my stance as I am skeptical of the bullish arguments based on low-valuation and non-combustibles product growth:
- Combustibles still matter most above all else; more than new growth products, more than the new CEO and more than ESG.
- New categories do not move the needle; they are too small and growing too slowly to make a difference.
- The secular decline in combustibles may be stronger than it seems as volume declines continue even as alternative data shows inflationary pressures to have reduced.
- As expected earlier, the stock has de-rated even further. I believe it will continues to be a value trap unless there is a radical business diversification.

Read the full article [here](https://seekingalpha.com/article/4625244-british-american-tobacco-consensus-bulls-may-be-wrong-again?ref=huntingalphas.com).

#### Disclosures and Disclaimers

**Past performance ≠ future results. Not investment advice. See* [**full Disclaimer*](https://www.huntingalphas.com/disclaimer/)**.*