Evan Tindell, CIO of Bireme Capital, joins the podcast for his fourth time to discuss his thesis on British American Tobacco p.l.c. (NYSE: BTI), the company engages in the provision of tobacco and nicotine products to consumers worldwide.
For more information about Bireme Capital, please visit: https://www.biremecapital.com/
Evan's $BTI write-up in Bireme Capital's investor letter: https://www.biremecapital.com/blog/december-2023-investor-letter
Chapters:
[0:00] Introduction + Episode sponsor: Fundamental Edge
[2:04] Overview of British American Tobacco Company and why they are interesting to Evan
[6:42] What Evan thinks his edge is with $BTI / comments on stock performance over the last few months
[11:58] Vaping, regulations and how this affects $BTI
[18:38] $BTI annual report
[25:24] Competition from non-regulated folks / legal liabilities for new $BTI products / menthol cigarette ban
[34:00] Doom-looping on cigarette industry
[38:00] $BTI's ownership stake in ITC (formerly known as India Tobacco Company)
[43:43] "Sum of the Parts" stocks[51:07] $BTI capital allocation strategy
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