British American Tobacco Plc is a British multinational company listed on the Johannesburg Stock Exchange (JSE) that manufactures and sells cigarettes, tobacco and other nicotine products.
The graph below shows the latest British American Tobacco Plc share price (JSE: BTI). Over the past year, BTI.JO has demonstrated resilience and strategic agility in navigating a complex and rapidly changing market landscape. The stock has experienced a notable uptrend, reflecting investor confidence in the company’s ability to adapt and innovate
British American Tobacco Plc has evolved from a traditional cigarette manufacturer to a multi-category player, increasingly focused on reduced-risk products (RRPs) such as vaporisers, tobacco heating products, and modern oral nicotine pouches.
This transformation reflects a strategic response to changing consumer preferences and growing regulatory pressures surrounding traditional tobacco consumption. BAT’s operations are geographically diverse, encompassing established markets in the United States and Europe, as well as high-growth regions in Asia, Africa, and Latin America. This global footprint provides both opportunities for expansion and exposure to varying levels of economic and regulatory challenges.
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Recent Developments
As of May 9, 2025, the share price on the JSE stood at ZAR 764.30, marking a 13% year-to-date increase from ZAR 676.57 and a substantial 39.6% gain over the past year. This positive performance is underpinned by several key factors, including strong growth in the “modern oral” category, strategic capital allocation decisions, and ongoing efforts to optimise operational efficiency. However, the company also faces significant headwinds, including regulatory uncertainties, the rise of illicit vaping products, and evolving consumer perceptions of nicotine consumption.
One of the most significant developments influencing BAT’s recent performance is its strategic shift towards RRPs. The company has invested heavily in developing and marketing these products, aiming to capture a larger share of the growing nicotine alternatives market.
This strategy is particularly evident in the United States, where BAT anticipates a return to profit growth by mid-2025, driven primarily by robust sales of nicotine pouches. In 2024, U.S. revenues from modern oral products surged by over 200%, contributing £790 million to global revenues.
This success has led BAT to revise its annual revenue growth forecast upward to 1-2%, from the previous 1%. The company’s commitment to RRPs is not merely a defensive move against declining cigarette sales; it represents a proactive effort to shape the future of the nicotine industry and capitalise on emerging consumer trends.
Capital allocation has also played a crucial role in BAT’s recent performance. The company’s decision to sell a portion of its stake in ITC Limited, an Indian conglomerate, generated net proceeds of approximately £1.5 billion. BAT has earmarked these funds for share buybacks, debt reduction, and continued investment in business transformation.
The share buyback program, initiated in March 2024 with £700 million allocated, aims to enhance shareholder value by reducing the number of shares in circulation and potentially increasing earnings per share. This disciplined approach to capital allocation demonstrates BAT’s commitment to maximising returns for its investors while maintaining a strong financial position.
Who is British American Tobacco?
British American Tobacco Plc operates in approximately 180 countries, and its cigarette brands include Dunhill, Kent, Lucky Strike, Pall Mall and Rothmans, as well as Vype, Vuse and Glo. With a history spanning over a century, the company has evolved from a traditional cigarette manufacturer to a multi-category player, increasingly focused on reduced-risk products (RRPs) such as vaporisers, tobacco heating products, and modern oral nicotine pouches.
The history of British American Tobacco Plc can be traced back to 1902, when the original company was founded in London, United Kingdom. British American Tobacco Plc was incorporated in 1997.
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Today, British American Tobacco Plc has a diversified portfolio of products and services in more sectors of the consumer goods value chain and renders the following products: vapour products, tobacco heating products, and modern oral products, combustible products and traditional oral products, such as Swedish-style snus and American moist snuff. The company distributes its products to retail outlets.
British American Tobacco Plc’s equity stocks are for sale online on the Johannesburg Stock Exchange (JSE) under the stock symbol BTI.
The current CEO of British American Tobacco Plc is Jack Bowles.
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British American Tobacco Plc’s equity stocks are for sale online on the Johannesburg Stock Exchange (JSE) under the stock symbol BTI.
BAT has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index with a secondary listing on the Johannesburg Stock Exchange. Ordinary shares of British American Tobacco Plc are also listed on the New York Stock Exchange.
British American Tobacco Plc forms part of the Tobacco Industry and the Consumer Goods Sector of the Johannesburg Stock Exchange (JSE).
British American Tobacco Stock Chart – 5 Year
Institutional investor activity can also provide insights into market sentiment. Barclays PLC’s significant reduction in its holdings of BAT shares in the third quarter of 2024, selling 1,509,637 shares, a 93% decrease, may indicate a shift in institutional sentiment towards the company.
While this does not necessarily reflect a negative outlook on BAT’s long-term prospects, it suggests that some institutional investors may be reallocating their capital to other opportunities or reducing their exposure to the tobacco and nicotine industry.
The appointment of Serpil Timuray as an independent Non-Executive Director and member of the Nominations and Remuneration Committees in December 2023 could bring valuable perspectives to BAT’s strategic direction, given her extensive experience at Vodafone Group and Procter & Gamble. However, the impact of this appointment on the company’s performance remains to be seen.
Company Essentials
British American Tobacco Plc has its headquarters at Globe House, 4 Temple Place London, WC2R 2PG, United Kingdom.
British American Tobacco Plc has more than 48,989 employees and currently serves clients worldwide.
Despite the prevailing positive sentiment surrounding BAT’s stock, the company’s diversification into RRPs is undoubtedly a step in the right direction, it is not a guaranteed path to long-term success. The vaping market, in particular, is characterised by intense competition and rapidly changing consumer preferences.
BAT’s ability to maintain its market share in this segment will depend on its ability to innovate and adapt quickly. Furthermore, the long-term health effects of RRPs are still not fully understood, and future regulations could potentially restrict their sale and marketing.
Moreover, the company’s reliance on nicotine, regardless of the delivery method, may face increasing scrutiny from public health advocates and regulators. The ethical considerations surrounding the production and sale of addictive substances cannot be ignored, and they could ultimately weigh on BAT’s reputation and long-term prospects.
Therefore, investors should not blindly accept the prevailing bullish narrative but should carefully consider the potential risks and uncertainties facing the company.
How to buy British American Tobacco Shares – Step by Step
The stock market is one of the most attractive financial markets that sees millions of retail investors and traders’ participating daily. To buy, sell or trade British American Tobacco Plc stocks on the Johannesburg Stock Exchange (JSE), traders and investors can follow a few simple steps:
- Find the share that you want to buy, in this case, “BTI”.
- Select a forex broker that offers access to the Johannesburg Stock Exchange (JSE).
- Review the broker’s trading conditions, fees, deposit and withdrawal methods, trading platform, customer support, regulation, and other components to ensure that they are aligned with your trading plan.
- Open a live trading account with the broker by completing the online application form and providing the necessary documentation to verify the trading account.
- You are now ready to make y
YOUR CAPITAL IS AT RISK
🟩 The Bull Case for JSE: BTI
- Strong RRP Growth: Continued growth in the modern oral and other reduced-risk product categories drives revenue and profit.
- Strategic Capital Allocation: Efficient use of proceeds from the ITC Limited share sale enhances shareholder value through buybacks and debt reduction.
- Global Diversification: A diversified geographic footprint mitigates risks associated with specific markets and regulatory environments.
- Innovation: Continued investment in research and development leads to the introduction of new and innovative RRPs.
- Dividend Yield: BAT maintains a compelling dividend yield, attracting income-seeking investors.
🟥 The Bear Case for JSE: BTI
- Weak Stock Performance: Consistent share price declines over the past 1, 3, and 12 months, significantly underperforming the broader market and aerospace/defense sector.
- Persistent Earnings Pressure: A significant earnings miss in Q4 2024 is expected to be followed by another quarter of substantial losses (negative EPS) in Q1 2025, based on consensus forecasts.
- Substantial Financial Losses: The company reported a large annual net loss of $11.82 billion in its latest full-year results.
- Operational & Reputational Challenges: Ongoing difficulties in stabilising production rates and fully restoring confidence after previous manufacturing and quality control issues remain significant hurdles.
- Negative Technical Signals: The stock trades below its 50-day moving average, a commonly watched bearish short-term indicator.
- Elevated Volatility: A beta of ~1.53 indicates the stock is significantly more volatile than the market average, increasing risk.
- Lack of Dividend: The suspension of dividend payments since early 2020 makes the stock less attractive to income-oriented investors.
