I’ve had BTI on my watchlist for ages, and it’s consistently appeared undervalued. Historically, I’ve found reasons to steer clear, but I’m increasingly convinced that the oral pouch market represents a significant growth opportunity for the company.
If VELO can establish itself as a leading brand in this space, I believe BTI could deliver strong returns.
I don’t own it yet, but I’m finding it increasingly difficult to resist starting a position.
Well written and clear! But they lost me when they acquired Reynolds, waste of money for a business they were already controlling. That strategy of consolidating minorities was expensive and not value adding. I still prefer PMI given their leadership position in HNB, cannot disagree with the valuation gap though!
Nice write up!
BTI is on my watchlist. Might be time to give them another look.
I’ve had BTI on my watchlist for ages, and it’s consistently appeared undervalued. Historically, I’ve found reasons to steer clear, but I’m increasingly convinced that the oral pouch market represents a significant growth opportunity for the company.
If VELO can establish itself as a leading brand in this space, I believe BTI could deliver strong returns.
I don’t own it yet, but I’m finding it increasingly difficult to resist starting a position.
I agree man.
I'm a millenial, but noticed how much the younger generation vapes and uses pouches.
Especially when I lived in the south. I noticed both genders vaping.
My cohort was straight up chewing tobacco. Most everyone I know who did chew now does nicotine pouches. And they'll use it more frequently.
Anecdotal but still.
Well written and clear! But they lost me when they acquired Reynolds, waste of money for a business they were already controlling. That strategy of consolidating minorities was expensive and not value adding. I still prefer PMI given their leadership position in HNB, cannot disagree with the valuation gap though!
Thank you Greg!