Bireme Capital's Evan Tindell on British American Tobacco $BTI and tobacco's inflection point
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 Today's episode is sponsored by: Fundamental Edge You’ve probably heard it’s an “apprenticeship” system, or that you’ll “learn by osmosis”? But what if there was a better way to learn the equity analyst job? Fundamental Edge is re-defining training on the buy-side. Use the code "10YAVP" for a 10% discount. Website: https://www.fundamentedge.com/ Whether you’re already in the seat or looking to break in, the Analyst Academy from Fundamental Edge offers a thorough and flexible path to developing the tools and frameworks employed by leading hedge funds. Breaking in: https://www.fundamentedge.com/breaking-in Check out the Academy syllabus and sign up for future free content: https://fundamental-edge.ck.page/academyinfo