British American Tobacco (Malaysia) Berhad (BATMF) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of British American Tobacco (Malaysia) Berhad $2.35, price $1.08, upside +118.6%, quality 65 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Sep 28, 2026.
How to read this chart
38‑month range $0.5249 – $1.76 · fair‑value band $1.62 – $3.10 · the $1.08 price screens below the $2.35 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Sep 28, 2026.
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British American Tobacco (Malaysia) Berhad engages in the manufacture, sale, marketing and importation of cigarettes, pipe tobaccos, cigars, devices, other tobacco products, and nicotine products in Malaysia.
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British American Tobacco (Malaysia) Berhad engages in the manufacture, sale, marketing and importation of cigarettes, pipe tobaccos, cigars, devices, other tobacco products, and nicotine products in Malaysia. It sells tobacco products under the Dunhill, Peter Stuyvesant, Rothmans, Benson & Hedges, KYO, and Luckies brands; tobacco heating products under the glo brand; and nicotine vapor products under the Vuse brand. The company was founded in 1912 and is headquartered in Kuala Lumpur, Malaysia. It serves adult nicotine consumers, retailers, wholesalers, and business partners, and engages with government agencies, industry bodies, and local communities. British American Tobacco (Malaysia) Berhad operates as a subsidiary of British American Tobacco Holdings Malaysia B V.
Stock analysis
British American Tobacco (Malaysia) Berhad (BATMF) currently trades at $1.08, while our model-based Fair Value estimate is $2.35, implying the stock looks roughly 54.3% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $2.95 per share, and 20 of the 22 models we run sit above the $1.08 price.
Bear case: the Asset-Based group reads lowest at $0.2700, and 2 of the 22 models stay below the price. Evidence for this calculation is medium.
Scenario range: $1.62 (bear) to $3.10 (bull), the price of $1.08 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 65/100 (solid quality), in the Consumer Defensive sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
British American Tobacco (Malaysia) Berhad reported revenue of 2.2B MYR in FY2025 versus 2.6B MYR in FY2021, a compound −4.6%/yr. Reported net income was 202M MYR in FY2025, compounding −8.2%/yr from FY2021.
Key figures
Market cap $307M · P/E ratio 9.0 · P/S ratio 0.83 · EPS (TTM) $0.1200 · Net margin 9.3% · Return on equity 35.6% · Return on assets (EBIT) 26.1% · Operating margin −19.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (medium confidence).
What moves the price
The share trades about 37% below its 52-week high and 105% above its 52-week low.
For context, the median of 10 Consumer Defensive peers we cover trades at 22% fair-value upside, at 119%, BATMF screens cheaper than that median.
Fair Value models
Bear $1.62Fair Value $2.35Bull $3.10
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−5.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−5.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.2%
Start year 2020 (pandemic). Over 10 years: −1.5% a year
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.2%
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What shareholders gained per year (last 5 years), in MYR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in MYR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−6.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−6.6%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.15% → 14%
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+1.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in MYR, Malaysia: IMF forecast 2.0% a year to 2030, 1.8% from 2016 to 2025) that is about −0.3% a year for the price.
Compare British American Tobacco (Malaysia) Berhad with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Tobacco · 37 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score65 · Above median
Fair Value upside+60.9% · Top 25%
Profitability
Return on equity (TTM)35.6% · Top 25%
Return on assets10.7% · Top 25%
Net margin (TTM)18.1% · Above median
Operating margin (TTM)−19.3% · Bottom 25%
Growth and dividend
Revenue growth−50.2% · Bottom 25%
Dividend yield (TTM)57.0% · Top 25%
Valuation Multiplesvs Tobacco median · lower = cheaper
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Cite: Fair Value Calculator (2026). "British American Tobacco (Malaysia) Berhad Fair Value". https://www.fairvalue-calculator.com/stock/BATMF
Frequently asked questions
Is British American Tobacco (Malaysia) Berhad (BATMF) overvalued or undervalued?
As of Sep 28, 2026, our model estimates a fair value of $2.35 versus the last price from Sep 25, 2026 of $1.08, about +119% upside (undervalued).
What is the fair value of BATMF?
Our model-based fair value for British American Tobacco (Malaysia) Berhad is $2.35 (as of Sep 28, 2026), built from audited fundamentals. Last price (from Sep 25, 2026): $1.08.
What is the quality score of BATMF?
British American Tobacco (Malaysia) Berhad has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for British American Tobacco (Malaysia) Berhad (BATMF)?
Our model-based price target is the fair value of $2.35 (as of Sep 28, 2026) from 22 valuation models. Cautious scenario $1.62, optimistic scenario $3.10. It is a calculation from audited fundamentals, not an analyst target.
What is the British American Tobacco (Malaysia) Berhad stock forecast for 2026?
Our models put fair value at $2.35, about +119% upside versus the last price from Sep 25, 2026 of $1.08 (undervalued). Cautious scenario $1.62, optimistic scenario $3.10. The calculation is refreshed regularly with new filings.
What is the revenue of British American Tobacco (Malaysia) Berhad (BATMF)?
British American Tobacco (Malaysia) Berhad reported trailing-twelve-month revenue of about 797M MYR (latest available figure, as of Sep 28, 2026).
What growth is priced into British American Tobacco (Malaysia) Berhad (BATMF)?
For today's price to be fair in a discounted-cash-flow model, British American Tobacco (Malaysia) Berhad would have to grow free cash flow by +1.7 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -1.2 % per year. As of Sep 28, 2026.
What discount rate (WACC) does the fair value of BATMF use?
Our models discount British American Tobacco (Malaysia) Berhad at 9.8 %: a base by market capitalisation (small), damped by beta 0.37, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For British American Tobacco (Malaysia) Berhad that is +1.7 % per year a year over ten years, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has British American Tobacco (Malaysia) Berhad (BATMF) delivered so far?
Over the past 5 years revenue at British American Tobacco (Malaysia) Berhad grew -1.2 % a year. The price currently implies +1.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of British American Tobacco (Malaysia) Berhad (BATMF) growing?
The median revenue growth in the sector is +0.6 % a year. That is the yardstick for the growth priced into British American Tobacco (Malaysia) Berhad (+1.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of British American Tobacco (Malaysia) Berhad (BATMF)?
The free-cash-flow yield on the price is 11.17 %: that much free cash flow British American Tobacco (Malaysia) Berhad produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of British American Tobacco (Malaysia) Berhad (BATMF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For British American Tobacco (Malaysia) Berhad it is $2.35 per share (as of Sep 28, 2026), against a price of $1.08. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is British American Tobacco (Malaysia) Berhad stock overvalued or undervalued in 2026?
As of Sep 28, 2026, BATMF trades below its calculated fair value: price $1.08, fair value $2.35, a gap of about +119% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BATMF?
No. The price is what the market pays today ($1.08); the fair value is what the company's own numbers justify ($2.35). For British American Tobacco (Malaysia) Berhad the two are $1.28 per share apart. That gap is exactly why we show both numbers side by side.
How much is British American Tobacco (Malaysia) Berhad worth?
The market values British American Tobacco (Malaysia) Berhad at about $307M (market capitalisation, as of Sep 28, 2026). Per share that is $1.08; our models calculate a fair value of $2.35 per share.
What do the bullish and bearish scenarios say about BATMF?
Our models span a range for British American Tobacco (Malaysia) Berhad: cautious scenario $1.62, base $2.35, optimistic $3.10 per share (as of Sep 28, 2026, price $1.08). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BATMF?
British American Tobacco (Malaysia) Berhad trades at a price-to-earnings ratio of 9.0 (as of Sep 28, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $2.35 is built from several models across several years. Other multiples: P/B 2.6, P/S 1.6, EV/EBITDA 5.1.
How solid is the balance sheet of British American Tobacco (Malaysia) Berhad (BATMF)?
Balance-sheet figures for British American Tobacco (Malaysia) Berhad (as of Sep 28, 2026): return on equity 35.6%. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is BATMF from its 52-week high?
British American Tobacco (Malaysia) Berhad trades at $1.08, about 37% below its 52-week high of $1.70 and 105% above the low of $0.5249 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of $2.35 is for.
Which stocks are comparable to British American Tobacco (Malaysia) Berhad?
From the same area (Consumer Defensive) we also value Philip Morris International Inc, Altria Group, ITC Limited, KT&G Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is British American Tobacco (Malaysia) Berhad stock attractive at the current price?
The data as of Sep 28, 2026: price $1.08, calculated fair value $2.35 (+119%), Quality Score 65/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BATMF calculated?
We run British American Tobacco (Malaysia) Berhad through 22 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $2.35, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. British American Tobacco (Malaysia) Berhad currently trades 54 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of British American Tobacco (Malaysia) Berhad (BATMF)?
The latest price we hold is from Sep 25, 2026 and stands at $1.08. Our model-based fair value is $2.35, about +119% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with British American Tobacco (Malaysia) Berhad right now?
The price is below even our cautious bear case ($1.62). The market is more pessimistic than our downside scenario. Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($1.62 to $3.10) leaves room in how you read the outcome.
Key figures of British American Tobacco (Malaysia) Berhad
How large is the market capitalisation of British American Tobacco (Malaysia) Berhad (BATMF)?
The market capitalisation of British American Tobacco (Malaysia) Berhad is $307M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of British American Tobacco (Malaysia) Berhad (BATMF)?
The price-to-sales ratio of British American Tobacco (Malaysia) Berhad is 0.83 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of British American Tobacco (Malaysia) Berhad (BATMF)?
Earnings per share at British American Tobacco (Malaysia) Berhad are $0.1200 (price ÷ EPS = P/E 9.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of British American Tobacco (Malaysia) Berhad (BATMF)?
The net margin of British American Tobacco (Malaysia) Berhad is 9.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of British American Tobacco (Malaysia) Berhad (BATMF)?
The return on equity (ROE) of British American Tobacco (Malaysia) Berhad is 35.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of British American Tobacco (Malaysia) Berhad (BATMF)?
On an EBIT basis the return on assets of British American Tobacco (Malaysia) Berhad is 26.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of British American Tobacco (Malaysia) Berhad (BATMF)?
The operating margin of British American Tobacco (Malaysia) Berhad is −19.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at British American Tobacco (Malaysia) Berhad (BATMF)?
Revenue at British American Tobacco (Malaysia) Berhad is growing −50.2% versus a year earlier (3y avg −5.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at British American Tobacco (Malaysia) Berhad (BATMF)?
Earnings per share at British American Tobacco (Malaysia) Berhad are growing +148% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does British American Tobacco (Malaysia) Berhad (BATMF) carry?
The net debt of British American Tobacco (Malaysia) Berhad is 537M MYR (fiscal year 2025, ≈ 3.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Sep 28, 2026