Imperial Brands PLC (ITB) fair value: what the stock is really worth
As of Sep 22, 2026: fair value of Imperial Brands PLC €66.09, price €28.80, upside +129.5%, quality 67 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Imperial Brands PLC
ITB · XETRAClearly undervaluedStrong Fair Value upside, but quality is only moderate.
What runs behind every stock
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range €12.77 – €37.56 · fair‑value band €45.30 – €103.18 · the €28.80 price screens below the €66.09 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
Company profile
Imperial Brands PLC, together with its subsidiaries, manufactures, imports, markets, and sells tobacco and tobacco-related products in Europe, the Americas, Africa, the Asia, Australasia, and internationally. It offers a range of cigarettes, tobacco accessories, vapour, heated tobacco, and oral nicotine.
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Imperial Brands PLC, together with its subsidiaries, manufactures, imports, markets, and sells tobacco and tobacco-related products in Europe, the Americas, Africa, the Asia, Australasia, and internationally. It offers a range of cigarettes, tobacco accessories, vapour, heated tobacco, and oral nicotine. The company sells its products under various brands, including JPS, Davidoff, Gauloises, West, Winston, Kool, Lambert & Butler, P&S, Fortuna, Nobel, News, Backwoods, Champion, Golden Virginia, FINE, Rizla, Blu, Pulze, Skruf, and Zone. In addition, it engages in the distribution of tobacco and NGP products for tobacco and NGP product manufacturers; and various non-tobacco and NGP products and services. Further, the company is involved in the management of a golf course; distribution of pharmaceuticals, POS software, and published materials and other products; printing and publishing activities; and provision of long haul transportation, industrial parcel and express delivery, pharmaceutical products logistics, advertising, payment, freight forwarding, and support management services, as well as owns the trademarks; and retails its products. Additionally, it engages in edition and distribution of books and non-periodical publication. Furthermore, the company is involved in research and development of e-vapour products. The company was formerly known as Imperial Tobacco Group PLC and changed its name to Imperial Brands PLC in February 2016. Imperial Brands PLC was founded in 1636 and is based in Bristol, the United Kingdom.
Stock analysis
Imperial Brands PLC (ITB) currently trades at €28.80, while our model-based Fair Value estimate is €66.09, implying the stock looks roughly 56.4% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of €57.55 per share, and 21 of the 26 models we run sit above the €28.80 price.
Bear case: the Earnings-Based group reads lowest at €14.75, and 5 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: €45.30 (bear) to €103.18 (bull), the price of €28.80 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 67/100 (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.
Imperial Brands PLC reported revenue of £32.2B in FY2025 versus £32.8B in FY2021, a compound −0.5%/yr. Reported net income was £2.1B in FY2025, compounding −7.5%/yr from FY2021.
Key figures
Market cap €23.9B · P/E ratio 11.8 · P/S ratio 0.76 · EPS (TTM) €2.45 · Dividend yield 5.7% · Net margin 6.4% · Return on equity 37.2% · Return on assets (EBIT) 11.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 23% below its 52-week high, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 24% fair-value upside, at 129%, ITB screens cheaper than that median.
Fair Value models
All 26 models by family
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Set up alert →Quality Score breakdown
Of which business quality 62 · Market factors (momentum, volatility) 40
Revenue & earnings trend
Growth Forecast
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Compare Imperial Brands PLC with another stock
Price, fair value, quality and upside side by side.
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 · 38 stocks
Valuation Multiplesvs Tobacco median · lower = cheaper
Context: sector, industry, market
- Is the Consumer Staples sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: German Stocks
- Valuation of the Germany market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Tobacco stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Philip Morris International Inc PM | $190.23 | $113.00 | −41% |
| British American Tobacco p.l.c. BTI | $55.75 | $96.20 | +73% |
| Altria Group MO | $68.64 | $81.81 | +19% |
| KT&G Corporation 033780 | 174,300 KRW | 103,453 KRW | −41% |
| PT Hanjaya Mandala Sampoerna Tbk, HMSP | 645.00 IDR | 1,018 IDR | +58% |
| Godfrey Phillips India Limited GODFRYPHLP | ₹1,970 | ₹1,131 | −43% |
| PT Gudang Garam Tbk, GGRM | 17,700 IDR | 16,988 IDR | −4% |
| TABAK TABAK | 18,680 CZK | 23,215 CZK | +24% |
| RLX Technology Inc RLX | $1.75 | $2.52 | +44% |
| China Tobacco International (HK) Company 6055 | HK$24.14 | HK$30.63 | +27% |
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