Risk Warning

I agree

Prime Markets in The Press - Imperial Tobacco (IMT)

22/09/2011

The firm benefits from cost savings, supportive £500m share buyback and a commitment to progressively raise the dividend payout ratio from 50 per cent in 2011. Volumes have stabilised and pricing momentum remains intact.

We remain comfortable with our accumulate recommendation.

MARTIN DEBOO | INVESTEC

Imperial needed to post a reassuring quarter and they look to have done so. Top line performance accelerated but more convincing around the organic growth outlook needs to be done, but Imperial is that rare beast – a defensive stock that is relatively cheap.

RICHARD CURR | PRIME MARKETS

The statement shows sales have been driven by emerging markets growth, with recent price increases partly offsetting the fall in Spanish volumes. Given the solid fundamental outlook and exceptionally strong charting picture, the shares present an attractive opportunity.

City AM

Securities and Derivatives markets may be subject to rapid and unexpected price movements and past performance is not necessarily a guide to future performance. Trading in these markets is generally considered to be suitable only for the more experienced investor as it carries a high degree of risk. An investor may not receive back the amount of their original investment and in certain circumstances may be liable for a sum that is greater than their original investment. If in any doubt, please seek independent financial advice.