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Table of Contents BAT has a long history of progressive dividend growth BATs headline profitability was good until it acquired Reynolds American BATs balance sheet is a mess which is gradually being cleaned up BAT has a solid financial track record but its high debts are a potential problem Economically, selling cigarettes is a fantastic business Ethically, selling cigarettes is a questionable business How has BAT grown while the cigarette industry has declined

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Centuries of tobacco craft inform the blends balance: burley at the heart, nuanced support from Virginia, Orientals, and Kentucky, and an emphasis on natural, chocolately undertones that reward attention but never demand it

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