Overview
British American Tobacco p.l.c. (BAT) is a multinational corporation based in the United Kingdom that operates in the tobacco and nicotine products industry. It is one of the world’s leading tobacco companies, offering a diverse range of products including cigarettes, cigars, e-cigarettes, and newer nicotine products like Vuse for vaping and Velo for oral nicotine delivery. BAT is actively engaged in developing reduced-risk products in alignment with global public health debates and regulatory frameworks aiming to manage the health impacts of tobacco use. The company's innovation extends to initiatives such as tobacco heating products and modern oral products under various brand names globally. BAT's significant investment in research and development underscores its commitment to transition towards non-combustible products and adapting to evolving consumer demands and regulatory landscapes.
Basic Stats
The share price of British American Tobacco p.l.c. as of 5 September 2025 is 4,133.00 GBX / share. This is a decrease of -1.24% from the prior week. The market cap (or net worth) of British American Tobacco p.l.c. as of 5 September 2025 is 90,678.02 GBX MM.
The Factor Analysis chart (below right) shows a view of British American Tobacco p.l.c. from a variety of lenses. Each factor shows how well the company ranks against all other companies in the Fintel global investing universe. Factor scores range from zero to 100, with 100 being most desirable, and 50 being average.
For example, a company with a Value Score of 100 would be the most undervalued company in our database. A company with a Value Score of zero would be the most overvalued.
| Market Cap | 90,678.02 MM |
| EV | 121,300.20 MM |
| Shares Out. | 2,194.00 MM |
| Earnings Date | |
| EPS (TTM) | 1.41 |
| Dividend Yield | 5.82 % |
| Ex-Dividend Date | 2025-10-02 |
| Borrow Rate | 0.49 |
| Short Shares Avail. | 10.00 MM |
| Short Interest | |
| Short Float | |
| Days to Cover | |
| Risk Free Rate | 4.17 % |
| Price Change (1 yr) | 41.92 % |
| Volatility (1 yr) | 0.21 |
| Beta | 0.26 |
| Sharpe Ratio (1 yr) | 1.76 |
| Sortino Ratio (1 yr) | 2.79 |
| PE Ratio | 29.34 |
| Price/Book | 1.92 |
| Price/TBV | -2.30 |
| Book/Market | 0.52 |
| EBIT/EV | 0.03 |
| EBIT(3yr avg)/EV | -0.00 |
| ROA | 0.03 |
| ROE | 0.06 |
| ROIC | 0.04 |
| CROIC | -0.02 |
| OCROIC | 0.11 |
| Implied Volatility | |
| Put/Call OI Ratio |
| Growth | 29.16 /100 |
| Profitability | 49.54 /100 |
| Quality Score | 47.14 /100 |
| Value Score | 29.88 /100 |
| Momentum Score | 68.72 /100 |
| Stability (Low Vol) Score | 86.15 /100 |
| Analyst Sentiment | 54.10 /100 |
| Fund Sentiment | 81.94 /100 |
| Insider Sentiment | |
| Officer Sentiment | |
| Dividend Score | 75.59 /100 |
| QVM Score | |
| Piotroski F-SCORE | 7.00 /9 |
Factor Scores range from 0 to 100, with 100 being most desirable. Larger circles are better. In situations where we have no data (e.g. no insider trades), we plot the score at 50 to avoid penalizing companies. However, a company that does not pay dividends will get a Dividend Score of Zero. Additionally, we inverted volatility to create a "stability" metric which is better when higher.
Price Target
The average one-year price target for British American Tobacco p.l.c. is 4,275.50 GBX. The forecasts range from a low of 3,030.00 GBX to a high of 5,460.00 GBX. A stock’s price target is the price at which analysts consider it fairly valued with respect to its projected earnings and historical earnings. Analysts typically set price targets that correspond to their buy or sell recommendations.
Update Frequency: Monthly
Stock Upgrades/Downgrades
This card shows analyst upgrades/downgrades for British American Tobacco p.l.c.. An analyst rating is a classification that gives investors a sense of analyst sentiment about the direction and performance of an equity - usually a stock - over a period of time, typically 12 months.
The standard analyst ratings are generally as follows:
- Buy/Overweight/Outperform - Any of these ratings conveys an analyst’s belief that the stock is likely to outperform a market index (e.g. the S&P 500).
- Hold/Equal-Weight/Market Perform - Any of these ratings conveys an analyst’s belief that the stock is likely to perform in line with a market index.
- Sell/Underweight/Underperform - Any of these ratings suggest that an analyst believes the stock is likely to underperform a market index.
When an analyst upgrades a stock, they are signaling that the company’s fundamentals are being undervalued by investors. It could also mean they believe the market is underestimating the company’s potential. The opposite is true when a stock receives a downgrade.
The average rating of each individual analyst’s rating is the consensus rating for a stock. This gives investors a broader sense of the overall sentiment for that stock.
| Date | Analyst | Prior | Latest Recommendation |
Action |
|---|---|---|---|---|
| 2022-12-01 | Barclays | Overweight | Reiterate | |
| 2022-08-30 | Barclays | Overweight | Reiterate | |
| 2022-08-03 | Barclays | Overweight | Reiterate | |
| 2022-07-28 | RBC Capital Markets | Sector Perform | Reiterate | |
| 2022-07-28 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2022-07-26 | Citigroup | Buy | Reiterate | |
| 2022-07-21 | Deutsche | Buy | Reiterate | |
| 2022-07-15 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2022-06-28 | Barclays | Overweight | Reiterate | |
| 2022-06-23 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2022-05-30 | Barclays | Overweight | Reiterate | |
| 2022-05-11 | Morgan Stanley | Overweight | Reiterate | |
| 2022-05-06 | Barclays | Overweight | Reiterate | |
| 2022-04-24 | Morgan Stanley | Overweight | Reiterate | |
| 2022-04-20 | Barclays | Overweight | Reiterate | |
| 2022-04-14 | Morgan Stanley | Overweight | Reiterate | |
| 2022-03-25 | Morgan Stanley | Overweight | Reiterate | |
| 2022-03-15 | Citigroup | Buy | Reiterate | |
| 2022-03-14 | JP Morgan Cazenove | Neutral | Reiterate | |
| 2022-03-09 | Morgan Stanley | Overweight | Reiterate | |
| 2022-03-08 | Barclays | Overweight | Reiterate | |
| 2022-02-15 | RBC Capital Markets | Sector Perform | Downgrade | |
| 2022-02-15 | Barclays | Overweight | Reiterate | |
| 2022-02-15 | RBC Capital Markets | Downgrade | Downgrade | |
| 2022-02-15 | JP Morgan Cazenove | Reiteration | Reiterate | |
| 2022-02-15 | Barclays | Reiteration | Reiterate | |
| 2022-02-09 | Morgan Stanley | Reiteration | Reiterate | |
| 2022-02-08 | Deutsche | Reiteration | Reiterate | |
| 2022-01-29 | Morgan Stanley | Reiteration | Reiterate | |
| 2022-01-25 | Deutsche | Reiteration | Reiterate | |
| 2022-01-10 | Barclays | Reiteration | Reiterate | |
| 2021-12-20 | Citigroup | Reiteration | Reiterate | |
| 2021-12-08 | JP Morgan Cazenove | Reiteration | Reiterate | |
| 2021-12-08 | Deutsche | Reiteration | Reiterate | |
| 2021-12-03 | Barclays | Reiteration | Reiterate | |
| 2021-11-15 | Morgan Stanley | Reiteration | Reiterate | |
| 2021-10-19 | Deutsche Bank | Buy | Reiterate | |
| 2021-10-13 | Barclays | Overweight | Reiterate | |
| 2021-08-03 | Morgan Stanley | Overweight | Reiterate | |
| 2021-07-30 | JP Morgan Cazenove | Neutral | Reiterate | |
| 2021-07-28 | RBC Capital Markets | Outperform | Reiterate | |
| 2021-07-27 | Barclays | Overweight | Reiterate | |
| 2021-06-29 | Citigroup | Buy | Reiterate | |
| 2021-06-28 | Barclays | Overweight | Reiterate | |
| 2021-03-18 | Barclays | Overweight | Reiterate | |
| 2021-02-10 | Credit Suisse | Outperform | Reiterate | |
| 2020-09-22 | RBC Capital Markets | Outperform | Upgrade | |
| 2020-09-02 | Morgan Stanley | Overweight | Reiterate | |
| 2020-08-17 | Jefferies | Hold | Reiterate | |
| 2020-06-29 | Deutsche Bank | Buy | Reiterate | |
| 2020-06-04 | Jefferies | Buy | Reiterate | |
| 2020-03-05 | Bernstein | Market Perform | Outperform | Upgrade |
| 2020-01-30 | Jefferies | Buy | Reiterate | |
| 2020-01-23 | Morgan Stanley | Equal-weight | Upgrade | |
| 2020-01-15 | Credit Suisse | Outperform | Reiterate | |
| 2020-01-07 | Barclays | Overweight | Reiterate | |
| 2019-12-16 | Bank of America | Buy | Upgrade | |
| 2019-11-29 | Barclays | Overweight | Reiterate | |
| 2019-11-25 | Credit Suisse | Outperform | Reiterate | |
| 2019-11-01 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2019-10-10 | UBS | Buy | Reiterate | |
| 2019-08-28 | Liberum Capital | Buy | Reiterate | |
| 2019-07-15 | Morgan Stanley | Underweight | Reiterate | |
| 2019-06-18 | Deutsche Bank | Buy | Reiterate | |
| 2019-06-17 | Morgan Stanley | Equal-Weight | Underweight | Downgrade |
| 2019-06-16 | Morgan Stanley | Underweight | Downgrade | |
| 2019-06-12 | Liberum Capital | Buy | Reiterate | |
| 2019-06-12 | Jefferies | Buy | Reiterate | |
| 2019-03-28 | Citigroup | Neutral | Buy | Upgrade |
| 2019-03-15 | Jefferies | Buy | Reiterate | |
| 2019-03-13 | Liberum Capital | Buy | Reiterate | |
| 2019-02-28 | Liberum Capital | Buy | Reiterate | |
| 2019-01-29 | PiperJaffray | Neutral | Overweight | Upgrade |
| 2019-01-07 | Cowen & Co. | Outperform | Market Perform | Downgrade |
| 2018-11-29 | RBC Capital | Underperform | Sector Perform | Upgrade |
| 2018-11-26 | Deutsche Bank | Buy | Reiterate | |
| 2018-11-12 | Barclays | Overweight | Reiterate | |
| 2018-10-25 | Liberum Capital | Buy | Reiterate | |
| 2018-10-18 | DZ Bank | Hold | Sell | Downgrade |
| 2018-10-16 | Bernstein | Market Perform | Initiate | |
| 2018-10-16 | Bank of America | Underperform | Reiterate | |
| 2018-09-19 | Barclays | Overweight | Reiterate | |
| 2018-09-17 | Morgan Stanley | Equal-weight | Initiate | |
| 2018-09-13 | Liberum Capital | Buy | Reiterate | |
| 2018-09-03 | RBC Capital Markets | Underperform | Downgrade | |
| 2018-08-01 | UBS | Buy | Reiterate | |
| 2018-07-27 | Deutsche Bank | Buy | Reiterate | |
| 2018-07-26 | Berenberg Bank | Buy | Reiterate | |
| 2018-06-20 | Liberum Capital | Buy | Reiterate | |
| 2018-06-11 | Citigroup | Neutral | Reiterate | |
| 2018-05-01 | PiperJaffray | Overweight | Neutral | Downgrade |
| 2018-03-04 | Goldman Sachs | Buy | Reiterate | |
| 2018-02-26 | Berenberg Bank | Buy | Reiterate | |
| 2017-11-28 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2017-11-21 | Berenberg Bank | Buy | Reiterate | |
| 2017-11-17 | Jefferies | Buy | Reiterate | |
| 2017-10-10 | Credit Suisse | Outperform | Reiterate | |
| 2017-09-26 | Cowen & Co. | Market Perform | Outperform | Upgrade |
| 2017-09-20 | Goldman Sachs | Neutral | Reiterate | |
| 2017-08-03 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2017-07-28 | Credit Suisse | Outperform | Reiterate | |
| 2017-07-28 | Citigroup | Buy | Reiterate | |
| 2017-07-12 | Investec | Hold | Reiterate | |
| 2017-05-23 | Berenberg Bank | Buy | Reiterate | |
| 2017-05-09 | Citigroup | Buy | Reiterate | |
| 2017-04-19 | Jefferies | Buy | Reiterate | |
| 2017-03-06 | Argus | Hold | Buy | Upgrade |
| 2017-02-24 | Credit Suisse | Outperform | Reiterate | |
| 2017-02-24 | Barclays | Equal-weight | Reiterate | |
| 2017-02-14 | Citigroup | Buy | Reiterate | |
| 2017-02-10 | Berenberg Bank | Buy | Upgrade | |
| 2017-01-23 | Barclays | Equal-weight | Reiterate | |
| 2017-01-18 | Credit Suisse | Outperform | Reiterate | |
| 2017-01-18 | Citigroup | Buy | Reiterate | |
| 2017-01-16 | Jefferies | Buy | Reiterate | |
| 2017-01-04 | Berenberg Bank | Hold | Reiterate | |
| 2016-12-07 | Citigroup | Buy | Reiterate | |
| 2016-12-05 | Berenberg Bank | Hold | Reiterate | |
| 2016-11-15 | Deutsche Bank | Buy | Reiterate | |
| 2016-11-15 | Citigroup | Buy | Reiterate | |
| 2016-11-11 | Credit Suisse | Outperform | Reiterate | |
| 2016-11-02 | Morgan Stanley | Equal-Weight | Overweight | Upgrade |
| 2016-10-24 | RBC Capital Markets | Underperform | Reiterate | |
| 2016-10-21 | Credit Suisse | Outperform | Reiterate | |
| 2016-10-20 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2016-10-11 | Jefferies | Buy | Reiterate | |
| 2016-09-21 | Jefferies | Buy | Reiterate | |
| 2016-09-09 | Deutsche Bank | Buy | Reiterate | |
| 2016-09-08 | Investec | Hold | Buy | Upgrade |
| 2016-08-24 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2016-08-19 | Societe Generale | Hold | Downgrade | |
| 2016-08-01 | Berenberg Bank | Hold | Reiterate | |
| 2016-07-29 | Societe Generale | Buy | Hold | Downgrade |
| 2016-07-29 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2016-07-29 | Goldman Sachs | Buy | Reiterate | |
| 2016-07-29 | Deutsche Bank | Buy | Reiterate | |
| 2016-07-29 | Barclays | Equal-weight | Reiterate | |
| 2016-07-26 | Credit Suisse | Outperform | Reiterate | |
| 2016-07-06 | Berenberg Bank | Hold | Downgrade | |
| 2016-07-05 | UBS | Buy | Reiterate | |
| 2016-07-04 | Credit Suisse | Outperform | Reiterate | |
| 2016-06-29 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2016-06-28 | Goldman Sachs | Buy | Reiterate | |
| 2016-06-27 | Societe Generale | Buy | Reiterate | |
| 2016-06-27 | Exane BNP Paribas | Neutral | Reiterate | |
| 2016-06-17 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2016-05-03 | Canaccord Genuity | Sell | Reiterate | |
| 2016-04-27 | UBS | Buy | Reiterate | |
| 2016-04-27 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2016-04-27 | Goldman Sachs | Sell | Reiterate | |
| 2016-04-27 | Exane BNP Paribas | Neutral | Reiterate | |
| 2016-04-22 | Jefferies | Buy | Reiterate | |
| 2016-04-22 | Deutsche Bank | Buy | Reiterate | |
| 2016-04-22 | Credit Suisse | Outperform | Reiterate | |
| 2016-04-19 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2016-04-08 | Credit Suisse | Outperform | Reiterate | |
| 2016-04-08 | Citigroup | Buy | Reiterate | |
| 2016-04-07 | Societe Generale | Buy | Reiterate | |
| 2016-04-05 | Goldman Sachs | Sell | Reiterate | |
| 2016-03-22 | Argus | Hold | Initiate | |
| 2016-03-18 | Exane BNP Paribas | Neutral | Reiterate | |
| 2016-03-01 | Nomura | Buy | Reiterate | |
| 2016-02-26 | Societe Generale | Buy | Reiterate | |
| 2016-02-26 | Exane BNP Paribas | Neutral | Reiterate | |
| 2016-02-26 | Canaccord Genuity | Sell | Reiterate | |
| 2016-02-19 | Deutsche Bank | Buy | Reiterate | |
| 2016-02-19 | Credit Suisse | Outperform | Reiterate | |
| 2016-02-04 | Barclays | Overweight | Reiterate | |
| 2016-02-02 | Berenberg Bank | Buy | Reiterate | |
| 2016-02-02 | Berenberg | Buy | Initiate | |
| 2016-02-01 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2016-01-28 | UBS | Buy | Initiate | |
| 2016-01-18 | Jefferies | Buy | Reiterate | |
| 2016-01-13 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2015-12-14 | Jefferies | Buy | Reiterate | |
| 2015-12-10 | Goldman Sachs | Sell | Downgrade | |
| 2015-11-27 | Nomura | Buy | Reiterate | |
| 2015-11-24 | Credit Suisse | Outperform | Reiterate | |
| 2015-11-10 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2015-10-29 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2015-10-28 | Credit Suisse | Outperform | Reiterate | |
| 2015-10-26 | Jefferies | Buy | Reiterate | |
| 2015-10-23 | Deutsche Bank | Buy | Reiterate | |
| 2015-10-07 | Nomura | Buy | Reiterate | |
| 2015-10-07 | Deutsche Bank | Buy | Reiterate | |
| 2015-10-07 | Credit Suisse | Outperform | Reiterate | |
| 2015-09-24 | Societe Generale | Buy | Reiterate | |
| 2015-09-23 | Goldman Sachs | Neutral | Reiterate | |
| 2015-09-23 | Citigroup | Buy | Reiterate | |
| 2015-09-16 | Morgan Stanley | Equal-weight | Reiterate | |
| 2015-09-16 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2015-08-07 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2015-07-29 | Panmure Gordon | Buy | Reiterate | |
| 2015-07-29 | Credit Suisse | Outperform | Reiterate | |
| 2015-07-29 | Charles Stanley | Accumulate | Reiterate | |
| 2015-07-23 | Exane BNP Paribas | Neutral | Reiterate | |
| 2015-07-20 | Citigroup | Buy | Reiterate | |
| 2015-07-15 | Goldman Sachs | Neutral | Reiterate | |
| 2015-07-13 | Nomura | Buy | Initiate | |
| 2015-06-19 | Panmure Gordon | Buy | Reiterate | |
| 2015-06-17 | Goldman Sachs | Sell | Neutral | Upgrade |
| 2015-06-16 | Credit Suisse | Outperform | Reiterate | |
| 2015-06-15 | Berenberg Bank | Buy | Reiterate | |
| 2015-05-13 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2015-04-30 | Societe Generale | Hold | Buy | Upgrade |
| 2015-04-30 | Nomura | Buy | Reiterate | |
| 2015-04-29 | Panmure Gordon | Buy | Reiterate | |
| 2015-04-29 | Exane BNP Paribas | Neutral | Reiterate | |
| 2015-03-27 | RBC Capital Markets | Underperform | Reiterate | |
| 2015-03-25 | Canaccord Genuity | Sell | Reiterate | |
| 2015-03-06 | Nomura | Buy | Reiterate | |
| 2015-03-03 | Jefferies | Buy | Reiterate | |
| 2015-02-26 | Panmure Gordon | Buy | Reiterate | |
| 2015-02-06 | Canaccord Genuity | Sell | Reiterate | |
| 2015-01-14 | Beaufort Securities | Buy | Reiterate | |
| 2015-01-07 | Goldman Sachs | Sell | Reiterate | |
| 2014-12-03 | Goldman Sachs | Sell | Reiterate | |
| 2014-11-21 | RBC Capital Markets | Underperform | Reiterate | |
| 2014-10-23 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2014-10-23 | Jefferies | Buy | Reiterate | |
| 2014-10-23 | Beaufort Securities | Buy | Reiterate | |
| 2014-10-22 | Charles Stanley | Accumulate | Reiterate | |
| 2014-10-14 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2014-10-10 | Goldman Sachs | Sell | Downgrade | |
| 2014-10-03 | Canaccord Genuity | Sell | Reiterate | |
| 2014-09-11 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2014-08-29 | RBC Capital Markets | Underperform | Reiterate | |
| 2014-08-11 | Canaccord Genuity | Sell | Reiterate | |
| 2014-08-08 | Berenberg Bank | Buy | Reiterate | |
| 2014-07-31 | UBS | Buy | Reiterate | |
| 2014-07-31 | Goldman Sachs | Neutral | Reiterate | |
| 2014-07-31 | Beaufort Securities | Buy | Reiterate | |
| 2014-07-30 | Canaccord Genuity | Sell | Reiterate | |
| 2014-07-28 | Nomura | Buy | Reiterate | |
| 2014-07-28 | Jefferies | Buy | Reiterate | |
| 2014-07-17 | Exane BNP Paribas | Outperform | Reiterate | |
| 2014-07-16 | Jefferies | Buy | Reiterate | |
| 2014-07-15 | Nomura | Buy | Reiterate | |
| 2014-06-30 | Jefferies | Buy | Maintains | |
| 2014-06-25 | UBS | Buy | Reiterate | |
| 2014-06-20 | Citigroup | Buy | Reiterate | |
| 2014-06-11 | Nomura | Buy | Reiterate | |
| 2014-06-10 | UBS | Buy | Reiterate | |
| 2014-05-30 | Citigroup | Buy | Reiterate | |
| 2014-05-27 | RBC Capital Markets | Underperform | Reiterate | |
| 2014-05-27 | Barclays | Overweight | Reiterate | |
| 2014-05-22 | Exane BNP Paribas | Outperform | Reiterate | |
| 2014-05-22 | Citigroup | Buy | Reiterate | |
| 2014-05-08 | Investec | Hold | Reiterate | |
| 2014-04-30 | Panmure Gordon | Buy | Upgrade | |
| 2014-04-04 | Citigroup | Buy | Reiterate | |
| 2014-03-28 | Goldman Sachs | Neutral | Reiterate | |
| 2014-03-26 | Deutsche Bank | Buy | Reiterate | |
| 2014-03-24 | Credit Suisse | Neutral | Downgrade | |
| 2014-03-10 | Citigroup | Buy | Reiterate | |
| 2014-02-28 | Nomura | Buy | Reiterate | |
| 2014-02-28 | Deutsche Bank | Buy | Reiterate | |
| 2014-02-27 | UBS | Buy | Reiterate | |
| 2014-02-27 | RBC Capital Markets | Underperform | Reiterate | |
| 2014-02-27 | Panmure Gordon | Hold | Reiterate | |
| 2014-02-27 | Canaccord Genuity | Sell | Reiterate | |
| 2014-02-25 | Barclays | Overweight | Reiterate | |
| 2014-02-21 | Citigroup | Buy | Reiterate | |
| 2014-02-21 | Berenberg Bank | Buy | Reiterate | |
| 2014-02-10 | Citigroup | Buy | Reiterate | |
| 2014-01-31 | Goldman Sachs | Buy | Reiterate | |
| 2014-01-13 | Nomura | Buy | Reiterate | |
| 2014-01-13 | Citigroup | Buy | Reiterate | |
| 2013-12-19 | Panmure Gordon | Hold | Downgrade | |
| 2013-12-18 | Nomura | Buy | Reiterate | |
| 2013-12-17 | UBS | Buy | Reiterate | |
| 2013-12-12 | Credit Suisse | Outperform | Reiterate | |
| 2013-12-10 | Berenberg Bank | Buy | Reiterate | |
| 2013-12-10 | Barclays | Overweight | Reiterate | |
| 2013-11-29 | Berenberg Bank | Buy | Reiterate | |
| 2013-11-25 | Credit Suisse | Outperform | Reiterate | |
| 2013-11-21 | Panmure Gordon | Buy | Reiterate | |
| 2013-11-21 | Citigroup | Buy | Reiterate | |
| 2013-11-13 | Citigroup | Buy | Reiterate | |
| 2013-11-04 | Canaccord Genuity | Sell | Reiterate | |
| 2013-11-04 | Barclays | Overweight | Reiterate | |
| 2013-10-28 | Citigroup | Buy | Reiterate | |
| 2013-10-23 | Macquarie | Outperform | Upgrade | |
| 2013-10-23 | Canaccord Genuity | Sell | Reiterate | |
| 2013-10-21 | Panmure Gordon | Buy | Reiterate | |
| 2013-10-18 | Berenberg Bank | Buy | Reiterate | |
| 2013-10-09 | Panmure Gordon | Buy | Reiterate | |
| 2013-10-04 | Citigroup | Buy | Reiterate | |
| 2013-10-02 | Canaccord Genuity | Sell | Reiterate | |
| 2013-10-02 | Berenberg Bank | Buy | Reiterate | |
| 2013-09-25 | Credit Suisse | Outperform | Reiterate | |
| 2013-09-23 | Canaccord Genuity | Sell | Reiterate | |
| 2013-09-20 | Berenberg Bank | Buy | Reiterate | |
| 2013-09-12 | Societe Generale | Hold | Reiterate | |
| 2013-09-11 | Panmure Gordon | Buy | Reiterate | |
| 2013-09-11 | Bank of America | Buy | Reiterate | |
| 2013-09-06 | Citigroup | Buy | Reiterate | |
| 2013-08-29 | Investec | Hold | Reiterate | |
| 2013-08-23 | Citigroup | Buy | Reiterate | |
| 2013-08-12 | Goldman Sachs | Buy | Reiterate | |
| 2013-08-05 | Citigroup | Buy | Reiterate | |
| 2013-08-01 | Nomura | Buy | Reiterate | |
| 2013-07-31 | Investec | Buy | Reiterate | |
| 2013-07-09 | Canaccord Genuity | Sell | Downgrade | |
| 2013-07-03 | Nomura | Buy | Reiterate | |
| 2013-06-28 | Jefferies | Buy | Reiterate | |
| 2013-06-28 | Credit Suisse | Outperform | Reiterate | |
| 2013-06-26 | UBS | Buy | Reiterate | |
| 2013-06-26 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2013-06-19 | Panmure Gordon | Buy | Reiterate | |
| 2013-03-08 | Jefferies | Buy | Maintains | |
| 2023-02-14 | Barclays | Overweight | Reiterate | |
| 2023-02-13 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2023-02-28 | JP Morgan Cazenove | Overweight | Reiterate | |
| 2023-03-13 | JP Morgan Cazenove | Neutral | Downgrade | |
| 2023-03-24 | Jefferies | Buy | Reiterate | |
| 2024-04-22 | Jefferies | Buy | Reiterate | |
| 2023-11-24 | RBC Capital Markets | Sector Perform | Reiterate | |
| 2023-12-14 | JP Morgan Cazenove | Neutral | Reiterate | |
| 2024-05-21 | Deutsche | Buy | Reiterate | |
| 2025-07-30 | Citigroup | Buy | Reiterate | |
| 2024-12-12 | JP Morgan Cazenove | Neutral | Reiterate | |
| 2025-07-31 | Deutsche | Buy | Reiterate | |
| 2025-08-05 | Jefferies | Buy | Reiterate | |
| 2025-07-10 | Citigroup | Buy | Reiterate | |
| 2025-07-18 | Deutsche | Buy | Reiterate | |
| 2025-08-04 | JP Morgan Cazenove | Neutral | Reiterate | |
| 2025-08-01 | RBC Capital Markets | Sector Perform | Reiterate |
