EFTA Document EFTA01385505

> Consumer Deutsche Bank 0 BAT - Gerry Gallagher, BUY, close 4914p, 6000p tgt, 22% upside ■ BAT offers 50% TSR over the next two years, only 15ppts of which is from an EV re-rating. ■ Its broad offering in next generation products (NGP), both in heat-not- burn and vaping, puts BAT at a competitive advantage could fuel group organic growth of c5% organic growth FY18 and c6% FY19. it BAT is one of the fastest growing large cap European staples yet it trades at a discount to the European se