帝国品牌PLC：2025财年预期每股收益因外汇因素下调3%

Europe Equity Research23 May 2025CAZENOVEwww.jpmorganmarkets.comImperial Brands PLCFY25E EPS lowered by 3% on FXOverweightIMB.L, IMB LNPrice (22 May 25):2,765pPrice Target (Sep-26):3,300pEuropean Beverages & TobaccoPhilip Spain AC(44-20) 3493-8693philip.spain@jpmorgan.comJ.P. Morgan Securities plcCeline Pannuti, CFA(44-20) 7134-7123celine.pannuti@jpmorgan.comJ.P. Morgan Securities plcKorede Adeniyi(44-20) 3493-5126oluwakorede.adeniyi@jpmorgan.comJ.P. Morgan Securities plcTanya Tekriwal(91-22) 6157-3141tanya.tekriwal@jpmchase.comJ.P. Morgan India Private LimitedSpecialist Sales contact details:Olivia Petronilho - Specialist Sales - European Consumer(44-20) 3493-3709olivia.b.petronilho@jpmorgan.comKey Changes (FYE Sep)PrevCurAdj. EPS - 25E (p)322.40311.33Adj. EPS - 26E (p)362.13342.79Style ExposureWe update our model following IMB’s H125 results (First Take). We lower our FY25E adj. EPS forecast by 3% on FX headwinds, reflecting the updated guide for a 2-2.5% translational headwind to FY