Interesting analysis. I purchased some $MO last year, on a dip after some bad news came out. So far very happy with it and could potentially add some $BTI due to the decreasing price, I will take a look at its dividend. Although currently I am focused on building up my South American oil company ( $EC and $PBR ) positions.
Thank you for another balanced and in-depth article Devin!
I appreciate that you started discussing Jack Bowles’ resignation. I was really confused why that happened and, although you don’t have any definitive answer, it helps to think about possibilities. To me the main question boils down to whether he was fired because the board thought his strategy (for both combustibles and NGPs) had failed. If he was fired for something personal or for violating US sanctions, I’m not as worried.
Reading about ITC’s diworsification made me chuckle. They are following in the footsteps of 1980’s RJR!
One typo: You write “Tadeo” Marroco instead of the correct “Tadeu.”
FWIW, Deutsche Bank seems to exclude the possibility Bowles' departure was due to pressure from a large shareholder. However I'm not sure how credible this is. (My ***emphasis***.)
"Despite the challenges we are nevertheless (very) surprised the board has moved with immediate effect to replace now former CEO Bowles with CFO Marroco (a replacement as CFO is being sought). Always cognisant of individuals being affected by such decisions, we nevertheless applaud the Board's decisiveness. In that regard we note that ***while there may have been some shareholder angst we are unaware of a co-ordinated move by shareholders; from our standpoint this looks like the Board's decision alone***."
Nice to see some rationality, all I read about is ‘moving the listing’ and ‘itc stake is worth 25% of the company’
Interesting analysis. I purchased some $MO last year, on a dip after some bad news came out. So far very happy with it and could potentially add some $BTI due to the decreasing price, I will take a look at its dividend. Although currently I am focused on building up my South American oil company ( $EC and $PBR ) positions.
Thank you for another balanced and in-depth article Devin!
I appreciate that you started discussing Jack Bowles’ resignation. I was really confused why that happened and, although you don’t have any definitive answer, it helps to think about possibilities. To me the main question boils down to whether he was fired because the board thought his strategy (for both combustibles and NGPs) had failed. If he was fired for something personal or for violating US sanctions, I’m not as worried.
Reading about ITC’s diworsification made me chuckle. They are following in the footsteps of 1980’s RJR!
One typo: You write “Tadeo” Marroco instead of the correct “Tadeu.”
Great read. Thanks for sharing your expertise, Devin!
FWIW, Deutsche Bank seems to exclude the possibility Bowles' departure was due to pressure from a large shareholder. However I'm not sure how credible this is. (My ***emphasis***.)
"Despite the challenges we are nevertheless (very) surprised the board has moved with immediate effect to replace now former CEO Bowles with CFO Marroco (a replacement as CFO is being sought). Always cognisant of individuals being affected by such decisions, we nevertheless applaud the Board's decisiveness. In that regard we note that ***while there may have been some shareholder angst we are unaware of a co-ordinated move by shareholders; from our standpoint this looks like the Board's decision alone***."
Hey Mate, I like your work. Would you be down to make a cross post ? let me know.