Imperial Brands stock falls 1.05 percent as fair value rises

Published on 09/25/2026 at 14:00 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Imperial Brands stock was trading at GBp 2,449 on September 25, 2026, down 1.05 percent. Morningstar lifted fair value to GBp 3,400 from GBp 3,300.

Imperial Brands PLC GB0004544929: Konzernzentrale in Bristol mit Glasfassade — Imperial Brands PLC (GB0004544929) zeigt moderne Konzernzentrale in Bristol mit Glasfassade und weiter Plaza, Illustration mit AI erstellt.

Imperial Brands stock (ISIN GB0004544929) was trading at GBp 2,449 on the London Stock Exchange on September 25, 2026, down 1.05 percent from the prior close of GBp 2,475. The immediate market pressure contrasts with Morningstar's higher valuation estimate and the company's confirmed earnings outlook.

Fair value rises to GBp 3,400

Morningstar reported on September 21, 2026, that it raised its fair value estimate for Imperial Brands to GBp 3,400 from GBp 3,300. The increase of GBp 100 equals 3.03 percent, but the stock remained GBp 951 below that estimate at the September 25 intraday price.

Morningstar described the shares as moderately undervalued while identifying volume share losses in the company's five largest markets and higher operating losses in next-generation products as key pressure points. The stock's GBp 2,449 price was 32.57 percent below its 52-week high of GBp 3,632.04 and only GBp 12 above its 52-week low of GBp 2,437 on the same market snapshot.

H1 earnings support guidance

Parqet reported that Imperial Brands delivered 1.8 percent currency-adjusted net revenue growth in H1 2026. Adjusted earnings per share increased 5.3 percent to 127.7 pence, while adjusted operating profit rose 0.6 percent on a currency-adjusted basis.

The same H1 2026 update put 12-month free cash flow at GBP 2.6 billion and operating cash conversion at 98 percent. Management confirmed full-year adjusted operating profit growth guidance of 3 percent to 5 percent, with the earnings improvement expected in the second half.

Stock trades near yearly low

Imperial Brands had a market capitalization of GBP 18,693,412,920 and volume of 963,505 shares on September 25, 2026. The combination of a 32.57 percent gap to the yearly high and the confirmed 3 percent to 5 percent profit-growth outlook leaves valuation and execution closely linked.

For investors, the central test is whether second-half earnings can validate the guidance while the business manages combustible volume losses and the smaller contribution from next-generation products.

Imperial Brands stock price

Imperial Brands stock was trading at GBp 2,449 on the London Stock Exchange on September 25, 2026 at 12:57 p.m. London time, down 1.05 percent from GBp 2,475.