Daily Stock Market Report (Tue 18th November 2025) - SCT, POLN, TAM, G4M, IMB, CRST

Good morning and welcome to today's report, which is coming to you live from the Mello conference in Chiswick. We're looking forward to meeting many of you over the next couple of days!

Spreadsheet accompanying this report: link (last updated to: 10th November)

Today's report is now complete - a little earlier than usual. Thanks for reading and commenting!

Companies Reporting
Name (Mkt Cap)RNSSummaryOur View (Author)Imperial Brands (LON:IMB) (£25bn | SR95)Final ResultsTobacco and NGP net revenue growth 4.1% (at constant currency), reported revenue -0.7%. Adjusted EPS +9.1%. “Expectations for the coming year are in line with the medium-term guidance.”AMBER/GREEN (Roland - I hold) [no section below]A solid set of results that are in line with expectations and highlight the continued strong cash generation from this business. I view this as an income play and would argue that the forward yield of 5.1% is at the lower end of what I’d expect for a mature business of this type. However, today’s guidance suggests the stock’s free cash flow yield could remain above 8% this year, providing support for a further £1.45bn buyback in FY26 - which is accretive to earnings and reduces future dividend costs -...