Catch up with the latest pandemic-related financial insights from Breakingviews here, from British American Tobacco’s smoker’s cough to Chinese cloud computing
Corona Capital is a daily column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.Covid-19 lockdowns are taking away tobacco’s last refuge. American Spirit maker British American Tobacco warned its revenue would growthis year instead of its previous guidance of 3%-5%. Stricter-than-expected lockdowns in South Africa, Argentina and Mexico explain some of the decline.
last year. Big tobacco’s reliance on jacking up prices to drive growth has eroded its counter-cyclical appeal. bold plans to recruit 5,000 people in less than a year to fill positions in network database, servers, chips and artificial intelligence. The hiring spree follows the company’s earlier initiative to invest $28 billion over the next three years in its technology infrastructure.
Rival Tencent is also moving apace. The video-games giant last month unveiled a competing $70 billion investment plan over the next five years. The two tech goliaths already claim a collective 60% of China’s cloud market, research outfit Canalys reckons. That dominance only looks set to grow. Add Britain’s $8.5 billion low-key tech star Aveva to the list of companies hoping to benefit somehow from Covid-19.
Investors are buying it. Hayman’s group trades at 41 times forward earnings, more than French peer Dassault Systemes’ 39 times and Aveva’s majority shareholder Schneider Electric’s 21 times. A shift towards recurring sales such as subscriptions and IT maintenance contracts, which now account for 62% of revenue, means customers probably won’t just flee amid the economic chaos. Sometimes the hype is justified.
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