British American Tobacco Plc ADR (BTI) is slightly undervalued and RLX Technology Inc ADR (RLX) is slightly undervalued.
Against our estimates of intrinsic value, BTI trades at the wider discount: a margin of safety of +13%, against +5% for RLX.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 6.9% (average of 3 methods) values the shares at $63.90; the price of $55.75 is 13% below that value, and 83% of that value comes from beyond year five.
Leak Score 65/100 on 3 of 12 signals
Discounting its cash flows at 10.3% (average of 3 methods) values the shares at $1.85; the price of $1.75 is 5% below that value, and 71% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | BTI | RLX |
|---|---|---|
| Verdict | Slightly undervalued | Slightly undervalued |
| Price | $55.75 | $1.75 |
| Intrinsic value | $63.90 | $1.85 |
| Margin of safety | +13% | +5% |
| Leak Score | 65/100 (3/12) | 0/100 (2/12) |
| Market cap | $120.0B | $1.6B |
| Revenue growth, 5 years | 0.5% | -1.9% |
| Operating margin | 37.9% | 13.1% |
| Net margin | 24.6% | 21.9% |
| Return on equity | 13.3% | 6.2% |
| Debt to equity | 0.72 | 0.02 |
| P/E | 14.3x | 16.0x |
| Forward P/E | 10.7x | 11.4x |
| P/B | 1.9x | 0.9x |
| Dividend yield | 6.1% | 7.4% |