The consumer goods group has turned over 15 per cent of its portfolio in the past year
Full-year results met expectations, but that wasn鈥檛 enough to calm investor nerves
Strategic progress was apparent ahead of a surprise exit from the public markets
The company鈥檚 turnaround progress is slow but will reward patient investors
It offers unusually high returns and a re-rating that has further to run
Fiscal pressures will see more government functions given over to private interests
Analysts think the share price rally has gone too far
Chief executive Tadeu Marroco is betting on alternative sources of nicotine to secure the tobacco major鈥檚 future
Demerger costs have clouded the picture at the demerged entity
A mainstay of the London market is being taken over
