$BATS (+0,84%) and $MO (+0,45%) have both shares in $ITC / $BUD sold. The proceeds from both are to be used to buy back shares. However, there are major differences here.

• BAT operates in 180 markets, Altria really only in one
• BAT is the global No.2 in heated tobacco, Altria has no product yet
• BAT is the global No.1 in vapes, Altria has only a minimal market share in the USA
• BAT is the global No.1 in oral tobacco, Altria is No.2 in the USA
• BAT sells ITC shares at a profit, Altria sells ABI shares at about 50% loss

The situation of the two companies could not be more different.

Instead of using the money from the sale to finally position itself properly in the global market, Altria is using the money for further share buybacks. The big question now is how many more missteps Altria can afford.

I will be comparing Philip Morris, Altria and BAT in detail in the next quarterly figures.