Imperial Brands is the world's fourth-largest international tobacco company (excluding China National Tobacco) with total fiscal 2020 volume of 239 billion cigarettes sold in more than 160 countries. The firm holds a leading global position in the fine-cut tobacco and hand-rolling paper categories. Recent acquisitions in the United States make Imperial the third-largest manufacturer in that market. Through its acquisition of Altadis, the firm has a logistics platform in Western Europe.
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Philip Gorham, CFA, FRM, is director of equity research for Ibbotson Associates Japan, Inc., a wholly owned subsidiary of Morningstar, Inc. He covers the European consumer staples sector, spanning beverages, tobacco, food, and home and personal-care products.Gorham rejoined Morningstar in 2014 after serving as an equity analyst and associate director of equity research for the consumer staples sector from 2008 to 2011. From 2011 to 2013, he was an equity analyst for Federated Investors, covering the consumer sector for the firm’s global core equity and mid-cap growth funds. Previously, he was a market risk analyst for the Royal Bank of Scotland in the United Kingdom.Gorham holds a bachelor’s degree in economics from the University of Sunderland and master’s degrees in business administration and accounting from the University of North Carolina. He also holds the Chartered Financial Analyst® and Financial Risk Manager® designations. He is a member of the CFA Institute and the Global Association of Risk Professionals and is an affiliate member of the Market Technicians Association.