Philip Morris International Inc

PM: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$531.00	Smr	Gqvglsxn

Philip Morris International Earnings: Fiscal 2024 Guidance Implies an Investment Year

Philip Gorham

Feb 9, 2024

Philip Morris International reported fourth-quarter and full-year 2023 results that were marginally ahead of our forecasts on the top line, but slightly weaker at the operating margin. However, guidance for 2024 implies a slowdown in adjusted earnings growth, and the share price sold off mildly following the release of the report. We are reiterating our wide moat rating and $103 fair value estimate.

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