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Philip Morris International Inc PM

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Stock XNYS Rating as of
$101.98 −0.06 (0.06%)
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As of Cboe BZX Real-Time Price Open
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Company Report

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Philip Morris International: Raising Growth on Next-Generation Products; Shares Fairly Valued

Kristoffer Inton

We've raised our long-term growth forecast after taking a more optimistic view of Philip Morris International's next-generation products. Our fair value estimate rises to $106 per share from $103. Our revised valuation implies a 2024 price/adjusted earnings ratio of 17 times, enterprise value/adjusted EBITDA of 14 times, and 5% dividend yield. These multiples are at the higher end of the tobacco peer group given the better long-term growth prospects its boasts.

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Price vs Fair Value

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PM is trading at a 456% premium.
Price
$101.71
Fair Value
$791.00
Uncertainty
Medium
1-Star Price
$947.30
5-Star Price
$22.90
Economic Moat
Dqgws
Capital Allocation
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Bulls Say, Bears Say

Bulls

PMI’s international operations give it exposure to countries where cigarette consumption is either declining slower than the global rate or even growing.

Bears

PMI’s international exposure creates significant currency risk, with most of its net sales derived in foreign currencies and about one fourth of its input costs in dollars. A strengthening US dollar can have a material negative impact on earnings growth.

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Trading Information

Previous Close Price
$102.04
Day Range
$101.52–102.27
52-Week Range
$87.23–104.90
Bid/Ask
$101.97 / $101.99
Market Cap
$158.53 Bil
Volume/Avg
1.6 Mil / 5.7 Mil

Key Statistics

Price/Earnings (Normalized)
16.65
Price/Sales
4.41
Dividend Yield (Trailing)
5.10%
Dividend Yield (Forward)
5.10%
Total Yield
5.10%

Company Profile

Created from the international operations of Altria in 2008, Philip Morris International sells cigarettes and reduced-risk products, including heatsticks, vapes, and oral nicotine offerings primarily outside of the US. With the 2022 acquisition of Swedish Match, a leading manufacturer of traditional oral tobacco products and nicotine pouches primarily in the US and Scandinavia, PMI has not only diversified away from smokeable products but also gained a toehold into the US to sell its iQOS heatsticks.
Sector
Consumer Defensive
Industry
Tobacco
Stock Style Box
Large Value
Total Number of Employees
82,700
Website
https://www.pmi.com

Competitors

Valuation

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Metric
PM
BTI
IMBBY
Price/Earnings (Normalized)
 16.656.847.72
Price/Book Value
 —1.113.98
Price/Sales
 4.412.110.58
Price/Cash Flow
 14.896.126.76
Price/Earnings
PM
BTI
IMBBY

Financial Strength

Metric
PM
BTI
IMBBY
Quick Ratio
 0.410.430.27
Current Ratio
 0.940.910.64
Interest Coverage
 7.42−8.143.09
Quick Ratio
PM
BTI
IMBBY

Profitability

Metric
PM
BTI
IMBBY
Return on Assets (Normalized)
 14.54%6.03%8.68%
Return on Equity (Normalized)
 —12.92%46.93%
Return on Invested Capital (Normalized)
 25.19%9.03%21.76%
Return on Assets
PM
BTI
IMBBY
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Tobacco Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
Altria Group Inc
MO
HkdbwJdtl$79.8 Bil
 British American Tobacco PLC
BTAFF
—Cfdnhc$70.7 Bil
 British American Tobacco PLC ADR
BTI
XvnynrgqJjd$70.7 Bil
 Japan Tobacco Inc
JAPAF
—Hnhsh$49.9 Bil
 Japan Tobacco Inc ADR
JAPAY
—Ktzc$49.3 Bil
 Imperial Brands PLC
IMBBF
—Bzs$22.3 Bil
 Imperial Brands PLC ADR
IMBBY
HqbclrtjfHfp$22.3 Bil
 Smoore International Holdings Ltd Ordinary Shares
SMORF
—Sbpkqq$8.0 Bil
 PT Hanjaya Mandala Sampoerna Tbk
PHJMF
—Fqslpx$4.9 Bil

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