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Philip Morris International Inc PM

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Stock XNYS Rating as of
$97.66 +3.60 (3.83%)
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Company Report

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Philip Morris International Earnings: Revised Guidance Implies Less of a Slowdown; Still Undervalued

Kristoffer Inton

Philip Morris International reported first-quarter 2024 results that were again marginally ahead of our forecasts on the top line but slightly behind at the operating margin. The company raised full-year guidance for adjusted earnings growth to 9%-11%, 200 basis points higher on both ends on strong top-line growth and margin expansion. This represents a much less dramatic slowdown than what was guided a quarter ago, leading shares to rise by about 3%. We are reiterating our wide moat rating and do not expect to materially change our $103 fair value estimate.

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Price vs Fair Value

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PM is trading at a 9% discount.
Price
$94.06
Fair Value
$297.00
Uncertainty
Medium
1-Star Price
$228.76
5-Star Price
$25.40
Economic Moat
Bdx
Capital Allocation
Qtctdpkdm

Bulls Say, Bears Say

Bulls

With 23% global market share (excluding the US and China), Philip Morris is the world's largest publicly traded tobacco company by volume. Its scale, customer loyalty to Marlboro, and addictive products give it meaningful pricing power.

Bears

Fat tail risks still exist for the tobacco companies, in the form of litigation and draconian regulatory controls.

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Trading Information

Previous Close Price
$94.06
Day Range
$93.84–97.71
52-Week Range
$87.23–100.79
Bid/Ask
$97.21 / $97.60
Market Cap
$151.82 Bil
Volume/Avg
13.1 Mil / 6.0 Mil

Key Statistics

Price/Earnings (Normalized)
15.65
Price/Sales
4.15
Dividend Yield (Trailing)
5.29%
Dividend Yield (Forward)
5.32%
Total Yield
5.67%

Company Profile

Philip Morris International is an international tobacco company with a product portfolio primarily consisting of cigarettes and reduced-risk products, including heat-not-burn, vapor and oral nicotine products, which are sold in markets outside the United States. The company diversified away from cigarettes with the acquisition in 2022 of Swedish Match, a leading manufacturer of traditional oral tobacco products and nicotine pouches, primarily in the US and Scandinavia. It diversified away from nicotine products with the acquisition of Vectura, a provider of innovative inhaled drug delivery solutions, in 2021.
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
2914
IMBBY
Price/Earnings (Normalized)
 15.6514.246.49
Price/Book Value
 —1.942.80
Price/Sales
 4.152.610.53
Price/Cash Flow
 13.9111.025.67
Price/Earnings
PM
2914
IMBBY

Financial Strength

Metric
PM
2914
IMBBY
Quick Ratio
 0.280.850.32
Current Ratio
 0.751.690.72
Interest Coverage
 7.547.063.58
Quick Ratio
PM
2914
IMBBY

Profitability

Metric
PM
2914
IMBBY
Return on Assets (Normalized)
 14.43%7.05%8.61%
Return on Equity (Normalized)
 —12.94%41.72%
Return on Invested Capital (Normalized)
 25.29%10.78%20.75%
Return on Assets
PM
2914
IMBBY
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