Philip Morris International Inc

PM: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Philip Morris International: Raising Growth on Next-Generation Products; Shares Fairly Valued

Kristoffer Inton

Jun 25, 2024

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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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

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Philip Morris International Inc

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

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