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Altria Group Inc MO

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Morningstar’s Analysis

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5-Star Price

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Economic Moat

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Capital Allocation

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Altria's Robust Q4 Increases Our Conviction in Valuation

Analyst Note

| Philip Gorham, CFA, FRM |

Altria reported another robust performance at the top line in the fourth quarter of 2020. Although we are not changing our $54 fair value estimate, this performance increases our conviction that Altria is undervalued.

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Company Profile

Business Description

Altria comprises Philip Morris USA, U.S. Smokeless Tobacco, John Middleton, Ste. Michelle Wine Estates, Nu-Mark, and Philip Morris Capital, although the company plans to wind down Philip Morris Capital by the end of 2022. It holds a 10.2% interest in the world's largest brewer, Anheuser-Busch InBev. Through its tobacco subsidiaries, Altria holds the leading position in cigarettes and smokeless tobacco in the United States and the number-two spot in machine-made cigars. The company's Marlboro brand is the leading cigarette brand in the U.S. with a 43% share in 2020.

Contact
6601 West Broad Street
Richmond, VA, 23230
T +1 804 274-2200
Sector Consumer Defensive
Industry Tobacco
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type High Yield
Employees 7,100

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