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Philip Morris International Inc PM Stock Quote

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Morningstar‘s Stock Analysis PM

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Philip Morris Reports Strong Q2 but U.S. Dollar Exposure Again Creates a Headwind

Analyst Note

| Philip Gorham, CFA, FRM |

On an underlying basis, Philip Morris International's, or PMI, second-quarter results were strong, demonstrating that the tobacco sector is again proving to be fairly defensive in a period of economic challenges. However, the recent strength of the U.S. dollar had a negative impact on second-quarter results, and is likely to do so for the rest of this year. We retain our USD 103 fair value estimate, and with its very strong positioning in heated tobacco and wide economic moat, we continue to view PMI as the quality play in the tobacco group. However, although there is modest upside to our estimate of intrinsic value, some competitors, particularly Imperial Brands, appear even more undervalued.

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Company Profile PM

Business Description

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 nicotine products with the acquisition of Vectura, a provider of innovative inhaled drug delivery solutions, in 2021. The firm has six geographical segments: the European Union; Eastern Europe; Middle East and Africa; South and Southeast Asia; East Asia and Australia; and Americas.

120 Park Avenue
New York, NY, 10017
T +1 917 663-2000
Industry Tobacco
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Stock Type High Yield
Employees 69,600

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