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Philip Morris International Inc PM

Morningstar Rating
$89.65 −0.19 (0.21%)
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Company Report

Philip Morris International Earnings: Fiscal 2024 Guidance Implies an Investment Year

Philip Morris International reported fourth-quarter and full-year 2023 results that were marginally ahead of our forecasts on the top line, but slightly weaker at the operating margin. However, guidance for 2024 implies a slowdown in adjusted earnings growth, and the share price sold off mildly following the release of the report. We are reiterating our wide moat rating and $103 fair value estimate.

Price vs Fair Value

PM is trading at a 13% discount.
Price
$89.83
Fair Value
$575.00
Uncertainty
Medium
1-Star Price
$856.17
5-Star Price
$51.10
Economic Moat
Jxqb
Capital Allocation
Zwlkvmjdz

Bulls Say, Bears Say

Bulls

With 23% global market share (excluding the U.S. 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.

Is it the right time to buy, sell, or hold?
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News

Trading Information

Previous Close Price
$89.84
Day Range
$89.1789.86
52-Week Range
$87.23101.91
Bid/Ask
$89.63 / $89.67
Market Cap
$139.18 Bil
Volume/Avg
690,077 / 5.0 Mil

Key Statistics

Price/Earnings (Normalized)
14.95
Price/Sales
3.97
Dividend Yield (Trailing)
5.72%
Dividend Yield (Forward)
5.79%
Total Yield
5.72%

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 2022 acquisition of Swedish Match, a leading manufacturer of traditional oral tobacco products and nicotine pouches, primarily in the U.S. 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

Competitors

Valuation

Metric
PM
2914
IMBBY
Price/Earnings (Normalized)
14.9513.036.15
Price/Book Value
1.762.65
Price/Sales
3.972.450.51
Price/Cash Flow
13.2811.435.38
Price/Earnings
PM
2914
IMBBY

Financial Strength

Metric
PM
2914
IMBBY
Quick Ratio
0.280.970.32
Current Ratio
0.751.910.72
Interest Coverage
7.546.723.58
Quick Ratio
PM
2914
IMBBY

Profitability

Metric
PM
2914
IMBBY
Return on Assets (Normalized)
14.43%7.20%8.61%
Return on Equity (Normalized)
13.03%41.72%
Return on Invested Capital (Normalized)
25.29%11.09%20.75%
Return on Assets
PM
2914
IMBBY
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