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Philip Morris International Inc
NYSE:PM

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Philip Morris International Inc Logo
Philip Morris International Inc
NYSE:PM
Watchlist
Price: 91.62 USD -0.66% Market Closed
Updated: Mar 29, 2024

Intrinsic Value

Philip Morris International, Inc. is a holding company engaged in the manufacturing and sale of cigarettes, tobacco, and nicotine-containing products. [ Read More ]

The intrinsic value of one PM stock under the Base Case scenario is 113.37 USD. Compared to the current market price of 91.62 USD, Philip Morris International Inc is Undervalued by 19%.

Key Points:
PM Intrinsic Value
Base Case
113.37 USD
Undervaluation 19%
Intrinsic Value
Price
Worst Case
Base Case
Best Case

Valuation Backtest
Philip Morris International Inc

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Fundamental Analysis

Robust Growth in Smoke-Free Products Driving Earnings
2023-Q4 Earnings Call

Robust Growth in Smoke-Free Products Driving Earnings

Over the next three years, the company aims for a 6% to 8% CAGR in organic net revenue and an 8% to 10% step-up in organic operating income growth. Adjusted EPS is targeted to increase by 9% to 11%, excluding currency fluctuations. In 2024, a significant acceleration in the performance of smoke-free products is expected, forecasting the highest ever growth in HTU adjusted IMS volumes at 14% to 16%, supporting overall organic revenue growth of 6.5% to 8%. Despite challenges, the company projects a Q1 currency-neutral adjusted diluted EPS growth of 7% to 10%, translating to $1.37 to $1.42 per share. Operating cash flow for 2024 is projected between $10 billion and $11 billion, with a capital expenditure of around $1.2 billion and a targeted deleveraging of 0.3 to 0.5x, aiming for a net debt to adjusted EBITDA ratio of around 2x.

Financials

Balance Sheet Decomposition
Philip Morris International Inc

Current Assets 19.8B
Cash & Short-Term Investments 3.1B
Receivables 4.4B
Other Current Assets 12.3B
Non-Current Assets 45.5B
Long-Term Investments 4.9B
PP&E 7.5B
Intangibles 26.6B
Other Non-Current Assets 6.5B
Current Liabilities 26.4B
Accounts Payable 4.1B
Accrued Liabilities 12.4B
Short-Term Debt 2B
Other Current Liabilities 7.9B
Non-Current Liabilities 50.1B
Long-Term Debt 41.2B
Other Non-Current Liabilities 8.9B
Efficiency

Earnings Waterfall
Philip Morris International Inc

Revenue
35.3B USD
Cost of Revenue
-12.9B USD
Gross Profit
22.4B USD
Operating Expenses
-9.6B USD
Operating Income
12.8B USD
Other Expenses
-5B USD
Net Income
7.8B USD

Free Cash Flow Analysis
Philip Morris International Inc

Last Value
3-Years Average
FCF Margin
Conversion Rate
History
Components
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Fundamental Scores

PM Profitability Score
Profitability Due Diligence

Philip Morris International Inc's profitability score is 56/100. The higher the profitability score, the more profitable the company is.

Positive Free Cash Flow
Positive Gross Profit
Positive Operating Income
Exceptional 3-Year Average ROIC
56/100
Profitability
Score

Philip Morris International Inc's profitability score is 56/100. The higher the profitability score, the more profitable the company is.

PM Solvency Score
Solvency Due Diligence

Philip Morris International Inc's solvency score is 49/100. The higher the solvency score, the more solvent the company is.

Low D/E
Average Altman Z-Score
Long-Term Solvency
Average Interest Coverage
49/100
Solvency
Score

Philip Morris International Inc's solvency score is 49/100. The higher the solvency score, the more solvent the company is.

Wall St
Price Targets

PM Price Targets Summary
Philip Morris International Inc

Wall Street analysts forecast PM stock price to rise over the next 12 months.

According to Wall Street analysts, the average 1-year price target for PM is 109.47 USD with a low forecast of 85.85 USD and a high forecast of 140.7 USD.

Lowest
Price Target
85.85 USD
6% Downside
Average
Price Target
109.47 USD
19% Upside
Highest
Price Target
140.7 USD
54% Upside
View Analyst Estimates
View Analyst Estimates

Competitive Landscape

Ownership

PM Insider Trading
Buy and sell transactions by insiders

Cumulative Transactions Amount
Period Sold Bought Net
3 Months
6 Months
9 Months
12 Months
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Shareholder Return

PM Price
Philip Morris International Inc

1M 1M
+2%
6M 6M
-1%
1Y 1Y
-3%
3Y 3Y
+12%
5Y 5Y
+30%
10Y 10Y
+76%
Annual Price Range
91.62
52w Low
87.47
52w High
101.51
Price Metrics
Average Annual Return 9.49%
Standard Deviation of Annual Returns 10.58%
Max Drawdown -32%
Shares Statistics
Market Capitalization 142.2B USD
Shares Outstanding 1 552 460 000
Percentage of Shares Shorted 0.46%

PM Return Decomposition
Main factors of price return

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PM News

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Last Important Events
Philip Morris International Inc

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Sentiment Analysis
Philip Morris International Inc

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Company Profile

Philip Morris International Inc Logo
Philip Morris International Inc

Country

United States of America

Industry

Tobacco

Market Cap

142.2B USD

Dividend Yield

5.68%

Description

Philip Morris International, Inc. is a holding company engaged in the manufacturing and sale of cigarettes, tobacco, and nicotine-containing products. The company is headquartered in New York City, New York and currently employs 69,600 full-time employees. The company went IPO on 2008-03-17. The firm is engaged in the manufacture and sale of cigarettes, as well as smoke-free products, electronic devices and accessories, and other nicotine-containing products in markets outside the United States of America. Its segments include European Union Region (EU); Eastern Europe Region (EE); Middle East & Africa Region (ME&A); South & Southeast Asia Region (S&SA); East Asia & Australia Region (EA&A), and Latin America & Canada Region (LA&C). Its portfolio of international and local brands is led by Marlboro. Its other cigarette brands include Bond Street, Chesterfield, L&M, Lark and Philip Morris. The company owns various local cigarette brands, such as Dji Sam Soe, Sampoerna A and Sampoerna U in Indonesia, and Fortune and Jackpot in the Philippines. Its IQOS smoke-free product brand includes heated tobacco and nicotine-containing vapor products. The company also develops a pipeline of inhaled therapeutics and respiratory drug delivery.

Contact

NEW YORK
New York City
120 Park Ave
+19176632000.0
https://www.pmi.com/

IPO

2008-03-17

Employees

69 600

Officers

Executive Chairman of the Board
Mr. Andre Calantzopoulos
CEO & Director
Mr. Jacek Olczak
Chief Financial Officer
Mr. Emmanuel Babeau
President of South & Southeast Asia, Commonwealth of Ind. States and Middle East & Africa Region
Mr. Frederic de Wilde
President of Smoke-Free Inhalable Products & Chief Consumer Officer
Mr. Stefano Volpetti
Senior Vice President of Operations
Mr. Scott Coutts
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Vice President of Treasury & Corporate Finance
Mr. Frank De Rooij
Chief Digital & Information Officer
Mr. Michael Voegele
Vice President of Investor Relations & Financial Communications
Mr. James R. Bushnell
Senior VP & General Counsel
Mr. Yann Guerin
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See Also

Discover More
What is the Intrinsic Value of one PM stock?

The intrinsic value of one PM stock under the Base Case scenario is 113.37 USD.

Is PM stock undervalued or overvalued?

Compared to the current market price of 91.62 USD, Philip Morris International Inc is Undervalued by 19%.