Financials Philip Morris International, Inc.

Equities

PM

US7181721090

Tobacco

Market Closed - Nyse Other stock markets 21:00:02 26/04/2024 BST			5-day change	1st Jan Change
95.02 ^USD	-1.11%		+1.33%	+1.00%

04-26	Philip Morris International Insider Sold Shares Worth $1,928,400, According to a Recent SEC Filing	MT
04-26	Federal Government Delays Decision to Ban Menthol-Flavored Cigarettes	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	132,389	128,930	147,899	156,896	146,050	147,714	-	-
Enterprise Value (EV) ¹	156,573	153,186	171,209	196,812	190,899	189,986	187,927	187,572
P/E ratio	18.5 x	16 x	16.3 x	17.4 x	18.7 x	15.6 x	14.2 x	13.1 x
Yield	5.43%	5.73%	5.16%	4.98%	5.53%	5.55%	5.79%	5.92%
Capitalization / Revenue	4.44 x	4.49 x	4.71 x	4.94 x	4.15 x	3.99 x	3.76 x	3.53 x
EV / Revenue	5.25 x	5.34 x	5.45 x	6.2 x	5.43 x	5.13 x	4.78 x	4.48 x
EV / EBITDA	12.3 x	12.1 x	11.8 x	14.3 x	13.5 x	12.2 x	11.3 x	10.9 x
EV / FCF	16.9 x	16.6 x	15.3 x	20.2 x	24.2 x	18.8 x	17.3 x	16.2 x
FCF Yield	5.9%	6.01%	6.55%	4.94%	4.13%	5.31%	5.79%	6.16%
Price to Book	-11.4 x	-10.3 x	-14.6 x	-17.5 x	-13 x	-14.7 x	-19.8 x	-23.8 x
Nbr of stocks (in thousands)	1,555,875	1,557,316	1,556,828	1,550,202	1,552,406	1,554,557	-	-
Reference price ²	85.09	82.79	95.00	101.2	94.08	95.02	95.02	95.02
Announcement Date	06/02/20	04/02/21	10/02/22	09/02/23	08/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	29,805	28,694	31,405	31,762	35,174	37,014	39,294	41,830
EBITDA ¹	12,724	12,679	14,486	13,802	14,193	15,549	16,700	17,201
EBIT ¹	11,760	11,698	13,488	12,908	13,337	14,331	15,555	16,224
Operating Margin	39.46%	40.77%	42.95%	40.64%	37.92%	38.72%	39.59%	38.78%
Earnings before Tax (EBT) ¹	9,872	10,953	12,232	11,634	10,450	12,777	13,821	14,985
Net income ¹	7,185	8,056	9,109	9,048	7,813	9,315	10,329	11,214
Net margin	24.11%	28.08%	29%	28.49%	22.21%	25.17%	26.29%	26.81%
EPS ²	4.610	5.160	5.830	5.810	5.020	6.080	6.692	7.267
Free Cash Flow ¹	9,238	9,210	11,219	9,726	7,883	10,091	10,872	11,558
FCF margin	30.99%	32.1%	35.72%	30.62%	22.41%	27.26%	27.67%	27.63%
FCF Conversion (EBITDA)	72.6%	72.64%	77.45%	70.47%	55.54%	64.9%	65.1%	67.19%
FCF Conversion (Net income)	128.57%	114.32%	123.16%	107.49%	100.9%	108.34%	105.26%	103.07%
Dividend per Share ²	4.620	4.740	4.900	5.040	5.200	5.278	5.497	5.624
Announcement Date	06/02/20	04/02/21	10/02/22	09/02/23	08/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	8,122	8,104	7,746	7,832	8,032	8,152	8,019	8,967	9,141	9,047	8,793	9,224	9,498	9,453	9,263
EBITDA ¹	3,784	3,272	3,589	3,470	3,542	3,201	3,215	3,745	3,950	3,283	3,592	3,818	4,159	3,560	4,055
EBIT ¹	3,549	2,993	3,340	3,224	3,330	2,976	3,019	3,532	3,734	3,052	3,360	3,604	3,931	3,425	3,763
Operating Margin	43.7%	36.93%	43.12%	41.16%	41.46%	36.51%	37.65%	39.39%	40.85%	33.73%	38.21%	39.08%	41.39%	36.24%	40.62%
Earnings before Tax (EBT) ¹	3,274	2,768	3,140	2,925	2,823	2,746	2,479	2,263	3,101	2,607	2,731	3,230	3,420	2,959	3,105
Net income ¹	2,426	2,093	2,331	2,233	2,087	2,397	1,995	1,568	2,054	2,196	2,148	2,266	2,510	2,316	2,324
Net margin	29.87%	25.83%	30.09%	28.51%	25.98%	29.4%	24.88%	17.49%	22.47%	24.27%	24.43%	24.57%	26.43%	24.5%	25.08%
EPS ²	1.550	1.340	1.500	1.430	1.340	1.540	1.280	1.010	1.320	1.410	1.380	1.469	1.645	1.498	1.566
Dividend per Share ²	1.250	1.250	1.250	1.250	1.270	1.270	1.270	1.270	1.300	1.300	1.300	1.335	1.287	1.332	1.338
Announcement Date	19/10/21	10/02/22	21/04/22	21/07/22	20/10/22	09/02/23	20/04/23	20/07/23	19/10/23	08/02/24	23/04/24	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	24,184	24,256	23,310	39,916	44,849	42,272	40,213	39,858
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.901 x	1.913 x	1.609 x	2.892 x	3.16 x	2.719 x	2.408 x	2.317 x
Free Cash Flow ¹	9,238	9,210	11,219	9,726	7,883	10,091	10,872	11,558
ROE (net income / shareholders' equity)	-	-	-	-	-	-	-	-
ROA (Net income/ Total Assets)	17.4%	18.4%	21.2%	18%	14.7%	14.7%	16%	17.3%
Assets ¹	41,341	43,845	43,052	50,193	53,149	63,204	64,508	64,808
Book Value Per Share ²	-7.450	-8.070	-6.490	-5.770	-7.230	-6.470	-4.810	-3.990
Cash Flow per Share ²	6.480	6.300	7.680	6.960	5.930	6.400	7.550	7.510
Capex ¹	852	602	748	1,077	1,321	1,254	1,268	1,289
Capex / Sales	2.86%	2.1%	2.38%	3.39%	3.76%	3.39%	3.23%	3.08%
Announcement Date	06/02/20	04/02/21	10/02/22	09/02/23	08/02/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Philip Morris International, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

95.02 USD

Average target price

108.7 USD

Spread / Average Target

+14.41%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Tobacco

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PHILIP MORRIS INTERNATIONAL, INC.	+1.00%	148B
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GODFREY PHILLIPS INDIA LIMITED	+57.08%	2.07B
PHILIP MORRIS CR	+2.18%	1.86B
VECTOR GROUP LTD.	-8.95%	1.62B
UNIVERSAL CORPORATION	-24.54%	1.25B
TANZANIA CIGARETTE PUBLIC LIMITED COMPANY	0.00%	660M
TURNING POINT BRANDS, INC.	+7.29%	499M
SHAANXI JINYE SCIENCE TECHNOLOGY AND EDUCATION GROUP CO.,LTD	-17.98%	440M

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