Company Valuation: Philip Morris International, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 147,899 156,896 146,050 187,124 249,685 283,065 - -
Change - 6.08% -6.91% 28.12% 33.43% 13.37% - -
Enterprise Value (EV) 1 171,209 196,812 190,899 228,603 293,648 324,033 321,852 319,884
Change - 14.95% -3% 19.75% 28.45% 10.35% -0.67% -0.61%
P/E 16.3x 17.4x 18.7x 26.6x 22.1x 23.1x 20.8x 18.7x
PBR -14.6x -17.5x -13x -15.9x -25x -44.2x -68.8x -119x
PEG - -50.72x -1.4x -2.67x 0.4x 2.73x 1.9x 1.7x
Capitalization / Revenue 4.71x 4.94x 4.15x 4.94x 6.14x 6.52x 6.13x 5.76x
EV / Revenue 5.45x 6.2x 5.43x 6.04x 7.22x 7.46x 6.97x 6.51x
EV / EBITDA 11.8x 14.3x 13.5x 14.7x 16.9x 17x 15.6x 14.7x
EV / EBIT 12.7x 15.2x 14.3x 15.6x 17.9x 18.3x 16.8x 15.7x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 4.9 5.04 5.2 5.4 - 6.074 6.398 6.799
Rate of return 5.16% 4.98% 5.53% 4.49% - 3.34% 3.52% 3.74%
EPS 2 5.83 5.81 5.02 4.52 7.26 7.874 8.729 9.688
Distribution rate 84% 86.7% 104% 119% - 77.1% 73.3% 70.2%
Net sales 1 31,405 31,762 35,174 37,878 40,648 43,435 46,174 49,165
EBITDA 1 14,486 13,802 14,193 15,580 17,375 19,042 20,679 21,807
EBIT 1 13,488 12,908 13,337 14,688 16,428 17,707 19,163 20,403
Net income 1 9,109 9,048 7,813 7,057 11,348 12,290 13,590 15,041
Net Debt 1 23,310 39,916 44,849 41,479 43,963 40,967 38,786 36,818
Reference price 2 95.00 101.21 94.08 120.35 160.40 181.62 181.62 181.62
Nbr of stocks (in thousands) 1,556,828 1,550,202 1,552,406 1,554,833 1,556,639 1,558,559 - -
Announcement Date 10/02/22 09/02/23 08/02/24 06/02/25 06/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
23.07x7.46x17.02x3.34% 283B
13.09x4.83x10.02x5.63% 129B
10.06x2.95x6.77x6.16% 27.86B
30.33x2.04x18.57x2% 6.03B
60.45x - - 0.37% 1.7B
12x - - - 1.29B
Average 24.83x 4.32x 13.09x 3.5% 74.89B
Weighted average by Cap. 19.60x 6.34x 14.37x 4.15%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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