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 1 147,899 156,896 146,050 187,124 249,685 297,415 - -
Change - 6.08% -6.91% 28.12% 33.43% 19.12% - -
Enterprise Value (EV) 1 171,209 196,812 190,899 228,603 293,648 338,481 336,439 334,519
Change - 14.95% -3% 19.75% 28.45% 15.27% -0.6% -0.57%
P/E 16.3x 17.4x 18.7x 26.6x 22.1x 25.2x 21.6x 19.6x
PBR -14.6x -17.5x -13x -15.9x -25x -44x -71.2x -137x
PEG - -50.72x -1.4x -2.67x 0.4x 8.97x 1.3x 1.9x
Capitalization / Revenue 4.71x 4.94x 4.15x 4.94x 6.14x 6.83x 6.46x 6.08x
EV / Revenue 5.45x 6.2x 5.43x 6.04x 7.22x 7.78x 7.3x 6.84x
EV / EBITDA 11.8x 14.3x 13.5x 14.7x 16.9x 17.3x 16.2x 15.3x
EV / EBIT 12.7x 15.2x 14.3x 15.6x 17.9x 19x 17.6x 16.4x
EV / FCF 15.3x 20.2x 24.2x 21.2x 27.5x 103x 81.9x -
FCF Yield 6.55% 4.94% 4.13% 4.71% 3.63% 0.97% 1.22% -
Dividend per Share 2 4.9 5.04 5.2 5.4 5.64 6.075 6.385 6.779
Rate of return 5.16% 4.98% 5.53% 4.49% 3.52% 3.23% 3.39% 3.6%
EPS 2 5.83 5.81 5.02 4.52 7.26 7.464 8.726 9.616
Distribution rate 84% 86.7% 104% 119% 77.7% 81.4% 73.2% 70.5%
Net sales 1 31,405 31,762 35,174 37,878 40,648 43,532 46,062 48,880
EBITDA 1 14,486 13,802 14,193 15,580 17,375 19,527 20,799 21,833
EBIT 1 13,488 12,908 13,337 14,688 16,428 17,804 19,147 20,343
Net income 1 9,109 9,048 7,813 7,057 11,348 11,648 13,588 14,913
Net Debt 1 23,310 39,916 44,849 41,479 43,963 41,067 39,025 37,105
Reference price 2 95.00 101.21 94.08 120.35 160.40 188.18 188.18 188.18
Nbr of stocks (in thousands) 1,556,828 1,550,202 1,552,406 1,554,833 1,556,639 1,558,613 - -
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
25.57x7.78x17.33x3.18% 297B
12.34x4.55x9.85x6.08% 118B
12.15x6.48x10.17x6.42% 112B
18.96x3.39x10.76x3.91% 78.93B
18.35x4.13x13.59x4.87% 34.33B
9.19x2.73x6.28x6.83% 24.65B
13.64x2.65x10.03x4.09% 13.5B
34.68x2.57x21.86x1.87% 7.39B
8.98x0.56x5.62x10.43% 4.06B
Average 17.10x 3.87x 11.72x 5.3% 76.78B
Weighted average by Cap. 19.19x 5.95x 13.39x 4.55%

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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