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Philip Morris in a dying industry - leaving competitors fuming
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| 7.49 MB | Adobe PDF |
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This report is an equity valuation of Philip Morris International Inc., the
tobacco company leading the transition to a smoke-free future. For this, both a
relative valuation based on multiples and transactions as well as an intrinsic
valuation in the form of a DCF model were completed. The calculated target
share price of $108.16 represents a Buy recommendation with a potential total
return on investment of 10.79% including the dividend yield. Particularly given
PMI's evolving business strategy and clear future focus on risk-reduced
products, the company’s competitive position was highly valued. In addition,
scenario and sensitivity analyses were conducted to evaluate potential
outcomes of assumption deviation.
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Philip Morris international Equity research valuation Smoke-free future Reduced-risk-products