André, RosárioMartins, Rafael Fernandes2023-09-022023-09-022023-01-172022-12-16http://hdl.handle.net/10362/157247This 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.engPhilip Morris internationalEquity research valuationSmoke-free futureReduced-risk-productsmaster thesis203313437