Castro, Filipa Frade deRepetti, Lorenzo2021-04-152021-04-152020-01-152020-01-03http://hdl.handle.net/10362/115550This Work Project consists on an Equity Research Analysis to Philip Morris International. The valuation is based on the analysis of the company’s financials and strategy as well as the definition of the drivers of its growth. The usual financial valuation techniques of discounted cash-flows and multiples’ analysis derive in a recommendation for investors to sell, hold or buy this equity.engPhilip Morris internationalObaccoReduced-risk productsIQOSmaster thesis202495221