Financials Philip Morris International, Inc.

Equities

PM

US7181721090

Tobacco

Market Closed - Nyse Other stock markets 04:00:07 2024-05-03 pm EDT			5-day change	1st Jan Change
97.41 ^USD	+0.10%		+2.52%	+3.54%

May. 01	Jefferies Adjusts Philip Morris International Price Target to $108 From $101	MT
Apr. 29	Philip Morris faces key test with US heated tobacco push	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	132,389	128,930	147,899	156,896	146,050	151,274	-	-
Enterprise Value (EV) ¹	156,573	153,186	171,209	196,812	190,899	194,366	192,267	191,540
P/E ratio	18.5 x	16 x	16.3 x	17.4 x	18.7 x	16.1 x	14.7 x	13.5 x
Yield	5.43%	5.73%	5.16%	4.98%	5.53%	5.42%	5.65%	5.78%
Capitalization / Revenue	4.44 x	4.49 x	4.71 x	4.94 x	4.15 x	4.09 x	3.85 x	3.62 x
EV / Revenue	5.25 x	5.34 x	5.45 x	6.2 x	5.43 x	5.26 x	4.9 x	4.59 x
EV / EBITDA	12.3 x	12.1 x	11.8 x	14.3 x	13.5 x	12.5 x	11.6 x	11.1 x
EV / FCF	16.9 x	16.6 x	15.3 x	20.2 x	24.2 x	19.2 x	17.8 x	16.7 x
FCF Yield	5.9%	6.01%	6.55%	4.94%	4.13%	5.21%	5.63%	5.99%
Price to Book	-11.4 x	-10.3 x	-14.6 x	-17.5 x	-13 x	-15.5 x	-20.5 x	-24.8 x
Nbr of stocks (in thousands)	1,555,875	1,557,316	1,556,828	1,550,202	1,552,406	1,554,557	-	-
Reference price ²	85.09	82.79	95.00	101.2	94.08	97.31	97.31	97.31
Announcement Date	2/6/20	2/4/21	2/10/22	2/9/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	29,805	28,694	31,405	31,762	35,174	36,980	39,252	41,737
EBITDA ¹	12,724	12,679	14,486	13,802	14,193	15,522	16,617	17,201
EBIT ¹	11,760	11,698	13,488	12,908	13,337	14,158	15,376	15,870
Operating Margin	39.46%	40.77%	42.95%	40.64%	37.92%	38.29%	39.17%	38.02%
Earnings before Tax (EBT) ¹	9,872	10,953	12,232	11,634	10,450	12,531	13,646	14,800
Net income ¹	7,185	8,056	9,109	9,048	7,813	9,460	10,291	11,180
Net margin	24.11%	28.08%	29%	28.49%	22.21%	25.58%	26.22%	26.79%
EPS ²	4.610	5.160	5.830	5.810	5.020	6.056	6.631	7.193
Free Cash Flow ¹	9,238	9,210	11,219	9,726	7,883	10,133	10,819	11,479
FCF margin	30.99%	32.1%	35.72%	30.62%	22.41%	27.4%	27.56%	27.5%
FCF Conversion (EBITDA)	72.6%	72.64%	77.45%	70.47%	55.54%	65.28%	65.11%	66.74%
FCF Conversion (Net income)	128.57%	114.32%	123.16%	107.49%	100.9%	107.11%	105.14%	102.67%
Dividend per Share ²	4.620	4.740	4.900	5.040	5.200	5.278	5.497	5.624
Announcement Date	2/6/20	2/4/21	2/10/22	2/9/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	8,104	7,746	7,832	8,032	8,152	8,019	8,967	9,141	9,047	8,793	9,170	9,465	9,391	9,359	9,828
EBITDA ¹	3,272	3,589	3,470	3,542	3,201	3,215	3,745	3,950	3,283	3,592	3,818	4,159	3,560	4,055	4,267
EBIT ¹	2,993	3,340	3,224	3,330	2,976	3,019	3,532	3,734	3,052	3,360	3,593	3,836	3,341	3,763	4,017
Operating Margin	36.93%	43.12%	41.16%	41.46%	36.51%	37.65%	39.39%	40.85%	33.73%	38.21%	39.18%	40.53%	35.58%	40.2%	40.87%
Earnings before Tax (EBT) ¹	2,768	3,140	2,925	2,823	2,746	2,479	2,263	3,101	2,607	2,731	3,195	3,423	2,873	3,204	3,521
Net income ¹	2,093	2,331	2,233	2,087	2,397	1,995	1,568	2,054	2,196	2,148	2,325	2,590	2,342	2,474	2,586
Net margin	25.83%	30.09%	28.51%	25.98%	29.4%	24.88%	17.49%	22.47%	24.27%	24.43%	25.35%	27.37%	24.94%	26.43%	26.32%
EPS ²	1.340	1.500	1.430	1.340	1.540	1.280	1.010	1.320	1.410	1.380	1.488	1.673	1.499	1.630	1.672
Dividend per Share ²	1.250	1.250	1.250	1.270	1.270	1.270	1.270	1.300	1.300	1.300	1.335	1.287	1.332	1.338	1.349
Announcement Date	2/10/22	4/21/22	7/21/22	10/20/22	2/9/23	4/20/23	7/20/23	10/19/23	2/8/24	4/23/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	24,184	24,256	23,310	39,916	44,849	43,092	40,993	40,266
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.901 x	1.913 x	1.609 x	2.892 x	3.16 x	2.776 x	2.467 x	2.341 x
Free Cash Flow ¹	9,238	9,210	11,219	9,726	7,883	10,133	10,819	11,479
ROE (net income / shareholders' equity)	-	-	-	-	-	-	-	-
ROA (Net income/ Total Assets)	17.4%	18.4%	21.2%	18%	14.7%	14.7%	15.9%	17.2%
Assets ¹	41,341	43,845	43,052	50,193	53,149	64,357	64,593	65,071
Book Value Per Share ²	-7.450	-8.070	-6.490	-5.770	-7.230	-6.290	-4.740	-3.920
Cash Flow per Share ²	6.480	6.300	7.680	6.960	5.930	6.550	7.560	7.930
Capex ¹	852	602	748	1,077	1,321	1,271	1,274	1,305
Capex / Sales	2.86%	2.1%	2.38%	3.39%	3.76%	3.44%	3.25%	3.13%
Announcement Date	2/6/20	2/4/21	2/10/22	2/9/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Philip Morris International, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

97.31 USD

Average target price

109.4 USD

Spread / Average Target

+12.39%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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