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Altria Group Inc MO Stock Quote

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Morningstar‘s Stock Analysis MO

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Altria Reports In-Line Fourth Quarter; Shares Fairly Valued

Business Strategy and Outlook

| Philip Gorham, CFA, FRM |

Altria is no longer a pure play on U.S. cigarettes. Over 15% of our valuation is derived from its 10.2% share of Anheuser-Busch InBev, and of the consolidated business, 14% of EBIT came from oral tobacco in 2021, while recent acquisitions in vaping and cannabis are likely to be contributors to EBIT in the near future. Nevertheless, U.S. cigarettes remains the driver of Altria's earnings, because following the breakup of Philip Morris in 2008, Altria operates solely in the U.S., while Philip Morris International, or PMI, owns the rights to the brands elsewhere.

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Business Description

Altria comprises Philip Morris USA, U.S. Smokeless Tobacco, John Middleton, Helix Innovations, and Philip Morris Capital, although the company plans to wind down Philip Morris Capital by the end of 2022. It holds a 10% interest in the world's largest brewer, Anheuser-Busch InBev. Through its tobacco subsidiaries, Altria holds the leading position in cigarettes and smokeless tobacco in the United States and the number-two spot in machine-made cigars. The company's Marlboro brand is the leading cigarette brand in the U.S. with a 43% share in 2020. Altria holds strategic investments in JUUL Labs (35% economic interest) and Cronos (42%).

Contact
6601 West Broad Street
Richmond, VA, 23230
T +1 804 274-2200
Industry Tobacco
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 6,000

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