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Morningstar's Altria Group Inc Stock Analysis

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Philip Morris in Talks to Buy Swedish Match; Limited Room for a Premium, Deal May Hold Hidden Value

Analyst Note

| Philip Gorham, CFA, FRM |

Philip Morris International and Swedish Match (not covered) have confirmed talks are ongoing between them regarding a potential acquisition of Swedish Match by Philip Morris. Financial terms were not disclosed but we suspect there is little wiggle room for a deal to create value at a price above Swedish Match's market cap of SEK 123 billion at the close of business on May 9. However, we do think there could be strategic and financial benefits from the access to the U.S. market that Philip Morris would gain. We retain our USD 103 fair value estimate for Philip Morris but will review this depending on whether the deal closes and on what financial terms.

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Altria Group Inc's Company Profile

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%).

6601 West Broad Street
Richmond, VA, 23230
T +1 804 274-2200
Sector Consumer Defensive
Industry Tobacco
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type High Yield
Employees 6,000

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