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Philip Morris International Inc PM Stock Quote

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Morningstar‘s Stock Analysis PM

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Philip Morris International Looks Undervalued as Underlying Business Prospers in Q3

Analyst Note

| Philip Gorham, CFA, FRM |

Philip Morris International reported decent third-quarter results that were close to our forecasts on an organic basis. The underlying business appears to be robust, with the consumer so far hanging in there amid higher inflation. The stock, on the other hand, had a poor third quarter and underperformed the S&P 500 by around 4 percentage points, most likely due to the continuing strength of the U.S. dollar and rising interest rates, which have closed the gap between the dividend yields on consumer staples companies and the yields available on other asset classes. We are retaining our $103 fair value estimate and see two ways that long-term investors can outperform with this wide-moat business.

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Company Profile PM

Business Description

Philip Morris International is an international tobacco company with a product portfolio primarily consisting of cigarettes and reduced-risk products, including heat-not-burn, vapor and oral nicotine products, which are sold in markets outside the United States. The company diversified away from nicotine products with the acquisition of Vectura, a provider of innovative inhaled drug delivery solutions, in 2021. The firm has six geographical segments: the European Union; Eastern Europe; Middle East and Africa; South and Southeast Asia; East Asia and Australia; and Americas.

120 Park Avenue
New York, NY, 10017
T +1 917 663-2000
Industry Tobacco
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 69,600

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