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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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Philip Morris International Inc's Company Profile

Business Description

Philip Morris International is a leading international tobacco company engaged in the manufacture and sale of cigarettes and other nicotine-containing products in markets outside the United States. Through multidisciplinary capabilities in product development, state-of-the-art facilities, and scientific substantiation, the company aims to ensure that its smoke-free products meet adult consumer preferences and rigorous regulatory requirements. Management's vision is that these products ultimately replace cigarettes.

120 Park Avenue
New York, NY, 10017
T +1 917 663-2000
Sector Consumer Defensive
Industry Tobacco
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type High Yield
Employees 69,600

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