Philip Morris International Inc


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SKU: PM-1 Category:


Philip Morris has recently been in the news for the $820 million acquisition of Denmark-based nicotine gum maker, Fertin Pharma in order to add its various nicotine replacement therapies to its portfolio. The company delivered another strong result coupled with dividend and buyback announcements but its core cigarette and tobacco business has been slowing down in terms of revenues. However, its reduced-risk products (RRPs) business continues to gain strong momentum with an increasing demand for IQOS. It is worth highlighting that IQOS revenues grew by a staggering 36.5% when most of the company’s other offerings have been slow movers. The Fertin acquisition should help highlight the management’s focus on low-risk products. Overall, Philip Morris continues to be a good defensive play with a reasonable valuation and strong cash flows.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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