Philip Morris International Inc


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Philip Morris International is widely considered as one of the most stable blue-chips given its vast portfolio of brands and the fact that it operates in the recession-proof tobacco industry. The cigarette maker has successfully weathered the COVID-19 pandemic and the simultaneous economic downturn. The management has made heavy investments in innovations related to reduced risk products (RRPs) given the slowing cigarette sales volumes resulting from consumers’ rising health consciousness and regulatory headwinds. Efficient pricing has led to margin expansion for the company in the past few quarters despite reduced revenues and sales volumes. The company could see IQOS as a strong growth driver in the coming year. Hence, we are upgrading our rating on the stock to ‘Outperform’ and revising the target price.

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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