Company Valuation: Philip Morris International, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 147,899 156,896 146,050 187,124 249,685 293,986 - -
Change - 6.08% -6.91% 28.12% 33.43% 17.74% - -
Enterprise Value (EV) 1 171,209 196,812 190,899 228,603 293,648 335,121 333,234 331,474
Change - 14.95% -3% 19.75% 28.45% 14.12% -0.56% -0.53%
P/E 16.3x 17.4x 18.7x 26.6x 22.1x 25.3x 22x 19.6x
PBR -14.6x -17.5x -13x -15.9x -25x -43.5x -62.6x -92.2x
PEG - -50.72x -1.4x -2.67x 0.4x 9.98x 1.4x 1.6x
Capitalization / Revenue 4.71x 4.94x 4.15x 4.94x 6.14x 6.75x 6.38x 6.02x
EV / Revenue 5.45x 6.2x 5.43x 6.04x 7.22x 7.7x 7.24x 6.78x
EV / EBITDA 11.8x 14.3x 13.5x 14.7x 16.9x 17.2x 16.1x 15.2x
EV / EBIT 12.7x 15.2x 14.3x 15.6x 17.9x 18.8x 17.4x 16.3x
EV / FCF 15.3x 20.2x 24.2x 21.2x 27.5x 102x 81.1x -
FCF Yield 6.55% 4.94% 4.13% 4.71% 3.63% 0.98% 1.23% -
Dividend per Share 2 4.9 5.04 5.2 5.4 5.64 5.997 6.405 6.784
Rate of return 5.16% 4.98% 5.53% 4.49% 3.52% 3.18% 3.4% 3.6%
EPS 2 5.83 5.81 5.02 4.52 7.26 7.444 8.58 9.616
Distribution rate 84% 86.7% 104% 119% 77.7% 80.6% 74.7% 70.6%
Net sales 1 31,405 31,762 35,174 37,878 40,648 43,526 46,056 48,869
EBITDA 1 14,486 13,802 14,193 15,580 17,375 19,485 20,744 21,740
EBIT 1 13,488 12,908 13,337 14,688 16,428 17,804 19,147 20,343
Net income 1 9,109 9,048 7,813 7,057 11,348 11,617 13,358 14,913
Net Debt 1 23,310 39,916 44,849 41,479 43,963 41,135 39,249 37,489
Reference price 2 95.00 101.21 94.08 120.35 160.40 188.62 188.62 188.62
Nbr of stocks (in thousands) 1,556,828 1,550,202 1,552,406 1,554,833 1,556,639 1,558,613 - -
Announcement Date 10/02/22 09/02/23 08/02/24 06/02/25 06/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
25.34x7.7x17.2x3.18% 294B
12.59x4.6x9.91x5.98% 121B
9.26x2.77x6.36x6.7% 25.31B
35.84x2.67x22.72x1.81% 7.65B
53.23x2.57x18.84x0.47% 1.37B
13.88x - - - 1.1B
Average 25.02x 4.06x 15.01x 3.63% 75.08B
Weighted average by Cap. 21.24x 6.49x 14.72x 4.1%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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-40%: Exceptional extension
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