Company Valuation: Philip Morris Operations a.d. Nis

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 48,825 48,825 48,825 45,635 58,590 65,035
Change - 0% 0% -6.53% 28.39% 11%
Enterprise Value (EV) 1 43,820 42,301 40,126 37,301 52,383 62,030
Change - -3.47% -5.14% -7.04% 40.43% 18.42%
P/E 10x 9.06x 7.85x 7.24x 9.51x 11.4x
PBR 3.01x 2.89x 2.75x 2.56x 3.32x 3.79x
PEG - 0.8x 0.5x 5.58x -4.16x -1.52x
Capitalization / Revenue 2.05x 1.9x 1.69x 1.45x 1.79x 1.75x
EV / Revenue 1.84x 1.65x 1.39x 1.19x 1.6x 1.67x
EV / EBITDA 6.27x 5.53x 4.83x 4.6x 6.58x 8.05x
EV / EBIT 7.65x 6.65x 5.54x 5.24x 7.35x 9.35x
EV / FCF 11.7x 10.5x 6.7x 8.9x 14.5x 54.7x
FCF Yield 8.58% 9.54% 14.9% 11.2% 6.88% 1.83%
Dividend per Share 2 417.6 464.2 524.8 531.8 519.7 -
Rate of return 5.57% 6.19% 7% 7.59% 5.77% -
EPS 2 746.8 827.6 955.6 968 945.9 875
Distribution rate 55.9% 56.1% 54.9% 54.9% 54.9% -
Net sales 1 23,783 25,695 28,895 31,396 32,734 37,088
EBITDA 1 6,985 7,655 8,313 8,105 7,965 7,706
EBIT 1 5,726 6,365 7,249 7,123 7,126 6,634
Net income 1 4,861 5,388 6,221 6,302 6,158 5,696
Net Debt 1 -5,005 -6,525 -8,699 -8,334 -6,208 -3,005
Reference price 2 7,500.00 7,500.00 7,500.00 7,010.00 9,000.00 9,990.00
Nbr of stocks (in thousands) 6,510 6,510 6,510 6,510 6,510 6,510
Announcement Date 29/04/21 07/04/23 07/04/23 23/04/24 17/04/25 22/04/26
1RSD in Million2RSD
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 618M
28.26x8.41x18.98x2.9% 325B
13.68x4.86x10.48x5.56% 130B
13.88x7.26x11.41x5.64% 128B
19.75x3.56x11.39x3.73% 83.24B
18.54x4.17x13.7x4.87% 34.87B
10.8x3.07x7.04x5.75% 29.49B
15.2x2.91x10.93x3.77% 14.95B
9.07x0.59x5.83x10.11% 4.14B
Average 16.15x 4.35x 11.22x 5.29% 83.42B
Weighted average by Cap. 20.82x 6.50x 14.42x 4.18%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Philip Morris Operations a.d. Nis

Historical PBR trend

Valuation ratios - PBR - Philip Morris Operations a.d. Nis

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Philip Morris Operations a.d. Nis

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Philip Morris Operations a.d. Nis

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