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 1,47,899 1,56,896 1,46,050 1,87,124 2,49,685 3,02,215 - -
Change - 6.08% -6.91% 28.12% 33.43% 21.04% - -
Enterprise Value (EV) 1 1,71,209 1,96,812 1,90,899 2,28,603 2,93,648 3,43,282 3,41,240 3,39,320
Change - 14.95% -3% 19.75% 28.45% 16.9% -0.59% -0.56%
P/E 16.3x 17.4x 18.7x 26.6x 22.1x 26x 22.2x 20.2x
PBR -14.6x -17.5x -13x -15.9x -25x -45.3x -73.3x -142x
PEG - -50.72x -1.4x -2.67x 0.4x 9.25x 1.3x 2x
Capitalization / Revenue 4.71x 4.94x 4.15x 4.94x 6.14x 6.94x 6.56x 6.18x
EV / Revenue 5.45x 6.2x 5.43x 6.04x 7.22x 7.89x 7.41x 6.94x
EV / EBITDA 11.8x 14.3x 13.5x 14.7x 16.9x 17.6x 16.4x 15.5x
EV / EBIT 12.7x 15.2x 14.3x 15.6x 17.9x 19.3x 17.8x 16.7x
EV / FCF 15.3x 20.2x 24.2x 21.2x 27.5x 104x 83x -
FCF Yield 6.55% 4.94% 4.13% 4.71% 3.63% 0.96% 1.2% -
Dividend per Share 2 4.9 5.04 5.2 5.4 5.64 6.075 6.385 6.779
Rate of return 5.16% 4.98% 5.53% 4.49% 3.52% 3.13% 3.29% 3.5%
EPS 2 5.83 5.81 5.02 4.52 7.26 7.464 8.726 9.616
Distribution rate 84% 86.7% 104% 119% 77.7% 81.4% 73.2% 70.5%
Net sales 1 31,405 31,762 35,174 37,878 40,648 43,532 46,062 48,880
EBITDA 1 14,486 13,802 14,193 15,580 17,375 19,527 20,799 21,833
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 11,648 13,588 14,913
Net Debt 1 23,310 39,916 44,849 41,479 43,963 41,067 39,025 37,105
Reference price 2 95.00 101.21 94.08 120.35 160.40 193.90 193.90 193.90
Nbr of stocks (in thousands) 15,56,828 15,50,202 15,52,406 15,54,833 15,56,639 15,58,613 - -
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.($)
25.98x7.89x17.58x3.13% 30TCr
12.44x4.56x9.82x6.06% 12TCr
9.2x2.73x6.28x6.83% 2.45TCr
35.03x2.6x22.12x1.86% 746.56Cr
49.25x - - 0.53% 120.45Cr
13.1x - - - 103.71Cr
Average 24.17x 4.44x 13.95x 3.68% 7.58TCr
Weighted average by Cap. 21.74x 6.65x 15.02x 4.07%

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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