Company Valuation: Philip Morris International, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 147,899 156,896 146,050 187,124 249,685 295,518 - -
Change - 6.08% -6.91% 28.12% 33.43% 18.36% - -
Enterprise Value (EV) 1 171,209 196,812 190,899 228,603 293,648 336,333 334,318 332,319
Change - 14.95% -3% 19.75% 28.45% 14.54% -0.6% -0.6%
P/E ratio 16.3x 17.4x 18.7x 26.6x 22.1x 24.6x 21.7x 19.6x
PBR -14.6x -17.5x -13x -15.9x -25x -45.5x -70.6x -44.7x
PEG - -50.72x -1.4x -2.67x 0.4x 4.04x 1.6x 1.8x
Capitalization / Revenue 4.71x 4.94x 4.15x 4.94x 6.14x 6.79x 6.4x 6.01x
EV / Revenue 5.45x 6.2x 5.43x 6.04x 7.22x 7.73x 7.24x 6.76x
EV / EBITDA 11.8x 14.3x 13.5x 14.7x 16.9x 17.5x 16.2x 15.3x
EV / EBIT 12.7x 15.2x 14.3x 15.6x 17.9x 19x 17.4x 16.3x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 4.9 5.04 5.2 5.4 - 6.015 6.412 6.791
Rate of return 5.16% 4.98% 5.53% 4.49% - 3.17% 3.38% 3.58%
EPS 2 5.83 5.81 5.02 4.52 7.26 7.702 8.736 9.696
Distribution rate 84% 86.7% 104% 119% - 78.1% 73.4% 70%
Net sales 1 31,405 31,762 35,174 37,878 40,648 43,493 46,197 49,194
EBITDA 1 14,486 13,802 14,193 15,580 17,375 19,176 20,686 21,771
EBIT 1 13,488 12,908 13,337 14,688 16,428 17,737 19,178 20,404
Net income 1 9,109 9,048 7,813 7,057 11,348 12,024 13,602 15,055
Net Debt 1 23,310 39,916 44,849 41,479 43,963 40,814 38,799 36,801
Reference price 2 95.00 101.21 94.08 120.35 160.40 189.61 189.61 189.61
Nbr of stocks (in thousands) 1,556,828 1,550,202 1,552,406 1,554,833 1,556,639 1,558,559 - -
Announcement Date 2/10/22 2/9/23 2/8/24 2/6/25 2/6/26 - - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
24.62x7.73x17.54x3.17% 296B
14.47x5.14x10.86x5.16% 140B
10.57x3.04x7.01x5.92% 29.01B
40.82x3.09x28.74x1.28% 8.29B
62.63x - - 0.36% 1.73B
13.05x - - - 1.33B
Average 27.69x 4.75x 16.04x 3.18% 79.34B
Weighted average by Cap. 21.16x 6.60x 15.11x 3.89%

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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