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 1 147,899 156,896 146,050 187,124 249,685 284,494 - -
Change - 6.08% -6.91% 28.12% 33.43% 13.94% - -
Enterprise Value (EV) 1 171,209 196,812 190,899 228,603 293,648 325,724 323,541 321,624
Change - 14.95% -3% 19.75% 28.45% 10.92% -0.67% -0.59%
P/E 16.3x 17.4x 18.7x 26.6x 22.1x 24.6x 21.2x 18.9x
PBR -14.6x -17.5x -13x -15.9x -25x -42.1x -60.6x -89.2x
PEG - -50.72x -1.4x -2.67x 0.4x 11.13x 1.3x 1.6x
Capitalization / Revenue 4.71x 4.94x 4.15x 4.94x 6.14x 6.55x 6.19x 5.83x
EV / Revenue 5.45x 6.2x 5.43x 6.04x 7.22x 7.5x 7.04x 6.59x
EV / EBITDA 11.8x 14.3x 13.5x 14.7x 16.9x 16.7x 15.6x 14.7x
EV / EBIT 12.7x 15.2x 14.3x 15.6x 17.9x 18.2x 16.8x 15.6x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 4.9 5.04 5.2 5.4 5.64 5.99 6.391 6.756
Rate of return 5.16% 4.98% 5.53% 4.49% 3.52% 3.28% 3.5% 3.7%
EPS 2 5.83 5.81 5.02 4.52 7.26 7.42 8.613 9.64
Distribution rate 84% 86.7% 104% 119% 77.7% 80.7% 74.2% 70.1%
Net sales 1 31,405 31,762 35,174 37,878 40,648 43,427 45,976 48,836
EBITDA 1 14,486 13,802 14,193 15,580 17,375 19,467 20,740 21,946
EBIT 1 13,488 12,908 13,337 14,688 16,428 17,862 19,223 20,656
Net income 1 9,109 9,048 7,813 7,057 11,348 11,586 13,423 14,982
Net Debt 1 23,310 39,916 44,849 41,479 43,963 41,230 39,047 37,130
Reference price 2 95.00 101.21 94.08 120.35 160.40 182.53 182.53 182.53
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 2/10/22 2/9/23 2/8/24 2/6/25 2/6/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
24.6x7.5x16.73x3.28% 284B
12.38x4.54x9.57x6.08% 120B
9.36x2.77x6.35x6.71% 25.56B
36.46x2.73x23.18x1.78% 7.77B
58.77x2.82x20.68x0.43% 1.51B
14.34x - - - 1.14B
Average 25.99x 4.07x 15.30x 3.66% 73.47B
Weighted average by Cap. 20.68x 6.32x 14.30x 4.21%

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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