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 1 147,899 156,896 146,050 187,124 249,685 292,178 - -
Change - 6.08% -6.91% 28.12% 33.43% 17.02% - -
Enterprise Value (EV) 1 171,209 196,812 190,899 228,603 293,648 333,244 331,202 329,282
Change - 14.95% -3% 19.75% 28.45% 13.48% -0.61% -0.58%
P/E 16.3x 17.4x 18.7x 26.6x 22.1x 25.1x 21.5x 19.5x
PBR -14.6x -17.5x -13x -15.9x -25x -43.8x -70.9x -137x
PEG - -50.72x -1.4x -2.67x 0.4x 8.93x 1.3x 1.9x
Capitalization / Revenue 4.71x 4.94x 4.15x 4.94x 6.14x 6.71x 6.34x 5.98x
EV / Revenue 5.45x 6.2x 5.43x 6.04x 7.22x 7.66x 7.19x 6.74x
EV / EBITDA 11.8x 14.3x 13.5x 14.7x 16.9x 17.1x 15.9x 15.1x
EV / EBIT 12.7x 15.2x 14.3x 15.6x 17.9x 18.7x 17.3x 16.2x
EV / FCF 15.3x 20.2x 24.2x 21.2x 27.5x 101x 80.6x -
FCF Yield 6.55% 4.94% 4.13% 4.71% 3.63% 0.99% 1.24% -
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% 3.24% 3.41% 3.62%
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 94.08 120.35 160.40 187.46 187.46 187.46
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.($)
25.12x7.66x17.07x3.24% 292B
11.84x4.41x9.54x6.34% 113B
12.15x6.48x10.17x6.42% 112B
18.54x3.32x10.54x4% 76.88B
17.89x4.01x13.21x5% 33.35B
9.18x2.73x6.27x6.84% 24.55B
13.69x2.66x10.07x4.07% 13.64B
34.21x2.53x21.51x1.9% 7.3B
8.84x0.55x5.52x10.6% 4B
Average 16.83x 3.82x 11.54x 5.38% 75.26B
Weighted average by Cap. 18.84x 5.87x 13.18x 4.63%

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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  5. Valuation Philip Morris International, Inc.