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 4/29/21 4/7/23 4/7/23 4/23/24 4/17/25 4/22/26
1RSD in Million2RSD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 640M
11.82x6.33x9.78x6.59% 109B
19.55x3.45x10.97x3.78% 79.09B
19.58x4.42x14.41x4.55% 36.65B
14.49x2.79x10.56x3.72% 13.22B
10.92x0.7x6.99x8.58% 4.83B
15.21x0.15x0.92x7.3% 2.42B
9.95x0.38x4.26x3.15% 2.23B
9.51x2.38x7.09x8.53% 2.16B
Average 13.88x 2.58x 8.12x 5.78% 27.76B
Weighted average by Cap. 15.54x 4.69x 10.67x 5.28%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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