- Transition to smoke-free products is extending the company's compounding runway.
- High ROIC and strong cash generation support reliable, growing dividend payouts.
- The market fundamentally underprices PM as a declining legacy combustible stock.
- Tier-one pricing power maintains aggregate margins despite legacy volume declines.
Fair value
$222
Margin of safety
+23.0%
Confidence
88/100
Moat
9/10
Educational research only - not investment advice, an offer, or a trade instruction. Confirm current data and do your own due diligence before acting.