2024-03-15 13:30:00 ET
Summary
- Philip Morris International's solid performance in reduced-risk products has strengthened its smokeless transition significantly.
- PM is valued at a premium compared to tobacco peers, but is likely justified.
- I explain why PM remains a solid pick for tobacco and income investors looking to capitalize on its market leadership and the Fed's less hawkish posture.
Philip Morris Delivers On Its Smokeless Transition
Philip Morris International Inc. ( PM ) investors have seen PM continue its consolidation zone over the past two years, even when adjusted for dividends. Therefore, I assessed that the market has remained tentative about Philip Morris's robust performance in reduced-risk products. Despite that, its solid performance suggests the company's execution risks relating to the transition from its combustible product categories should be reduced....
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Philip Morris: Smokeless Future Shines Brightly