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Intrinsic value of Philip Morris International Inc. (PM)

Previous Close$101.15
Intrinsic Value
Upside potential
Previous Close
$101.15
Use floor (the cash flow based valuation has rendered a result, which is lower than an estimated minimum value derived from the company’s balance sheet analysis)

VALUATION INPUT DATA

Revenue, mln $
Initial revenue growth rate (norm.), %
Variable cost ratio, %
Fixed operating expenses, mln $
Production assets / Revenue, %
Working capital / Revenue, %
Interest rate on debt, %
Initial discount rate, %
Shares outstanding, mln
Adjusted equity ratio
Adjusted assets / Revenue
Cash & ST Investments
Total debt
Market cap, m$
156,783

Based on fiscal year data as of 2021-12-31 and quarterly data as of 2022-03-31.

  1. Annual
  2. Quarterly YoY
  3. Quarterly QoQ

Annual revenue growth rates, % (past and forecasted)

NOTE: The bar chart shows historic and forecasted yearly revenue growth rates. Its purpose is to help you in determining what initial revenue rate you want to base your stock valuation on. Please make sure that you are confident in the value you select - for most stocks it is by far the most important parameter in valuation.

show cash flow forecast

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year2021(a)2022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046

INCOME STATEMENT

Revenue growth rate, %9.2NaN
Revenue, $31346NaN
Variable operating expenses, $mNaN
Fixed operating expenses, $mNaN
Total operating expenses, $m18371NaN
Operating income, $m12975NaN
EBITDA, $m13973NaN
Interest expense (income), $mNaN
Earnings before tax, $m11754NaN
Tax expense, $m2671NaN
Net income, $m9083NaN

BALANCE SHEET

Cash and short-term investments, $m4500NaN
Total assets, $m41290NaN
Adjusted assets (=assets-cash), $m36790NaN
Average production assets, $m15619NaN
Working capital, $m-1538NaN
Total debt, $m28342NaN
Total liabilities, $m51396NaN
Total equity, $m-10106NaN
Debt-to-equity ratio-2.804NaN
Adjusted equity ratio-0.310NaN

CASH FLOW

Net income, $m9083NaN
Depreciation, amort., depletion, $m998NaN
Funds from operations, $mNaN
Change in working capital, $mNaN
Cash from operations, $m11967NaN
Maintenance CAPEX, $mNaN
New CAPEX, $mNaN
Total CAPEX, $m-748NaN
Free cash flow, $m12715NaN
Issuance/(repurchase) of shares, $mNaN
Retained Cash Flow, $mNaN
Pot'l extraordinary dividend, $m-1538
Cash available for distribution, $mNaN
Discount rate, %NaN
PV of cash for distribution, $mNaN
Current shareholders' claim on cash, %NaN
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