Stock Analysis on Net

Philip Morris International Inc. (NYSE:PM)

Price to FCFE (P/FCFE)

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Free Cash Flow to Equity (FCFE)

Philip Morris International Inc., FCFE calculation

US$ in millions

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12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net earnings attributable to PMI 7,813 9,048 9,109 8,056 7,185
Net earnings attributable to noncontrolling interests 455 479 601 536 543
Net noncash charges 2,236 1,114 890 1,092 1,607
Cash effects of changes in operating capital, net of the effects from acquired companies (1,300) 162 1,367 128 755
Net cash provided by operating activities 9,204 10,803 11,967 9,812 10,090
Capital expenditures (1,321) (1,077) (748) (602) (852)
Short-term borrowing, net issuances (repayments), maturities of 90 days or less 530 876 (70) (364)
Short-term borrowing, issuances, maturities longer than 90 days 1,366 934 45 989
Short-term borrowing, repayments, maturities longer than 90 days (1,172) (795) (45) (989)
Borrowings under credit facilities related to Swedish Match AB acquisition 13,920
Repayments under credit facilities related to Swedish Match AB acquisition (4,430) (4,000)
Long-term debt proceeds 9,959 5,965 3,713 3,819
Long-term debt repaid (2,551) (2,724) (3,042) (3,999) (3,998)
Free cash flow to equity (FCFE) 11,585 23,902 8,177 8,854 8,695

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Philip Morris International Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Philip Morris International Inc. FCFE increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Price to FCFE Ratio, Current

Philip Morris International Inc., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 1,554,833,410
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 11,585
FCFE per share 7.45
Current share price (P) 129.54
Valuation Ratio
P/FCFE 17.39
Benchmarks
P/FCFE, Competitors1
Altria Group Inc. 11.11
Coca-Cola Co. 23.09
PepsiCo Inc. 16.68
P/FCFE, Sector
Food, Beverage & Tobacco 17.47
P/FCFE, Industry
Consumer Staples 27.53

Based on: 10-K (reporting date: 2023-12-31).

1 Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.


Price to FCFE Ratio, Historical

Philip Morris International Inc., historical P/FCFE calculation, comparison to benchmarks

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Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 1,552,456,597 1,550,232,895 1,549,827,817 1,557,451,856 1,555,911,930
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 11,585 23,902 8,177 8,854 8,695
FCFE per share3 7.46 15.42 5.28 5.68 5.59
Share price1, 4 89.01 102.36 107.96 85.63 87.45
Valuation Ratio
P/FCFE5 11.93 6.64 20.46 15.06 15.65
Benchmarks
P/FCFE, Competitors6
Altria Group Inc. 8.46 11.96 13.06 8.86 7.97
Coca-Cola Co. 22.42 29.91 23.29 30.91 33.31
PepsiCo Inc. 17.88 47.17 77.00 10.51 38.90
P/FCFE, Sector
Food, Beverage & Tobacco 15.72 16.58 25.49 14.44 21.35
P/FCFE, Industry
Consumer Staples 21.00 25.12 22.89 17.29 18.06

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 11,585,000,000 ÷ 1,552,456,597 = 7.46

4 Closing price as at the filing date of Philip Morris International Inc. Annual Report.

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 89.01 ÷ 7.46 = 11.93

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Philip Morris International Inc. P/FCFE ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.