PMI in a Tailspin as Market Overreacts to iQOS Demand Stabilization; Shares Finally Offer Value
Our long-standing thesis on wide-moat Philip Morris International is that iQOS, the company's market-leading heated tobacco technology, has the potential to prolong the lifespan of the tobacco industry, but that the adoption rate of the category will plateau, and that the effervescent growth expectations being priced into the stock are too optimistic. A first-quarter volume miss suggests that plateau has now been reached. The market's reaction appears extreme (the stock fell by 15% in the afterm...Philip Morris International is a holding company. Through its subsidiaries, the company is a tobacco company engaged in the manufacture and sale of cigarettes, smoke-free products and associated electronic devices and accessories, and other nicotine-containing products in markets outside the United States. The company's portfolio comprises international and local brands including Marlboro, which is complemented in the premium-price category by Parliament. The company's other international cigarette brands are Bond Street, Chesterfield, L&M, Lark and Philip Morris. The company also owns various local cigarette brands, such as Dji Sam Soe, Sampoerna A and Sampoerna U in Indonesia, and Fortune and Jackpot in the Philippines.
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