Altria Misses in 1Q; Upside Remains But We Become Incrementally Less Optimistic about Medium Term
We are lowering our fair value estimate for Altria to $58 from $62 after eliminating the assumption of EBI growth in stage 2 of our model. We already believed Altria's 2019 guidance of mid-single-digit adjusted EPS growth would be a stretch, and first-quarter results undershot consensus, driven by soft combustible volumes. The challenges facing Altria are reflected in our negative moat trend rating, but we still believe the firm can continue to generate economic profits for many years to come an...Altria Group is a holding company. The company's subsidiaries include: Philip Morris USA Inc., which is engaged in the manufacture and sale of cigarettes; John Middleton Co., which is engaged in the manufacture and sale of machine-made cigars and pipe tobacco; Sherman Group Holdings, LLC and its subsidiaries, which are engaged in the manufacture and sale of cigarettes and the sale of cigars; and UST LLC, which through its subsidiaries, including U.S. Smokeless Tobacco Company LLC and Ste. Michelle Wine Estates Ltd., is engaged in the manufacture and sale of smokeless tobacco products and wine. The products of the company's tobacco subsidiaries include smokeable tobacco products and machine-made cigars.
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