IQOS Helps PMI to Strong 4Q Volumes; After Retreat, Shares Now Fairly Valued
Philip Morris International missed our adjusted earnings estimate by a small amount, but volumes were better than our forecasts and management guided above our estimates for 2018. We will make minor adjustments to our near-term forecasts as a result but are unlikely to materially alter our $98 fair value estimate beyond the impact of the time value of money until we have greater visibility into the economics of the heated tobacco business. We are reiterating our wide moat rating. PMI’s brand equ...
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