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Philip Morris’ First-Quarter 2023 Results Just Okay

publication date: Apr 20, 2023
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Image: Philip Morris’ smoke-free product portfolio. Image Source: Philip Morris 2022 Form 10-K. 

We like that Philip Morris has raised its quarterly dividend by more than 170% since it became a public company in 2008, reflecting a compound annual growth rate of ~7.5%, and further growth in the dividend payout should ensue. The company’s Dividend Cushion ratio stands at 1.0, but the mediocre ratio is more of a function of the company’s large net debt position than anything else, as free cash flow generation remains robust. Shares of Philip Morris yield ~5% at the time of this writing.


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