Philip Morris' Valuation Looks Overstretched: Time to Hit Pause?

Key Takeaways Philip Morris trades at 22.89x forward P/E, well above its five-year average and industry peers. PM's valuation concerns arise despite solid RRP momentum from the IQOS platform. Near-term risks include FX headwinds, regulation and pressure on cash flow from reinvestments.Philip Morris International Inc. (PM) has impressed investors with its bold pivot toward reduced-risk products (RRPs), led by the success of its IQOS platform. This transformation has positioned the company as a future-ready ...