This report is an equity valuation of Philip Morris International Inc., the
tobacco company leading the transition to a smoke-free future. For this, both a
relative valuation based on multiples and transactions as well as an intrinsic
valuation in the form of a DCF model were completed. The calculated target
share price of $108.16 represents a Buy recommendation with a potential total
return on investment of 10.79% including the dividend yield. Particularly given
PMI's evolving business strategy and clear future focus on risk-reduced
products, the company’s competitive position was highly valued. In addition,
scenario and sensitivity analyses were conducted to evaluate potential
outcomes of assumption deviation
