Philip Morris International, Inc

  • Melissa Isabel Santos Fonseca (Student)

Student thesis: Master's Thesis


This dissertation is focused on the equity valuation of Philip Morris International, Inc., the leading publicly traded tobacco company. In other words, the work done on this paper aims at determining how much the company is worth given its current assets and position in the market. Such analysis is of great importance for shareholders and potential investors, since the market is not always able to reflect the assets’ true value. Underlying this challenge is an overview of the main equity valuation methodologies and theories, along with other aspects considered as essential in a valuation process. In this context, three methodologies were considered suitable. However, the conclusions were more influenced by the adjusted present value methodology. Philip Morris Int’ is found to be undervalued with 28.32% upside potential, a BUY recommendation. Finally, the methodologies used and results obtained were contrasted to those of UBS Investment Bank, in their report published on April 19th 2012. For a more detailed overview of the dissertation main findings, read the executive summary on appendix O.
Date of Award2012
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorJosé Carlos Tudela Martins (Supervisor)


  • Mestrado em Gestão

Cite this