Altria Group, Inc. (MO)

Industry: Tobacco Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
BATS.L	1	British American T	69,253	-	-	8.12	7.38	5.21	-
ITB.DE	2	Imperial Brands PL	67,726	5.17	4.59	4.38	3.74	5.90	4.74
PM	3	Philip Morris Inte	39,940	29.32	28.67	16.89	15.72	17.51	18.72
2914.T	4	Japan Tobacco Inc.	21,780	34.73	35.81	13.41	12.99	8.73	23.60
MO	5	Altria Group, Inc.	20,166	12.54	7.62	11.32	11.32	10.60	12.21
HMSP.JK	6	PT Hanjaya Mandala	5,742	15.98	17.89	9.49	10.37	7.71	11.59
GGRM.JK	7	PT Gudang Garam Tb	5,500	24.55	37.64	6.23	7.95	5.48	18.69
033780.KS	8	KT&G Corporation	4,350	12.57	12.19	6.44	5.94	8.30	11.91
6055.HK	9	China Tobacco Inte	3,532	12.50	12.50	9.02	9.02	6.01	8.57
6969.HK	10	Smoore Internation	3,391	37.78	37.78	29.31	29.31	54.43	41.03
UVV	11	Universal Corporat	2,987	12.53	10.93	8.12	6.97	9.25	8.34
KARE.AT	12	Karelia Tobacco Co	1,866	9.05	8.58	6.23	6.22	4.55	5.29
VGR	13	Vector Group Ltd.	1,421	8.42	7.14	7.35	6.99	6.71	7.16
GODFRYPHLP.BO	14	Godfrey Phillips I	657	37.14	28.10	35.41	28.46	40.93	21.69
RMBA.JK	15	PT Bentoel Interna	515	8.42	8.42	11.98	8.60	4.99	11.43
4162.KL	16	British American T	465	11.21	12.93	10.53	11.85	42.33	12.11

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.51	12.34	8.12	7.95	6.71	11.51
Full Range Median Multiple	12.55	12.72	9.02	8.60	7.71	11.75
Industry Multiple	18.53	18.80	12.19	11.43	15.20	14.63
Market Implied Multiple	11.73	7.12	10.72	10.72	10.04	11.57
Company (MO) Multiple	12.54	7.62	11.32	11.32	10.60	12.21
(*) Net Income / EBITDA / Revenue	8,869	14,599	12,095	12,095	12,920	11,214
Winsorized Enterprise Value	N/A	N/A	98,268	96,210	86,667	129,085
Full Range Median Enterprise Value	N/A	N/A	109,044	104,045	99,672	131,760
(-) Net Debt	25,701	25,701	25,701	25,701	25,701	25,701
Winsorized Equity Value	110,976	180,187	72,567	70,509	60,966	103,384
Full Range Median Equity Value	111,282	185,632	83,343	78,344	73,971	106,059
(/) Shares Outstanding	1,684	1,684	1,684	1,684	1,684	1,684
Winsorized Fair Value	$65.90	$107.00	$43.09	$41.87	$36.20	$61.39
Full Range Median Fair Value	$66.08	$110.23	$49.49	$46.52	$43.93	$62.98
Current Price	$61.76	$61.76	$61.76	$61.76	$61.76	$61.76
Upside / Downside	6.70%	73.25%	-30.23%	-32.21%	-41.38%	-0.60%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$46.13	$74.90	$30.16	$29.31	$25.34	$42.97
Buy / Don't Buy	Don’t Buy	BUY	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy