Asi es. En el caso de MO, por su historia, y eso que la historia no quiere decir nada, ha demostrado durante muchos años su capacidad de evolucion y adaptacion a los mercados y a su situacion.
No en vano es un Dividend King, que acaba de reafirmar
Ya. Yo creo que eso es lo que va a pasar. No obstante eso ni quita ni pone a si firmaría un crecimiento del dividendo del 2.4% para los próximos 10 años.
Parece que la tesis de la jugada maestra de Altria comprando JUUL cada vez se sostiene menos
Sigo pensando que el objetivo ultimo era simplemente neutralizarla. La tesis de la jugada maestra podria tener sentido si hubiesen comprado el 100%. No tiene sentido hacer de JUUL el motor de crecimiento teniendo solo el 35% y canibalizando el resto de tu negocio.
Altria reported another robust performance in the third quarter, as evidence is gathering that tobacco has been one of the more defensive categories during the pandemic. Consolidated net revenue grew by 4.9% year over year on the back of a modest 2% underlying cigarette volume decline. Adjusted operating income grew by almost 9% over the same period a year ago, implying EBIT margin expansion of 2.2 percentage points, and adjusted earnings per share was flat. Given the lack of visibility into the near-term performance of many businesses, we are surprised that the market seems to have overlooked this resilient performance, and we think Altria is both mispriced and misunderstood. We are retaining our $54 fair value estimate and wide moat rating.
We estimate underlying cigarette shipment volume was down by 2% in the third quarter, offset by 6% pricing. This is a significant improvement from the 4% to 5% decline of recent years, for three reasons, in our view. First, the temporary effect of smokers staying at home and having more time and discretionary income to spend on smoking is increasing the frequency of consumption. This tailwind may ease after the pandemic passes. Second, the stabilization of Altria’s premium price segments after losing share to the discount segment in recent quarters. Third, the structural effect of nicotine consumers switching back to smoking from vaping, following the clampdown on flavored liquids by the Food and Drug Administration, or FDA. While it is difficult to quantify the impact of these factors, and management has again refrained from reinstating medium-term guidance, we believe our medium-term estimate of a 3.5% annual volume decline in a normalized environment remains realistic, and assumes the vaping category does not materially rebound.
Condicionantes solo hay uno: que recupere o se aproxime a su valor de adquisición. Eso y me quedo sin tabaco. Mientras ordeño la vaca.
Lo que pasa es que veo la gráfica y entro en modo “aflorar minusvalias”