PM – Market expectations are for rapid Uniform ROA expansion, but management has concerns about market share, volumes, and their guidance

• Philip Morris International Inc. (PM:USA) currently trades at historical highs relative to UAFRS-based (Uniform) Earnings, with a 21.5x Uniform P/E, implying bullish expectations for the firm. However, management has concerns about market share, volumes, and their guidance
• Specifically, management appears concerned about the sustainability of growth in international market share, and focus area offtake share. They also appear concerned about the potential for further declines in total shipment volumes, and may lack confidence in their ability to achieve their operating cash flow guidance target