| Resumo: | This dissertation illustrates the equity valuation of Philip Morris International (PMI), one of the world-leading companies operating in the tobacco industry, that is traded in the New York Stock Exchange. Regarding the valuation process, two techniques were executed. Starting with the main one, the DCF-model, projected a price per share of $88.9. On a complimentary basis, a relative valuation was executed to better understand the market perception regarding PMI’s value. These valuations were followed by sensitive analyses, with the purpose of stress-testing the assumptions behind the DCF-model. Lastly, the results were benchmarked with a PMI valuation executed by Barclays in December 2019.
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