Devin, thank you for the sober analysis and the great graphs!
Where I think company’s critics have a point is the deceleration of adj EPS growth. By my calculations, from 2009 to 2022, Altria grew adj EPS by 7-8% annually. That has slowed down to 2% in 2023 and, according to their guidance, also 2% in 2024. If these trends don’t reverse, we are looking at a very different company than the one from the 2010’s.
I’d be curious to hear your thoughts on the BAT - PMI global patent dispute settlement.
Devin, thank you for the sober analysis and the great graphs!
Where I think company’s critics have a point is the deceleration of adj EPS growth. By my calculations, from 2009 to 2022, Altria grew adj EPS by 7-8% annually. That has slowed down to 2% in 2023 and, according to their guidance, also 2% in 2024. If these trends don’t reverse, we are looking at a very different company than the one from the 2010’s.
I’d be curious to hear your thoughts on the BAT - PMI global patent dispute settlement.
Another solid write-up, Devin. Thank you, as always!