Not sure if this has ever come up in a Q&A, but why does PMI exclude traditional oral in presentations and press releases? e.g. 2023Q4 slide 8 note (a): "[Oral nicotine category e]xcludes snuff, snuff leaf and U.S. chew." Is PMI possibly preparing to sell traditional brands such as General, Göteborgs Rapé, and Grov?
A potential sale is possible, but I do not view it as probable, as the pool of prospective suitors is limited, and of those suitors, some would face considerable antitrust concerns due to consolidating share.
I don’t smoke but sometimes I feel like trying out some of these new generation products, just so I know what my companies invest in. Alas here in the nanny state of Oz I need a prescription to purchase a vape, I kid you not. So I haven’t bothered. I might have to invest in a Japanese research trip :)
Thank you for addressing the BAT - PMI global patent settlement!
Has PMI decided against divested its Russian operations? I might be confused, but I thought that was their goal after Russia’s invasion of Ukraine. However in their 2024 guidance they have dropped language about divestment.
One thing I find frustrating about PMI (and for that matter all the major nicotine companies): they “adjust away” so many losses. Their 2024 GAAP EPS is $5.02 vs $6.01 after adjustments. In comparison, SWMA had extremely clean financials with usually no adjustments.
Following the invasion of Ukraine the company decided to start presenting figure pro forma excluding Russia and was exploring a sale of the assets. Since then, they've largely concluded that a sale isn't feasible as Russia would force a terribly unfavorable price, and they have added back Russia into presented figures. While I haven't published an updated model, I'm still looking at the company pro forma; offering considerable wiggle room if there is a resolution that allows not only a retention of operations but a resumption of all marketing and support.
I share in the frustration regarding how PMI presents certain figures; though this is not an issue exclusive to PMI. On the other hand, it does offer investors quite a bit to chew on regarding how they are making their own adjustments in mapping out potential futures; something that should be done regardless of how a company is (or isn't) adjusting certain items. Certainly, many things that are adjusted are not simple one-offs, but even those do help make comparisons across periods.
Not sure if this has ever come up in a Q&A, but why does PMI exclude traditional oral in presentations and press releases? e.g. 2023Q4 slide 8 note (a): "[Oral nicotine category e]xcludes snuff, snuff leaf and U.S. chew." Is PMI possibly preparing to sell traditional brands such as General, Göteborgs Rapé, and Grov?
A potential sale is possible, but I do not view it as probable, as the pool of prospective suitors is limited, and of those suitors, some would face considerable antitrust concerns due to consolidating share.
I don’t smoke but sometimes I feel like trying out some of these new generation products, just so I know what my companies invest in. Alas here in the nanny state of Oz I need a prescription to purchase a vape, I kid you not. So I haven’t bothered. I might have to invest in a Japanese research trip :)
Thank you for addressing the BAT - PMI global patent settlement!
Has PMI decided against divested its Russian operations? I might be confused, but I thought that was their goal after Russia’s invasion of Ukraine. However in their 2024 guidance they have dropped language about divestment.
One thing I find frustrating about PMI (and for that matter all the major nicotine companies): they “adjust away” so many losses. Their 2024 GAAP EPS is $5.02 vs $6.01 after adjustments. In comparison, SWMA had extremely clean financials with usually no adjustments.
Following the invasion of Ukraine the company decided to start presenting figure pro forma excluding Russia and was exploring a sale of the assets. Since then, they've largely concluded that a sale isn't feasible as Russia would force a terribly unfavorable price, and they have added back Russia into presented figures. While I haven't published an updated model, I'm still looking at the company pro forma; offering considerable wiggle room if there is a resolution that allows not only a retention of operations but a resumption of all marketing and support.
I share in the frustration regarding how PMI presents certain figures; though this is not an issue exclusive to PMI. On the other hand, it does offer investors quite a bit to chew on regarding how they are making their own adjustments in mapping out potential futures; something that should be done regardless of how a company is (or isn't) adjusting certain items. Certainly, many things that are adjusted are not simple one-offs, but even those do help make comparisons across periods.