Philip Morris (PM): Is Its Smoke-Free Transformation a Durable Growth Engine?

Philip Morris International Inc. (NYSE:PM) has turned a shrinking cigarette business into a growth story. At about $187 a share and $292 billion in value, PM trades near 27 times earnings, a staples-growth multiple, roughly triple what traditional cigarette makers fetch. At this price, investors are betting that smoke-free products keep growing fast enough to […]