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Altria's P/E ratio during the last 15 years has ranged from 8.8x to over 22x , while the average P/E for tobacco industry has been about 15.6x during the same period
Altria's P/E Multiple
Tobacco Industry 15-Year Average P/E Multiple
Altria's P/E saw modest growth from 2012 to 2014. However, in 2015, P/E shot up due to sharp rise in stock price 'P' on reports of a possible deal between Anheuser-Busch InBev (BUD) and SABMiller, which could help Altria gain a windfall due to its 27% stake in SABMiller.
Expectations of enhanced shareholder returns (due to cash proceeds from stake sale in SABMiller) in the form of higher dividend and share repurchases, led to a surge in stock price, while earnings 'E' grew at a modest rate
Altria P/E Multiple
Altria Average Stock Price
Altria EPS
P/E dropped sharply in 2016, due to significant increase in earnings 'E' as Altria received over $3 billion from BUD, along with over 10% stake in the merged entity in October 2016, post which Altria increased its repurchase program.
Stock price 'P' had already factored in this news over the previous year and hence witnessed only modest increase in 2017, followed by a fall in 2018.
However, large drop in earnings 'E' to historical average levels (in the absence of non-recurring gains) led to rise in P/E from 2016 to 2018
Altria P/E Multiple
Altria Net Income
Altria EPS
Altria Average Stock Price