Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Philip Morris International / Equity Bottom-Up

<ul><li>Philip Morris International's third quarter results for 2025 demonstrate strong performance, driven largely by its smoke-free product lines and the resilience of its combustible portfolio.</li><li>The company reported a quarterly gross profit of over $3 billion from smoke-free products, with flagship brands IQOS, ZYN, and VEEV showing significant volume growth.</li><li>This performance contributed to an adjusted group operating income margin of over 43%, marking the strongest margin in four years, and achieving a record adjusted diluted earnings per share (EPS) of $2.24, a 17% increase.</li></ul>

Philip Morris International's third quarter results for 2025 demonstrate strong performance, driven largely by its smoke-free product lines and the resilience of its combustible portfolio.The company reported a quarterly gross profit of over $3 billion from smoke-free products, with flagship brands IQOS, ZYN, and VEEV showing significant volume growth.This performance contributed to an adjusted group operating income margin of over 43%, marking the strongest margin in four years, and achieving a record adjusted diluted earnings per share (EPS) of $2.24, a 17% increase.

Philip Morris: The 6 Most Significant Forces Steering Its Performance into 2026 and Beyond!

<ul><li>Philip Morris International's recent quarterly performance demonstrates a complex financial picture characterized by several positive developments interspersed with notable challenges.</li><li>In terms of results, the company showcased significant growth trajectories within its smoke-free product segment, encompassing products like IQOS, ZYN, and VEEV.</li><li>This performance contributed substantially to the overall financial outcome, resulting in a robust double-digit increase in adjusted diluted earnings per share in both constant currency and U.S. dollar terms.</li></ul>

Philip Morris International's recent quarterly performance demonstrates a complex financial picture characterized by several positive developments interspersed with notable challenges.In terms of results, the company showcased significant growth trajectories within its smoke-free product segment, encompassing products like IQOS, ZYN, and VEEV.This performance contributed substantially to the overall financial outcome, resulting in a robust double-digit increase in adjusted diluted earnings per share in both constant currency and U.S. dollar terms.

Philip Morris International Powers Profits with ZYN and IQOS—How Long Can the Surge Last?

<ul><li>Philip Morris International delivered a strong start to the year with double-digit growth in organic net revenue, operating income, and adjusted diluted EPS, both in constant currency and dollar terms.</li><li>The company’s smoke-free business was a key growth driver, contributing 44% of total gross profit, supported by shipment volume growth of 14.4% and organic net revenue growth of 20%.</li><li>Within this segment, ZYN shipment volumes grew by 53%, surpassing expectations due to strong demand and increased production capacity, while IQOS demonstrated near 10% HTU adjusted IMS growth despite facing regulatory challenges like the EU flavor ban.</li></ul>

Philip Morris International delivered a strong start to the year with double-digit growth in organic net revenue, operating income, and adjusted diluted EPS, both in constant currency and dollar terms.The company’s smoke-free business was a key growth driver, contributing 44% of total gross profit, supported by shipment volume growth of 14.4% and organic net revenue growth of 20%.Within this segment, ZYN shipment volumes grew by 53%, surpassing expectations due to strong demand and increased production capacity, while IQOS demonstrated near 10% HTU adjusted IMS growth despite facing regulatory challenges like the EU flavor ban.

Philip Morris International: How Important Is The Growth & Capacity Expansion Of ZYN And Its IQOS Innovation For The Future Of The Company?

<ul><li>Philip Morris International (PMI) delivered a notable performance in 2024, showcasing both strengths and challenges that investors should weigh.</li><li>The company's expansion in the smoke-free product sector, alongside resilient performance in combustible products, is a significant aspect of its strategy, supporting growth in both revenue and profitability.</li><li>Positives from the 2024 results show strong momentum in smoke-free products, particularly IQOS, with substantial progress in markets like Japan and parts of Europe despite regulatory challenges such as the EU characterizing flavor ban.</li></ul>

Philip Morris International (PMI) delivered a notable performance in 2024, showcasing both strengths and challenges that investors should weigh.The company's expansion in the smoke-free product sector, alongside resilient performance in combustible products, is a significant aspect of its strategy, supporting growth in both revenue and profitability.Positives from the 2024 results show strong momentum in smoke-free products, particularly IQOS, with substantial progress in markets like Japan and parts of Europe despite regulatory challenges such as the EU characterizing flavor ban.

Philip Morris: Is This Tobacco Giant’s Pricing Power Strong Enough to Defy Declining Demand?

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Pakistan listed Consumer sector is currently trading at FY25 PE of 15.3x which is at a discount to its historical 10-year average of 23.1x.</li><li>Segment wise, consumer staple (FMCG) is trading at FY25 PE of 18.6x vs. 10-year average of 28.8x, pharmaceutical is trading at FY25 PE of 20.9x vs. 10-year average PE of 22.3x and consumer discretionary is trading at PE of FY25 9.3x vs. 10-year average PE of 18.3x.</li><li>Sector witnessed 5-year and 10-years sales/profit CAGR of 21%/32% and 14%/14% respectively.</li></ul>

Pakistan listed Consumer sector is currently trading at FY25 PE of 15.3x which is at a discount to its historical 10-year average of 23.1x.Segment wise, consumer staple (FMCG) is trading at FY25 PE of 18.6x vs. 10-year average of 28.8x, pharmaceutical is trading at FY25 PE of 20.9x vs. 10-year average PE of 22.3x and consumer discretionary is trading at PE of FY25 9.3x vs. 10-year average PE of 18.3x.Sector witnessed 5-year and 10-years sales/profit CAGR of 21%/32% and 14%/14% respectively.

United States

Philip Morris International Inc., through its subsidiaries, affiliates and their licensees, produces, sells, distributes, and markets a wide range of branded cigarettes and tobacco products in markets outside of the United States of America.  The Company's portfolio comprises both international and local brands.

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Philip Morris International (PM US)

Philip Morris: The 6 Most Significant Forces Steering Its Performance into 2026 and Beyond!

Philip Morris International's third quarter results for 2025 demonstrate strong performance, driven largely by its smoke-free product lines and...

Baptista Research

Philip Morris International Powers Profits with ZYN and IQOS—How Long Can the Surge Last?

Philip Morris International's recent quarterly performance demonstrates a complex financial picture characterized by several positive developments...

Baptista Research

Philip Morris International: How Important Is The Growth & Capacity Expansion Of ZYN And Its IQOS Innovation For The Future Of The Company?

Philip Morris International delivered a strong start to the year with double-digit growth in organic net revenue, operating income, and adjusted...

Baptista Research

Philip Morris: Is This Tobacco Giant’s Pricing Power Strong Enough to Defy Declining Demand?

Philip Morris International (PMI) delivered a notable performance in 2024, showcasing both strengths and challenges that investors should...

Baptista Research

Pakistan Listed Consumer Comp Sheet

Pakistan listed Consumer sector is currently trading at FY25 PE of 15.3x which is at a discount to its historical 10-year average of...

Topline Securities

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