Intrinsic value of Altria Group - MO

Previous Close

$53.33

  Intrinsic Value

$44.76

stock screener

  Rating & Target

hold

-16%

Previous close

$53.33

 
Intrinsic value

$44.76

 
Up/down potential

-16%

 
Rating

hold

We calculate the intrinsic value of MO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 100.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  26,088
  26,688
  27,373
  28,143
  28,997
  29,933
  30,952
  32,056
  33,245
  34,520
  35,885
  37,342
  38,892
  40,540
  42,289
  44,142
  46,104
  48,179
  50,371
  52,685
  55,127
  57,703
  60,417
  63,278
  66,290
  69,462
  72,800
  76,313
  80,009
  83,896
Variable operating expenses, $m
  17,182
  17,537
  17,942
  18,397
  18,901
  19,454
  20,056
  20,708
  21,410
  22,164
  21,200
  22,060
  22,976
  23,950
  24,983
  26,078
  27,237
  28,462
  29,757
  31,125
  32,567
  34,089
  35,693
  37,382
  39,162
  41,036
  43,008
  45,083
  47,267
  49,563
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  17,182
  17,537
  17,942
  18,397
  18,901
  19,454
  20,056
  20,708
  21,410
  22,164
  21,200
  22,060
  22,976
  23,950
  24,983
  26,078
  27,237
  28,462
  29,757
  31,125
  32,567
  34,089
  35,693
  37,382
  39,162
  41,036
  43,008
  45,083
  47,267
  49,563
Operating income, $m
  8,905
  9,151
  9,431
  9,747
  10,096
  10,479
  10,896
  11,348
  11,834
  12,356
  14,685
  15,281
  15,916
  16,590
  17,306
  18,065
  18,867
  19,716
  20,613
  21,561
  22,560
  23,614
  24,725
  25,895
  27,128
  28,426
  29,792
  31,230
  32,742
  34,333
EBITDA, $m
  11,039
  11,293
  11,583
  11,909
  12,270
  12,667
  13,098
  13,565
  14,068
  14,608
  15,185
  15,802
  16,458
  17,155
  17,895
  18,680
  19,510
  20,388
  21,315
  22,295
  23,328
  24,418
  25,567
  26,777
  28,052
  29,394
  30,807
  32,293
  33,857
  35,502
Interest expense (income), $m
  775
  750
  780
  815
  856
  901
  951
  1,006
  1,066
  1,131
  1,201
  1,276
  1,356
  1,441
  1,532
  1,629
  1,732
  1,841
  1,956
  2,078
  2,207
  2,343
  2,486
  2,637
  2,797
  2,965
  3,142
  3,328
  3,524
  3,731
  3,948
Earnings before tax, $m
  8,155
  8,371
  8,616
  8,891
  9,195
  9,528
  9,890
  10,282
  10,703
  11,156
  13,410
  13,926
  14,475
  15,058
  15,677
  16,333
  17,027
  17,760
  18,535
  19,354
  20,217
  21,128
  22,087
  23,098
  24,163
  25,284
  26,464
  27,706
  29,012
  30,385
Tax expense, $m
  2,202
  2,260
  2,326
  2,401
  2,483
  2,572
  2,670
  2,776
  2,890
  3,012
  3,621
  3,760
  3,908
  4,066
  4,233
  4,410
  4,597
  4,795
  5,005
  5,226
  5,459
  5,704
  5,964
  6,237
  6,524
  6,827
  7,145
  7,481
  7,833
  8,204
Net income, $m
  5,953
  6,110
  6,290
  6,490
  6,712
  6,955
  7,220
  7,506
  7,813
  8,144
  9,789
  10,166
  10,567
  10,992
  11,444
  11,923
  12,429
  12,965
  13,531
  14,128
  14,759
  15,423
  16,124
  16,862
  17,639
  18,457
  19,319
  20,225
  21,179
  22,181

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  44,067
  45,080
  46,239
  47,540
  48,981
  50,562
  52,284
  54,148
  56,156
  58,311
  60,617
  63,077
  65,697
  68,480
  71,435
  74,565
  77,879
  81,383
  85,086
  88,995
  93,120
  97,471
  102,056
  106,888
  111,976
  117,334
  122,973
  128,907
  135,150
  141,717
Adjusted assets (=assets-cash), $m
  44,067
  45,080
  46,239
  47,540
  48,981
  50,562
  52,284
  54,148
  56,156
  58,311
  60,617
  63,077
  65,697
  68,480
  71,435
  74,565
  77,879
  81,383
  85,086
  88,995
  93,120
  97,471
  102,056
  106,888
  111,976
  117,334
  122,973
  128,907
  135,150
  141,717
Revenue / Adjusted assets
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
Average production assets, $m
  10,905
  11,155
  11,442
  11,764
  12,121
  12,512
  12,938
  13,399
  13,896
  14,430
  15,000
  15,609
  16,257
  16,946
  17,677
  18,452
  19,272
  20,139
  21,055
  22,022
  23,043
  24,120
  25,254
  26,450
  27,709
  29,035
  30,430
  31,899
  33,444
  35,069
Working capital, $m
  -2,896
  -2,962
  -3,038
  -3,124
  -3,219
  -3,323
  -3,436
  -3,558
  -3,690
  -3,832
  -3,983
  -4,145
  -4,317
  -4,500
  -4,694
  -4,900
  -5,118
  -5,348
  -5,591
  -5,848
  -6,119
  -6,405
  -6,706
  -7,024
  -7,358
  -7,710
  -8,081
  -8,471
  -8,881
  -9,313
Total debt, $m
  14,448
  15,101
  15,847
  16,684
  17,613
  18,631
  19,740
  20,940
  22,234
  23,622
  25,106
  26,691
  28,378
  30,170
  32,073
  34,089
  36,223
  38,480
  40,864
  43,382
  46,039
  48,840
  51,793
  54,905
  58,182
  61,632
  65,264
  69,085
  73,106
  77,335
Total liabilities, $m
  28,379
  29,032
  29,778
  30,615
  31,544
  32,562
  33,671
  34,871
  36,165
  37,553
  39,037
  40,622
  42,309
  44,101
  46,004
  48,020
  50,154
  52,411
  54,795
  57,313
  59,970
  62,771
  65,724
  68,836
  72,113
  75,563
  79,195
  83,016
  87,037
  91,266
Total equity, $m
  15,688
  16,049
  16,461
  16,924
  17,437
  18,000
  18,613
  19,277
  19,992
  20,759
  21,580
  22,455
  23,388
  24,379
  25,431
  26,545
  27,725
  28,972
  30,291
  31,682
  33,151
  34,700
  36,332
  38,052
  39,864
  41,771
  43,778
  45,891
  48,114
  50,451
Total liabilities and equity, $m
  44,067
  45,081
  46,239
  47,539
  48,981
  50,562
  52,284
  54,148
  56,157
  58,312
  60,617
  63,077
  65,697
  68,480
  71,435
  74,565
  77,879
  81,383
  85,086
  88,995
  93,121
  97,471
  102,056
  106,888
  111,977
  117,334
  122,973
  128,907
  135,151
  141,717
Debt-to-equity ratio
  0.920
  0.940
  0.960
  0.990
  1.010
  1.040
  1.060
  1.090
  1.110
  1.140
  1.160
  1.190
  1.210
  1.240
  1.260
  1.280
  1.310
  1.330
  1.350
  1.370
  1.390
  1.410
  1.430
  1.440
  1.460
  1.480
  1.490
  1.510
  1.520
  1.530
Adjusted equity ratio
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5,953
  6,110
  6,290
  6,490
  6,712
  6,955
  7,220
  7,506
  7,813
  8,144
  9,789
  10,166
  10,567
  10,992
  11,444
  11,923
  12,429
  12,965
  13,531
  14,128
  14,759
  15,423
  16,124
  16,862
  17,639
  18,457
  19,319
  20,225
  21,179
  22,181
Depreciation, amort., depletion, $m
  2,134
  2,143
  2,152
  2,163
  2,175
  2,188
  2,202
  2,217
  2,234
  2,252
  500
  520
  542
  565
  589
  615
  642
  671
  702
  734
  768
  804
  842
  882
  924
  968
  1,014
  1,063
  1,115
  1,169
Funds from operations, $m
  8,087
  8,253
  8,442
  8,653
  8,887
  9,143
  9,422
  9,723
  10,047
  10,395
  10,289
  10,686
  11,108
  11,557
  12,033
  12,538
  13,072
  13,636
  14,233
  14,862
  15,527
  16,227
  16,966
  17,744
  18,563
  19,425
  20,333
  21,288
  22,293
  23,350
Change in working capital, $m
  -57
  -67
  -76
  -85
  -95
  -104
  -113
  -122
  -132
  -142
  -152
  -162
  -172
  -183
  -194
  -206
  -218
  -230
  -243
  -257
  -271
  -286
  -301
  -317
  -334
  -352
  -371
  -390
  -410
  -432
Cash from operations, $m
  8,144
  8,320
  8,518
  8,739
  8,982
  9,247
  9,535
  9,845
  10,179
  10,537
  10,441
  10,848
  11,281
  11,740
  12,228
  12,744
  13,290
  13,867
  14,476
  15,119
  15,798
  16,513
  17,267
  18,061
  18,897
  19,777
  20,704
  21,678
  22,704
  23,782
Maintenance CAPEX, $m
  -356
  -363
  -372
  -381
  -392
  -404
  -417
  -431
  -447
  -463
  -481
  -500
  -520
  -542
  -565
  -589
  -615
  -642
  -671
  -702
  -734
  -768
  -804
  -842
  -882
  -924
  -968
  -1,014
  -1,063
  -1,115
New CAPEX, $m
  -212
  -251
  -287
  -322
  -357
  -391
  -426
  -461
  -497
  -533
  -571
  -609
  -648
  -689
  -731
  -775
  -820
  -867
  -916
  -967
  -1,021
  -1,077
  -1,135
  -1,196
  -1,259
  -1,326
  -1,395
  -1,468
  -1,545
  -1,625
Cash from investing activities, $m
  -568
  -614
  -659
  -703
  -749
  -795
  -843
  -892
  -944
  -996
  -1,052
  -1,109
  -1,168
  -1,231
  -1,296
  -1,364
  -1,435
  -1,509
  -1,587
  -1,669
  -1,755
  -1,845
  -1,939
  -2,038
  -2,141
  -2,250
  -2,363
  -2,482
  -2,608
  -2,740
Free cash flow, $m
  7,576
  7,705
  7,859
  8,035
  8,233
  8,452
  8,692
  8,953
  9,236
  9,540
  9,389
  9,739
  10,112
  10,509
  10,932
  11,380
  11,854
  12,357
  12,888
  13,450
  14,043
  14,668
  15,328
  16,024
  16,756
  17,528
  18,340
  19,196
  20,095
  21,042
Issuance/(repayment) of debt, $m
  554
  653
  746
  838
  928
  1,018
  1,109
  1,200
  1,293
  1,388
  1,485
  1,584
  1,687
  1,793
  1,902
  2,016
  2,134
  2,257
  2,385
  2,518
  2,657
  2,802
  2,953
  3,111
  3,277
  3,450
  3,632
  3,822
  4,020
  4,229
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  554
  653
  746
  838
  928
  1,018
  1,109
  1,200
  1,293
  1,388
  1,485
  1,584
  1,687
  1,793
  1,902
  2,016
  2,134
  2,257
  2,385
  2,518
  2,657
  2,802
  2,953
  3,111
  3,277
  3,450
  3,632
  3,822
  4,020
  4,229
Total cash flow (excl. dividends), $m
  8,130
  8,358
  8,605
  8,873
  9,161
  9,470
  9,801
  10,153
  10,529
  10,928
  10,874
  11,323
  11,799
  12,302
  12,834
  13,396
  13,989
  14,614
  15,273
  15,968
  16,700
  17,470
  18,281
  19,135
  20,033
  20,978
  21,972
  23,017
  24,116
  25,271
Retained Cash Flow (-), $m
  -311
  -361
  -412
  -463
  -513
  -563
  -613
  -664
  -715
  -767
  -821
  -876
  -933
  -991
  -1,052
  -1,114
  -1,180
  -1,248
  -1,318
  -1,392
  -1,469
  -1,549
  -1,632
  -1,720
  -1,812
  -1,907
  -2,008
  -2,113
  -2,223
  -2,338
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  7,819
  7,997
  8,193
  8,410
  8,648
  8,907
  9,187
  9,490
  9,814
  10,161
  10,053
  10,447
  10,867
  11,311
  11,782
  12,281
  12,809
  13,366
  13,955
  14,576
  15,231
  15,921
  16,649
  17,415
  18,222
  19,071
  19,965
  20,905
  21,893
  22,933
Discount rate, %
  5.80
  6.09
  6.39
  6.71
  7.05
  7.40
  7.77
  8.16
  8.57
  9.00
  9.45
  9.92
  10.42
  10.94
  11.48
  12.06
  12.66
  13.29
  13.96
  14.66
  15.39
  16.16
  16.97
  17.81
  18.71
  19.64
  20.62
  21.65
  22.74
  23.87
PV of cash for distribution, $m
  7,391
  7,105
  6,803
  6,485
  6,151
  5,803
  5,441
  5,066
  4,683
  4,293
  3,724
  3,358
  2,997
  2,645
  2,307
  1,987
  1,688
  1,414
  1,166
  946
  754
  590
  453
  341
  251
  180
  126
  86
  58
  37
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Altria Group, Inc. is a holding company. The Company's segments include smokeable products, smokeless products and wine. The Company's subsidiaries include Philip Morris USA Inc. (PM USA), which is engaged in the manufacture and sale of cigarettes in the United States; John Middleton Co. (Middleton), which is engaged in the manufacture and sale of machine-made cigars and pipe tobacco, and UST LLC (UST), which, through its subsidiaries, including U.S. Smokeless Tobacco Company LLC (USSTC) and Ste. Michelle Wine Estates Ltd. (Ste. Michelle), is engaged in the manufacture and sale of smokeless tobacco products and wine. Its other operating companies include Nu Mark LLC (Nu Mark), a subsidiary that is engaged in the manufacture and sale of tobacco products, and Philip Morris Capital Corporation (PMCC), a subsidiary that maintains a portfolio of finance assets. Other subsidiaries include Altria Group Distribution Company and Altria Client Services LLC.

FINANCIAL RATIOS  of  Altria Group (MO)

Valuation Ratios
P/E Ratio 7.3
Price to Sales 4
Price to Book 8.1
Price to Tangible Book
Price to Cash Flow 27.3
Price to Free Cash Flow 28.8
Growth Rates
Sales Growth Rate 1.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -17.5%
Cap. Spend. - 3 Yr. Gr. Rate 7.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 108.7%
Total Debt to Equity 108.7%
Interest Coverage 29
Management Effectiveness
Return On Assets 38.1%
Ret/ On Assets - 3 Yr. Avg. 23.9%
Return On Total Capital 67.2%
Ret/ On T. Cap. - 3 Yr. Avg. 42.2%
Return On Equity 182%
Return On Equity - 3 Yr. Avg. 167.3%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 45%
Gross Margin - 3 Yr. Avg. 43.4%
EBITDA Margin 88.7%
EBITDA Margin - 3 Yr. Avg. 53.4%
Operating Margin 84.7%
Oper. Margin - 3 Yr. Avg. 49.2%
Pre-Tax Margin 84.9%
Pre-Tax Margin - 3 Yr. Avg. 49.4%
Net Profit Margin 55.3%
Net Profit Margin - 3 Yr. Avg. 32.2%
Effective Tax Rate 34.8%
Eff/ Tax Rate - 3 Yr. Avg. 34.9%
Payout Ratio 31.7%

MO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MO stock intrinsic value calculation we used $25576 million for the last fiscal year's total revenue generated by Altria Group. The default revenue input number comes from 0001 income statement of Altria Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MO stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.8%, whose default value for MO is calculated based on our internal credit rating of Altria Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Altria Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MO stock the variable cost ratio is equal to 66%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for MO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Altria Group.

Corporate tax rate of 27% is the nominal tax rate for Altria Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MO are equal to 41.8%.

Life of production assets of 93.1 years is the average useful life of capital assets used in Altria Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MO is equal to -11.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $15377 million for Altria Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 1885.18 million for Altria Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Altria Group at the current share price and the inputted number of shares is $100.5 billion.

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