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 earn that premium, rather than paying for a slowly shrinking tobacco company in disguise.Philip Morris (PM): Is Its Smoke-Free Transformation a Durable Growth Engine? The Re-Rating Math What led to this high multiple? Smoke-free products, mainly Zyn nicotine pouches and IQOS heated tobacco, now make up more than 40% of PM's revenue, up from a sliver a few years ago.
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