frommi

WSTL, it has lots of hairs, trades at 50% of NCAV and i am pretty sure that nobody here will like or buy it after doing tons of research :)

Do you see rising interest rates without inflation going up?

Thanks, that makes sense. Yes i search for that info since i started investing here, but also haven`t found it. That info is so important to me that i sometimes misinterpret everything into that direction. :D

Earnings of the first half of this year look pretty good to me. But does somebody understand what this means: What exactly does 0.5% dollar share mean? Does PM get 0.5% dollar of the revenue? (If yes this would be a whole lot less than i thought it would be)

following https://finance.yahoo.com/news/board-directors-westell-technologies-inc-200110056.html?.tsrc=rss shareholders holding less than 1000 shares will be cashed out at 1.48$. Might be an option to make some quick and safe bucks on Monday morning. Has someone experience with these kind of opportunities?

S&P500 index inclusion. Will drop like a stone if this process is finished. If Musk is smart he eliminates all debt with share issuance now.

Thanks for all the information in this thread, annual report for 2019 is out. Around a 8% fcf yield at current prices if my math is correct, looks like good value to me now. Oh and they finally cut the dividend by half.

At least according to ycharts 2010 eps was around 13$ which would be a cagr of ~14%.

You should double check your numbers :)

I see OCI of 9.9 billion for 2017 and 2018 and 10.8 for 2019 and this is exactly what i want to see as a MO investor.

LON:IMB, too cheap to pass now. My only concern is that i am nearly 40% in tobacco stocks now.

Sold some LON:IMB to buy more MO.

The question for MO in regard to IQOS over the past year for me was just how much of the IQOS profits really get to Altria and how much as a license fee to PM. There was never a public statement of the exact split. I think that they were probably still negotiating this and Altria played its card by not rolling out IQOS very fast and PM`s answer was than to take over Altria to eliminate this licensing mess. It would have been great if IQOS was available nationwide in the US right now, because all this fear of vaping plays directly into the cards of PM/MO. I can imagine that we even see an uptick in tobacco usage this quarter because people switch from vaping back to cigarettes with all these scary headlines thinking that vaping is more dangerous than cigs. Than why are margins already expanding even with the introduction of IQOS 3 and all these investments?

At least for IQOS you can look at the PM annual report to get an idea of it. Because of lower taxes on IQOS they earn more on every stick sold than on cigarettes (And thats true even with a lower selling price). The devices are sold without profits, and i expect that production of HEET`s is similar to cigarette production. This is an excellent business and the reason PM is pushing it so hard. Vaping might be not so profitable because of all the competition, but this is probably going to get better with more regulation. I see it as a fat pitch right now. Just compare it to other staples like KO,KHC or something like GIS (which also sell unhealthy and volume shrinking products but with price competition) that trade at higher multiples and it is obvious that Altria/PM is a much better investment. *EDIT*: Just to give some numbers, 5.5% of stick volume for PM was from IQOS/RRP, while 15% of net revenues (after excise taxes) came from IQOS/RRP. Even if half of RRP revenue was devices, this is >30% more net revenue on every HEET stick. Given that HEETS are pretty similar to cigarettes, i would think that costs to manufacture them are also similar. *EDIT2*: And it gets even better when you look at the latest quarter, where 14% of revenue was devices and RRP revenue was already 20% of the whole. Unit economics on HEETs are great and PM even stated in the earnings call that margins will expand. Just look at page 43 of the call presentation and you see that adjusted operating margins have increased by 2.4% over one year.

Yeah kill vaping, thats great for PM. IQOS is already approved by the FDA, its very unlikely that it gets banned. And what will people smoke that vaped until that point? As long as cigarette volumes keep falling at a moderate level (what they have done for >30 years now) where price increases can more than compensate for that, this is just a great business. And when you look at PM`s volumes over the last year cigarette volumes are really falling so slowly that overall volume was basically flat. Altria should get its shit done and spread IQOS far faster than they do right now. I am pretty sure that PM`s management was not very satisfied with Altrias slow roll out plan, and that is the true reason for the merger. Altria`s management made some really stupid decisions starting with the investment JUUL and Cronos, both investments that are in the focus of the current investigations because the e-vapor deaths are linked to THC usage in open pod vaping systems. I really hope that the PM management gets rid of all the investments from Altria somehow and simply buys back shares.