ALTRIA GROUP, INC. (MO)

Cigarettes

Latest Price

$70.61

TTM P/E

14.52

Normalized P/E

16.82

Div Yield

6.15%

Book Value

P/B Ratio

Valuation metrics

Norm. op. income: $11.2B (median of 7yr)

Tax rate: 26%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$37.13

46% downside

Base FCF: $8.6B (median of recent 5yr)

Growth: 3%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$64.06

7% downside

EPS: $4.12

Target P/E: 17×

Formula: EPS × P/E

P/E Fair Value

$70.04

+2% upside

67.4% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	126.07M	$9.07B	7.54%	+1.33M	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	109.03M	$7.84B	6.52%	+196.9K	2026-06-30
STATE STREET CORP	70.19M	$5.12B	4.20%	-1.60M	2026-06-30
Sixth Street Partners Management Company, L.P.	59.12M	$4.25B	3.54%	--	2026-06-30
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	59.12M	$4.25B	3.54%	+4.84M	2026-06-30
Capital Research Global Investors	58.65M	$4.22B	3.51%	+32.97M	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	47.72M	$3.44B	2.85%	+699.2K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	33.72M	$2.43B	2.02%	-1.49M	2026-06-30
GQG Partners LLC	25.11M	$1.81B	1.50%	+1.27M	2026-06-30
MORGAN STANLEY	22.70M	$1.63B	1.36%	-1.75M	2026-06-30