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Corporate Factbook

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Altria Group, Inc.
2018-04-17
(MO)

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Altria Group, Inc. (MO) –
Price: 64,29 Mean Analyst Target Price: 77,07
Market cap.: 121.70Billion| Sector: Consumer Goods | Industry: Cigarettes
Sales: 25.58Billion | Income: 6.84Billion

1-Year Price Range: 59.07 - 77.79 | 1-Y Performance: -11.4% | YTD Performance: -10.5%

Yield: 4.38% | P/E: 17,95 | Fwd. P/E 14,66 | P/S: 4,76 | P/B: 7,91

Altria Group, Inc., through its subsidiaries, manufactures and sells cigarettes, smokeless products,
and wine in the United States. It offers cigarettes primarily under the Marlboro brand; cigars
principally under the Black & Mild brand; and moist smokeless tobacco products under the
Copenhagen, Skoal, Red Seal, and Husky brands. The company also produces and sells varietal and
blended table wines, and sparkling wines under the Chateau Ste. Michelle, Columbia Crest, and 14
Hands names; and imports and markets Antinori, Torres, and Villa Maria Estate wines, as well as
Champagne Nicolas Feuillatte in the United States. In addition, it provides finance leasing services

Corporate Factbook - Altria Group, Inc. (MO) Seite 2

Date: 2018-04-17
primarily in aircraft, electric power, railcar, real estate, and manufacturing industries. The company
sells its tobacco products primarily to wholesalers, including distributors; large retail organizations,
such as chain stores; and the armed services. Altria Group, Inc. was founded in 1919 and is
headquartered in Richmond, Virginia.

Key Ratios
Index S&P 500 P/E 18.04 EPS (ttm) 3.56
Market Cap 122.27B Forward P/E 14.73 EPS next Y 4.36
Income 6.84B PEG 1.78 EPS next Q 0.92
Sales 25.58B P/S 4.78 EPS this Y -51.1%
Book/sh 8.08 P/B 7.95 EPS next Y 9.46%
Cash/sh 0.66 P/C 97.58 EPS next 5Y 10.15%
Dividend 2.8 P/FCF - EPS past 5Y 11.60%
Dividend % 4.36% Quick Ratio 0.3 Sales past 5Y 0.80%
Employees 8300 Current Ratio 0.6 Sales Q/Q -2.40%
Optionable Yes Debt/Eq 0.9 EPS Q/Q -84.10%
Shortable Yes LT Debt/Eq 0.85 Earnings Apr 26 BMO
Recom 1.9 SMA20 2.55% SMA50 0.17%

Insider Own 0.10% Shs Outstand 1.90B Perf Week 1.58%

Insider Trans -1.46% Shs Float 1.89B Perf Month 0.69%
Inst Own 64.10% Short Float 0.0089 Perf Quarter -7.70%
Inst Trans 0.04% Short Ratio 2.05 Perf Half Y -1.68%
ROA 23.00% Target Price 77.07 Perf Year -9.89%
ROE 78.20% 52W Range 59.07 - 77.79 Perf YTD -10.03%
ROI 24.00% 52W High -0.1783 Beta 0.64
Gross Margin 46.70% 52W Low 0.0821 ATR 1.28
Oper. Margin 39.10% RSI (14) 52.59 Volatility 1.32% 2.16%
Profit Margin 39.90% Rel Volume 0.5 Prev Close 64.25
Payout 46.70% Avg Volume 8.15M Price 63.92
SMA200 -3.94% Volume 1316209 Change -0.51%

Latest Earnings Press Release:

▪Altria’s 2017 fourth-quarter reported diluted earnings per share (EPS) decreased 50.7% to $2.60, as
comparisons were affected by special items.

▪Altria’s 2017 fourth-quarter adjusted diluted EPS, which excludes the impact of special items,
increased 33.8% to $0.91.

▪Altria’s 2017 full-year reported diluted EPS decreased 27.1% to $5.31, as comparisons were affected
by special items.

▪Altria’s 2017 full-year adjusted diluted EPS, which excludes the impact of special items, increased
11.9% to $3.39.

Corporate Factbook - Altria Group, Inc. (MO) Seite 3

Date: 2018-04-17
▪Altria announces a new $1 billion share repurchase program to be completed by the end of 2018,
having completed its prior $4 billion share repurchase program in January.

▪Altria’s Chairman and Chief Executive Officer Marty Barrington announces his decision to retire at
the conclusion of the May 17, 2018 Annual Shareholder Meeting; Altria’s Board of Directors (Board)
has elected Howard Willard, 54, to serve as Chairman and Chief Executive Officer and Billy Gifford,
47, to serve as Vice Chairman and Chief Financial Officer.

RICHMOND, Va. - February 1, 2018 - Altria Group, Inc. (Altria) (NYSE: MO) today announced its 2017
fourth-quarter and full-year business results and provided its guidance for 2018 full-year adjusted
diluted EPS.

“Altria had another strong year in 2017,” said Marty Barrington, Altria’s Chairman, Chief Executive
Officer and President. “We delivered outstanding financial performance and continued to focus on
rewarding our shareholders - paying out $4.8 billion in dividends, increasing our dividend by 8.2%
and repurchasing more than $2.9 billion in shares. Our 2017 total shareholder return of 9.4% follows
four consecutive years of returns exceeding 20%. Over this five-year period, our total shareholder
return of 181% outperformed both the S&P 500 and S&P Food, Beverage and Tobacco Index by more
than 70%.”

“That success was built on our core tobacco businesses, which delivered strong income growth and
expanded their already high margins, despite a year with some unique challenges. Further, we
acquired Nat Sherman to improve our smokeable segment’s position in the growing super-premium
cigarette segment. We also accomplished several other important strategic initiatives for future
success, including making significant progress toward our goal of becoming the U.S. leader in
authorized, non-combustible reduced-risk products. And the passage of federal tax reform
strengthens our financial capability to further invest in our businesses and reward our shareholders.”

“We thus are forecasting 2018 full-year adjusted diluted EPS growth in a range of 15% to 19%.”

Corporate Factbook - Altria Group, Inc. (MO) Seite 4

Date: 2018-04-17
Latest Rating Updates:

Jan-19-18Upgrade Jefferies Hold → Buy

Dec-19-17Upgrade Berenberg Hold → Buy
Jul-31-17Upgrade RBC Capital Mkts Underperform → Sector Perform $62
Jul-31-17Reiterated UBS Neutral $78 → $72
Jul-31-17Reiterated Stifel Buy $77 → $72
Mar-23-17Downgrade RBC Capital Mkts Sector Perform → Underperform $62
Feb-03-17Downgrade Berenberg Buy → Hold
Jan-04-17Upgrade BofA/Merrill Neutral → Buy
Nov-29-16Resumed Morgan Stanley Equal-Weight $65
Sep-21-16Initiated Jefferies Hold $70
Sep-13-16Initiated Citigroup Buy $72
Jun-27-16Reiterated Stifel Buy $65 → $71
Jun-14-16Initiated Berenberg Buy $74
Mar-24-16Downgrade BofA/Merrill Buy → Neutral
Jul-30-15Downgrade Credit Agricole Buy → Outperform
Jul-06-15Upgrade Credit Agricole Outperform → Buy
Feb-02-15Reiterated Stifel Buy $54 → $57
Oct-31-14Reiterated Stifel Buy $46 → $50
Sep-08-14Reiterated Stifel Buy $43 → $46
Jun-02-14Reiterated Stifel Buy $40 → $43

Biggest Competitors

Ticker Company Market Cap Fwd P/E P/S P/B Dividend

PM Philip Morris International Inc. 159.78B 17.67 5.56 - 4.16%
BTI British American Tobacco p.l.c. 133.48B 14.69 4.62 1.49 4.70%
MO Altria Group, Inc. 122.27B 14.73 4.78 7.95 4.36%
VGR Vector Group Ltd. 2.76B 26.53 1.53 - 7.73%

Corporate Factbook - Altria Group, Inc. (MO) Seite 5

Date: 2018-04-17
10-Year Financials

Growth Profitability and Financial Ratios for Altria Group

Inc
Financials
2008-12 2009-12 2010-12 2011-12 2012-12 2013-12 2014-12 2015-12 2016-12 2017-12 TTM
Revenue USD Mil 15,957 16,824 16,892 16,619 17,500 17,663 17,945 18,854 19,337 19,494 19,494
Gross Margin % 48.2 52.5 54.4 53.8 54.6 59.2 56.6 58.9 59.9 61.3 61.3
Operating Income USD Mil 4,927 5,971 6,433 6,276 7,262 8,117 7,619 8,365 8,941 9,589 9,589
Operating Margin % 30.9 35.5 38.1 37.8 41.5 46.0 42.5 44.4 46.2 49.2 49.2
Net Income USD Mil 4,930 3,206 3,905 3,390 4,180 4,535 5,070 5,241 14,239 10,222 10,222
Earnings Per Share USD 2.36 1.54 1.87 1.64 2.06 2.26 2.56 2.67 7.28 5.31 5.31
Dividends USD 1.68 1.32 1.46 1.58 1.70 1.84 2.00 2.17 2.35 2.54 2.54
Payout Ratio % * 113.5 85.7 78.0 92.8 82.5 70.0 90.3 79.9 86.7 31.2 47.8
Shares Mil 2,084 2,071 2,079 2,064 2,024 1,999 1,978 1,961 1,952 1,921 1,921
Book Value Per Share * USD 1.37 1.96 2.49 2.16 1.58 2.00 2.17 1.47 1.51 6.40 8.12
Operating Cash Flow USD Mil 4,881 3,443 2,767 3,613 3,903 4,375 4,663 5,810 3,791 4,922 4,922
Cap Spending USD Mil - 241 - 273 - 168 - 105 - 124 - 131 - 163 - 229 - 189 - 199 - 199
Free Cash Flow USD Mil 4,640 3,170 2,599 3,508 3,779 4,244 4,500 5,581 3,602 4,723 4,723
Free Cash Flow Per Share * USD 2.22 1.53 1.25 1.68 1.87 2.31 2.23 2.79 2.57 2.18 -
Working Capital USD Mil 3,934 - 2,219 - 859 - 512 - 1,936 - 468 - 795 - 992 - 115 - 2,448 -

Key Ratios -> Profitability

Margins % of Sales 2008-12 2009-12 2010-12 2011-12 2012-12 2013-12 2014-12 2015-12 2016-12 2017-12 TTM
Revenue 100 100 100 100 100 100 100 100 100 100 100
COGS 51.83 47.49 45.61 46.21 45.35 40.8 43.38 41.05 40.06 38.69 38.69
Gross Margin 48.17 52.51 54.39 53.79 54.65 59.2 56.62 58.95 59.94 61.31 61.31
SG&A 17.25 16.9 16.19 15.9 13.15 13.25 14.16 14.36 13.7 12.12 12.12
R&D
Other 0.04 0.12 0.12 0.12 0 0 0 0.22 0 0 0
Operating Margin 30.88 35.49 38.08 37.76 41.5 45.95 42.46 44.37 46.24 49.19 49.19
Net Int Inc & Other -0.86 -6.5 -4.2 -4.18 -4.49 -6.65 0.86 -1.52 66.77 1.23 1.23
EBT Margin 30.01 28.99 33.88 33.59 37.01 39.3 43.32 42.85 113.01 50.42 50.42

Profitability 2008-12 2009-12 2010-12 2011-12 2012-12 2013-12 2014-12 2015-12 2016-12 2017-12 TTM

Corporate Factbook - Altria Group, Inc. (MO) Seite 6

Date: 2018-04-17
Tax Rate % 35.48 34.22 31.73 39.22 35.42 34.67 34.78 35.1 34.82 0 0
Net Margin % 30.9 19.06 23.03 20.4 23.89 25.68 28.19 27.74 73.51 52.44 52.44
Asset Turnover (Average) 0.38 0.53 0.46 0.45 0.48 0.5 0.52 0.56 0.49 0.44 0.44
Return on Assets % 11.68 10.04 10.5 9.12 11.56 12.92 14.59 15.61 36.23 22.94 22.94
Financial Leverage (Average) 9.62 9.01 7.2 10.04 11.15 8.46 11.44 11.3 3.6 2.81 2.81
Return on Equity % 46.11 92.97 84.01 76.42 122.08 124.47 141.82 177.5 181.66 72.63 72.63
Return on Invested Capital % 25.25 30.27 28.58 23.36 28.52 29.26 30.73 34.39 69.27 38.35 38.35
Interest Coverage 21.21 5.1 6.04 5.58 6.74 7.59 10.07 10.84 29.75 14.52 14.52

Key Ratios -> Growth

2008-12 2009-12 2010-12 2011-12 2012-12 2013-12 2014-12 2015-12 2016-12 2017-12 Latest Qtr
Revenue %
Year over Year -58.06 5.43 0.4 -1.62 5.3 0.93 1.6 5.07 2.56 0.81 -0.4
3-Year Average -38.6 -37.92 -23.72 1.36 1.32 1.5 2.59 2.52 3.06 2.8 0
5-Year Average -23.45 -23.44 -24.51 -25.06 -14.39 2.05 1.3 2.22 3.08 2.18 0
10-Year Average -12.08 -12.19 -12.37 -13.75 -11.91 -11.61 -11.94 -12.16 -12.11 -6.47 0
Operating Income %
Year over Year -59.72 10.35 6.48 0.19 15.71 11.77 -6.11 10.3 6.36 7.25 6
3-Year Average -31.36 -29.53 -22.07 5.59 7.27 9.02 6.69 5 3.28 7.96 0
5-Year Average -19.64 -17.38 -17.59 -17.88 -11.31 8.77 5.31 6.06 7.33 5.72 0
10-Year Average -8.78 -7.96 -8.16 -8.76 -7.94 -6.51 -6.72 -6.51 -6.12 -3.17 0
Net Income %
Year over Year -49.62 -34.97 21.8 -13.19 23.3 8.49 11.8 3.37 171.68 -28.21 0
3-Year Average -22.12 -35.63 -26.38 -11.74 9.25 5.11 14.36 7.83 46.43 26.33 0
5-Year Average -11.74 -19.38 -17.85 -22.37 -15.64 -1.66 9.6 6.06 33.25 19.58 0
10-Year Average -0.85 -8.36 -7.49 -8.85 -9.31 -6.83 -6 -6.65 1.71 0.44 0
EPS %
Year over Year -48.92 -34.75 21.43 -12.3 25.61 9.71 13.27 4.3 172.66 -27.06 -50.76
3-Year Average -22.09 -35.39 -26.03 -11.43 10.18 6.52 16 9.03 47.69 27.53 0
5-Year Average -12.19 -19.52 -17.82 -22.08 -14.92 -0.86 10.7 7.38 34.73 20.85 0
10-Year Average 0.7 -7.02 -6.72 -8.23 -8.86 -6.7 -5.61 -6.06 2.46 1.4 0

Key Ratios -> Cash Flow

Cash Flow Ratios 2008-12 2009-12 2010-12 2011-12 2012-12 2013-12 2014-12 2015-12 2016-12 2017-12 TTM
Operating Cash Flow Growth % YOY -52.63 -29.46 -19.63 30.57 8.03 12.09 6.58 24.6 -34.75 29.83 0

Corporate Factbook - Altria Group, Inc. (MO) Seite 7

Date: 2018-04-17
Free Cash Flow Growth % YOY -47.55 -31.68 -18.01 34.98 7.73 12.3 6.03 24.02 -35.46 31.12 0
Cap Ex as a % of Sales 1.51 1.62 0.99 0.63 0.71 0.74 0.91 1.21 0.98 1.02 1.02
Free Cash Flow/Sales % 29.08 18.84 15.39 21.11 21.59 24.03 25.08 29.6 18.63 24.23 24.23
Free Cash Flow/Net Income 0.94 0.99 0.67 1.03 0.9 0.94 0.89 1.06 0.25 0.46 0.46

Key Ratios -> Financial Health

Balance Sheet Items (in %) 2008-12 2009-12 2010-12 2011-12 2012-12 2013-12 2014-12 2015-12 2016-12 2017-12 Latest Qtr
Cash & Short-Term Investments 29.09 5.1 6.19 8.85 8.21 9.11 9.63 7.28 9.95 2.9 2.9
Accounts Receivable 0.16 0.26 0.23 0.73 0.55 0.33 0.36 0.38 0.33 1.4 1.4
Inventory 3.93 4.93 4.82 4.81 4.94 5.39 5.92 6.24 4.47 5.15 5.15
Other Current Assets 7.52 5.44 4.76 4.91 4.18 4.08 4.04 4.8 1.06 0.61 0.61
Total Current Assets 40.7 15.74 15.99 19.29 17.87 18.9 19.95 18.71 15.81 10.06 10.06
Net PP&E 8.08 7.32 6.36 6 5.95 5.82 5.75 6.09 4.26 4.43 4.43
Intangibles 11.45 47.2 46.23 46.73 48.83 49.43 50.28 53.21 37.71 40.99 40.99
Other Long-Term Assets 39.77 29.74 31.41 27.98 27.34 25.84 24.02 21.99 42.22 44.53 44.53
Total Assets 100 100 100 100 100 100 100 100 100 100 100
Accounts Payable 1.82 1.35 1.42 1.36 1.28 1.17 1.21 1.23 0.93 0.87 0.87
Short-Term Debt 0.5 2.11 0 1.62 4.13 1.51 2.9 0.01 0 2 2
Taxes Payable 0 0 0.62 0.6 0 0 0 0 0 0 0
Accrued Liabilities 21.43 16.4 13.52 14.23 11.86 14.1 14.64 16.51 11.93 9.94 9.94
Other Short-Term Liabilities 2.5 1.94 2.75 2.89 6.11 3.49 3.52 4.02 3.22 2.91 2.91
Total Current Liabilities 26.24 21.79 18.3 20.7 23.38 20.27 22.28 21.78 16.07 15.72 15.72
Long-Term Debt 26.97 30.5 32.63 35.45 35.19 40.18 39.75 39.73 30.25 30.16 30.16
Other Long-Term Liabilities 36.4 36.61 35.17 33.89 32.46 27.73 29.22 29.63 25.85 18.52 18.52
Total Liabilities 89.61 88.9 86.11 90.03 91.02 88.17 91.25 91.14 72.17 64.4 64.4
Total Stockholders' Equity 10.39 11.1 13.89 9.97 8.98 11.83 8.75 8.86 27.83 35.6 35.6
Total Liabilities & Equity 100 100 100 100 100 100 100 100 100 100 100

Liquidity/Financial Health 2008-12 2009-12 2010-12 2011-12 2012-12 2013-12 2014-12 2015-12 2016-12 2017-12 Latest Qtr
Current Ratio 1.55 0.72 0.87 0.93 0.77 0.93 0.9 0.86 0.98 0.64 0.64
Quick Ratio 1.11 0.25 0.35 0.46 0.37 0.47 0.45 0.35 0.64 0.27 0.27
Financial Leverage 9.62 9.01 7.2 10.04 11.15 8.46 11.44 11.3 3.6 2.81 2.81
Debt/Equity 2.6 2.75 2.35 3.56 3.92 3.4 4.54 4.48 1.08 0.85 0.85

Key Ratios -> Efficiency Ratios

Corporate Factbook - Altria Group, Inc. (MO) Seite 8

Date: 2018-04-17
Efficiency 2008-12 2009-12 2010-12 2011-12 2012-12 2013-12 2014-12 2015-12 2016-12 2017-12 TTM
Days Sales Outstanding 38.51 1.52 1.96 3.88 4.81 3.18 2.43 2.4 2.6 2.74 2.74
Days Inventory 256.87 65.76 85.59 85.12 81.05 91.81 91.87 95.99 96.17 103.46 103.46
Payables Period 43.19 22.57 24.23 24.52 21.94 21.78 19.34 19.24 19.44 19.33 19.33
Cash Conversion Cycle 252.19 44.71 63.31 64.47 63.92 73.21 74.96 79.15 79.33 86.87 86.87
Receivables Turnover 9.48 240.34 186.65 94.16 75.92 114.69 150.17 152.05 140.63 133.06 133.06
Inventory Turnover 1.42 5.55 4.26 4.29 4.5 3.98 3.97 3.8 3.8 3.53 3.53
Fixed Assets Turnover 2.89 6.89 6.67 7.23 8.11 8.55 8.95 9.51 9.82 10.07 10.07
Asset Turnover 0.38 0.53 0.46 0.45 0.48 0.5 0.52 0.56 0.49 0.44 0.44

Corporate Factbook - Altria Group, Inc. (MO) Seite 9

Date: 2018-04-17